# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-243588
**Filing Date:** 2026-5
**Character Count:** 29791
**Document Hash:** 36fe24ed583df0e2859cd55f3d17b0b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-243588.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001193125-26-243588

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**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:** 261031201

**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

### Davidson Multi-Cap Equity Fund (Series ID: S000022607)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000065364 | Class A      | DFMAX           |
| C000132969 | Class I      | DFMIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Davidson Multi-Cap Equity Fund** | **Davidson Multi-Cap Equity Fund** | **Davidson Multi-Cap Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.5%** | **Shares** | **Value** |
| **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | |
| RTX Corp. | 13535 | $2610901 |
| **Air Freight & Logistics - 2.0%** | **Air Freight & Logistics - 2.0%** |  |
| FedEx Corp. | 7101 | 2529234 |
| **Banks - 4.5%** | **Banks - 4.5%** |  |
| Citigroup, Inc. | 30309 | 3437344 |
| Glacier Bancorp, Inc. | 28179 | 1258756 |
| WaFd, Inc. | 32625 | 1024425 |
|  |  | 5720525 |
| **Beverages - 1.5%** | **Beverages - 1.5%** |  |
| Constellation Brands, Inc. - Class A | 12797 | 1919550 |
| **Biotechnology - 1.7%** | **Biotechnology - 1.7%** |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 4913 | 2193851 |
| **Broadline Retail - 4.8%** | **Broadline Retail - 4.8%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 28798 | 5997759 |
| **Capital Markets - 2.2%** | **Capital Markets - 2.2%** |  |
| Goldman Sachs Group, Inc. | 3202 | 2708860 |
| **Chemicals - 2.7%** | **Chemicals - 2.7%** |  |
| Corteva, Inc. | 24442 | 2046040 |
| HB Fuller Co. | 21044 | 1297994 |
|  |  | 3344034 |
| **Communications Equipment - 1.9%** | **Communications Equipment - 1.9%** |  |
| Arista Networks, Inc. <sup>(a)</sup> | 19906 | 2444059 |
| **Consumer Staples Distribution & Retail - 2.1%** | **Consumer Staples Distribution & Retail - 2.1%** |  |
| Walmart, Inc. | 20982 | 2607643 |
| **Electric Utilities - 1.5%** | **Electric Utilities - 1.5%** |  |
| Exelon Corp. | 39658 | 1944035 |
| **Electrical Equipment - 2.3%** | **Electrical Equipment - 2.3%** |  |
| Eaton Corp. PLC | 8201 | 2933252 |
| **Entertainment - 2.0%** | **Entertainment - 2.0%** |  |
| Netflix, Inc. <sup>(a)</sup> | 26359 | 2534418 |
| **Financial Services - 3.0%** | **Financial Services - 3.0%** |  |
| PayPal Holdings, Inc. | 27381 | 1238443 |
| Visa, Inc. - Class A | 8608 | 2601682 |
|  |  | 3840125 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |  |
| Medtronic PLC | 21940 | 1901101 |
| **Health Care Providers & Services - 3.6%** | **Health Care Providers & Services - 3.6%** |  |
| Cigna Group | 9757 | 2602680 |
| Labcorp Holdings, Inc. | 7161 | 1910626 |
|  |  | 4513306 |
| **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** |  |
| Hyatt Hotels Corp. - Class A | 17373 | 2498064 |
| **Industrial Conglomerates - 2.1%** | **Industrial Conglomerates - 2.1%** |  |
| Honeywell International, Inc. | 11661 | 2635736 |
| **Insurance - 1.3%** | **Insurance - 1.3%** |  |
| Progressive Corp. | 8258 | 1637066 |
| **Interactive Media & Services - 7.1%** | **Interactive Media & Services - 7.1%** |  |
| Alphabet, Inc. - Class C | 20852 | 5981605 |
| Meta Platforms, Inc. - Class A | 5251 | 3004254 |
|  |  | 8985859 |
| **Life Sciences Tools & Services - 1.6%** | **Life Sciences Tools & Services - 1.6%** |  |
| Thermo Fisher Scientific, Inc. | 3967 | 1949899 |
| **Machinery - 1.8%** | **Machinery - 1.8%** |  |
| Otis Worldwide Corp. | 29585 | 2280412 |
| **Multi-Utilities - 1.6%** | **Multi-Utilities - 1.6%** |  |
| Sempra | 21050 | 2045428 |
| **Oil, Gas & Consumable Fuels - 4.9%** | **Oil, Gas & Consumable Fuels - 4.9%** |  |
| Chevron Corp. | 13858 | 2867220 |
| EOG Resources, Inc. | 16699 | 2414175 |
| Expand Energy Corp. | 8345 | 916114 |
|  |  | 6197509 |
| **Personal Care Products - 1.0%** | **Personal Care Products - 1.0%** |  |
| BellRing Brands, Inc. <sup>(a)</sup> | 74777 | 1203162 |
| **Pharmaceuticals - 3.2%** | **Pharmaceuticals - 3.2%** |  |
| AstraZeneca PLC - ADR | 11563 | 2280455 |
| Bristol-Myers Squibb Co. | 29251 | 1774073 |
|  |  | 4054528 |
| **Semiconductors & Semiconductor Equipment - 10.7%** | **Semiconductors & Semiconductor Equipment - 10.7%** |  |
| Broadcom, Inc. | 9429 | 2918370 |
| NVIDIA Corp. | 32753 | 5712123 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 4859 | 1011401 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 11286 | 3814103 |
|  |  | 13455997 |
| **Software - 9.5%** | **Software - 9.5%** |  |
| Dynatrace, Inc. <sup>(a)</sup> | 43186 | 1597018 |
| Intuit, Inc. | 3756 | 1624019 |
| Microsoft Corp. | 14744 | 5457787 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 10808 | 1732739 |
| Salesforce, Inc. | 8318 | 1552721 |
|  |  | 11964284 |
| **Specialty Retail - 1.7%** | **Specialty Retail - 1.7%** |  |
| Home Depot, Inc. | 6394 | 2102923 |
| **Technology Hardware, Storage & Peripherals - 4.1%** | **Technology Hardware, Storage & Peripherals - 4.1%** |  |
| Apple, Inc. | 20418 | 5181884 |
| **Textiles, Apparel & Luxury Goods - 1.9%** | **Textiles, Apparel & Luxury Goods - 1.9%** |  |
| Gildan Activewear, Inc. | 43829 | 2439084 |
| **Wireless Telecommunication Services - 1.6%** | **Wireless Telecommunication Services - 1.6%** |  |
| T-Mobile US, Inc. | 9645 | 2025739 |
| **TOTAL COMMON STOCKS** (Cost $69,617,591) | **TOTAL COMMON STOCKS** (Cost $69,617,591) | 120400227 |
| **REAL ESTATE INVESTMENT TRUSTS - 4.0%** |  |  |
| **Mortgage REITs - 1.4%** | **Mortgage REITs - 1.4%** |  |
| AGNC Investment Corp. | 178164 | 1786985 |
| **Residential REITs - 1.2%** | **Residential REITs - 1.2%** |  |
| Camden Property Trust | 15683 | 1531601 |
| **Specialized REITs - 1.4%** | **Specialized REITs - 1.4%** |  |
| CubeSmart | 46246 | 1694916 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,322,181) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $4,322,181) | 5013502 |
| **SHORT-TERM INVESTMENTS - 0.7%** |  |  |
| **Money Market Funds – 0.7%**<br> First American Government Obligations Fund - Class X, 3.58% <sup>(b)</sup> | 923522 | 923522 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $923,522) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $923,522) | 923522 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $74,863,294**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $74,863,294**)** | 126337251 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (221730) |
| **TOTAL NET ASSETS - 100.0%** |  | $126115521 |
| 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. |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |

---

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Davidson Multi-Cap Equity 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $120400227 | $– | $– | $120400227 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 5013502 | – | – | 5013502 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds<br>| 923522 | – | – | 923522 |
| Total Investments | $126337251 | $– | $– | $126337251 |

---

## 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:** 52990049R7AUMMLE0J29

- **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:** Davidson Multi-Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000022607

- **c. LEI of Series:** 549300H536T50F4PEU18

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $126465721.56

**Total Liabilities:** $239497.51

**Net Assets:** $126226224.05

**Cash Not Reported:** $0.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000065364 | 1.36%                | 0.84%                | -4.89%               |
| Class ID C000132969 | 1.39%                | 0.86%                | -4.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3174408.94              | $-1418074.42                               |
| Month 2  | $2826718.93              | $-1760544.08                               |
| Month 3  | $2559235.17              | $-9170147.22                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     28798 | NS      | $5997759.46   | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      9429 | NS      | $2918369.79   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      8345 | NS      | $916114.10    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     30309 | NS      | $3437343.69   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      7101 | NS      | $2529234.18   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6394 | NS      | $2102922.66   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      3756 | NS      | $1624019.28   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14744 | NS      | $5457786.48   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                        | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     29585 | NS      | $2280411.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     20982 | NS      | $2607642.96   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      8201 | NS      | $2933251.67   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp           | AGNC Investment Corp                       | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    178164 | NS      | $1786984.92   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     20852 | NS      | $5981604.72   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     20418 | NS      | $5181884.22   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     19906 | NS      | $2444058.68   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc            | BellRing Brands Inc                        | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     74777 | NS      | $1203161.93   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     29251 | NS      | $1774073.15   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     15683 | NS      | $1531601.78   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     12797 | NS      | $1919550.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     24442 | NS      | $2046039.82   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     43186 | NS      | $1597018.28   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    923522 | NS      | $923521.54    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                   | HB Fuller Co                               | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |     21044 | NS      | $1297993.92   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3202 | NS      | $2708859.98   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     13535 | NS      | $2610901.50   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Laboratories Inc       | Silicon Laboratories Inc                   | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      4859 | NS      | $1011400.85   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      3967 | NS      | $1949899.51   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     11563 | NS      | $2280454.86   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     43829 | NS      | $2439083.85   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     11661 | NS      | $2635735.83   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     21940 | NS      | $1901101.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5251 | NS      | $3004254.63   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     26359 | NS      | $2534417.85   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      8608 | NS      | $2601681.92   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                       | WaFd Inc                                   | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32625 | NS      | $1024425.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     32753 | NS      | $5712123.20   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     27381 | NS      | $1238442.63   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      8318 | NS      | $1552721.06   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      9645 | NS      | $2025739.35   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     11286 | NS      | $3814103.70   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7161 | NS      | $1910626.41   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      4913 | NS      | $2193851.02   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13858 | NS      | $2867220.20   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     16699 | NS      | $2414174.43   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      8258 | NS      | $1637065.92   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                     | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     21050 | NS      | $2045428.50   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      9757 | NS      | $2602679.75   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     39658 | NS      | $1944035.16   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc            | Glacier Bancorp Inc                        | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     28179 | NS      | $1258755.93   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp              | Hyatt Hotels Corp                          | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |     17373 | NS      | $2498063.67   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     10808 | NS      | $1732738.56   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46246 | NS      | $1694915.90   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President