# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-014421
**Filing Date:** 2023-3
**Character Count:** 48498
**Document Hash:** 5e6ab1580424f816558deb6330b7a3b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014421.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014421

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596
- **IRS NUMBER:** 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:** 23693187

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-5340

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

## Series and Classes Contracts Data

### Scharf Multi-Asset Opportunity Fund (Series ID: S000039497)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000121649 | Institutional Class | LOGOX           |
| C000168063 | Retail Class        | LOGBX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Scharf Multi-Asset Opportunity Fund** | **Scharf Multi-Asset Opportunity Fund** | **Scharf Multi-Asset Opportunity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares** | **COMMON STOCKS - 64.59%** | **Value** |
| | **Aerospace and Defense - 2.81%** | |
| 2836 | Lockheed Martin Corp. | $1379686 |
|  | **Beverages - 4.07%** |  |
| 3623 | Constellation Brands, Inc. - Class A | 839630 |
| 12321 | Heineken N.V. (b) | 1159047 |
|  |  | 1998677 |
|  | **Capital Markets - 0.64%** |  |
| 2025 | Brookfield Asset Management Ltd. - Class A (a) | 58057 |
| 8100 | Brookfield Corp. | 254826 |
|  |  | 312883 |
|  | **Chemicals - 3.00%** |  |
| 45137 | Valvoline, Inc. | 1473723 |
|  | **Commercial Services & Supplies - 1.72%** |  |
| 40071 | MillerKnoll, Inc. | 841892 |
|  | **Diversified Financial Services - 4.84%** |  |
| 7690 | Berkshire Hathaway, Inc. - Class B (a) | 2375441 |
|  | **Entertainment - 2.03%** |  |
| 13026 | Activision Blizzard, Inc. | 997140 |
|  | **Health Care Equipment & Supplies - 1.56%** |  |
| 57225 | Smith & Nephew plc | 767580 |
|  | **Health Care Providers & Services - 12.15%** |  |
| 21139 | Centene Corp. (a) | 1733609 |
| 18750 | CVS Health Corp. | 1747313 |
| 6626 | McKesson Corp. | 2485545 |
|  |  | 5966467 |
|  | **Insurance - 3.49%** |  |
| 1299 | Markel Corp. (a) | 1711419 |
|  | **Interactive Media & Services - 0.55%** |  |
| 2363 | Baidu, Inc. - ADR (a) | 270280 |
|  | **Internet & Direct Marketing Retail - 2.89%** |  |
| 704 | Booking Holdings, Inc. (a) | 1418757 |
|  | **IT Services - 4.15%** |  |
| 16146 | Cognizant Technology Solutions Corp. - Class A | 923390 |
| 11021 | Fiserv, Inc. (a) | 1113892 |
|  |  | 2037282 |
|  | **Media - 2.90%** |  |
| 40767 | Comcast Corp. - Class A | 1425622 |
|  | **Personal Products - 2.08%** |  |
| 20317 | Unilever plc - ADR | 1022961 |
|  | **Pharmaceuticals - 5.72%** |  |
| 7692 | Johnson & Johnson | 1358792 |
| 15944 | Novartis AG - ADR | 1446439 |
|  |  | 2805231 |
|  | **Road & Rail - 1.68%** |  |
| 11068 | Canadian Pacific Railway, Ltd. (b) | 825562 |
|  | **Software - 6.25%** |  |
| 6067 | Microsoft Corp. | 1454988 |
| 19750 | Oracle Corp. | 1614365 |
|  |  | 3069353 |
|  | **Specialty Retail - 2.06%** |  |
| 6869 | Advance Auto Parts, Inc. | 1009949 |
|  | TOTAL COMMON STOCKS (Cost $23,358,398) | 31709905 |
|  | **PREFERRED STOCKS - 4.24%** |  |
|  | **Capital Markets - 1.40%** |  |
| 700000 | Charles Schwab Corp. - Series G, 5.375% | 688100 |
|  | **Closed-End Funds - 0.69%** |  |
| 6900 | GDL Fund - Series C, 4.00% | 338997 |
|  | **Technology Hardware, Storage & Peripherals - 2.15%** |  |
| 26435 | Samsung Electronics Co., Ltd., 2.15% (b) | 1055728 |
|  | TOTAL PREFERRED STOCKS (Cost $1,533,165) | 2082825 |
|  | **REITs - 1.40%** |  |
|  | **Equity Real Estate Investment Trusts (REITs) - 1.40%** |  |
