# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-013998
**Filing Date:** 2023-3
**Character Count:** 31003
**Document Hash:** 74dd48b2067043c19d324e5d07e8f38f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013998.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013998

**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:** 23690960

**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

### Poplar Forest Cornerstone Fund (Series ID: S000047729)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149956 | Investor Class | IPFCX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Poplar Forest Cornerstone Fund** | **Poplar Forest Cornerstone Fund** | **Poplar Forest Cornerstone Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **at December 31, 2022 (Unaudited)** | **at December 31, 2022 (Unaudited)** | **at December 31, 2022 (Unaudited)** |
| **Shares/Principal Amount** |  | **Value** |
| | **COMMON STOCKS - 68.8%** | |
| | **Aerospace & Defense - 2.7%** | |
| 5000 | Curtiss-Wright Corp. | $834950 |
|  | **Air Freight & Logistics - 0.9%** |  |
| 1500 | FedEx Corp. | 259800 |
|  | **Banks - 4.3%** |  |
| 16300 | Citigroup, Inc. | 737249 |
| 14200 | Wells Fargo & Co. | 586318 |
|  |  | 1323567 |
|  | **Biotechnology - 3.7%** |  |
| 4000 | United Therapeutics Corp. (a) | 1112360 |
|  | **Chemicals - 2.6%** |  |
| 15700 | Dow Inc. | 791123 |
|  | **Commercial Services & Supplies - 1.4%** |  |
| 20100 | MillerKnoll, Inc. | 422301 |
|  | **Consumer Finance - 1.4%** |  |
| 18000 | Ally Financial, Inc. | 440100 |
|  | **Diversified Financial Services - 3.4%** |  |
| 4021 | Apollo Global Management, Inc. (c) | 256500 |
| 27100 | Equitable Holdings, Inc. | 777770 |
|  |  | 1034270 |
|  | **Diversified Telecommunication Services - 2.7%** |  |
| 44100 | AT&T, Inc. | 811881 |
|  | **Entertainment - 1.3%** |  |
| 41300 | Warner Bros. Discovery, Inc. (a) | 391524 |
|  | **Gas Utilities - 2.2%** |  |
| 10700 | National Fuel Gas Co. | 677310 |
|  | **Health Care Providers & Services - 5.1%** |  |
| 5300 | AmerisourceBergen Corp. | 878263 |
| 7300 | CVS Health Corp. | 680287 |
|  |  | 1558550 |
|  | **Hotels, Restaurants & Leisure - 3.1%** |  |
| 19900 | Las Vegas Sands Corp. (a) | 956593 |
|  | **Insurance - 5.2%** |  |
| 5800 | Allstate Corp. | 786480 |
| 12400 | American International Group, Inc. | 784176 |
|  |  | 1570656 |
|  | **IT Services - 5.5%** |  |
| 19500 | DXC Technology Co. (a) | 516750 |
| 4900 | Fidelity National Information Services, Inc. | 332465 |
| 5800 | International Business Machines Corp. | 817162 |
|  |  | 1666377 |
|  | **Machinery - 2.1%** |  |
| 39600 | CNH Industrial NV (c) | 635976 |
|  | **Multi-line Retail - 2.3%** |  |
| 4900 | Dollar Tree, Inc. (a) | 693056 |
|  | **Oil, Gas & Consumable Fuels - 3.5%** |  |
| 4000 | Chevron Corp. | 717960 |
| 8400 | Murphy Oil Corp. | 361284 |
|  |  | 1079244 |
|  | **Pharmaceuticals - 4.7%** |  |
| 6600 | Merck & Co., Inc. | 732270 |
| 20900 | Perrigo Co. plc (c) | 712481 |
|  |  | 1444751 |
|  | **Semiconductors & Semiconductor Equipment - 2.2%** |  |
| 25200 | Intel Corp. | 666036 |
|  | **Software - 1.0%** |  |
| 2500 | VMware, Inc. (a) | 306900 |
|  | **Specialty Retail - 1.9%** |  |
| 4000 | Advance Auto Parts, Inc. | 588120 |
|  | **Textiles, Apparel & Luxury Goods - 2.8%** |  |
| 22300 | Tapestry, Inc. | 849184 |
|  | **Tobacco - 2.8%** |  |
| 8600 | Philip Morris International, Inc. | 870406 |
|  | TOTAL COMMON STOCKS (Cost $16,820,224) | **20985035** |
|  | **CORPORATE BONDS - 9.5%** |  |
|  | **Banks - 2.2%** |  |
|  | Citizens Financial Group, Inc. |  |
| $700000 | &nbsp;&nbsp;&nbsp; 3.750%, 7/1/24 | 669069 |
|  | **Food Products - 2.3%** |  |
|  | McCormick & Company, Inc. |  |
| 715000 | &nbsp;&nbsp;&nbsp; 3.500%, 9/1/23 | 707608 |
|  | **Gas Utilities - 2.4%** |  |
|  | National Fuel Gas Co. |  |
| 800000 | &nbsp;&nbsp;&nbsp; 3.950%, 9/15/27 | 740878 |
|  | **Specialty Retail - 2.6%** |  |
|  | Dick's Sporting Goods, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp; 3.150%, 1/15/32 | 785875 |
|  | TOTAL CORPORATE BONDS (Cost $2,986,243) | **2903430** |
|  | **U.S. TREASURY NOTES - 11.4%** |  |
|  | U.S. Treasury Floating Rate Note |  |
| 650000 | &nbsp;&nbsp;&nbsp; 4.447%, (USBMMY3M + 0.049%), 1/31/23 (d) | 650134 |
|  | U.S. Treasury Note TIPS |  |
| 878548 | &nbsp;&nbsp;&nbsp; 0.125%, 7/15/24 | 850777 |
| 873788 | &nbsp;&nbsp;&nbsp; 0.250%, 7/15/29 | 801362 |
|  | U.S. Treasury Notes |  |
| 310000 | &nbsp;&nbsp;&nbsp; 0.500%, 11/30/23 | 298267 |
| 145000 | &nbsp;&nbsp;&nbsp; 0.750%, 12/31/23 | 139417 |
| 165000 | &nbsp;&nbsp;&nbsp; 0.875%, 1/31/24 | 158368 |
| 165000 | &nbsp;&nbsp;&nbsp; 1.500%, 2/29/24 | 159131 |
| 145000 | &nbsp;&nbsp;&nbsp; 2.250%, 3/31/24 | 140746 |
| 300000 | &nbsp;&nbsp;&nbsp; 2.625%, 4/15/25 | 289008 |
|  | TOTAL U.S. TREASURY NOTES (Cost $3,632,415) | **3487210** |
|  | **U.S. GOVERNMENT AGENCY - 2.6%** |  |
|  | Federal Home Loan Banks |  |
| 800000 | &nbsp;&nbsp;&nbsp; 4.000%, 9/30/27 | 799650 |
|  | TOTAL U.S. GOVERNMENT AGENCY (Cost $800,000) | **799650** |
|  | **PREFERRED STOCK - 1.6%** |  |
|  | **Consumer Finance - 1.6%** |  |
| 700000 | Ally Financial, Inc. - Series B, 4.70% | 470312 |
|  | TOTAL PREFERRED STOCK (Cost $713,346) | **470312** |
|  | **SHORT-TERM INVESTMENTS - 6.0%** |  |
|  | **MONEY MARKET FUND - 3.0%** |  |
| 926134 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 4.093% (b) | 926134 |
|  | TOTAL MONEY MARKET FUND (cost $926,134) | 926134 |
|  | **U.S. TREASURY BILLS - 3.0%** |  |
| $300000 | 4.120%, 1/24/23 (e) | 299329 |
| 465000 | 3.070%, 2/23/23 (e) | 462205 |
| 145000 | 1.590%, 3/23/23 (e) | 143652 |
|  | TOTAL U.S. TREASURY BILLS (Cost $906,590) | 905186 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,724) | **1831320** |
|  | **Total Investments in Securities (Cost $26,784,952) - 99.9%** | **30476957** |
|  | **Other Assets in Excess of Liabilities - 0.1%** | **31308** |
|  | **NET ASSETS - 100.0%** | $**30508265** |
|  | TIPS - Treasury Inflation Protected Securities |  |
|  | USBMMY3M - U.S. Treasury 3 Month Bill Money Market Yield |  |
| (a) | Non-income producing security. |  |
| (b) | Rate shown is the 7-day annualized yield at December 31, 2022. |  |
| (c) | U.S. traded security of a foreign issuer. |  |
| (d) | Variable or floating rate security based on a reference index and spread. The rate reported | Variable or floating rate security based on a reference index and spread. The rate reported |
|  | is the rate in effect 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 <br> 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.

------

---

| |
|:---|
| **Poplar Forest Cornerstone 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: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $1203405 | $- | $- | $1203405 |
| Consumer Discretionary | 3086953 | - | - | 3086953 |
| Consumer Staples | 870406 | - | - | 870406 |
| Energy | 1079244 | - | - | 1079244 |
| Financials | 4368593 | - | - | 4368593 |
| Health Care | 4115661 | - | - | 4115661 |
| Industrials | 2153027 | - | - | 2153027 |
| Information Technology | 2639313 | - | - | 2639313 |
| Materials | 791123 |  |  | 791123 |
| Utilities | 677310 | - | - | 677310 |
| **Total Common Stocks** | 20985035 | - | - | 20985035 |
| **Corporate Bonds** | - | 2903430 | - | 2903430 |
| **U.S. Treasury Notes** | - | 3487210 | - | 3487210 |
| **U.S. Government Agency** | - | 799650 | - | 799650 |
| **Preferred Stock** | - | 470312 | - | 470312 |
| **Money Market Fund** | 926134 | - | - | 926134 |
| **U.S. Treasury Bills** | - | 905186 | - | 905186 |
| **Total Investments in Securities** | $21911169 | $8565788 | $- | $30476957 |
| 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:** Poplar Forest Cornerstone Fund

