# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-014422
**Filing Date:** 2023-3
**Character Count:** 23406
**Document Hash:** f6d90c80ee92572b274fa7ea7832e75d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014422.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014422

**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:** 23693188

**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 Fund (Series ID: S000035415)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108787 | Institutional Class | LOGIX           |
| C000152038 | Retail Class        | LOGRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Scharf Fund** | **Scharf Fund** | **Scharf 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 - 90.33%** | **Value** |
| | **Aerospace and Defense - 3.87%** | |
| 31591 | Lockheed Martin Corp. | $15368706 |
|  | **Beverages - 5.69%** |  |
| 40680 | Constellation Brands, Inc. - Class A | 9427590 |
| 140050 | Heineken N.V. (b) | 13174615 |
|  |  | 22602205 |
|  | **Capital Markets - 0.90%** |  |
| 23250 | Brookfield Asset Management Ltd. - Class A (a) | 666577 |
| 93000 | Brookfield Corp. | 2925780 |
|  |  | 3592357 |
|  | **Chemicals - 4.22%** |  |
| 514230 | Valvoline, Inc. | 16789609 |
|  | **Commercial Services & Supplies - 2.33%** |  |
| 441046 | MillerKnoll, Inc. | 9266376 |
|  | **Diversified Financial Services - 6.83%** |  |
| 87877 | Berkshire Hathaway, Inc. - Class B (a) | 27145205 |
|  | **Entertainment - 2.79%** |  |
| 145131 | Activision Blizzard, Inc. | 11109778 |
|  | **Health Care Equipment & Supplies - 2.06%** |  |
| 610770 | Smith & Nephew plc | 8192482 |
|  | **Health Care Providers & Services - 16.90%** |  |
| 233660 | Centene Corp. (a) | 19162457 |
| 208920 | CVS Health Corp. | 19469255 |
| 76120 | McKesson Corp. | 28554134 |
|  |  | 67185846 |
|  | **Insurance - 4.87%** |  |
| 14695 | Markel Corp. (a) | 19360516 |
|  | **Interactive Media & Services - 0.79%** |  |
| 27489 | Baidu, Inc. - ADR (a) | 3144192 |
|  | **Internet & Direct Marketing Retail - 4.10%** |  |
| 8097 | Booking Holdings, Inc. (a) | 16317722 |
|  | **IT Services - 6.03%** |  |
| 192045 | Cognizant Technology Solutions Corp. - Class A | 10983053 |
| 128683 | Fiserv, Inc. (a) | 13005991 |
|  |  | 23989044 |
|  | **Media - 4.08%** |  |
| 463376 | Comcast Corp. - Class A | 16204259 |
|  | **Personal Products - 2.86%** |  |
| 225735 | Unilever plc - ADR | 11365757 |
|  | **Pharmaceuticals - 7.88%** |  |
| 86169 | Johnson & Johnson | 15221754 |
| 177697 | Novartis AG - ADR | 16120672 |
|  |  | 31342426 |
|  | **Road & Rail - 2.27%** |  |
| 121185 | Canadian Pacific Railway, Ltd. (b) | 9039189 |
|  | **Software - 8.93%** |  |
| 72342 | Microsoft Corp. | 17349059 |
| 222265 | Oracle Corp. | 18167941 |
|  |  | 35517000 |
|  | **Specialty Retail - 2.93%** |  |
| 79121 | Advance Auto Parts, Inc. | 11633161 |
|  | TOTAL COMMON STOCKS (Cost $273,431,958) | 359165830 |
|  | **PREFERRED STOCK - 2.30%** |  |
|  | **Technology Hardware, Storage & Peripherals - 2.30%** |  |
| 228560 | Samsung Electronics Co., Ltd., 2.15% (b) | 9127940 |
|  | TOTAL PREFERRED STOCK (Cost $3,697,316) | 9127940 |
|  | **SHORT-TERM INVESTMENTS - 7.08%** |  |
|  | **Money Market Fund - 1.83%** |  |
| 7257942 | First American Treasury Obligations Fund, Class Z, 4.16% (c) | 7257942 |
|  | TOTAL MONEY MARKET FUND (Cost $7,257,942) | 7257942 |
| **Principal** |  |  |
| **Amount** |  |  |
|  | **U.S. Treasury Note - 0.50%** |  |
|  | U.S. Treasury Note |  |
| $2000000 | 1.50%, 3/31/2023 | 1985969 |
|  | TOTAL U.S. TREASURY NOTE (Cost $1,993,891) | 1985969 |
|  | **U.S. Treasury Bills - 4.75%** |  |
| 500000 | 3.96%, 4/6/2023 (d) | 494582 |
| 4550000 | 3.49%, 4/20/2023 (d) | 4490746 |
| 3500000 | 4.41%, 5/4/2023 (d) | 3447229 |
| 1250000 | 4.56%, 6/29/2023 (d) | 1222359 |
| 6250000 | 3.62%, 7/13/2023 (d) | 6101627 |
| 3250000 | 4.14%, 10/5/2023 (d) | 3140317 |
|  | TOTAL U.S. TREASURY BILLS (Cost $18,940,666) | 18896860 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $28,192,499) | 28140771 |
|  | **Total Investments in Securities (Cost $305,321,773) - 99.71%** | **396434541** |
|  | **Other Assets in Excess of Liabilities - 0.29%** | **1171369** |
|  | **TOTAL NET ASSETS - 100.00%** | $**397605910** |
| ADR | American Depository Receipt |  |
| (a) | Non-income producing security. |  |
| (b) | Foreign issuer. |  |
| (c) | Rate shown is the 7-day annualized yield as of December 31, 2022. |  |
| (d) | 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 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 Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $30458229 | $- | $- | $30458229 |
| Consumer Discretionary | 27950883 | - | - | 27950883 |
| Consumer Staples | 33967963 | - | - | 33967963 |
| Financials | 50098078 | - | - | 50098078 |
| Health Care | 106720753 | - | - | 106720753 |
| Industrials | 33674271 | - | - | 33674271 |
| Information Technology | 59506044 | - | - | 59506044 |
| Materials | 16789609 | - | - | 16789609 |
| **Total Common Stocks** | 359165830 | - | - | 359165830 |
| **Preferred Stock** |  |  |  |  |
| Information Technology | 9127940 | - | - | 9127940 |
| **Total Preferred Stock** | 9127940 | - | - | 9127940 |
| **Money Market Fund** | 7257942  | -  | -  | 7257942  |
| **U.S. Treasury Note** | - | 1985969 | - | 1985969 |
| **U.S. Treasury Bills** | - | 18896860 | - | 18896860 |
| **Total Investments in Securities** | $375551712 | $20882829 | $- | $396434541 |
| 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. | 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 Fund

- **b. EDGAR series identifier (if any):** S000035415

- **c. LEI of Series:** 549300JCR6YPK2EHYU27

**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:** $398083220.71

**Total Liabilities:** $639170.07

**Net Assets:** $397444050.64

**Cash Not Reported:** $209597.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108787 | 9.19%                | 4.58%                | -2.59%               |
| Class ID C000152038 | 9.17%                | 4.55%                | -2.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1677378.52             | $34823237.37                               |
| Month 2  | $128746.50               | $17808831.77                               |
| Month 3  | $886881.68               | $-11570961.01                              |

**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        |    145131 | NS      | $11109778.05  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                   | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     79121 | NS      | $11633160.63  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |     27489 | NS      | $3144191.82   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     87877 | NS      | $27145205.30  | 6.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                       | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    610770 | NS      | $8192481.68   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      8097 | NS      | $16317722.16  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                          | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     93000 | NS      | $2925780.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd          | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     23250 | NS      | $666577.50    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    208920 | NS      | $19469254.80  | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd   | Canadian Pacific Railway Ltd             | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    121185 | NS      | $9039189.15   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                             | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    233660 | NS      | $19162456.60  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    192045 | NS      | $10983053.55  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    463376 | NS      | $16204258.72  | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                 | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     40680 | NS      | $9427590.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V542<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7026828 | NS      | $7026828.32   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    128683 | NS      | $13005990.81  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     86169 | NS      | $15221753.85  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     31591 | NS      | $15368705.59  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp                    | Markel Corp                              | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     14695 | NS      | $19360515.55  | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                            | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     76120 | NS      | $28554134.40  | 7.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     72342 | NS      | $17349058.44  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                | MillerKnoll Inc                          | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |    441046 | NS      | $9266376.46   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                              | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    177697 | NS      | $16120671.84  | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd               | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    228560 | NS      | $9127939.90   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    222265 | NS      | $18167941.10  | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                    | Heineken NV                              | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    140050 | NS      | $13174615.44  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                             | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    225735 | NS      | $11365757.25  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4550000 | PA      | $4490746.31   | 1.13%             | 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        |   6250000 | PA      | $6101626.81   | 1.54%             | 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        |   3250000 | PA      | $3140317.02   | 0.79%             | 2023-10-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796YN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $494581.46    | 0.12%             | 2023-04-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796YW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3447229.17   | 0.87%             | 2023-05-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912796ZR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1222359.11   | 0.31%             | 2023-06-29      | 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        |   2000000 | PA      | $1985969.08   | 0.50%             | 2023-03-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                            | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    514230 | NS      | $16789609.50  | 4.22%             |  |  |  | No            |                  1 | 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