| 1 | Orion Office REIT, Inc. | 9 |
| 10800 | Realty Income Corp. | 685044 |
|  | TOTAL REITs (Cost $667,709) | 685053 |
|  | **EXCHANGE-TRADED FUNDS - 3.78%** |  |
| 36030 | iShares Silver Trust (a) | 793381 |
| 6263 | SPDR Gold Shares (a) | 1062455 |
|  | TOTAL EXCHANGE-TRADED FUNDS (Cost $1,374,563) | 1855836 |
| **Principal** |  |  |
| **Amount** | **CORPORATE BONDS - 5.19%** |  |
|  | **Beverages - 0.58%** |  |
|  | Coca-Cola Consolidated, Inc. - Class B |  |
| $150000 | &nbsp;&nbsp;&nbsp; 3.80%, 11/25/2025 | 145949 |
|  | Coca-Cola Refreshments USA, LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp; 6.75%, 9/15/2028 | 136915 |
|  |  | 282864 |
|  | **Computer and Electronic Product Manufacturing - 0.18%** |  |
|  | Digital Equipment Corp. |  |
| 89000 | &nbsp;&nbsp;&nbsp; 7.75%, 4/1/2023 | 89460 |
|  | **Credit Intermediation and Related Activities - 0.xx%** |  |
|  | JPMorgan Chase Financial Co., LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.00%, 9/16/2027 | 98231 |
|  | **Entertainment - 0.31%** |  |
|  | Walt Disney Co. |  |
| 150000 | &nbsp;&nbsp;&nbsp; 8.875%, 4/26/2023 | 151734 |
|  | **Food Products - 0.81%** |  |
|  | Bestfoods, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp; 7.25%, 12/15/2026 | 164224 |
|  | **Internet & Direct Marketing Retail - 0.31%** |  |
|  | Amazon.com, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp; 5.20%, 12/3/2025 | 152771 |
|  | **IT Services - 0.32%** |  |
|  | International Business Machines Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp; 7.00%, 10/30/2025 | 158613 |
|  | **Petroleum and Coal Products Manufacturing - 1.11%** |  |
|  | Murphy Oil USA, Inc. |  |
| 557000 | &nbsp;&nbsp;&nbsp; 5.625%, 5/1/2027 | 541811 |
|  | **Pharmaceutical and Medicine Manufacturing - 0.31%** |  |
|  | Wyeth LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp; 6.45%, 2/1/2024 | 152775 |
|  | **Securities and Commodity Contracts Intermediation and Brokerage - 1.54%** |  |
|  | Goldman Sachs Group, Inc. |  |
| 1001000 | &nbsp;&nbsp;&nbsp; 5.528%, (3 Month LIBOR + 0.7675%), 6/1/2043 (c) | 757096 |
|  | TOTAL CORPORATE BONDS (Cost $2,617,149) | 2549579 |
|  | **MUNICIPAL BONDS - 5.44%** |  |
|  | California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities |  |
| 120000 | &nbsp;&nbsp;&nbsp; 7.875%, 2/1/2026, Series 2011B | 120378 |
|  | California Infrastructure & Economic Development Bank Revenue - Taxable |  |
| 130000 | &nbsp;&nbsp;&nbsp; 3.25%, 7/1/2026 | 123223 |
|  | City of New York, General Obligation, Build America Bonds |  |
| 175000 | &nbsp;&nbsp;&nbsp; 5.887%, 12/1/2024 | 178174 |
| 35000 | &nbsp;&nbsp;&nbsp; 5.424%, 3/1/2025 | 35376 |
|  | City of San Jose, General Obligation Unlimited Bond |  |
| 175000 | &nbsp;&nbsp;&nbsp; 2.60%, 9/1/2027 | 156173 |
|  | Lake of Elsinore California Improvement Bond Act 1915, Limited Obligation, Refunding Taxable Reassessment District No. 2021-1 |  |
| 150000 | &nbsp;&nbsp;&nbsp; 1.153%, 9/2/2025 | 135486 |
|  | Los Angeles Department of Water & Power Water System Revenue |  |
| 85000 | &nbsp;&nbsp;&nbsp; 5.381%, 7/1/2024 | 85568 |
|  | Pasadena California Pension Obligation Refunding Taxable - Series B |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.625%, 5/1/2038 | 99798 |
|  | San Francisco Bay Area Toll Authority, Revenue Bonds |  |
| 100000 | &nbsp;&nbsp;&nbsp; 2.234%, 4/1/2023 | 99483 |
| 65000 | &nbsp;&nbsp;&nbsp; 6.793%, 4/1/2030 | 68312 |
|  | San Francisco City & County Airport Comm-San Francisco International Airport |  |
| 180000 | &nbsp;&nbsp;&nbsp; 2.293%, 5/1/2028 | 158548 |
|  | San Jose Redevelopment Agency Successor Agency |  |
| 250000 | &nbsp;&nbsp;&nbsp; 3.176%, 8/1/2026 | 235318 |
|  | Solano County Community College District |  |
| 100000 | &nbsp;&nbsp;&nbsp; 5.250%, 8/1/2032 | 100139 |
|  | State of California, Build America Bonds |  |
| 15000 | &nbsp;&nbsp;&nbsp; 4.988%, 4/1/2039 | 14556 |
|  | State of California, General Obligation Unlimited Bond |  |
| 125000 | &nbsp;&nbsp;&nbsp; 2.25%, 10/1/2023 | 123178 |
| 100000 | &nbsp;&nbsp;&nbsp; 3.375%, 4/1/2025 | 97462 |
| 200000 | &nbsp;&nbsp;&nbsp; 2.65%, 4/1/2026 | 188173 |
|  | State of Connecticut, Build America Bonds |  |
| 25000 | &nbsp;&nbsp;&nbsp; 5.30%, 12/1/2023 | 25162 |
|  | State of Georgia, School Construction Bonds |  |
| 15000 | &nbsp;&nbsp;&nbsp; 4.35%, 2/1/2029 | 14727 |
|  | State of Hawaii, Build America Bonds, Taxable |  |
| 25000 | &nbsp;&nbsp;&nbsp; 5.10%, 2/1/2024 | 25152 |
|  | State of Mississippi, Build America Bonds |  |
| 100000 | &nbsp;&nbsp;&nbsp; 4.511%, 11/1/2024 | 99841 |
|  | State of Oregon, General Obligation, Board of Higher Educations - Taxable |  |
| 5000 | &nbsp;&nbsp;&nbsp; 5.742%, 8/1/2024 | 5068 |
|  | Toledo City School District, General Obligation Bond, Taxable |  |
| 225000 | &nbsp;&nbsp;&nbsp; 5.00%, 12/1/2024 | 225943 |
|  | University of California, General Obligation, Build America Bonds |  |
| 150000 | &nbsp;&nbsp;&nbsp; 4.062%, 5/15/2033 | 149537 |
| 100000 | &nbsp;&nbsp;&nbsp; 6.296%, 5/15/2050 | 104547 |
|  | TOTAL MUNICIPAL BONDS (Cost $2,790,737) | 2669322 |
|  | **OTHER SECURITIES - 2.66%** |  |
|  | **Independent Power and Renewable Electricity Producers - 2.66%** |  |
| 26200 | Tennessee Valley Authority, Series D, PAARS, Power Bond | 580592 |
|  | 2.134%, (reset annually @ CMT 30 year index average + 94 bps if lower than current rate), 6/1/2028 (c) |  |
| 33100 | Tennessee Valley Authority, Series A, Power Bond | 723897 |
|  | 2.216%, (reset annually @ CMT 30 year index average + 84 bps if lower than current rate), 5/1/2029 (c) |  |
|  | TOTAL OTHER SECURITIES (Cost $1,431,965) | 1304489 |
| **Shares** | **SHORT-TERM INVESTMENTS - 12.38%** |  |
|  | **Money Market Fund - 2.43%** |  |
| 1192667 | First American Treasury Obligations Fund, Class Z, 4.16% (d) | 1192667 |
|  | TOTAL MONEY MARKET FUND (Cost $1,192,667) | 1192667 |
| **Principal** |  |  |
| **Amount** |  |  |
|  | **U.S. Treasury Note - 1.01%** |  |
| $500000 | U.S. Treasury Note |  |
|  | &nbsp;&nbsp;&nbsp; 1.50%, 3/31/2023 | 496492 |
|  | TOTAL U.S. TREASURY NOTE (Cost $498,965) | 496492 |
|  | **U.S. Treasury Bills - 8.94%** |  |
| 352000 | 3.92%, 1/24/2023 (e) | 351213 |
| 1000000 | 2.87%, 2/23/2023 (e) | 993989 |
| 1700000 | 3.46%, 4/20/2023 (e) | 1677861 |
| 500000 | 4.41%, 5/4/2023 (e) | 492461 |
| 400000 | 3.62%, 7/13/2023 (e) | 390504 |
| 500000 | 4.16%, 10/5/2023 (e) | 483126 |
|  | TOTAL U.S. TREASURY BILLS (Cost $4,397,820) | 4389154 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $6,089,452) | 6078313 |
|  | **Total Investments in Securities (Cost $39,863,138) - 99.68%** | **48935322** |
|  | **Other Assets in Excess of Liabilities - 0.32%** | **155447** |
|  | **TOTAL NET ASSETS - 100.00%** | $**49090769** |
| ADR | American Depository Receipt |  |
| CMT | Constant Maturity |  |
| LIBOR | London Interbank Offered Rate |  |
| (a) | Non-income producing security. |  |
| (b) | Foreign issuer. |  |
| (c) | Variable rate security. Rate shown reflects the rate in effect as of December 31, 2022. |  |
| (d) | Rate shown is the 7-day annualized yield as of December 31, 2022. |  |
| (e) | Rate shown is the discount rate at December 31, 2022. |  |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's |
| Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

