# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-051671
**Filing Date:** 2025-8
**Character Count:** 44339
**Document Hash:** 0c3055663a8634cbe243c262f31d48ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051671.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001145549-25-051671

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**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:** 251230303

**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** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 67.7%** | **Shares** | **Value**  |
| **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** | |
| Lockheed Martin Corp. | 1779 | $823926 |
| **Beverages - 2.4%** | **Beverages - 2.4%** |  |
| Heineken N.V. | 13676 | 1192439 |
| **Capital Markets - 5.6%** | **Capital Markets - 5.6%** |  |
| Brookfield Corp. | 26004 | 1608347 |
| CME Group, Inc. | 4275 | 1178276 |
|  |  | 2786623 |
| **Chemicals - 2.8%** | **Chemicals - 2.8%** |  |
| Air Products and Chemicals, Inc. | 4964 | 1400146 |
| **Electric Utilities - 0.6%** | **Electric Utilities - 0.6%** |  |
| Portland General Electric Co. | 7969 | 323780 |
| **Energy Equipment & Services - 0.5%** | **Energy Equipment & Services - 0.5%** |  |
| Schlumberger NV | 7010 | 236938 |
| **Entertainment - 2.0%** | **Entertainment - 2.0%** |  |
| Walt Disney Co. | 8049 | 998157 |
| **Financial Services - 10.8%** | **Financial Services - 10.8%** |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 4106 | 1994572 |
| Fiserv, Inc. <sup>(a)</sup> | 10832 | 1867545 |
| Visa, Inc. - Class A | 4340 | 1540917 |
|  |  | 5403034 |
| **Food Products - 1.8%** | **Food Products - 1.8%** |  |
| Hershey Co. | 5520 | 916044 |
| **Ground Transportation - 3.4%** | **Ground Transportation - 3.4%** |  |
| U-Haul Holding Co. | 17092 | 929292 |
| Union Pacific Corp. | 3331 | 766397 |
|  |  | 1695689 |
| **Health Care Equipment & Supplies - 1.4%** | **Health Care Equipment & Supplies - 1.4%** |  |
| Smith & Nephew PLC | 46400 | 708878 |
| **Health Care Providers & Services - 8.5%** | **Health Care Providers & Services - 8.5%** |  |
| Centene Corp. <sup>(a)</sup> | 22639 | 1228845 |
| CVS Health Corp. | 8207 | 566119 |
| McKesson Corp. | 3335 | 2443821 |
|  |  | 4238785 |
| **Hotels, Restaurants & Leisure - 1.6%** | **Hotels, Restaurants & Leisure - 1.6%** |  |
| Booking Holdings, Inc. | 139 | 804704 |
| **Insurance - 5.0%** | **Insurance - 5.0%** |  |
| Aon PLC - Class A | 2338 | 834105 |
| Markel Group, Inc. <sup>(a)</sup> | 820 | 1637835 |
|  |  | 2471940 |
| **Machinery - 1.1%** | **Machinery - 1.1%** |  |
| Donaldson Co., Inc. | 7655 | 530874 |
| **Media - 1.7%** | **Media - 1.7%** |  |
| Comcast Corp. - Class A | 23937 | 854312 |
| **Metals & Mining - 1.4%** | **Metals & Mining - 1.4%** |  |
| Franco-Nevada Corp. | 4361 | 714855 |
| **Oil, Gas & Consumable Fuels - 2.9%** | **Oil, Gas & Consumable Fuels - 2.9%** |  |
| Occidental Petroleum Corp. | 33965 | 1426870 |
| **Personal Care Products - 0.0%<sup>(b)</sup>** | **Personal Care Products - 0.0%<sup>(b)</sup>** |  |
| Kenvue, Inc. | 1 | 21 |
| **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** |  |
| Novartis AG - ADR | 11926 | 1443165 |
| **Software - 9.6%** | **Software - 9.6%** |  |
| Adobe, Inc. <sup>(a)</sup> | 2220 | 858874 |
| Microsoft Corp. | 4149 | 2063754 |
| Oracle Corp. | 8570 | 1873659 |
|  |  | 4796287 |
| **TOTAL COMMON STOCKS** (Cost $21,472,966) | **TOTAL COMMON STOCKS** (Cost $21,472,966) | 33767467 |
| **PREFERRED STOCKS - 6.9%** |  |  |
| **Financial Services - 1.0%** | **Financial Services - 1.0%** |  |
|  Federal National Mortgage Association, Series S, 8.25%, Perpetual <sup>(c)</sup> | 34500 | 517500 |
| **Independent Power and Renewable Electricity Producers - 3.1%** | **Independent Power and Renewable Electricity Producers - 3.1%** |  |
| Tennessee Valley Authority | – | $– |
| &nbsp;&nbsp; Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 | 33100 | 771230 |
| &nbsp;&nbsp; Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 | 32700 | 765180 |
|  |  | 1536410 |
| **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 - 2.0%** | **Technology Hardware, Storage & Peripherals - 2.0%** |  |
|  Samsung Electronics Co. Ltd., 2.51% | 26643 | 977199 |
| **TOTAL PREFERRED STOCKS** (Cost $2,928,483) | **TOTAL PREFERRED STOCKS** (Cost $2,928,483) | 3431109 |
| **EXCHANGE TRADED FUNDS - 6.6%** |  |  |
| iShares Silver Trust <sup>(a)</sup> | 43245 | 1418868 |
| SPDR Gold Shares <sup>(a)</sup> | 6143 | 1872571 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,577,578) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,577,578) | 3291439 |
| **CORPORATE BONDS - 4.8%** | **Par** | **Value** |
| **Beverages - 0.3%** | **Beverages - 0.3%** | **Beverages - 0.3%** |
|  Coca-Cola Consolidated, Inc., 3.80%, 11/25/2025 | $150000 | 149443 |
| **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 | 134565 |
| **Broadline Retail - 0.3%** | **Broadline Retail - 0.3%** | **Broadline Retail - 0.3%** |
|  Amazon.com, Inc., 5.20%, 12/03/2025 | 150000 | 150210 |
| **Cosmetics & Toiletries - 0.3%** | **Cosmetics & Toiletries - 0.3%** | **Cosmetics & Toiletries - 0.3%** |
|  Conopco, Inc., 7.25%, 12/15/2026 | 150000 | 156035 |
| **Diversified Banking Instruments - 1.7%** | **Diversified Banking Instruments - 1.7%** | **Diversified Banking Instruments - 1.7%** |
|  Goldman Sachs Group, Inc., 5.36% (3 mo. Term SOFR + 1.03%), Perpetual | 1001000 | 866552 |
| **Finance-Investment Banking-Brokerages - 0.2%** | **Finance-Investment Banking-Brokerages - 0.2%** | **Finance-Investment Banking-Brokerages - 0.2%** |
|  JPMorgan Chase Financial Co. LLC, 5.00%, 09/16/2027 | 100000 | 100092 |
| **IT Services - 0.3%** | **IT Services - 0.3%** | **IT Services - 0.3%** |
|  International Business Machines Corp., 7.00%, 10/30/2025 | 150000 | 151275 |
| **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 | 557663 |
| **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 | 141901 |
| **TOTAL CORPORATE BONDS** (Cost $2,296,212) | **TOTAL CORPORATE BONDS** (Cost $2,296,212) | 2407736 |
| **MUNICIPAL BONDS - 4.7%** |  |  |
|  California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026 | 35000 | 35105 |
|  California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst) | 130000 | 128812 |
|  City of San Jose CA, 2.60%, 09/01/2027 | 175000 | 170342 |
|  Lake of Elsinore California Improvement Bond Act 1915, 1.15%, 09/02/2025 | 150000 | 149161 |
|  Los Angeles Unified School District/CA, 5.72%, 05/01/2027 | 230000 | 236256 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028 | 180000 | 171882 |
|  San Jose Redevelopment Agency Successor Agency, 3.18%, 08/01/2026 | 250000 | 247443 |
| State of California | State of California | State of California |
| &nbsp;&nbsp; 2.65%, 04/01/2026 | 200000 | 197753 |
| &nbsp;&nbsp; 2.38%, 10/01/2026 | 145000 | 141904 |
| &nbsp;&nbsp; 6.00%, 03/01/2030 | 200000 | 215319 |
| &nbsp;&nbsp; 7.50%, 04/01/2034 | 150000 | 174181 |
| &nbsp;&nbsp; 5.13%, 03/01/2038 | 150000 | 149138 |
|  State of California, Build America Bonds, 4.99%, 04/01/2039 | 15000 | 14300 |
|  State of Georgia, School Construction Bonds, 4.35%, 02/01/2029 | 15000 | 15004 |
|  State of Oregon, 5.05%, 08/01/2043 | 300000 | 292184 |
| **TOTAL MUNICIPAL BONDS** (Cost $2,338,753) | **TOTAL MUNICIPAL BONDS** (Cost $2,338,753) | 2338784 |
| **U.S. TREASURY SECURITIES - 4.4%** |  |  |
|  United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034 | 542677 | 538696 |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 5.00%, 10/31/2025 | 960000 | 962048 |
| &nbsp;&nbsp; 4.63%, 06/30/2026 | 700000 | 704149 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $2,190,921) | **TOTAL U.S. TREASURY SECURITIES** (Cost $2,190,921) | 2204893 |
| **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 - 4.9%** |  |  |
| **Money Market Funds - 2.1%** |  |  |
| First American Treasury Obligations Fund - Class Z, 4.20% <sup>(e)</sup> | 1042450 | 1042450 |
| **U.S. Treasury Bills - 2.8%** | **<u>Par</u>** |  |
| 4.28%, 08/07/2025 <sup>(f)</sup> | $1225000 | 1219659 |
| 4.04%, 01/22/2026 <sup>(f)</sup> | 175000 | 171025 |
|  |  | 1390684 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,433,274) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,433,274) | 2433134 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $35,238,205**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $35,238,205**)** | 49874564 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(b)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(b)</sup> | 17178 |
| **TOTAL NET ASSETS - 100.0%** |  | $49891742 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| 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 June 30, 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 June 30, 2025.

(e) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(f) The rate shown is the annualized effective yield as of June 30, 2025.

------

#### Summary of Fair Value Disclosure as of June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $33767467 | $– | $– | $33767467 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 3031109 | – | 400000 | 3431109 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 3291439 | – | – | 3291439 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 2407736 | – | 2407736 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 2338784 | – | 2338784 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 2204893 | – | 2204893 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 2 | – | – | 2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1042450 | – | – | 1042450 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 1390684 | – | 1390684 |
| Total Investments | $41132467 | $8342097 | $400000 | $49874564 |

---

---

| | |
|:---|:---|
|  | **Preferred Stock** |
| Beginning balance as of September 30, 2024 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers in at June 30, 2025 | - |
| Ending balance as of June 30, 2025 | $400000 |
| Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at June 30, 2025 | Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at June 30, 2025 |
|  | $- |

---

## 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:** 2025-06-30

**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:** $50000915.88

**Total Liabilities:** $100154.25

**Net Assets:** $49900761.63

**Cash Not Reported:** $1755.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121649 | -1.57%               | 2.09%                | 2.43%                |
| Class ID C000168063 | -1.60%               | 2.10%                | 2.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19996.32                | $-846430.01                                |
| Month 2  | $52271.49                | $933373.88                                 |
| Month 3  | $4880.13                 | $1139753.19                                |

**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        |     17092 | NS      | $929292.04    | 1.86%             |  |  |  | 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      | $704149.12    | 1.41%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Visa Inc                       | Visa Inc                                                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4340 | NS      | $1540917.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc                                               | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      4964 | NS      | $1400145.84   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                      | Apple Inc                                                                    | CUSIP: 037833EB2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141900.47    | 0.28%             | 2026-02-08      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      8207 | NS      | $566118.86    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                                                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     22639 | NS      | $1228844.92   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CONSOLIDATED         | Coca-Cola Consolidated Inc                                                   | CUSIP: 191098AK8<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149443.40    | 0.30%             | 2025-11-25      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                                                             | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      7655 | NS      | $530874.25    | 1.06%             |  |  |  | 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      | $866552.29    | 1.74%             | 2025-07-31      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Orion Properties Inc           | Orion Properties Inc                                                         | CUSIP: 68629Y103<br>LEI: 254900ZBXYX11W8ZL437 | Long             | EC               | CORP              | US        |         1 | NS      | $2.13         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                                                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      7010 | NS      | $236938.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                                                           | CUSIP: N/A<br>LEI: 213800ZTMDN8S67S1H61       | Long             | EC               | CORP              | GB        |     46400 | NS      | $708878.27    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063D3Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215319.04    | 0.43%             | 2030-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc                     | Kenvue Inc                                                                   | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |         1 | NS      | $20.93        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3335 | NS      | $2443821.30   | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4149 | NS      | $2063754.09   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11926 | NS      | $1443165.26   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                                                    | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     33965 | NS      | $1426869.65   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                                               | CUSIP: 023135BN5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150209.71    | 0.30%             | 2025-12-03      | Fixed         | 5.20%                 | 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      | $35104.53     | 0.07%             | 2026-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063A5E0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $174180.54    | 0.35%             | 2034-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063D3S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149138.19    | 0.30%             | 2038-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                                                               | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      5520 | NS      | $916044.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Silver Trust           | iShares Silver Trust                                                         | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |     43245 | NS      | $1418868.45   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                                                         | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1779 | NS      | $823926.06    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL USA INC             | Murphy Oil USA Inc                                                           | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    557000 | PA      | $557663.39    | 1.12%             | 2027-05-01      | Fixed         | 5.62%                 | 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      | $171882.00    | 0.34%             | 2028-05-01      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                                                  | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      8570 | NS      | $1873659.10   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| OREGON ST                      | State of Oregon                                                              | CUSIP: 68609UGZ2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    300000 | PA      | $292184.52    | 0.59%             | 2043-08-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063BN81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14300.13     | 0.03%             | 2039-04-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE CA IMPT BOND ACT | City of Lake Elsinore CA                                                     | CUSIP: 509628CU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149160.78    | 0.30%             | 2025-09-02      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                        | CUSIP: 13034AB74<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    130000 | PA      | $128812.39    | 0.26%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DRD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $141904.31    | 0.28%             | 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      | $134564.55    | 0.27%             | 2028-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                     | Federal National Mortgage Association                                        | CUSIP: 313586752<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | EP               | USGSE             | US        |     34500 | NS      | $517500.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                                                           | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      4361 | NS      | $714855.12    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp                                         | CUSIP: 459200AM3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151274.95    | 0.30%             | 2025-10-30      | Fixed         | 7.00%                 | No            |                  2 | 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      | $247442.90    | 0.50%             | 2026-08-01      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1225000 | PA      | $1219659.21   | 2.44%             | 2025-08-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                                  | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    175000 | PA      | $171025.10    | 0.34%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                | United States Treasury Inflation Indexed Bonds                               | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    542677 | PA      | $538695.88    | 1.08%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2220 | NS      | $858873.60    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                                              | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     26004 | NS      | $1608347.40   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOPCO INC                    | Conopco Inc                                                                  | CUSIP: 126149AD5<br>LEI: 549300DWD4D3B5EZJC04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156035.24    | 0.31%             | 2026-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                     | CUSIP: 31846V542<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1040461 | NS      | $1040460.86   | 2.09%             |  |  |  | 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    | 0.80%             |  |  |  | No            |                  3 | On Loan: No      |
| GEORGIA ST                     | State of Georgia                                                             | CUSIP: 373384L95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15004.13     | 0.03%             | 2029-02-01      | Fixed         | 4.35%                 | 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      | $236255.66    | 0.47%             | 2027-05-01      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                                                             | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       820 | NS      | $1637835.20   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                                           | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3331 | NS      | $766396.48    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                             | CUSIP: 91282CJE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    960000 | PA      | $962048.02    | 1.93%             | 2025-10-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                                      | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |      2338 | NS      | $834104.88    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                          | CUSIP: 13063DMA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197752.60    | 0.40%             | 2026-04-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                                                                 | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     23937 | NS      | $854311.53    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      8049 | NS      | $998156.49    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     10832 | NS      | $1867545.12   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE FINANCIAL       | JPMorgan Chase Financial Co LLC                                              | CUSIP: 48133MCS7<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100091.68    | 0.20%             | 2027-09-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                                                   | CUSIP: 880591300<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     32700 | NS      | $765180.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      4106 | NS      | $1994571.62   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       139 | NS      | $804704.36    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                                                                | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      4275 | NS      | $1178275.50   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                                   | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     26643 | NS      | $977199.54    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co   | Portland General Electric Co                                                 | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      7969 | NS      | $323780.47    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                    | Heineken NV                                                                  | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |     13676 | NS      | $1192439.33   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares               | SPDR Gold Shares                                                             | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6143 | NS      | $1872570.69   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN JOSE CA                    | City of San Jose CA                                                          | CUSIP: 798135F20<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    175000 | PA      | $170341.90    | 0.34%             | 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      | $771230.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President