- **b. EDGAR series identifier (if any):** S000047729

- **c. LEI of Series:** 254900W8D2EMHS710H62

**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:** $30601779.24

**Total Liabilities:** $93514.43

**Net Assets:** $30508264.81

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 95.440000000000 | **1-Year:** 376.000000000000 | **5-Year:** 816.300000000000 | **10-Year:** 598.960000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000149956 | 9.08%                | 3.72%                | -2.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-135579.82              | $2669652.94                                |
| Month 2  | $70541.46                | $995137.74                                 |
| Month 3  | $387297.83               | $-1278566.27                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                       | AT&T Inc                                       | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     44100 | NS      | $811881.00    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                         | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      4000 | NS      | $588120.00    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      5800 | NS      | $786480.00    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc             | Ally Financial Inc                             | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     18000 | NS      | $440100.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                             | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    700000 | PA      | $470312.50    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| American International Group I | American International Group Inc               | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     12400 | NS      | $784176.00    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5300 | NS      | $878263.00    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc                   | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4021 | NS      | $256499.59    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7300 | NS      | $680287.00    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $717960.00    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                  | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     16300 | NS      | $737249.00    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIZENS FINANCIAL GROUP       | Citizens Financial Group Inc                   | CUSIP: 174610AL9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    700000 | PA      | $669068.48    | 2.19%             | 2024-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                            | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      5000 | NS      | $834950.00    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co              | DXC Technology Co                              | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     19500 | NS      | $516750.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DICK'S SPORTING GOODS          | Dick's Sporting Goods Inc                      | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $785875.01    | 2.58%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                                | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      4900 | NS      | $693056.00    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                                        | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     15700 | NS      | $791123.00    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                         | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     27100 | NS      | $777770.00    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                        | CUSIP: 3130AT6R3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | SN               | USGSE             | US        |    800000 | PA      | $799650.19    | 2.62%             | 2027-09-30      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1500 | NS      | $259800.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc     | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      4900 | NS      | $332465.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     25200 | NS      | $666036.00    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp           | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5800 | NS      | $817162.00    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                           | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     19900 | NS      | $956593.00    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MCCORMICK & CO                 | McCormick & Co Inc/MD                          | CUSIP: 579780AJ6<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    715000 | PA      | $707608.45    | 2.32%             | 2023-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      6600 | NS      | $732270.00    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                | MillerKnoll Inc                                | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     20100 | NS      | $422301.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio                       | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |    926134 | NS      | $926133.83    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                                | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      8400 | NS      | $361284.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                           | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     10700 | NS      | $677310.00    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO           | National Fuel Gas Co                           | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    800000 | PA      | $740878.36    | 2.43%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      8600 | NS      | $870406.00    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                                   | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     22300 | NS      | $849184.00    | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    465000 | PA      | $462204.84    | 1.52%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912796U31<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    145000 | PA      | $143652.01    | 0.47%             | 2023-03-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                    | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $299328.74    | 0.98%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds | CUSIP: 9128287D6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    873788 | PA      | $801361.98    | 2.63%             | 2029-07-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds | CUSIP: 912828WU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    878549 | PA      | $850777.07    | 2.79%             | 2024-07-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                | United States Treasury Floating Rate Note      | CUSIP: 91282CBK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $650134.32    | 2.13%             | 2023-01-31      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CDM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $298267.10    | 0.98%             | 2023-11-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CDR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    145000 | PA      | $139416.31    | 0.46%             | 2023-12-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CDV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    165000 | PA      | $158367.77    | 0.52%             | 2024-01-31      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CEA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    165000 | PA      | $159131.54    | 0.52%             | 2024-02-29      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CEG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    145000 | PA      | $140746.29    | 0.46%             | 2024-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CEH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $289007.81    | 0.95%             | 2025-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                       | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      4000 | NS      | $1112360.00   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                     | VMware Inc                                     | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |      2500 | NS      | $306900.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery Inc                      | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     41300 | NS      | $391524.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                               | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     14200 | NS      | $586318.00    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Co PLC                                 | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |     20900 | NS      | $712481.00    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV              | CNH Industrial NV                              | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |     39600 | NS      | $635976.00    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Cheryl L. King

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer