LCLG / Advisors Series Trust - Logan Capital Broad Innovative Growth ETF - Pengajuan SECLaporan Tahunan, Pernyataan Proksi

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 Pre-Effective Amendment No. __ Post-Effective Amendment No. 1 (Check appropriate box or boxes.) ADVISORS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 615 East

As filed with the U.S. Securities and Exchange Commission on August 28, 2025 Registration No. 333-287091 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 Pre-Effective Amendment No. Post-Effective Amendment No. 1 (Check appropriate box or boxes.) ADVISORS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Add

Parties to the Transaction

August 22, 2025 Advisors Series Trust, a Delaware statutory trust, on behalf of Scharf Fund Advisors Series Trust, a Delaware statutory trust, on behalf of Scharf ETF 615 East Michigan Street Milwaukee, Wisconsin 53202 Re: Acquisition of Assets of Scharf Fund Ladies and Gentlemen: You have asked for our opinion as to certain Federal income tax consequences of the transactions described below.

Parties to the Transaction

August 22, 2025 Advisors Series Trust, a Delaware statutory trust, on behalf of Scharf Global Opportunity Fund Advisors Series Trust, a Delaware statutory trust, on behalf of Scharf Global Opportunity ETF 615 East Michigan Street Milwaukee, Wisconsin 53202 Re: Acquisition of Assets of Scharf Global Opportunity Fund Ladies and Gentlemen: You have asked for our opinion as to certain Federal income tax consequences of the transactions described below.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ADVISORS SERIES TRUST (Exact name of registrant

As filed with the Securities and Exchange Commission on August 5, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

URGENT: YOUR RESPONSE IS CRITICAL

Filed by Advisors Series Trust (SEC File No. 333-17391) pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-6 under the Securities Exchange Act of 1934, as amended Subject Company: Scharf Fund and Scharf Global Opportunity Fund SEC File No. 811-07959 URGENT: YOUR RESPONSE IS CRITICAL Dear Shareholder: The Scharf Fund has called a special meeting

SCHARF FUND Issues you care about are up for a vote. Please vote your proxy now. Dear valued investor, We have yet to receive your proxy voting instructions for Scharf Fund. Make your voice heard. Vote today so we can avoid adjournment of the special

SCHARF FUND Issues you care about are up for a vote. Please vote your proxy now. Dear valued investor, We have yet to receive your proxy voting instructions for Scharf Fund. Make your voice heard. Vote today so we can avoid adjournment of the special shareholder meeting scheduled on August 6, 2025. Join your fellow shareholders and vote now. If you have questions or need assistance, call 1-844-202

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 1173 [ X ] REGISTRATION STATEMENT UNDER THE I

Filed with the U.S. Securities and Exchange Commission on May 8, 2025 1933 Act Registration File No. 333-17391 1940 Act File No. 811-07959 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 1173 [ X ] and REGISTRATION STATEMENT UNDER THE INVESTME

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the inclusion in this Registration Statement on Form N-1A of our report dated May 7, 2025, relating to the special purpose schedules of investments as of January 31, 2025, to be acquired by Scharf ETF and Scharf Global Opportunity ETF, and to the reference to our firm under the heading “Financial Statements” in the Statement of Additional Information.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Advisors Series Trust and to the use of our report dated November 27, 2024 on the financial statements and financial highlights of the Scharf Fund and Scharf Global Opportunity Fund, each a series of Advisors Series Trust, appearing in Form N-CSR for the year ended September 30, 2024, which are also incorporated by reference into the Registration Statement.

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. __ [ ] Post-Effective Amendment No. __ [ ] (Check appropriate box or boxes) ADVISORS SERIES T

As filed with the U.S. Securities and Exchange Commission on May 8, 2025 Registration No. 333-[ ] U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] (Check appropriate box or boxes) ADVISORS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 61

KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: Signature [PLEASE SIGN WITHIN BOX] Date Signature [Joint Owners] Date SCHARF INVESTMENTS 615 EAST MICHIGAN STREET MILWA

KEEP THIS PORTION FOR YOUR RECORDS DETACH AND RETURN THIS PORTION ONLY TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: Signature [PLEASE SIGN WITHIN BOX] Date Signature [Joint Owners] Date SCHARF INVESTMENTS 615 EAST MICHIGAN STREET MILWAUKEE, WISCONSIN 53202 1.

POWER OF ATTORNEY

POWER OF ATTORNEY Each undersigned Trustee of Advisors Series Trust (the “'Trust”) hereby appoints Jeffrey T.

ADVISORS SERIES TRUST INVESTMENT SUB-ADVISORY AGREEMENT TIDAL INVESTMENTS LLC

ADVISORS SERIES TRUST INVESTMENT SUB-ADVISORY AGREEMENT with TIDAL INVESTMENTS LLC This INVESTMENT SUB-ADVISORY AGREEMENT (the “Agreement”) is made as of May 7, 2025 by and between SCHARF INVESTMENTS, LLC, a Delaware limited liability company (the “Adviser”), ADVISORS SERIES TRUST (the “Trust”), and TIDAL INVESTMENTS LLC, a Delaware limited liability company with its principal place of business located at 234 West Florida Street, Milwaukee, Wisconsin 53204 (the “Sub-Adviser”).

Parties to the Transaction

date Advisors Series Trust, a Delaware statutory trust, on behalf of Scharf Fund and Scharf Global Opportunity Fund Advisors Series Trust, a Delaware statutory trust, on behalf of Scharf ETF and Scharf Global Opportunity ETF 615 East Michigan Street Milwaukee, Wisconsin 53202 Re: Acquisition of Assets of Scharf Fund and Scharf Global Opportunity Fund Ladies and Gentlemen: You have asked for our opinion as to certain Federal income tax consequences of the transactions described below.

FORM OF AMENDMENT TO THE ADVISORS SERIES TRUST CUSTODY AGREEMENT

Redacted - Fees have been excluded because they are both (1) not material and (2) would likely cause competitive harm to the Registrant if publicly disclosed.

ADVISORS SERIES TRUST DISTRIBUTION PLAN (12b-1 Plan)

ADVISORS SERIES TRUST DISTRIBUTION PLAN (12b-1 Plan) The following Distribution Plan (the “Plan”) has been adopted pursuant to Rule 12b‑1 under the Investment Company Act of 1940, as amended (the “Act”), by Advisors Series Trust (the “Trust”), a Delaware statutory trust, on behalf of the series of the Trust listed on Schedule A as may be amended from time to time (each, a “Fund”).

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the inclusion in this Registration Statement on Form N-14 of our report dated May 7, 2025, relating to the special purpose schedules of investments as of January 31, 2025, to be acquired by Scharf ETF and Scharf Global Opportunity ETF.

ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT SCHARF INVESTMENTS, LLC

ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT with SCHARF INVESTMENTS, LLC This INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made as of May 7, 2025 by and between ADVISORS SERIES TRUST (the “Trust”), a Delaware statutory trust, and SCHARF INVESTMENTS, LLC, a Delaware limited liability company (the “Adviser”).

FORM OF AMENDMENT TO THE ADVISORS SERIES TRUST FUND SERVICING AGREEMENT

Redacted - Fees have been excluded because they are both (1) not material and (2) would likely cause competitive harm to the Registrant if publicly disclosed.

May 7, 2025

May 7, 2025 Scharf ETF and Scharf Global Opportunity ETF, each a series of Advisors Series Trust 615 East Michigan Street Milwaukee, WI 53202 Ladies and Gentlemen: We have been requested by Advisors Series Trust, a Delaware statutory trust with transferable shares (the “Trust”) established under an Amended and Restated Agreement and Declaration of Trust dated October 18, 2018 (the “Declaration”), for our opinion with respect to certain matters relating to the Scharf ETF and Scharf Global Opportunity ETF (each, an “Acquiring Fund”).

THIRD AMENDMENT TO THE ETF DISTRIBUTION AGREEMENT

THIRD AMENDMENT TO THE ETF DISTRIBUTION AGREEMENT THIS THIRD AMENDMENT to the ETF Distribution Agreement dated as of December 28, 2021 (the “Agreement”), is entered into by and between the ADVISORS SERIES TRUST, a Delaware business trust (the “Trust”) and QUASAR DISTRIBUTORS, LLC, a Delaware limited liability company (the “Distributor"), with an effective date of May 8, 2025.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 April 3, 2025 Deborah O’Neal U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Poplar Forest Partners Fund (S000027249) Poplar Forest Cornerstone

Logan Capital Broad Innovative Growth ETF

Logan Capital Broad Innovative Growth ETF Schedule of Investments January 31, 2025 (Unaudited) COMMON STOCKS - 99.

UNITED STATES

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: oPreliminary Proxy Statement. oConfidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). xDefi

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 February 25, 2025 Soo Im-Tang, Esq. U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Poplar Forest Partners Fund (S000027249) Poplar Forest Corn

APPENDIX A

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 February 19, 2025 Mr. David Orlic U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 VegTech™ Plant-based Innovation & Climate ETF Dear Mr. Orlic:

UNITED STATES

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: xPreliminary Proxy Statement. oConfidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). oDefi

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ADVISORS SERIES TRUST (Exact name of registrant

As filed with the Securities and Exchange Commission on December 30, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File Number 001-41192 Advisors Series Trust NYSE Arca, Inc. (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) 615 East Michig

ADVISORS SERIES TRUST c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

ADVISORS SERIES TRUST c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 October 23, 2024 U.S. Securities and Exchange Commission Filing Desk 100 F Street, N.E. Washington, D.C. 20549 Re: Request for Withdrawal of Application (the “Application”) for an Order of Exemption pursuant to Section 6(c) of the Investment Company Act of 1940, as amended (the “1940 Act”),

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). x Def

RVRB / Advisors Series Trust - Reverb ETF / PNC FINANCIAL SERVICES GROUP, INC. - SC 13G/A Passive Investment

SC 13G/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (FINAL AMENDMENT) Reverb ETF (Name of Issuer) Exchange-Traded Fund (Title of Class of Securities) 00770X253 (CUSIP Number) June 30, 2024 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is

EATV / Advisors Series Trust - VegTech Plant-based Innovation & Climate ETF / PNC FINANCIAL SERVICES GROUP, INC. - SC 13G Passive Investment

SC 13G 1 d751401dsc13g.htm SC 13G SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 Reverb ETF (Name of Issuer) Exchange-Traded Fund (Title of Class of Securities) 00770X253 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Sch

AGREEMENT February 9, 2024

EX-99.A 2 d751401dex99a.htm EX-99.A EXHIBIT A AGREEMENT February 9, 2024 The undersigned hereby agree to file a joint statement on Schedule 13G under the Securities and Exchange Act of 1934, as amended (the “Act”) with respect to the fund shares issued by Reverb ETF. Each of the undersigned states that it is entitled to individually use Schedule 13G pursuant to Rule 13d-1(b) of the Act. Each of th

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

October 17, 2023 Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) Securities Act Registration No: 333-17391 Investment Company Act Registration No: 811-

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 September 8, 2023 Ms. Deborah O’Neal U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Semper MBS Total Return Fund Semper Short Duration Fund De

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 August 30, 2023 VIA EDGAR TRANSMISSION Ms. Mindy Rotter U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Dear Ms. Rotter: This correspondence re

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). x Def

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 August 10, 2023 Ms. Deborah O’Neal U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Semper MBS Total Return Fund (S000041568) Semper Short Durat

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 August 9, 2023 Ms. Deborah O’Neal U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Semper MBS Total Return Fund (S000041568) Semper Short Durati

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: x Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). o Def

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) x Defini

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 July 7, 2023 Mr. Bernard Nolan U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Fort Pitt Capital Total Return Fund (S000032592) Dear Mr. Nolan:

Level 1

Davidson Multi-Cap Equity Fund Schedule of Investments March 31, 2023 (Unaudited) Shares COMMON STOCKS - 94.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: x Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) o Defini

SEMPER SHORT DURATION FUND

SEMPER SHORT DURATION FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES - NON-AGENCY - 4.

SEMPER MBS TOTAL RETURN FUND

SEMPER MBS TOTAL RETURN FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES - NON-AGENCY - 0.

PIA MBS BOND FUND

NPORT-EX 2 mbsfund4.htm PIA MBS BOND FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 2.2 % Other Asset-Backed Securities 2.2 % CF Hippolyta Issuer LLC $ 1,353,760 1.69%, due 7/15/60, Series 2020-1 Class A (b) $ 1,213,305 Total Asset-Backed Securities (cost $1,353,573) 1,213,305 MORTGAGE-BACKED SECURITIES 91.7 % Commercial Mortgage-

PIA HIGH YIELD FUND

PIA HIGH YIELD FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value COMMON STOCKS 0.

PIA BBB BOND FUND

PIA BBB BOND FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value CORPORATE BONDS 93.

PIA SHORT-TERM SECURITIES FUND

PIA SHORT-TERM SECURITIES FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 4.

PIA HIGH YIELD (MACS) FUND

PIA HIGH YIELD (MACS) FUND Schedule of Investments - February 28, 2023 (Unaudited) Principal Amount/Shares Value COMMON STOCKS 0.

Huber Select Large Cap Value Fund

NPORT-EX 2 slcv.htm Huber Select Large Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS - 95.95% Aerospace & Defense - 4.85% 8,593 Northrop Grumman Corp. $ 3,850,008 Automotive - 1.60% 113,227 Goodyear Tire & Rubber Co. (a) 1,273,804 Banking - 18.89% 78,846 Bank of America Corp. 2,797,456 63,368 Citigroup, Inc. 3,309,077 1,000 First Citizens BancSha

Level 1

Reverb ETF Schedule of Investments January 31, 2023 (Unaudited) Shares Value COMMON STOCKS - 97.

Huber Large Cap Value Fund

Huber Large Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS - 99.

Huber Mid Cap Value Fund

NPORT-EX 2 mcv.htm Huber Mid Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS - 96.71% Aerospace & Defense - 0.76% 150 Northrop Grumman Corp. $ 67,206 Asset Management - 0.26% 109 Virtus Investment Partners, Inc. 23,422 Automotive - 1.03% 8,100 Goodyear Tire & Rubber Co. (a) 91,125 Banking - 18.86% 5,800 Citigroup, Inc. 302,876 450 First Citizens Ba

Huber Small Cap Value Fund

NPORT-EX 2 scv.htm Huber Small Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS - 93.23% Asset Management - 2.05% 5,681 Virtus Investment Partners, Inc. $ 1,220,733 Automotive - 5.38% 53,048 Commercial Vehicle Group, Inc. (a) 444,542 58,181 Goodyear Tire & Rubber Co. (a) 654,536 72,396 Miller Industries, Inc. 2,100,208 3,199,286 Banking - 21.62% 20,

Level 1

Edgar Lomax Value Fund Schedule of Investments January 31, 2023 (Unaudited) Shares COMMON STOCKS - 95.

First Sentier Global Listed Infrastructure Fund

First Sentier Global Listed Infrastructure Fund Schedule of Investments at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 88.

First Sentier American Listed Infrastructure Fund

First Sentier American Listed Infrastructure Fund Schedule of Investments at January 31, 2023 (Unaudited) Shares Value COMMON STOCKS: 81.

Level 1

NPORT-EX 2 logan3.htm Logan Capital Broad Innovative Growth ETF Schedule of Investments January 31, 2023 (Unaudited) Shares Value COMMON STOCKS - 99.10% Capital Goods - 7.71% Fastenal Co. 21,433 $ 1,083,438 Lincoln Electric Holdings, Inc. 5,328 889,083 Nordson Corp. 2,884 701,677 United Rentals, Inc. (a) 2,368 1,044,170 3,718,368 Commercial & Professional Services - 4.81% Cintas Corp. 2,529 1,122,

Fort Pitt Capital Total Return Fund

Fort Pitt Capital Total Return Fund SCHEDULE OF INVESTMENTS January 31, 2023 (Unaudited) COMMON STOCKS - 96.

VegTech Plant-based Innovation & Climate ETF

NPORT-EX 2 vegtechnport3.htm VegTech Plant-based Innovation & Climate ETF Schedule of Investments - January 31, 2023 (Unaudited) Shares Value COMMON STOCKS 92.4 % Advanced Materials & Production 1.1 % 2,000 Ultrafabrics Holdings Co. Ltd. (c) $ 56,467 Agricultural Chemicals 0.3 % 8,860 Desert Control AS (b) (c) 13,457 Agricultural Operations 10.8 % 6,960 AppHarvest, Inc. (b) 16,983 13,540 Fresh Del

Level 1

Scharf Multi-Asset Opportunity Fund Schedule of Investments December 31, 2022 (Unaudited) Shares COMMON STOCKS - 64.

Shares/Principal Amount

Poplar Forest Cornerstone Fund Schedule of Investments at December 31, 2022 (Unaudited) Shares/Principal Amount Value COMMON STOCKS - 68.

% of Net

Scharf Global Opportunity Fund Schedule of Investments December 31, 2022 (Unaudited) Shares COMMON STOCKS - 94.

Level 1

Poplar Forest Partners Fund Schedule of Investments at December 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 96.

Level 1

Scharf Fund Schedule of Investments December 31, 2022 (Unaudited) Shares COMMON STOCKS - 90.

Level 1

Chase Growth Fund Schedule of Investments at December 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 97.

Level 1

NPORT-EX 2 sdlive.htm Shenkman Capital Short Duration High Income Fund Schedule of Investments December 31, 2022 (Unaudited) Principal Fair Amount Value CORPORATE BONDS - 87.35% (e) AEROSPACE & DEFENSE - 2.91% Howmet Aerospace, Inc. 5.125%, 10/01/2024 $ 5,785,000 $ 5,725,415 TransDigm, Inc. 8.00%, 12/15/2025 (c) 4,503,000 4,577,769 6.25%, 03/15/2026 (c) 13,029,000 12,877,733 6.375%, 06/15/2026 10,

Level 1

Shenkman Capital Floating Rate High Income Fund Schedule of Investments December 31, 2022 (Unaudited) Principal Fair Amount Value BANK LOANS - 83.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 February 7, 2023 Ms. Samantha Brutlag U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Shenkman Capital Short Duration High Income Fund Dear Ms.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

CORRESP 1 filename1.htm Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 January 31, 2023 Mr. Bernard Nolan U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Semper MBS Total Return Fund Semper

Fair Value

NPORT-EX 2 mc4.htm NPORT-EX Pzena Mid Cap Value Fund Schedule of Investments November 30, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 98.88% Basic Materials - 6.72% Dow, Inc. 99,810 $ 5,087,315 Olin Corp. 62,764 3,576,293 8,663,608 Consumer Discretionary - 17.35% Gap, Inc. 262,203 3,812,432 Gildan Activewear, Inc. (b) 134,666 3,890,501 Lear Corp. 38,836 5,601,705 Newell Brands, Inc. 266,306

Fair Value

NPORT-EX 2 sc2.htm NPORT-EX Pzena Small Cap Value Fund Schedule of Investments November 30, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 96.97% Basic Materials - 6.56% Koppers Holdings, Inc. 17,050 $ 507,920 Olin Corp. 50,027 2,850,538 Orion Engineered Carbons S.A. (b) 157,898 2,965,324 6,323,782 Consumer Discretionary - 14.05% Adient PLC (a)(b) 46,432 1,808,062 Dana, Inc. 164,314 2,893,570

Fair Value

NPORT-EX 2 isc3.htm NPORT-EX Pzena International Small Cap Value Fund Schedule of Investments November 30, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 95.17% Austria - 2.41% ANDRITZ AG 6,715 $ 363,009 Canada - 5.72% Celestica, Inc. (a) 23,385 260,944 Linamar Corp. 7,014 344,299 Transcontinental, Inc. - Class A 20,433 257,321 862,564 France - 5.63% Rexel S.A. 29,700 539,309 Societe BIC S.A.

Fair Value

NPORT-EX 2 iv3.htm NPORT-EX Pzena International Value Fund Schedule of Investments November 30, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 94.41% Brazil - 2.04% Ambev S.A. (a) 244,200 $ 747,750 Ambev S.A. - ADR 13,543 41,306 789,056 China - 3.53% Alibaba Group Holding, Ltd. (a) 72,800 744,688 Alibaba Group Holding, Ltd. - ADR (a) 563 49,296 Trip.com Group, Ltd. - ADR (a) 17,831 569,701 1,3

Fair Value

NPORT-EX 2 em3.htm NPORT-EX Pzena Emerging Markets Value Fund Schedule of Investments November 30, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 82.44% Brazil - 4.24% Ambev S.A. (a) 9,108,200 $ 27,889,678 Neoenergia S.A. 3,600,950 10,942,985 38,832,663 China - 17.52% Alibaba Group Holding, Ltd. (a) 2,496,700 25,539,317 Baidu, Inc. - ADR (a) 83,918 9,113,495 Baidu, Inc. - Class A (a) 818,650 1

Level 1

NPORT-EX 2 ast-at3nport.htm American Trust Allegiance Fund Schedule of Investments at November 30, 2022 (Unaudited) Shares COMMON STOCKS: 94.02% Value Administrative Support and Services: 2.68% 9,075 PayPal Holdings, Inc.* $ 711,571 Air Transportation: 1.79% 10,000 Alaska Air Group, Inc.* 474,400 Apparel Manufacturing: 1.93% 15,570 VF Corp. 511,007 Chemical Manufacturing: 2.48% 26,940 Cameco Corp.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 January 9, 2023 Ms. Deborah L. O’Neal U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Stewart Investors Worldwide Leaders Sustainability Fund D

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). x Def

Level 1

O’Shaughnessy Market Leaders Value Fund Schedule of Investments at October 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 90.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 23, 2022 Mr. David Orlic U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Semper MBS Total Return Fund (S000041568) Semper Short Durati

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 21, 2022 Mr. David Orlic U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Scharf Fund Scharf Multi-Asset Opportunity Fund Scharf Global

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 9, 2022 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Semper Short Duration Fund (S000044807) S

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: x Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). o Def

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 9, 2022 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Ladies and Gentlemen: On behalf of the Tr

Level 1

Davidson Multi-Cap Equity Fund Schedule of Investments September 30, 2022 (Unaudited) Shares COMMON STOCKS - 94.

Level 1

NPORT-EX 2 capadv.htm Capital Advisors Growth Fund Schedule of Investments at September 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 88.04% Asset Management - 2.47% 3,725 BlackRock, Inc. $ 2,049,793 Auto Manufacturers - 2.03% 52,550 General Motors Co. 1,686,330 Banks - Global - 3.23% 25,654 JPMorgan Chase & Co. 2,680,843 Biotechnology - 1.26% 6,520 Beam Therapeutics, Inc.* 310,613 13,195 Inte

PIA MBS BOND FUND

PIA MBS BOND FUND Schedule of Investments - August 31, 2022 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 2.

PIA HIGH YIELD FUND

PIA HIGH YIELD FUND Schedule of Investments - August 31, 2022 (Unaudited) Prinicipal Amount/ Shares Value COMMON STOCKS 0.

PIA HIGH YIELD (MACS) FUND

NPORT-EX 2 nport-piahymacs.htm PIA HIGH YIELD (MACS) FUND Schedule of Investments - August 31, 2022 (Unaudited) Principal Amount/ Shares Value COMMON STOCKS 0.2 % Building Materials 2,996 Northwest Hardwoods (d) (e) $ 239,680 Total Common Stocks (cost $137,017) 239,680 CORPORATE BONDS 90.9 % Advertising 0.7 % Clear Channel Outdoor Holdings, Inc. $ 1,050,000 7.75%, due 4/15/28 (b) 855,960 Advertisi

PIA BBB BOND FUND

PIA BBB BOND FUND Schedule of Investments - August 31, 2022 (Unaudited) Principal Amount/Shares Value CORPORATE BONDS 93.

PIA SHORT-TERM SECURITIES FUND

PIA SHORT-TERM SECURITIES FUND Schedule of Investments - August 31, 2022 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 5.

SEMPER SHORT DURATION FUND

SEMPER SHORT DURATION FUND Schedule of Investments - August 31, 2022 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES - AGENCY - 0.

SEMPER MBS TOTAL RETURN FUND

SEMPER MBS TOTAL RETURN FUND Schedule of Investments - August 31, 2022 (Unaudited) Principal Amount/Shares Value COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ADVISORS SERIES TRUST (Exact name of registrant

8-A12B 1 reverbetf8-a12b.htm 8-A12B As filed with the Securities and Exchange Commission on October 27, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ADVISORS SERIES TRUST (Exact name of registrant as specified in its charter) Delaware (S

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

October 19, 2022 Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the ?Trust?) Securities Act Registration No: 333-17391 Investment Company Act Registration No: 811-

Fort Pitt Capital Total Return Fund

Fort Pitt Capital Total Return Fund SCHEDULE OF INVESTMENTS July 31, 2022 (Unaudited) COMMON STOCKS - 96.

Huber Small Cap Value Fund

Huber Small Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares COMMON STOCKS - 92.

Huber Mid Cap Value Fund

Huber Mid Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares COMMON STOCKS - 88.

Huber Large Cap Value Fund

Huber Large Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares COMMON STOCKS - 95.

Huber Select Large Cap Value Fund

Huber Select Large Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2022 (Unaudited) Shares COMMON STOCKS - 98.

Level 1

Edgar Lomax Value Fund Schedule of Investments July 31, 2022 (Unaudited) Shares COMMON STOCKS - 95.

First Sentier American Listed Infrastructure Fund

First Sentier American Listed Infrastructure Fund Schedule of Investments at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 82.

First Sentier Global Listed Infrastructure Fund

First Sentier Global Listed Infrastructure Fund Schedule of Investments at July 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 92.

VegTech Plant-based Innovation & Climate ETF

VegTech Plant-based Innovation & Climate ETF Schedule of Investments - July 31, 2022 (Unaudited) Shares Value COMMON STOCKS 98.

Level 1

Logan Capital Large Cap Growth Fund Schedule of Investments 7/31/2022 (Unaudited) Shares Value COMMON STOCKS - 99.

Level 1

Scharf Multi-Asset Opportunity Fund Schedule of Investments June 30, 2022 (Unaudited) Shares COMMON STOCKS - 64.

% of Net

Scharf Global Opportunity Fund Schedule of Investments June 30, 2022 (Unaudited) Shares COMMON STOCKS - 91.

Level 1

Chase Growth Fund Schedule of Investments at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 94.

Level 1

Poplar Forest Partners Fund Schedule of Investments at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 97.

Principal Amount

Poplar Forest Cornerstone Fund Schedule of Investments at June 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 70.

Principal Amount

Scharf Fund Schedule of Investments June 30, 2022 (Unaudited) Shares COMMON STOCKS - 91.

Level 1

Shenkman Capital Floating Rate High Income Fund Schedule of Investments June 30, 2022 (Unaudited) Principal Fair Amount Value BANK LOANS - 86.

Level 1

Shenkman Capital Short Duration High Income Fund Schedule of Investments June 30, 2022 (Unaudited) Principal Fair Amount Value CORPORATE BONDS - 92.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ADVISORS SERIES TRUST (Exact name of registrant

As filed with the Securities and Exchange Commission on August 5, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Fair Value

Pzena Small Cap Value Fund Schedule of Investments May 31, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 97.

Fair Value

Pzena International Small Cap Value Fund Schedule of Investments May 31, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 96.

Fair Value

Pzena Mid Cap Value Fund Schedule of Investments May 31, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 96.

Fair Value

Pzena Emerging Markets Value Fund Schedule of Investments May 31, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 90.

Level 1

American Trust Allegiance Fund Schedule of Investments at May 31, 2022 (Unaudited) Shares COMMON STOCKS: 86.

Fair Value

Pzena International Value Fund Schedule of Investments May 31, 2022 (Unaudited) Shares Fair Value COMMON STOCKS - 93.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 July 13, 2022 Ms. Deborah O?Neal U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the ?Trust?) File Nos.: 333-17391 and 811-07959 Reverb ETF (the ?Fund?) Dear Ms. O?Neal: This correspondence i

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 July 8, 2022 VIA EDGAR TRANSMISSION Ms. Christina D. Fettig U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the ?Trust?) File Nos.: 333-17391 and 811-07959 Dear Ms. Fettig: This correspondenc

Level 1

O'Shaughnessy Market Leaders Value Fund Schedule of Investments at April 30, 2022 (Unaudited) Shares Value COMMON STOCKS - 91.

Level 1

Davidson Multi-Cap Equity Fund Schedule of Investments March 31, 2022 (Unaudited) Shares COMMON STOCKS - 95.

Level 1

Capital Advisors Growth Fund Schedule of Investments at March 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 88.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

COVER 2 filename2.htm Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 May 10, 2022 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Ladies and Gentlemen: Pursuant t

PIA MBS BOND FUND

PIA MBS BOND FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 2.

PIA HIGH YIELD FUND

PIA HIGH YIELD FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value COMMON STOCKS 0.

PIA SHORT-TERM SECURITIES FUND

PIA SHORT-TERM SECURITIES FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 0.

PIA BBB BOND FUND

PIA BBB BOND FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value CORPORATE BONDS 90.

SEMPER MBS TOTAL RETURN FUND

SEMPER MBS TOTAL RETURN FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.

PIA HIGH YIELD (MACS) FUND

PIA HIGH YIELD (MACS) FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value COMMON STOCKS 0.

Level 1

SEMPER BRENTVIEW DIVIDEND GROWTH EQUITY FUND Schedule of Investments - February 28, 2022 (Unaudited) Shares Value COMMON STOCKS - 94.

SEMPER SHORT DURATION FUND

SEMPER SHORT DURATION FUND Schedule of Investments - February 28, 2022 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES - AGENCY - 0.

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 April 26, 2022 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the ?Trust?) Securities Act Registration No: 333-17391 Investment Company Act Registration No: 811-07959 To

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 April 20, 2022 Mr. John Grveskiewicz Mr. David Manion U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) N-14 File No.: 333-263615 Logan Capital Broad Innovative Growth ETF (S000070

Huber Large Cap Value Fund

Huber Large Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares COMMON STOCKS - 99.

Huber Small Cap Value Fund

Huber Small Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares COMMON STOCKS - 94.

Level 1

Edgar Lomax Value Fund Schedule of Investments January 31, 2022 (Unaudited) Shares COMMON STOCKS - 97.

Huber Mid Cap Value Fund

Huber Mid Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares COMMON STOCKS - 98.

Huber Select Large Cap Value Fund

Huber Select Large Cap Value Fund SCHEDULE OF INVESTMENTS at January 31, 2022 (Unaudited) Shares COMMON STOCKS - 99.

Level 1

Logan Capital Large Cap Growth Fund Schedule of Investments January 31, 2022 (Unaudited) Shares Value COMMON STOCKS - 98.

First Sentier Global Listed Infrastructure Fund

First Sentier Global Listed Infrastructure Fund Schedule of Investments at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 88.

First Sentier American Listed Infrastructure Fund

First Sentier American Listed Infrastructure Fund Schedule of Investments at January 31, 2022 (Unaudited) Shares Value COMMON STOCKS: 81.

VegTech Plant-based Innovation & Climate ETF

VegTech Plant-based Innovation & Climate ETF Schedule of Investments - January 31, 2022 (Unaudited) Shares Value COMMON STOCKS 99.

VegTech Plant-based Innovation & Climate ETF

VegTech Plant-based Innovation & Climate ETF Schedule of Investments - January 31, 2022 (Unaudited) Shares Value COMMON STOCKS 99.

Fort Pitt Capital Total Return Fund

Fort Pitt Capital Total Return Fund SCHEDULE OF INVESTMENTS January 31, 2022 (Unaudited) COMMON STOCKS - 96.

Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP – Filed herewith.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Advisors Series Trust and to the use of our report dated April 30, 2021 on the financial statements and financial highlights of the Logan Capital Large Cap Growth Fund, a series of the Advisors Series Trust.

Opinion and Consent of Sullivan and Worcester LLP regarding the validity of shares to be issued - filed herewith.

March 16, 2022 Logan Capital Broad Innovative Growth ETF, a series of Advisors Series Trust 615 East Michigan Street Milwaukee, WI 53202 Ladies and Gentlemen: We have been requested by Advisors Series Trust, a Delaware statutory trust with transferable shares (the “Trust”) established under an Amended and Restated Agreement and Declaration of Trust dated October 18, 2018 (the “Declaration”), for our opinion with respect to certain matters relating to the Logan Capital Broad Innovative Growth ETF (the “Acquiring Fund”), a series of the Trust.

Form of Opinion and Consent of Sullivan and Worcester LLP regarding certain tax matters for the Logan Broad Innovative Growth ETF – filed herewith

, 2022 Advisors Series Trust on behalf of Logan Capital Large Cap Growth Fund c/o U.

Power of Attorney (Mertens, Redwine and Woolson)

POWER OF ATTORNEY Each undersigned Trustee of Advisors Series Trust (the “'Trust”) hereby appoints Jeff Rauman or Elaine E.

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 March 16, 2022 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) File Nos. 333-17391 and 811-07959 Dear Sir or Madam: On behalf of the Trust, transmitted herewith f

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. __ [ ] Post-Effective Amendment No. __ [ ] (Check appropriate box or boxes) ADVISORS SERIES T

N-14 1 loganetfn-14.htm LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF N-14 As filed with the U.S. Securities and Exchange Commission on March 16, 2022 Registration No. 333- U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. [ ] Post-Effective Amendment No. [ ] (Check appropriate box or boxes) ADVI

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 March 11, 2022 Ms. Samantha Brutlag U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Logan Capital Large Cap Growth ETF (S000070990) Dear Ms. Br

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 March 4, 2022 VIA EDGAR TRANSMISSION United States Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the ?Trust?) Securities Act Registration No: 333-17391 Investment Company Act Registration No: 811-07959 To W

Level 1

Poplar Forest Partners Fund Schedule of Investments at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 96.

Principal Amount

Poplar Forest Cornerstone Fund Schedule of Investments at December 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 73.

Level 1

Chase Growth Fund Schedule of Investments at December 31, 2021 (Unaudited) Shares COMMON STOCKS - 97.

Level 1

Scharf Fund Schedule of Investments December 31, 2021 (Unaudited) Shares COMMON STOCKS - 95.

% of Net

Scharf Global Opportunity Fund Schedule of Investments December 31, 2021 (Unaudited) Shares COMMON STOCKS - 93.

Level 1

Scharf Multi-Asset Opportunity Fund Schedule of Investments December 31, 2021 (Unaudited) Shares COMMON STOCKS - 68.

Level 1

Shenkman Capital Short Duration High Income Fund Schedule of Investments December 31, 2021 (Unaudited) Principal Fair Amount Value CORPORATE BONDS - 92.

Level 1

Shenkman Capital Floating Rate High Income Fund Schedule of Investments December 31, 2021 (Unaudited) Principal Fair Amount Value BANK LOANS - 87.

Level 1

Aasgard Small & Mid-Cap Fund Schedule of Investments at December 31, 2021 (Unaudited) Shares COMMON STOCKS - 88.

Fair Value

Pzena Emerging Markets Value Fund Schedule of Investments November 30, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 90.

Fair Value

Pzena Small Cap Value Fund Schedule of Investments November 30, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 95.

Fair Value

Pzena International Value Fund Schedule of Investments November 30, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 92.

Fair Value

Pzena Mid Cap Value Fund Schedule of Investments November 30, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 96.

Level 1

American Trust Allegiance Fund Schedule of Investments at November 30, 2021 (Unaudited) Shares COMMON STOCKS: 87.

Fair Value

Pzena International Small Cap Value Fund Schedule of Investments November 30, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 96.

Level 1

O'Shaughnessy Market Leaders Value Fund Schedule of Investments at October 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 87.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-A FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ADVISORS SERIES TRUST (Exact name of registrant

As filed with the Securities and Exchange Commission on December 23, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 14, 2021 Ms. Christina DiAngelo Fettig U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File No.: 333-260977 Scharf Alpha Opportunity Fund (“Acquired Fund”) Scharf Multi-

Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP – Filed herewith.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Advisors Series Trust and to the use of our report dated November 29, 2021 on the financial statements and financial highlights of the Scharf Multi-Asset Opportunity Fund, and Scharf Alpha Opportunity Fund, each a series of Advisors Series Trust.

Form of Opinion and Consent of Sullivan and Worcester LLP regarding the validity of shares to be issued

EX-14 3 scharfn-14legalopinion12x9.htm EX-14 December 9, 2021 Scharf Multi-Asset Opportunity Fund, a series of Advisors Series Trust 615 East Michigan Street Milwaukee, WI 53202 Ladies and Gentlemen: We have been requested by Advisors Series Trust, a Delaware statutory trust with transferable shares (the “Trust”) established under an Amended and Restated Agreement and Declaration of Trust dated Oc

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 9, 2021 Ms. Christine DiAngelo Fettig Ms. Samantha Brutlag U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File No.: 333-260977 Scharf Alpha Opportunity Fund (“Acquired

U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

N-14/A 1 scharfn-14a.htm N-14/A SEC Filing Number: 333-260977 U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/ Pre-Effective Amendment No. 1 / / Post-Effective Amendment No. ADVISORS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Princ

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 December 9, 2021 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Advisors Series Trust (the ?Trust?) File No. 333-260977 Dear Mses. Brutlag and DiAngelo Fettig: The Trust respectfully requests, pursuant to

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 December 1, 2021 Ms. Samantha Brutlag U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 VegTech Environmental Impact and Plant-based Innovation E

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

DEL AM 1 scharffundsdelamdecember20.htm SCHARF FUNDS N-14 DEL AM Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 November 30, 2021 VIA EDGAR SUBMISSION – FORM DEL AM Ms. Samantha Brutlag and Ms. Christina DiAngelo Fettig U.S. Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Re: Delaying Amendment for

Level 1

Davidson Multi-Cap Equity Fund Schedule of Investments September 30, 2021 (Unaudited) Shares COMMON STOCKS - 93.

Level 1

Capital Advisors Growth Fund Schedule of Investments at September 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 88.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

DEFA14A 1 osamdefa14acombined.htm OSAM DEFA14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission

U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

SEC Filing Number: 333- U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / / Pre-Effective Amendment No. / / Post-Effective Amendment No. ADVISORS SERIES TRUST (Exact Name of Registrant as Specified in Charter) 615 East Michigan Street Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices) (Zip Code) (Regi

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). x Def

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 November 10, 2021 VIA EDGAR TRANSMISSION Ms. Deborah O’Neal-Johnson U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 RE: Advisors Series Trust (the “Trust”) File Nos. 333-17391; 811-07959 Dear Ms. O’Neal-Johnson: Pursua

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, WI 53202 November 10, 2021 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, NE Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) File Nos. 333-17391 and 811-07959 Dear Sir or Madam: On behalf of the Trust, transmitted herewith for f

Novation Agreement dated October 1, 2021 was previously filed with the Registration Statement on Form N-14 on November 10, 2021 and is incorporated herein by reference.

EX-7.E 2 scharfquasarnovationagreem.htm EX-7.E QUASAR NOVATION AGREEMENT Distribution Agreement THIS DISTRIBUTION AGREEMENT ("Agreement"), effective as of the closing of the Transaction (as defined below) (the "Closing Date"), is by and between Quasar Distributors, LLC (the "Distributor"), Advisors Series Trust ("Fund Company") and Scharf Investments, LLC ("Adviser"). WHEREAS, a majority of the in

Consent of Independent Registered Public Accounting Firm Tait, Weller & Baker LLP – Filed herewith.

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the references to our firm in the Registration Statement on Form N-14 of Advisors Series Trust and to the use of our report dated November 30, 2020 on the financial statements and financial highlights of the Scharf Multi-Asset Opportunity Fund, and Scharf Alpha Opportunity Fund, each a series of Advisors Series Trust.

Form of Opinion and Consent of Sullivan and Worcester LLP regarding certain tax matters for the Scharf Alpha Opportunity Fund and Scharf Multi-Asset Opportunity Fund

EX-12 4 scharfswtaxopinion.htm EX-12 TAX OPINION [ ], 2021 Advisors Series Trust on behalf of Scharf Multi-Asset Opportunity Fund c/o U.S. Bank Global Fund Services PO Box 701 Milwaukee WI 53201 Advisors Series Trust on behalf of Scharf Alpha Opportunity Fund c/o U.S. Bank Global Fund Services PO Box 701 Milwaukee WI 53201 Re: Acquisition of Assets of Scharf Alpha Opportunity Fund Ladies and Gentl

Power of Attorney for the Trustees of the Registrant - Filed herewith.

EX-16 6 scharfpowerofattorney.htm EX-16 POWER OF ATTORNEY POWER OF ATTORNEY Each undersigned Trustee of Advisors Series Trust (the ''Trust") hereby appoints Jeffrey T. Rauman, Cheryl L. King, or Elaine E. Richards, each an officer of the Trust, each individually with power of substitution or resubstitution, his or her true and lawful attorneys-in-fact and agents (each, an "Attorney-in-Fact") with

Form of Opinion and Consent of Sullivan and Worcester LLP regarding the validity of shares to be issued is – filed herewith

November 10, 2021 Scharf Multi-Asset Opportunity Fund, a series of Advisors Series Trust 615 East Michigan Street Milwaukee, WI 53202 Ladies and Gentlemen: We have been requested by Advisors Series Trust, a Delaware statutory trust with transferable shares (the “Trust”) established under an Amended and Restated Agreement and Declaration of Trust dated October 18, 2018 (the “Declaration”), for our opinion with respect to certain matters relating to the Scharf Multi-Asset Opportunity Fund (the “Acquiring Fund”), a series of the Trust.

Semper MBS Total Return Fund

Semper MBS Total Return Fund Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.

SEMPER BRENTVIEW DIVIDEND GROWTH EQUITY FUND

SEMPER BRENTVIEW DIVIDEND GROWTH EQUITY FUND Schedule of Investments - August 31, 2021 (Unaudited) COMMON STOCKS - 94.

SEMPER SHORT DURATION FUND

SEMPER SHORT DURATION FUND Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES - AGENCY - 0.

PIA MBS BOND FUND

PIA MBS BOND FUND Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value MORTGAGE BACKED SECURITIES 88.

PIA HIGH YIELD (MACS) FUND

PIA HIGH YIELD (MACS) FUND Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value COMMON STOCKS 0.

PIA HIGH YIELD FUND

PIA HIGH YIELD FUND Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value COMMON STOCKS 0.

PIA BBB BOND FUND

PIA BBB BOND FUND Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 0.

PIA SHORT-TERM SECURITIES FUND

PIA SHORT-TERM SECURITIES FUND Schedule of Investments - August 31, 2021 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 0.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: x Preliminary Proxy Statement. o Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2)). o Def

Advisors Series Trust

Advisors Series Trust c/o U.S. Bank Global Fund Services 615 East Michigan Street Milwaukee, Wisconsin 53202 October 22, 2021 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) (File Nos. 333-17391 and 811-07959) O’Shaughnessy Market Leaders Value Fund (S000052915) Ladies

Huber Mid Cap Value Fund

Huber Mid Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares COMMON STOCKS - 93.

Huber Small Cap Value Fund

Huber Small Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares COMMON STOCKS - 95.

Huber Select Large Cap Value Fund

Huber Select Large Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares COMMON STOCKS - 99.

First Sentier American Listed Infrastructure Fund

First Sentier American Listed Infrastructure Fund Schedule of Investments at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 78.

First Sentier Global Listed Infrastructure Fund

First Sentier Global Listed Infrastructure Fund Schedule of Investments at July 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 84.

Huber Large Cap Value Fund

Huber Large Cap Value Fund SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) Shares COMMON STOCKS - 99.

Level 1

Edgar Lomax Value Fund Schedule of Investments July 31, 2021 (Unaudited) Shares COMMON STOCKS - 97.

Level 1

Logan Capital Large Cap Growth Fund Schedule of Investments July 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 99.

Fort Pitt Capital Total Return Fund

Fort Pitt Capital Total Return Fund SCHEDULE OF INVESTMENTS July 31, 2021 (Unaudited) COMMON STOCKS - 96.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 September 10, 2021 Mr. David Orlic U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the ?Trust?) File Nos.: 333-17391 and 811-07959 Stewart Investors Worldwide Leaders Sustainability Fund Dear

Level 1

Scharf Multi-Asset Opportunity Fund Schedule of Investments June 30, 2021 (Unaudited) Shares COMMON STOCKS - 69.

Principal Amount

Poplar Forest Cornerstone Fund Schedule of Investments at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 71.

Level 1

Aasgard Small & Mid-Cap Fund Schedule of Investments at June 30, 2021 (Unaudited) Shares COMMON STOCKS - 91.

Level 1

Scharf Fund Schedule of Investments June 30, 2021 (Unaudited) Shares COMMON STOCKS - 95.

Level 1

Poplar Forest Partners Fund Schedule of Investments at June 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 96.

Level 1

Scharf Alpha Opportunity Fund Schedule of Investments June 30, 2021 (Unaudited) Shares COMMON STOCKS - 98.

% of Net

Scharf Global Opportunity Fund Schedule of Investments June 30, 2021 (Unaudited) Shares COMMON STOCKS - 90.

Level 1

Shenkman Capital Floating Rate High Income Fund Schedule of Investments June 30, 2021 (Unaudited) Principal Fair Amount Value BANK LOANS - 86.

Level 1

Shenkman Capital Short Duration High Income Fund Schedule of Investments June 30, 2021 (Unaudited) Principal Fair Amount Value CORPORATE BONDS - 93.

Level 1

Chase Growth Fund Schedule of Investments at June 30, 2021 (Unaudited) Shares COMMON STOCKS - 97.

Fair Value

Pzena International Small Cap Value Fund Schedule of Investments May 31, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 97.

Fair Value

Pzena Small Cap Value Fund Schedule of Investments May 31, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 96.

Fair Value

Pzena Mid Cap Value Fund Schedule of Investments May 31, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 98.

Fair Value

Pzena Emerging Markets Value Fund Schedule of Investments May 31, 2021 (Unaudited) Shares Fair Value COMMON STOCKS - 90.

Level 1

American Trust Allegiance Fund Schedule of Investments at May 31, 2021 (Unaudited) Shares COMMON STOCKS: 92.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 July 16, 2021 Mr. David Orlic U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the ?Trust?) File Nos.: 333-17391 and 811-07959 Stewart Investors Worldwide Leaders Sustainability Fund Dear Mr.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

CORRESP 1 filename1.htm Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 July 7, 2021 Mindy Rotter and Christina DiAngelo Fettig U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Chase Growth Fu

Level 1

O'Shaughnessy Market Leaders Value Fund Schedule of Investments at April 30, 2021 (Unaudited) Shares Value COMMON STOCKS - 91.

1

Advisers Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 June 16, 2021 Samantha Brutlag U.S. Securities and Exchange Commission Division of Investment Management 100 F Street NE Washington, DC 20549 Re: Advisors Series Trust (the ?Trust?) File Nos.: 333-17391 and 811-07959 Pzena International Value Fund Dear Ms. Brutlag: This correspond

Level 1

Davidson Multi-Cap Equity Fund Schedule of Investments March 31, 2021 (Unaudited) Shares COMMON STOCKS - 93.

Level 1

Capital Advisors Growth Fund Schedule of Investments at March 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 89.

Level 1

Chase Growth Fund Schedule of Investments at December 31, 2020 (Unaudited) Shares COMMON STOCKS - 95.

Level 1

Chase Growth Fund Schedule of Investments at June 30, 2020 (Unaudited) Shares COMMON STOCKS - 91.

PIA MBS BOND FUND

PIA MBS BOND FUND Schedule of Investments - February 28, 2021 (Unaudited) Principal Amount/Shares Value MORTGAGE-BACKED SECURITIES 97.

PIA HIGH YIELD FUND

PIA HIGH YIELD FUND Schedule of Investments - February 28, 2021 (Unaudited) Principal Amount/Shares Value CORPORATE BONDS 94.

PIA HIGH YIELD (MACS) FUND

PIA HIGH YIELD (MACS) FUND Schedule of Investments - February 28, 2021 (Unaudited) Principal Amount/Shares Value CORPORATE BONDS 97.

PIA SHORT-TERM SECURITIES FUND

PIA SHORT-TERM SECURITIES FUND Schedule of Investments February 28, 2021 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 0.

Semper MBS Total Return Fund

Semper MBS Total Return Fund Schedule of Investments - February 28, 2021 (Unaudited) Principal Amount/Shares Value COMMERCIAL MORTGAGE-BACKED SECURITIES - AGENCY - 0.

SEMPER SHORT DURATION FUND

SEMPER SHORT DURATION FUND Schedule of Investments - February 28, 2021 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES - AGENCY - 0.

PIA BBB BOND FUND

PIA BBB BOND FUND Schedule of Investments - February 28, 2021 (Unaudited) Principal Amount/Shares Value ASSET-BACKED SECURITIES 0.

Advisors Series Trust

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 E. Financial Way, Suite 100 Glendora, CA 91741 April 14, 2021 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, D.C. 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Ladies and Gentlemen: Pursuant to Rule 485(a)(2) of the Securi

Level 1

Logan Capital Large Cap Growth Fund Schedule of Investments January 31, 2021 (Unaudited) Shares Value COMMON STOCKS - 99.

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741

Advisors Series Trust c/o U.S. Bank Global Fund Services 2020 East Financial Way, Suite 100 Glendora, California 91741 April 1, 2021 VIA EDGAR TRANSMISSION U.S. Securities and Exchange Commission Division of Investment Management 100 F Street, N.E. Washington, DC 20549 Re: Advisors Series Trust (the “Trust”) File Nos.: 333-17391 and 811-07959 Ladies and Gentlemen: Pursuant to Rule 485(a)(2) of the

First Sentier American Listed Infrastructure Fund

First Sentier American Listed Infrastructure Fund Schedule of Investments at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 77.

First Sentier Global Listed Infrastructure Fund

First Sentier Global Listed Infrastructure Fund Schedule of Investments at January 31, 2021 (Unaudited) Shares Value COMMON STOCKS: 85.