# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-014423
**Filing Date:** 2023-3
**Character Count:** 20772
**Document Hash:** 084aab8cf5e3254e05940eaacbc5056c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014423.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014423

**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:** 23693191

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

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

## Series and Classes Contracts Data

### Scharf Global Opportunity Fund (Series ID: S000046127)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144365 | Institutional Class | WRLDX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Scharf Global Opportunity Fund** | **Scharf Global Opportunity Fund** | **Scharf Global Opportunity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
| **Shares** | **COMMON STOCKS - 94.14%** | **Value** |
| | **Aerospace and Defense - 3.49%** | |
| 1695 | Lockheed Martin Corp. | $824601 |
|  | **Beverages - 4.68%** |  |
| 14330 | Heineken Holding N.V. (b) | 1105210 |
|  | **Capital Markets - 2.70%** |  |
| 4125 | Brookfield Asset Management Ltd. - Class A (a) | 118264 |
| 16500 | Brookfield Corp. | 519090 |
|  |  | 637354 |
|  | **Chemicals - 4.13%** |  |
| 29872 | Valvoline, Inc. | 975321 |
|  | **Commercial Services & Supplies - 2.72%** |  |
| 30580 | MillerKnoll, Inc. | 642486 |
|  | **Diversified Financial Services - 3.87%** |  |
| 2962 | Berkshire Hathaway, Inc. - Class B (a) | 914962 |
|  | **Entertainment - 2.10%** |  |
| 6500 | Activision Blizzard, Inc. | 497575 |
|  | **Health Care Equipment & Supplies - 3.52%** |  |
| 62020 | Smith & Nephew plc | 831897 |
|  | **Health Care Providers & Services - 14.52%** |  |
| 11683 | Centene Corp. (a) | 958123 |
| 14105 | CVS Health Corp. | 1314445 |
| 3092 | McKesson Corp. | 1159871 |
|  |  | 3432439 |
|  | **Household Durables - 2.39%** |  |
| 7397 | Sony Corp. - ADR | 564243 |
|  | **Insurance - 8.68%** |  |
| 99720 | AIA Group, Ltd. | 1108930 |
| 716 | Markel Corp. (a) | 943323 |
|  |  | 2052253 |
|  | **Interactive Media & Services - 7.40%** |  |
| 9862 | Baidu, Inc. - ADR (a) | 1128015 |
| 14505 | Tencent Holdings, Ltd. (b) | 620678 |
|  |  | 1748693 |
|  | **Internet & Direct Marketing Retail - 3.98%** |  |
| 467 | Booking Holdings, Inc. (a) | 941136 |
|  | **IT Services - 2.91%** |  |
| 6800 | Fiserv, Inc. (a) | 687276 |
|  | **Media - 3.82%** |  |
| 25835 | Comcast Corp. - Class A | 903450 |
|  | **Metals & Mining - 3.13%** |  |
| 43105 | Barrick Gold Corp. (b) | 740544 |
|  | **Personal Products - 2.89%** |  |
| 13592 | Unilever plc - ADR | 684357 |
|  | **Pharmaceuticals - 6.61%** |  |
| 2849 | Johnson & Johnson | 503276 |
| 11663 | Novartis AG - ADR | 1058067 |
|  |  | 1561343 |
|  | **Road & Rail - 1.90%** |  |
| 6028 | Canadian Pacific Railway, Ltd. (b) | 449628 |
|  | **Software - 5.52%** |  |
| 1593 | Microsoft Corp. | 382033 |
| 11279 | Oracle Corp. | 921946 |
|  |  | 1303979 |
|  | **Specialty Retail - 3.18%** |  |
| 5105 | Advance Auto Parts, Inc. | 750588 |
|  | TOTAL COMMON STOCKS (Cost $19,258,633) | 22249335 |
|  | **PREFERRED STOCK - 5.31%** |  |
|  | **Technology Hardware, Storage & Peripherals - 5.31%** |  |
| 31420 | Samsung Electronics Co., Ltd., 2.15% (b) | 1254812 |
|  | TOTAL PREFERRED STOCK (Cost $710,323) | 1254812 |
|  | **MONEY MARKET FUND - 0.05%** |  |
| 10777 | First American Treasury Obligations Fund, Class Z, 4.16% (c) | 10777 |
|  | TOTAL MONEY MARKET FUND (Cost $10,777) | 10777 |
|  | **Total Investments in Securities (Cost $19,979,733) - 99.50%** | **23514924** |
|  | **Other Assets in Excess of Liabilities - 0.50%** | **118130** |
|  | **TOTAL NET ASSETS - 100.00%** | $**23633054** |
| ADR | American Depository Receipt |  |
| (a) | Non-income producing security. |  |
| (b) | Foreign issuer. |  |
| (c) | Rate shown is the 7-day annualized yield as of December 31, 2022. |  |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's |
| Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

---

| | |
|:---|:---|
| **Country Allocation** |  |
|  | **% of Net** |
| **Country** | **Assets** |
| United States | 56.9% |
| Canada | 7.7% |
| China | 7.4% |
| United Kingdom | 6.4% |
| Republic of Korea | 5.3% |
| Hong Kong | 4.7% |
| Netherlands | 4.7% |
| Switzerland | 4.5% |
| Japan | 2.4% |
|  | 100.0% |

---

------

---

| |
|:---|
| **Scharf Global Opportunity Fund** |
| **Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)** |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United |
| States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may |
| include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, |
| default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions |
| about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Scharf Global Opportunity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $3149718 | $- | $- | $3149718 |
| Consumer Discretionary | 2255967 | - | - | 2255967 |
| Consumer Staples | 1789568 | - | - | 1789568 |
| Financials | 3604568 | - | - | 3604568 |
| Health Care | 5825679 | - | - | 5825679 |
| Industrials | 1916715 | - | - | 1916715 |
| Information Technology | 1991255 | - | - | 1991255 |
| Materials | 1715865 | - | - | 1715865 |
| **Total Common Stocks** | 22249335 | - | - | 22249335 |
| **Preferred Stock** |  |  |  |  |
| Information Technology | 1254812 | - | - | 1254812 |
| **Total Preferred Stock** | 1254812 | - | - | 1254812 |
| **Money Market Fund** | 10777 | - | - | 10777 |
| **Total Investments in Securities** | $23514924 | $- | $- | $23514924 |
| Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisors Series Trust

- **b. Investment Company Act file number:** 811-07959

- **c. CIK number of Registrant:** 0001027596

- **d. LEI of Registrant:** 2549003Z0J6URS6I4Y63

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

**Item A.2. Information about the Series.**

- **a. Name of Series:** Scharf Global Opportunity Fund

- **b. EDGAR series identifier (if any):** S000046127

- **c. LEI of Series:** 549300I2ECZSE25FNZ95

**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:** $23802416.61

**Total Liabilities:** $196226.70

**Net Assets:** $23606189.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000144365 | 6.47%                | 8.12%                | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-380995.71              | $1725802.85                                |
| Month 2  | $24049.58                | $1767397.30                                |
| Month 3  | $-192188.96              | $-125329.69                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Activision Blizzard Inc        | Activision Blizzard Inc                  | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      6500 | NS      | $497575.00    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                   | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      5105 | NS      | $750588.15    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |      9862 | NS      | $1128015.56   | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp              | Barrick Gold Corp                        | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     43105 | NS      | $740543.90    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      3036 | NS      | $937820.40    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                       | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     62020 | NS      | $831896.97    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       467 | NS      | $941135.76    | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                          | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     16500 | NS      | $519090.00    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd          | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4125 | NS      | $118263.75    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                          | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     14105 | NS      | $1314444.95   | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd   | Canadian Pacific Railway Ltd             | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6028 | NS      | $449628.52    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                             | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     11683 | NS      | $958122.83    | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     25835 | NS      | $903449.95    | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V542<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    110693 | NS      | $110692.58    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      6800 | NS      | $687276.00    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2849 | NS      | $503275.85    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1695 | NS      | $824600.55    | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp                    | Markel Corp                              | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       733 | NS      | $965720.17    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                            | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3153 | NS      | $1182753.36   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1593 | NS      | $382033.26    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                | MillerKnoll Inc                          | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     30580 | NS      | $642485.80    | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                              | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11915 | NS      | $1080928.80   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd               | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     31420 | NS      | $1254812.18   | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     11279 | NS      | $921945.46    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                          | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      7397 | NS      | $564243.16    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                             | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     13592 | NS      | $684357.20    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                            | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     30570 | NS      | $998110.50    | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Holding NV            | Heineken Holding NV                      | CUSIP: N/A<br>LEI: 724500M1WJLFM9TYBS04       | Long             | EC               | CORP              | NL        |     14330 | NS      | $1105210.40   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                            | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |     99720 | NS      | $1108929.79   | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                     | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |     14505 | NS      | $620677.86    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President