# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-296156
**Filing Date:** 2025-11
**Character Count:** 28280
**Document Hash:** a63502240a9de5b98e511f9ec65b460d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-296156.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-296156

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251517582

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

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

## Series and Classes Contracts Data

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

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

## 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:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $50427038.90

**Total Liabilities:** $109426.36

**Net Assets:** $50317612.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121649 | -1.79%               | 2.12%                | 3.54%                |
| Class ID C000168063 | -1.82%               | 2.10%                | 3.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3691.58                 | $-935223.90                                |
| Month 2  | $-175926.98              | $1162261.61                                |
| Month 3  | $279186.39               | $1420615.89                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| U-Haul Holding Co              | U-Haul Holding Co                                                            | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     16142 | NS      | $821627.80    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                                                                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4020 | NS      | $1086163.80   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FANNIE MAE                     | Federal National Mortgage Association                                        | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |     34500 | NS      | $572700.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                                         | CUSIP: 459200AM3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150315.61    | 0.30%             | 2025-10-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA UNIF SCH DIST   | Los Angeles Unified School District/CA                                       | CUSIP: 544646A77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $237016.47    | 0.47%             | 2027-05-01      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11926 | NS      | $1529390.24   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                                                    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     30005 | NS      | $1417736.25   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                                                          | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      7801 | NS      | $713245.43    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                    | Heineken NV                                                                  | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |      6338 | NS      | $494241.22    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2220 | NS      | $783105.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3506 | NS      | $1762606.44   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                        | CUSIP: 13034AB74<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    130000 | PA      | $129358.26    | 0.26%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DMA3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198862.70    | 0.40%             | 2026-04-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DRD2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    145000 | PA      | $143090.15    | 0.28%             | 2026-10-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CONSOLIDATED         | Coca-Cola Consolidated Inc                                                   | CUSIP: 191098AK8<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149849.79    | 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      | $134807.53    | 0.27%             | 2028-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                                                             | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       713 | NS      | $1362799.68   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                                   | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     26643 | NS      | $1260892.48   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                              | CUSIP: 68609UGZ2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300655.71    | 0.60%             | 2043-08-01      | Fixed         | 5.05%                 | No            |                  2 | 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      | $173232.16    | 0.34%             | 2028-05-01      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1495 | NS      | $725104.90    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                             | CUSIP: 91282CJE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    610000 | PA      | $610389.91    | 1.21%             | 2025-10-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Visa Inc                       | Visa Inc                                                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4340 | NS      | $1481589.20   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       139 | NS      | $750498.53    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOPCO INC                    | Conopco Inc                                                                  | CUSIP: 126149AD5<br>LEI: 549300DWD4D3B5EZJC04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155763.23    | 0.31%             | 2026-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063BN81<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14635.98     | 0.03%             | 2039-04-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063D3Q9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    200000 | PA      | $215823.88    | 0.43%             | 2030-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                                                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     22417 | NS      | $704342.14    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                     | CUSIP: 31846V542<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1384398 | NS      | $1384397.69   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3335 | NS      | $2576420.90   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares               | SPDR Gold Shares                                                             | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6143 | NS      | $2183652.21   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds                               | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    546489 | PA      | $549253.47    | 1.09%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      4430 | NS      | $648197.60    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                                                    | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      2473 | NS      | $698004.25    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                                           | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               | CORP              | GB        |     46400 | NS      | $834644.61    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7467 | NS      | $562937.13    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063A5E0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    150000 | PA      | $176142.80    | 0.35%             | 2034-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063D3S5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152319.18    | 0.30%             | 2038-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      8049 | NS      | $921610.50    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA ST                     | State of Georgia                                                             | CUSIP: 373384L95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15005.40     | 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      | $871742.06    | 1.73%             | 2025-10-31      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| iShares Silver Trust           | iShares Silver Trust                                                         | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |     43245 | NS      | $1832290.65   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN JOSE CA                    | City of San Jose CA                                                          | CUSIP: 798135F20<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    175000 | PA      | $171431.66    | 0.34%             | 2027-09-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      6246 | NS      | $1476367.02   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1750 | NS      | $604275.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GDL FD CUM RED PFD SE G        | GDL FD CUM RED PFD SE G                                                      | CUSIP: 361570609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     40000 | NS      | $400000.00    | 0.79%             |  |  |  | No            |                  3 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                                                   | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |         1 | NS      | $16.23        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Properties Inc           | Orion Properties Inc                                                         | CUSIP: 68629Y103<br>LEI: 254900ZBXYX11W8ZL437 | Long             | EC               | CORP              | US        |         1 | NS      | $2.70         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591300<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     32700 | NS      | $780222.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591409<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     33100 | NS      | $779836.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies Inc                                                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      5623 | NS      | $721712.05    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                      | Apple Inc                                                                    | CUSIP: 037833EB2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143353.79    | 0.28%             | 2026-02-08      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                                              | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     26004 | NS      | $1783354.32   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     10272 | NS      | $1324368.96   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                                                           | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      5571 | NS      | $1241831.61   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                                                               | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      5520 | NS      | $1032516.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                                                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1779 | NS      | $888094.59    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4149 | NS      | $2148974.55   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL USA INC             | Murphy Oil USA Inc                                                           | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    557000 | PA      | $558075.57    | 1.11%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      6630 | NS      | $1864621.20   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                             | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $704267.87    | 1.40%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                                      | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |      2143 | NS      | $764150.94    | 1.52%             |  |  |  | No            |                  1 | 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      | $248543.80    | 0.49%             | 2026-08-01      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                             | CUSIP: 13033LLT2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35110.46     | 0.07%             | 2026-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                                                             | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      7655 | NS      | $626561.75    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President