| |
|:---|
| **Scharf Multi-Asset Opportunity Fund** |
| **Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)** |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United |
| States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| 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 would be based on the best information available. |
| The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Scharf Multi-Asset Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $2693042 | $- | $- | $2693042 |
| Consumer Discretionary | 2428706 | - | - | 2428706 |
| Consumer Staples | 3021638 | - | - | 3021638 |
| Financials | 4399743 | - | - | 4399743 |
| Health Care | 9539278 | - | - | 9539278 |
| Industrials | 3047140 | - | - | 3047140 |
| Information Technology | 5106635 | - | - | 5106635 |
| Materials | 1473723 | - | - | 1473723 |
| **Total Common Stocks** | 31709905 | - | - | 31709905 |
| **Preferred Stocks** |  |  |  |  |
| Capital Markets | - | 688100 | - | 688100 |
| Closed-End Funds | 338997 | - | - | 338997 |
| Information Technology | 1055728 | - | - | 1055728 |
| **Total Preferred Stocks** | 1394725 | 688100 | - | 2082825 |
| **REITs** | 685053 | - | - | 685053 |
| **Exchange-Traded Funds** | 1855836 | - | - | 1855836 |
| **Fixed Income** |  |  |  |  |
| Corporate Bonds | - | 2549579 | - | 2549579 |
| Municipal Bonds | - | 2669322 | - | 2669322 |
| **Total Fixed Income** | - | 5218901 | - | 5218901 |
| **Other Securities** | 1304489  | -  | -  | 1304489  |
| **Money Market Fund** | 1192667  | -  | -  | 1192667  |
| **U.S. Treasury Note** | - | 496492 | - | 496492 |
| **U.S. Treasury Bills** | - | 4389154 | - | 4389154 |
| **Total Investments in Securities** | $38142675 | $10792647 | $- | $48935322 |
| Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. |  |

---

## 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:** Scharf Multi-Asset Opportunity Fund

- **b. EDGAR series identifier (if any):** S000039497

- **c. LEI of Series:** 549300U6RYVPCF8PMC39

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $49332107.56

**Total Liabilities:** $240808.04

**Net Assets:** $49091299.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121649 | 6.42%                | 3.92%                | -1.53%               |
| Class ID C000168063 | 6.38%                | 3.94%                | -1.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $36997.73                | $2912250.22                                |
| Month 2  | $51016.33                | $1832726.63                                |
| Month 3  | $305708.15               | $-1112048.36                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Activision Blizzard Inc        | Activision Blizzard Inc                                                      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     13026 | NS      | $997140.30    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                                                       | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      6869 | NS      | $1009949.07   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                                               | CUSIP: 023135BN5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152771.52    | 0.31%             | 2025-12-03      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                                                    | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |      2363 | NS      | $270279.94    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                      | CUSIP: 072024NT5<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68311.63     | 0.14%             | 2030-04-01      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                      | CUSIP: 072024WX6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99483.25     | 0.20%             | 2023-04-01      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7690 | NS      | $2375441.00   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                                           | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     57225 | NS      | $767579.88    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       704 | NS      | $1418757.12   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                                              | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      8100 | NS      | $254826.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd                                              | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2025 | NS      | $58056.75     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BESTFOODS                      | Bestfoods                                                                    | CUSIP: 126149AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $164224.44    | 0.33%             | 2026-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     19015 | NS      | $1772007.85   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                             | CUSIP: 13033LLT2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120378.29    | 0.25%             | 2026-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                        | CUSIP: 13034AB74<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    130000 | PA      | $123223.39    | 0.25%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063BN81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14556.22     | 0.03%             | 2039-04-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123178.10    | 0.25%             | 2023-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DGB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97461.96     | 0.20%             | 2025-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DMA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $188172.96    | 0.38%             | 2026-04-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Ltd   | Canadian Pacific Railway Ltd                                                 | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     11068 | NS      | $825562.12    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                                                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     21139 | NS      | $1733609.39   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED         | Coca-Cola Consolidated Inc                                                   | CUSIP: 191098AK8<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145949.35    | 0.30%             | 2025-11-25      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| COCA-COLA REFRESH USA          | Coca-Cola Refreshments USA LLC                                               | CUSIP: 191219BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $136915.01    | 0.28%             | 2028-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                                          | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     16146 | NS      | $923389.74    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                                                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     40767 | NS      | $1425621.99   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                         | CUSIP: 20772G4Y1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25162.15     | 0.05%             | 2023-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                                                     | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      3623 | NS      | $839630.25    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL EQUIPMENT CORP         | Digital Equipment Corp                                                       | CUSIP: 253849AK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $89459.74     | 0.18%             | 2023-04-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                                           | CUSIP: 254687CP9<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151734.05    | 0.31%             | 2023-04-26      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                     | CUSIP: 31846V542<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1292667 | NS      | $1292666.82   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     11021 | NS      | $1113892.47   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GDL FUND                       | GDL Fund/The                                                                 | CUSIP: 361570401<br>LEI: 5493000XKGL8ZPN99479 | Long             | EP               | CORP              | US        |      6900 | NS      | $338997.00    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| GEORGIA ST                     | State of Georgia                                                             | CUSIP: 373384L95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14726.79     | 0.03%             | 2029-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS CAPITAL II       | Goldman Sachs Capital II                                                     | CUSIP: 381427AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1001000 | PA      | $757096.34    | 1.54%             | 2023-01-30      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                      | State of Hawaii                                                              | CUSIP: 419791YR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25151.72     | 0.05%             | 2024-02-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                                         | CUSIP: 459200AM3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158612.71    | 0.32%             | 2025-10-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| iShares Silver Trust           | iShares Silver Trust                                                         | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |     36030 | NS      | $793380.60    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7692 | NS      | $1358791.80   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE FINANCIAL       | JPMorgan Chase Financial Co LLC                                              | CUSIP: 48133MCS7<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98230.72     | 0.20%             | 2027-09-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA IMPT BOND ACT | City of Lake Elsinore CA                                                     | CUSIP: 509628CU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $135486.30    | 0.28%             | 2025-09-02      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                                                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2936 | NS      | $1428334.64   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power Water System Revenue                 | CUSIP: 544525NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85568.38     | 0.17%             | 2024-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Markel Corp                    | Markel Corp                                                                  | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      1299 | NS      | $1711419.51   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      6626 | NS      | $2485545.12   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6067 | NS      | $1454987.94   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                | MillerKnoll Inc                                                              | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     40071 | NS      | $841891.71    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MISSISSIPPI ST                 | State of Mississippi                                                         | CUSIP: 6055805V7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99840.66     | 0.20%             | 2024-11-01      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC             | Murphy Oil USA Inc                                                           | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    557000 | PA      | $541810.61    | 1.10%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                          | CUSIP: 64966HYH7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35376.11     | 0.07%             | 2025-03-01      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                          | CUSIP: 64966JAQ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    175000 | PA      | $178174.13    | 0.36%             | 2024-12-01      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     16214 | NS      | $1470934.08   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                                   | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     26435 | NS      | $1055727.56   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     20052 | NS      | $1639050.48   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                              | CUSIP: 68608KNE4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5067.44      | 0.01%             | 2024-08-01      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Orion Office REIT Inc          | Orion Office REIT Inc                                                        | CUSIP: 68629Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8.54         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PASADENA CA PENSION OBLIG      | City of Pasadena CA                                                          | CUSIP: 70227RAP5<br>LEI: 5493007ZF3ZMBUWLWB58 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99797.86     | 0.20%             | 2038-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                                                           | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     10800 | NS      | $685044.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                    | Heineken NV                                                                  | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |     12321 | NS      | $1159046.32   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares               | SPDR Gold Shares                                                             | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6263 | NS      | $1062455.32   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DSY6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    180000 | PA      | $158547.53    | 0.32%             | 2028-05-01      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA                    | City of San Jose CA                                                          | CUSIP: 798135F20<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    175000 | PA      | $156172.82    | 0.32%             | 2027-09-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA REDEV AGY SUCCESSO | San Jose Redevelopment Agency Successor Agency                               | CUSIP: 798170AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $235318.35    | 0.48%             | 2026-08-01      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP            | Charles Schwab Corp/The                                                      | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    700000 | PA      | $688100.00    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLANO CNTY CA CMNTY CLG DIST  | Solano County Community College District                                     | CUSIP: 83412PCL4<br>LEI: 549300P3BIFQULH2R110 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100139.01    | 0.20%             | 2032-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591300<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     26200 | NS      | $580592.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591409<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     33100 | NS      | $723897.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLEDO OH CITY SCH DIST        | Toledo City School District                                                  | CUSIP: 889294RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225943.31    | 0.46%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                                                 | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     20317 | NS      | $1022960.95   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $993988.91    | 2.02%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1677861.26   | 3.42%             | 2023-04-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912796XQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $390504.12    | 0.80%             | 2023-07-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912796YJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $483125.70    | 0.98%             | 2023-10-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912796YW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $492461.31    | 1.00%             | 2023-05-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    352000 | PA      | $351212.39    | 0.72%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                             | CUSIP: 912828Q29<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $496492.27    | 1.01%             | 2023-03-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                     | CUSIP: 91412GEA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104547.13    | 0.21%             | 2050-05-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                     | CUSIP: 91412GQL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149536.91    | 0.30%             | 2033-05-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                                                                | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     45137 | NS      | $1473723.05   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WYETH LLC                      | Wyeth LLC                                                                    | CUSIP: 983024AF7<br>LEI: 549300Q9GR3WRH4N4836 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152774.58    | 0.31%             | 2024-02-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President