# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-290828
**Filing Date:** 2025-11
**Character Count:** 23148
**Document Hash:** b58e88e45ac4b19da9bd84786a9292f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-290828.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001193125-25-290828

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**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:** 251505193

**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

### Capital Advisors Growth Fund (Series ID: S000005062)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013847 | Investor Class | CIAOX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Capital Advisors Growth Fund** | **Capital Advisors Growth Fund** | **Capital Advisors Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 88.8%** | **Shares** | **Value**  |
| **Administrative and Support Services - 2.9%** | **Administrative and Support Services - 2.9%** | |
| Uber Technologies, Inc. <sup>(a)</sup> | 20225 | $1981443 |
| Visa, Inc. - Class A | 7680 | 2621799 |
|  |  | 4603242 |
| **Beverage and Tobacco Product Manufacturing - 1.9%** | **Beverage and Tobacco Product Manufacturing - 1.9%** |  |
| PepsiCo, Inc. | 21289 | 2989827 |
| **Chemical Manufacturing - 3.3%** | **Chemical Manufacturing - 3.3%** |  |
| Ecolab, Inc. | 8925 | 2444200 |
| Procter & Gamble Co. | 18055 | 2774151 |
|  |  | 5218351 |
| **Computer and Electronic Product Manufacturing - 19.0%** | **Computer and Electronic Product Manufacturing - 19.0%** |  |
| Apple, Inc. | 33665 | 8572119 |
| Danaher Corp. | 12800 | 2537728 |
| NVIDIA Corp. | 65000 | 12127700 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 18350 | 3736427 |
| Veralto Corp. | 28500 | 3038385 |
|  |  | 30012359 |
| **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.8%** | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 0.8%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 10775 | 1308300 |
| **Credit Intermediation and Related Activities - 5.7%** | **Credit Intermediation and Related Activities - 5.7%** |  |
| JPMorgan Chase & Co. | 28575 | 9013412 |
| **E-Commerce/Services - 1.7%** | **E-Commerce/Services - 1.7%** |  |
| MercadoLibre, Inc. <sup>(a)</sup> | 1150 | 2687481 |
| **Electrical Equipment, Appliance, and Component Manufacturing - 1.7%** | **Electrical Equipment, Appliance, and Component Manufacturing - 1.7%** |  |
| Rockwell Automation, Inc. | 7500 | 2621475 |
| **Insurance Carriers and Related Activities - 2.3%** | **Insurance Carriers and Related Activities - 2.3%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 7350 | 3695139 |
| **Machinery Manufacturing - 2.9%** | **Machinery Manufacturing - 2.9%** |  |
| Applied Materials, Inc. | 22450 | 4596413 |
| **Management of Companies and Enterprises - 1.9%** | **Management of Companies and Enterprises - 1.9%** |  |
| Sea Ltd. - ADR <sup>(a)</sup> | 16650 | 2975855 |
| **Mining (except Oil and Gas) - 3.6%** | **Mining (except Oil and Gas) - 3.6%** |  |
| Cameco Corp. | 38120 | 3196743 |
| Freeport-McMoRan, Inc. | 62975 | 2469880 |
|  |  | 5666623 |
| **Miscellaneous Manufacturing - 4.3%** | **Miscellaneous Manufacturing - 4.3%** |  |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 7565 | 3383295 |
| Stryker Corp. | 9325 | 3447173 |
|  |  | 6830468 |
| **Oil and Gas Extraction - 2.1%** | **Oil and Gas Extraction - 2.1%** |  |
| EQT Corp. | 60025 | 3267161 |
| **Professional, Scientific, and Technical Services - 6.4%** | **Professional, Scientific, and Technical Services - 6.4%** |  |
| Accenture PLC - Class A | 8435 | 2080071 |
| Alphabet, Inc. - Class C | 32800 | 7988440 |
|  |  | 10068511 |
| **Publishing Industries - 7.2%** | **Publishing Industries - 7.2%** |  |
| Microsoft Corp. | 21950 | 11369002 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.8%** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.8%** |  |
| Brookfield Corp. | 47225 | 3238690 |
| IonQ, Inc. <sup>(a)</sup> | 19235 | 1182953 |
|  |  | 4421643 |
| **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 7.7%** | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 7.7%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 40525 | 8898074 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 12150 | 3304679 |
|  |  | 12202753 |
| **Transportation Equipment Manufacturing - 5.3%** | **Transportation Equipment Manufacturing - 5.3%** |  |
| Boeing Co. <sup>(a)</sup> | 13975 | 3016224 |
| Honeywell International, Inc. | 17845 | 3756373 |
| Tesla, Inc. <sup>(a)</sup> | 3620 | 1609886 |
|  |  | 8382483 |
| **Utilities - 3.9%** | **Utilities - 3.9%** |  |
| Constellation Energy Corp. | 9825 | 3233113 |
| GE Vernova, Inc. | 4795 | 2948445 |
|  |  | 6181558 |
| **Waste Management and Remediation Services - 1.4%** | **Waste Management and Remediation Services - 1.4%** |  |
| Waste Management, Inc. | 10225 | 2257987 |
| **TOTAL COMMON STOCKS** (Cost $66,344,276) | **TOTAL COMMON STOCKS** (Cost $66,344,276) | 140370043 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 11.2%** |  |  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 17652362 | 17652362 |
| **TOTAL MONEY MARKET FUNDS** (Cost $17,652,362) | **TOTAL MONEY MARKET FUNDS** (Cost $17,652,362) | 17652362 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $83,996,638**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $83,996,638**)** | 158022405 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 35225 |
| **TOTAL NET ASSETS - 100.0%** |  | $158057630 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Capital Advisors Growth 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 September 30, 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 | $140370043 | $– | $– | $140370043 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 17652362 | – | – | 17652362 |
| Total Investments | $158022405 | $– | $– | $158022405 |

---

## 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:** Capital Advisors Growth Fund

- **b. EDGAR series identifier (if any):** S000005062

- **c. LEI of Series:** 254900B6RNVS0CT76410

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

- **a. Date of fiscal year-end:** 2025-12-31

- **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:** $158137001.43

**Total Liabilities:** $168140.15

**Net Assets:** $157968861.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013847 | 1.82%                | 0.93%                | 2.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67336.93               | $2751422.75                                |
| Month 2  | $1891714.89              | $-509056.22                                |
| Month 3  | $848677.34               | $3157048.78                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     12800 | NS      | $2537728.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  17666284 | NS      | $17666283.70  | 11.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     17845 | NS      | $3756372.50   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3620 | NS      | $1609886.40   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      7680 | NS      | $2621798.40   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     40525 | NS      | $8898074.25   | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     33665 | NS      | $8572118.95   | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     22450 | NS      | $4596413.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                              | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     13975 | NS      | $3016224.25   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                            | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     47225 | NS      | $3238690.50   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     38120 | NS      | $3196743.20   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      9825 | NS      | $3233112.75   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     60025 | NS      | $3267160.75   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     62975 | NS      | $2469879.50   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     28575 | NS      | $9013412.25   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     65000 | NS      | $12127700.00  | 7.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                    | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      7500 | NS      | $2621475.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      8435 | NS      | $2080071.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                       | IonQ Inc                                   | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |     19235 | NS      | $1182952.50   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1150 | NS      | $2687481.00   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     18055 | NS      | $2774150.75   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7350 | NS      | $3695139.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      8925 | NS      | $2444200.50   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     21950 | NS      | $11369002.50  | 7.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                               | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      9325 | NS      | $3447172.75   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     10775 | NS      | $1308300.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     12150 | NS      | $3304678.50   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      4795 | NS      | $2948445.50   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      7565 | NS      | $3383294.95   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     18350 | NS      | $3736427.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |     16650 | NS      | $2975854.50   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     20225 | NS      | $1981443.25   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                               | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |     28500 | NS      | $3038385.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     21289 | NS      | $2989827.16   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     10225 | NS      | $2257986.75   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     32800 | NS      | $7988440.00   | 5.06%             |  |  |  | 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