# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-082916
**Filing Date:** 2026-2
**Character Count:** 40813
**Document Hash:** ef205b4c5c4ef8cf9617b7dc75b71752
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-082916.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-082916

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**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:** 26700893

**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           |

## 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, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 69.9%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** | |
| Lockheed Martin Corp. | 1674 | $809664 |
| **Beverages - 0.9%** | **Beverages - 0.9%** |  |
| Heineken N.V. | 5128 | 420282 |
| **Capital Markets - 5.5%** | **Capital Markets - 5.5%** |  |
| Brookfield Corp. | 35846 | 1644973 |
| CME Group, Inc. | 4020 | 1097782 |
|  |  | 2742755 |
| **Entertainment - 1.9%** | **Entertainment - 1.9%** |  |
| Walt Disney Co. | 8049 | 915735 |
| **Financial Services - 6.6%** | **Financial Services - 6.6%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 3506 | 1762291 |
| Visa, Inc. - Class A | 4340 | 1522081 |
|  |  | 3284372 |
| **Food Products - 1.9%** | **Food Products - 1.9%** |  |
| Hershey Co. | 5250 | 955395 |
| **Ground Transportation - 4.4%** | **Ground Transportation - 4.4%** |  |
| U-Haul Holding Co. | 16142 | 754477 |
| Union Pacific Corp. | 6246 | 1444825 |
|  |  | 2199302 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |  |
| Smith & Nephew PLC | 43050 | 718690 |
| **Health Care Providers & Services - 8.5%** | **Health Care Providers & Services - 8.5%** |  |
| Centene Corp. <sup>(a)</sup> | 17800 | 732470 |
| CVS Health Corp. | 7467 | 592581 |
| McKesson Corp. | 2720 | 2231189 |
| UnitedHealth Group, Inc. | 1994 | 658239 |
|  |  | 4214479 |
| **Hotels, Restaurants & Leisure - 2.9%** | **Hotels, Restaurants & Leisure - 2.9%** |  |
| Booking Holdings, Inc. | 271 | 1451294 |
| **Insurance - 7.8%** | **Insurance - 7.8%** |  |
| Aon PLC - Class A | 2143 | 756222 |
| Chubb Ltd. | 2885 | 900466 |
| Markel Group, Inc. <sup>(a)</sup> | 713 | 1532700 |
| Marsh & McLennan Cos., Inc. | 3755 | 696628 |
|  |  | 3886016 |
| **Interactive Media & Services - 2.0%** | **Interactive Media & Services - 2.0%** |  |
| Meta Platforms, Inc. - Class A | 1525 | 1006637 |
| **Life Sciences Tools & Services - 3.3%** | **Life Sciences Tools & Services - 3.3%** |  |
| Agilent Technologies, Inc. | 5623 | 765121 |
| Thermo Fisher Scientific, Inc. | 1495 | 866278 |
|  |  | 1631399 |
| **Machinery - 2.7%** | **Machinery - 2.7%** |  |
| Donaldson Co., Inc. | 3090 | 273960 |
| Otis Worldwide Corp. | 12061 | 1053528 |
|  |  | 1327488 |
| **Metals & Mining - 2.9%** | **Metals & Mining - 2.9%** |  |
| Franco-Nevada Corp. | 6995 | 1449924 |
| **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** |  |
| Occidental Petroleum Corp. | 31500 | 1295280 |
| **Personal Care Products - 0.0% <sup>(b)</sup>** | **Personal Care Products - 0.0% <sup>(b)</sup>** |  |
| Kenvue, Inc. | 1 | 17 |
| **Pharmaceuticals - 5.6%** | **Pharmaceuticals - 5.6%** |  |
| Novartis AG - ADR | 10849 | 1495752 |
| Zoetis, Inc. | 10203 | 1283741 |
|  |  | 2779493 |
| **Software - 7.3%** | **Software - 7.3%** |  |
| Adobe, Inc. <sup>(a)</sup> | 2080 | 727979 |
| Microsoft Corp. | 3747 | 1812124 |
| Oracle Corp. | 5452 | 1062650 |
|  |  | 3602753 |
| **TOTAL COMMON STOCKS** (Cost $23,347,134) | **TOTAL COMMON STOCKS** (Cost $23,347,134) | 34690975 |
| **EXCHANGE TRADED FUNDS - 10.5%** |  |  |
| iShares Silver Trust <sup>(a)</sup> | 43245 | 2785843 |
| SPDR Gold Shares <sup>(a)</sup> | 6143 | 2434532 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,577,578) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,577,578) | 5220375 |
| **PREFERRED STOCKS - 8.9%** |  |  |
| **Financial Services - 1.6%** | **Financial Services - 1.6%** |  |
|  Federal National Mortgage Association, Series S, 8.25%, Perpetual <sup>(a)(c)</sup> | 50400 | 767592 |
| **Independent Power and Renewable Electricity Producers - 3.2%** | **Independent Power and Renewable Electricity Producers - 3.2%** |  |
| Tennessee Valley Authority | – | $– |
| &nbsp;&nbsp; Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 <sup>(a)</sup> | 33100 | 807640 |
| &nbsp;&nbsp; Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 <sup>(a)</sup> | 32700 | 786435 |
|  |  | 1594075 |
| **Open-End Investment Funds - 0.8%** | **Open-End Investment Funds - 0.8%** |  |
|  The GDL Fund Series G Cumulative PFD, 5.20%, 03/26/2027 <sup>(d)</sup> | 40000 | 400000 |
| **Technology Hardware, Storage & Peripherals - 3.3%** | **Technology Hardware, Storage & Peripherals - 3.3%** |  |
|  Samsung Electronics Co. Ltd., 0.00% | 26643 | 1649756 |
| **TOTAL PREFERRED STOCKS** (Cost $3,171,884) | **TOTAL PREFERRED STOCKS** (Cost $3,171,884) | 4411423 |
| **MUNICIPAL BONDS - 4.9%** | **Par** | **Value**  |
|  California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026 | $35000 | 35110 |
|  California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst) | 130000 | 129714 |
|  City of San Jose CA, 2.60%, 09/01/2027 | 175000 | 172209 |
|  Los Angeles Unified School District/CA, 5.72%, 05/01/2027 | 230000 | 235206 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028 | 180000 | 174404 |
|  San Jose Redevelopment Agency Successor Agency, 3.18%, 08/01/2026 | 250000 | 249151 |
| State of California | State of California | State of California |
| &nbsp;&nbsp; 2.65%, 04/01/2026 | 200000 | 199484 |
| &nbsp;&nbsp; 2.38%, 10/01/2026 | 145000 | 143699 |
| &nbsp;&nbsp; 6.00%, 03/01/2030 | 200000 | 216418 |
| &nbsp;&nbsp; 7.50%, 04/01/2034 | 150000 | 175131 |
| &nbsp;&nbsp; 5.13%, 03/01/2038 | 150000 | 152460 |
| &nbsp;&nbsp; 4.60%, 04/01/2038 | 200000 | 203717 |
|  State of California, Build America Bonds, 4.99%, 04/01/2039 | 15000 | 14593 |
|  State of Georgia, School Construction Bonds, 4.35%, 02/01/2029 | 15000 | 15006 |
|  State of Oregon, 5.05%, 08/01/2043 | 300000 | 297827 |
| **TOTAL MUNICIPAL BONDS** (Cost $2,394,837) | **TOTAL MUNICIPAL BONDS** (Cost $2,394,837) | 2414129 |
| **CORPORATE BONDS - 3.7%** |  |  |
| **Beverages-Non-alcoholic - 0.3%** | **Beverages-Non-alcoholic - 0.3%** | **Beverages-Non-alcoholic - 0.3%** |
|  Coca-Cola Refreshments USA LLC, 6.75%, 09/15/2028 | 125000 | 134546 |
| **Cosmetics & Toiletries - 0.3%** | **Cosmetics & Toiletries - 0.3%** | **Cosmetics & Toiletries - 0.3%** |
|  Conopco, Inc., 7.25%, 12/15/2026 | 150000 | 154730 |
| **Finance-Investment Banking-Brokerages - 1.7%** | **Finance-Investment Banking-Brokerages - 1.7%** | **Finance-Investment Banking-Brokerages - 1.7%** |
|  Goldman Sachs Group, Inc., 4.82% (3 mo. Term SOFR + 1.03%), Perpetual | 1001000 | 821621 |
| **Retail-Petroleum Prod - 1.1%** | **Retail-Petroleum Prod - 1.1%** | **Retail-Petroleum Prod - 1.1%** |
|  Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 557000 | 557987 |
| **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** |
|  Apple, Inc., 0.70%, 02/08/2026 | 145000 | 144549 |
| **TOTAL CORPORATE BONDS** (Cost $1,740,059) | **TOTAL CORPORATE BONDS** (Cost $1,740,059) | 1813433 |
| **U.S. TREASURY SECURITIES - 1.6%** |  |  |
|  United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034 | 550810 | 548725 |
|  United States Treasury Note/Bond, 4.63%, 06/30/2026 | 250000 | 251309 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $786,464) | **TOTAL U.S. TREASURY SECURITIES** (Cost $786,464) | 800034 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.0% <sup>(b)</sup>** | **Shares** | **Value**  |
| **Office REITs - 0.0% <sup>(b)</sup>** | **Office REITs - 0.0% <sup>(b)</sup>** |  |
| Orion Properties, Inc. | 1 | 2 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $18) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $18) | 2 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.6%** |  |  |
| First American Treasury Obligations Fund - Class Z, 3.64% <sup>(e)</sup> | 302183 | 302183 |
| **TOTAL MONEY MARKET FUNDS** (Cost $302,183) | **TOTAL MONEY MARKET FUNDS** (Cost $302,183) | 302183 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $33,320,157**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $33,320,157**)** | 49652554 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (25897) |
| **TOTAL NET ASSETS - 100.0%** |  | $49626657 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| CMT - Constant Maturity Treasury |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of
 December 31, 2025.

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $400,000
 or 0.8% of net assets as of December 31, 2025.

(e) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Scharf Multi-Asset Opportunity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $34690975 | $– | $– | $34690975 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 5220375 | – | – | 5220375 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 4011423 | – | 400000 | 4411423 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 2414129 | – | 2414129 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 1813433 | – | 1813433 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 800034 | – | 800034 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 2 | – | – | 2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 302183 | – | – | 302183 |
| Total Investments | $44224958 | $5027596 | $400000 | $49652554 |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of September 30, 2025 | $400000 |
| Ending balance as of December 31, 2025 | $400000 |
|  | $— |
| Change in unrealized appreciation/depreciation still held as of December 31, 2025 | $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **<u>Fair Value as of</u>**<br>  **<u>December 31, 2025</u>** | **<u>Valuation Technique</u>** | **<u>Unobservable Inputs</u>** | **<u>Input Values</u>**<br> <u>(Ranges)</u> |
| Preferred Stocks | $400000 | Market Transaction Method<br>| Prior/Recent Transaction<br>| $10.00 |

---

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $49762671.27

**Total Liabilities:** $128015.95

**Net Assets:** $49634655.32

**Cash Not Reported:** $1613.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121649 | -1.62%               | 0.78%                | 1.75%                |
| Class ID C000168063 | -1.65%               | 0.79%                | 1.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-344454.58              | $-506389.51                                |
| Month 2  | $627116.83               | $-255943.10                                |
| Month 3  | $9070.01                 | $810716.29                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3506 | NS      | $1762290.90   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                                              | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     35846 | NS      | $1644972.94   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                                                                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4020 | NS      | $1097781.60   | 2.21%             |  |  |  | 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        |     35000 | PA      | $35110.00     | 0.07%             | 2026-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063BN81<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14593.22     | 0.03%             | 2039-04-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                                                    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     31500 | NS      | $1295280.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                              | CUSIP: 68609UGZ2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    300000 | PA      | $297826.68    | 0.60%             | 2043-08-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Heineken NV                    | Heineken NV                                                                  | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |      5128 | NS      | $420282.42    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DSY6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    180000 | PA      | $174404.25    | 0.35%             | 2028-05-01      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1994 | NS      | $658239.34    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4340 | NS      | $1522081.40   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                                      | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |      2143 | NS      | $756221.84    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DGE2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203716.58    | 0.41%             | 2038-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                                                           | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      6995 | NS      | $1449923.60   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                                                             | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       713 | NS      | $1532700.45   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5452 | NS      | $1062649.32   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2080 | NS      | $727979.20    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                      | Apple Inc                                                                    | CUSIP: 037833EB2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144548.81    | 0.29%             | 2026-02-08      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063A5E0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    150000 | PA      | $175131.24    | 0.35%             | 2034-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7467 | NS      | $592581.12    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                                                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     17800 | NS      | $732470.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                                                             | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      3090 | NS      | $273959.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FANNIE MAE                     | Federal National Mortgage Association                                        | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |     50400 | NS      | $767592.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       271 | NS      | $1451294.43   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063D3Q9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216417.82    | 0.44%             | 2030-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063D3S5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152459.96    | 0.31%             | 2038-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DRD2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    145000 | PA      | $143698.68    | 0.29%             | 2026-10-01      | Fixed         | 2.38%                 | 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      | $134545.98    | 0.27%             | 2028-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                                                     | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      3755 | NS      | $696627.60    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     10849 | NS      | $1495751.63   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1495 | NS      | $866277.75    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS CAPITAL II       | Goldman Sachs Capital II                                                     | CUSIP: 381427AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1001000 | PA      | $821621.40    | 1.66%             | 2026-02-01      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                                                               | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      5250 | NS      | $955395.00    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                                                   | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |         1 | NS      | $17.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2720 | NS      | $2231188.80   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3747 | NS      | $1812124.14   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN JOSE CA                    | City of San Jose CA                                                          | CUSIP: 798135F20<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    175000 | PA      | $172208.96    | 0.35%             | 2027-09-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591409<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     33100 | NS      | $807640.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      6246 | NS      | $1444824.72   | 2.91%             |  |  |  | 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        |    550810 | PA      | $548724.81    | 1.11%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies Inc                                                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      5623 | NS      | $765121.61    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DMA3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199483.52    | 0.40%             | 2026-04-01      | Fixed         | 2.65%                 | No            |                  2 | 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    | 0.81%             |  |  |  | No            |                  3 | On Loan: No      |
| iShares Silver Trust           | iShares Silver Trust                                                         | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |     43245 | NS      | $2785842.90   | 5.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                                                    | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      2885 | NS      | $900466.20    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOPCO INC                    | Conopco Inc                                                                  | CUSIP: 126149AD5<br>LEI: 549300DWD4D3B5EZJC04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154729.71    | 0.31%             | 2026-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                        | CUSIP: 13034AB74<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    130000 | PA      | $129714.52    | 0.26%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                     | CUSIP: 31846V542<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    300355 | NS      | $300355.30    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA ST                     | State of Georgia                                                             | CUSIP: 373384L95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15006.36     | 0.03%             | 2029-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                                                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1674 | NS      | $809663.58    | 1.63%             |  |  |  | No            |                  1 | 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      | $235206.28    | 0.47%             | 2027-05-01      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Orion Properties Inc           | Orion Properties Inc                                                         | CUSIP: 68629Y103<br>LEI: 254900ZBXYX11W8ZL437 | Long             | EC               | CORP              | US        |         1 | NS      | $2.26         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                                                          | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     12061 | NS      | $1053528.35   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares               | SPDR Gold Shares                                                             | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6143 | NS      | $2434532.33   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                             | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $251309.09    | 0.51%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      8049 | NS      | $915734.73    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1525 | NS      | $1006637.25   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     10203 | NS      | $1283741.46   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co              | U-Haul Holding Co                                                            | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |     16142 | NS      | $754477.08    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                                           | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               | CORP              | GB        |     43050 | NS      | $718689.60    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL USA INC             | Murphy Oil USA Inc                                                           | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    557000 | PA      | $557986.45    | 1.12%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                                   | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     26643 | NS      | $1649755.72   | 3.32%             |  |  |  | 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      | $249150.88    | 0.50%             | 2026-08-01      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591300<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     32700 | NS      | $786435.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President