# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-054318
**Filing Date:** 2025-8
**Character Count:** 22462
**Document Hash:** 6f964827135ef6d42ef872f47ecf72d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054318.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054318

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251261217

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

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

## Series and Classes Contracts Data

### Poplar Forest Partners Fund (Series ID: S000027249)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082237 | Class A             | PFPFX           |
| C000082238 | Institutional Class | IPFPX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Poplar Forest Partners Fund** | **Poplar Forest Partners Fund** | **Poplar Forest Partners Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.7%** | **Shares** | **Value**  |
| **Air Freight & Logistics - 2.9%** | **Air Freight & Logistics - 2.9%** | |
| FedEx Corp. | 38000 | $8637780 |
| **Banks - 4.8%** | **Banks - 4.8%** |  |
| Citigroup, Inc. | 168000 | 14300160 |
| **Biotechnology - 3.1%** | **Biotechnology - 3.1%** |  |
| United Therapeutics Corp. <sup>(a)</sup> | 32000 | 9195200 |
| **Capital Markets - 1.2%** | **Capital Markets - 1.2%** |  |
| LPL Financial Holdings, Inc. | 9200 | 3449724 |
| **Consumer Finance - 2.4%** | **Consumer Finance - 2.4%** |  |
| Ally Financial, Inc. | 183000 | 7127850 |
| **Consumer Staples Distribution & Retail - 3.3%** | **Consumer Staples Distribution & Retail - 3.3%** |  |
| Dollar Tree, Inc. <sup>(a)</sup> | 100000 | 9904000 |
| **Distributors - 3.0%** | **Distributors - 3.0%** |  |
| Genuine Parts Co. | 74000 | 8976940 |
| **Diversified Telecommunication Services - 5.6%** | **Diversified Telecommunication Services - 5.6%** |  |
| AT&T, Inc. | 582000 | 16843080 |
| **Electrical Equipment - 1.6%** | **Electrical Equipment - 1.6%** |  |
| Sensata Technologies Holding PLC | 157500 | 4742325 |
| **Electronic Equipment, Instruments & Components - 2.3%** | **Electronic Equipment, Instruments & Components - 2.3%** |  |
| Vishay Intertechnology, Inc. | 430000 | 6828400 |
| **Financial Services - 5.9%** | **Financial Services - 5.9%** |  |
| Equitable Holdings, Inc. | 265000 | 14866500 |
| Global Payments, Inc. | 35000 | 2801400 |
|  |  | 17667900 |
| **Food Products - 3.8%** | **Food Products - 3.8%** |  |
| Tyson Foods, Inc. - Class A | 205500 | 11495670 |
| **Gas Utilities - 5.6%** | **Gas Utilities - 5.6%** |  |
| National Fuel Gas Co. | 199000 | 16857290 |
| **Health Care Providers & Services - 12.0%** | **Health Care Providers & Services - 12.0%** |  |
| Cencora, Inc. | 47000 | 14092950 |
| CVS Health Corp. | 188500 | 13002730 |
| Humana, Inc. | 36300 | 8874624 |
|  |  | 35970304 |
| **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** |  |
| Las Vegas Sands Corp. | 158000 | 6874580 |
| **Insurance - 5.1%** | **Insurance - 5.1%** |  |
| Allstate Corp. | 76000 | 15299560 |
| **IT Services - 4.4%** | **IT Services - 4.4%** |  |
| International Business Machines Corp. | 44500 | 13117710 |
| **Machinery - 1.8%** | **Machinery - 1.8%** |  |
| Stanley Black & Decker, Inc. | 80000 | 5420000 |
| **Metals & Mining - 3.2%** | **Metals & Mining - 3.2%** |  |
| Nucor Corp. | 73000 | 9456420 |
| **Multi-Utilities - 4.2%** | **Multi-Utilities - 4.2%** |  |
| Dominion Energy, Inc. | 222000 | 12547440 |
| **Oil, Gas & Consumable Fuels - 6.0%** | **Oil, Gas & Consumable Fuels - 6.0%** |  |
| Chevron Corp. | 83400 | 11942046 |
| Murphy Oil Corp. | 264000 | 5940000 |
|  |  | 17882046 |
| **Pharmaceuticals - 4.0%** | **Pharmaceuticals - 4.0%** |  |
| Merck & Co., Inc. | 151000 | 11953160 |
| **Professional Services - 2.1%** | **Professional Services - 2.1%** |  |
| CACI International, Inc. - Class A <sup>(a)</sup> | 13200 | 6292440 |
| **Semiconductors & Semiconductor Equipment - 2.0%** | **Semiconductors & Semiconductor Equipment - 2.0%** |  |
| Intel Corp. | 271000 | 6070400 |
| **Textiles, Apparel & Luxury Goods - 3.1%** | **Textiles, Apparel & Luxury Goods - 3.1%** |  |
| Tapestry, Inc. | 104000 | 9132240 |
| **TOTAL COMMON STOCKS** (Cost $203,253,976) | **TOTAL COMMON STOCKS** (Cost $203,253,976) | 286042619 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%** | **Shares** | **Value**  |
| **Residential REITs - 1.7%** | **Residential REITs - 1.7%** |  |
| Sun Communities, Inc. | 39300 | 4971057 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $4,491,874) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $4,491,874) | 4971057 |
| **SHORT-TERM INVESTMENTS - 2.5%** | **Shares** | **Value**  |
| **Money Market Funds - 2.5%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> | 729499 | 729499 |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Class Institutional, 4.17% <sup>(b)</sup> | 6813202 | 6813202 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,542,701) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,542,701) | 7542701 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $215,288,551**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $215,288,551**)** | 298556377 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 279493 |
| **TOTAL NET ASSETS - 100.0%** |  | $298835870 |
| 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) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

**Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)** 

Poplar Forest Partners 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $286042619 | $– | $– | $286042619 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 4971057 | – | – | 4971057 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 7542701 | – | – | 7542701 |
| Total Investments | $298556377 | $– | $– | $298556377 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

- **b. EDGAR series identifier (if any):** S000027249

- **c. LEI of Series:** 254900JU07KEG6HI4002

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $299169445.23

**Total Liabilities:** $342764.68

**Net Assets:** $298826680.55

**Cash Not Reported:** $4733.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000082237 | -4.97%               | 2.97%                | 4.92%                |
| Class ID C000082238 | -4.95%               | 3.01%                | 4.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3074697.80             | $-11737554.01                              |
| Month 2  | $-3266113.43             | $10769621.61                               |
| Month 3  | $-2252083.48             | $15798689.36                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CVS Health Corp                | CVS Health Corp                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    188500 | NS      | $13002730.00  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                      | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     35000 | NS      | $2801400.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                               | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    271000 | NS      | $6070400.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                               | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     36300 | NS      | $8874624.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc               | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     80000 | NS      | $5420000.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc               | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |    430000 | NS      | $6828400.00   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                          | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |    205500 | NS      | $11495670.00  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc             | Ally Financial Inc                       | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    183000 | NS      | $7127850.00   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83400 | NS      | $11942046.00  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     44500 | NS      | $13117710.00  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T Inc                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    582000 | NS      | $16843080.00  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                        | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     76000 | NS      | $15299560.00  | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                         | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     74000 | NS      | $8976940.00   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc               | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      9200 | NS      | $3449724.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio                 | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |   6808468 | NS      | $6808468.14   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                          | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    264000 | NS      | $5940000.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     47000 | NS      | $14092950.00  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                               | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     38000 | NS      | $8637780.00   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    729499 | NS      | $729499.20    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                             | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    104000 | NS      | $9132240.00   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                 | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     32000 | NS      | $9195200.00   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |    100000 | NS      | $9904000.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                   | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    265000 | NS      | $14866500.00  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                     | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    158000 | NS      | $6874580.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    151000 | NS      | $11953160.00  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc            | Sun Communities Inc                      | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     39300 | NS      | $4971057.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC         | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |    157500 | NS      | $4742325.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    168000 | NS      | $14300160.00  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                     | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    199000 | NS      | $16857290.00  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp                               | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     73000 | NS      | $9456420.00   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                   | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     13200 | NS      | $6292440.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                      | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |    222000 | NS      | $12547440.00  | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer