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        <name>CALIFORNIA ST INFRASTRUCTURE &amp;</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GEORGIA ST</name>
        <lei>N/A</lei>
        <title>State of Georgia</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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      <invstOrSec>
        <name>Markel Group Inc</name>
        <lei>549300SCNO12JLWIK605</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Marsh &amp; McLennan Cos Inc</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>McKesson Corp</name>
        <lei>549300WZWOM80UCFSF54</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MURPHY OIL USA INC</name>
        <lei>N32S6DTR2ZZ5222WHV58</lei>
        <title>Murphy Oil USA Inc</title>
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          <isin value="US626738AD06"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California</title>
        <cusip>13063D3Q9</cusip>
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          <isin value="US13063D3Q96"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
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        <title>State of California</title>
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          <isin value="US13063DMA36"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
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          <annualizedRt>2.650000000000</annualizedRt>
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      <invstOrSec>
        <name>Agilent Technologies Inc</name>
        <lei>QUIX8Y7A2WP0XRMW7G29</lei>
        <title>Agilent Technologies Inc</title>
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          <isin value="US00846U1016"/>
          <ticker value="A"/>
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        <balance>9033.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Booking Holdings Inc</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings Inc</title>
        <cusip>09857L108</cusip>
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          <isin value="US09857L1089"/>
          <ticker value="BKNG"/>
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        <balance>271.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California</title>
        <cusip>13063DGE2</cusip>
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          <isin value="US13063DGE22"/>
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        <curCd>USD</curCd>
        <valUSD>202379.320000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.600000000000</annualizedRt>
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      <invstOrSec>
        <name>Hershey Co/The</name>
        <lei>21X2CX66SU2BR6QTAD08</lei>
        <title>Hershey Co/The</title>
        <cusip>427866108</cusip>
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          <isin value="US4278661081"/>
          <ticker value="HSY"/>
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        <balance>5172.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Lockheed Martin Corp</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LOS ANGELES CA UNIF SCH DIST</name>
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        <title>Los Angeles Unified School District/CA</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.720000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Otis Worldwide Corp</name>
        <lei>549300ZLBKR8VSU25153</lei>
        <title>Otis Worldwide Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SAN FRANCISCO CA CITY &amp;CNTY AR</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>San Francisco City &amp; County Airport Comm-San Francisco International Airport</title>
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          <isin value="US79766DSY66"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>TENN VALLEY AUTHORITY</name>
        <lei>549300HE1ISW43LNKM54</lei>
        <title>Tennessee Valley Authority</title>
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          <isin value="US8805913006"/>
          <ticker value="TVA"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
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        <name>Thermo Fisher Scientific Inc</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>Thermo Fisher Scientific Inc</title>
        <cusip>883556102</cusip>
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          <ticker value="TMO"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Aon PLC</name>
        <lei>635400FALWQYX5E6QC64</lei>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Brookfield Corp</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
        <title>Brookfield Corp</title>
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          <ticker value="BN"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CONOPCO INC</name>
        <lei>549300DWD4D3B5EZJC04</lei>
        <title>Conopco Inc</title>
        <cusip>126149AD5</cusip>
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        <balance>150000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>153291.120000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California</title>
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          <isin value="US13063A5E03"/>
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        <balance>150000.000000000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-04-01</maturityDt>
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      <invstOrSec>
        <name>LOCKHEED MARTIN CORP</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
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          <isin value="US539830AK58"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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      <invstOrSec>
        <name>Union Pacific Corp</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp</title>
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          <ticker value="UNP"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797TP2</cusip>
        <identifiers>
          <isin value="US912797TP29"/>
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        <balance>250000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247181.990000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
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      <invstOrSec>
        <name>U-Haul Holding Co</name>
        <lei>5493003WIDMLDHYC6Y24</lei>
        <title>U-Haul Holding Co</title>
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          <isin value="US0235865062"/>
          <ticker value="UHAL/B"/>
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        <balance>16142.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>721063.140000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California</title>
        <cusip>13063D3S5</cusip>
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          <isin value="US13063D3S52"/>
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        <balance>150000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150641.820000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.125000000000</annualizedRt>
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      <invstOrSec>
        <name>Walt Disney Co/The</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co/The</title>
        <cusip>254687106</cusip>
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          <isin value="US2546871060"/>
          <ticker value="DIS"/>
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        <balance>8049.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>775762.620000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GDL FD CUM RED PFD SE G</name>
        <lei>N/A</lei>
        <title>GDL FD CUM RED PFD SE G</title>
        <cusip>361570609</cusip>
        <identifiers>
          <isin value="US3615706096"/>
          <ticker value="361570609"/>
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        <balance>40000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400000.000000000000</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>iShares Silver Trust</name>
        <lei>549300K2C2CG14B0ZA09</lei>
        <title>iShares Silver Trust</title>
        <cusip>46428Q109</cusip>
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          <isin value="US46428Q1094"/>
          <ticker value="SLV"/>
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        <balance>36835.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2509936.900000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Microsoft Corp</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp</title>
        <cusip>594918104</cusip>
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          <isin value="US5949181045"/>
          <ticker value="MSFT"/>
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        <balance>3747.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1387026.990000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG</title>
        <cusip>66987V109</cusip>
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          <isin value="US66987V1098"/>
          <ticker value="NVS"/>
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        <balance>7704.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1176786.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Occidental Petroleum Corp</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp</title>
        <cusip>674599105</cusip>
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          <ticker value="OXY"/>
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        <balance>39465.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2565225.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Samsung Electronics Co Ltd</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co Ltd</title>
        <cusip>Y74718118</cusip>
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          <isin value="KR7005931001"/>
          <ticker value="005935"/>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Orion Properties Inc</name>
        <lei>254900ZBXYX11W8ZL437</lei>
        <title>Orion Properties Inc</title>
        <cusip>68629Y103</cusip>
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          <ticker value="ONL"/>
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        <balance>1.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2.150000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPDR Gold Shares</name>
        <lei>N/A</lei>
        <title>SPDR Gold Shares</title>
        <cusip>78463V107</cusip>
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          <isin value="US78463V1070"/>
          <ticker value="GLD"/>
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        <balance>6143.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2643271.470000000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SAN JOSE CA</name>
        <lei>549300QHIHSH68W22O38</lei>
        <title>City of San Jose CA</title>
        <cusip>798135F20</cusip>
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        <balance>175000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172166.540000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.600000000000</annualizedRt>
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      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Note/Bond</title>
        <cusip>91282CKY6</cusip>
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          <isin value="US91282CKY65"/>
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        <balance>250000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250558.580000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>TSY INFL IX N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>91282CJY8</cusip>
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          <isin value="US91282CJY84"/>
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        <curCd>USD</curCd>
        <valUSD>548412.110000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
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        <name>UnitedHealth Group Inc</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UnitedHealth Group Inc</title>
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          <ticker value="UNH"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Visa Inc</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>Visa Inc</title>
        <cusip>92826C839</cusip>
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          <ticker value="V"/>
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        <balance>4340.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1311721.600000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zoetis Inc</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>Zoetis Inc</title>
        <cusip>98978V103</cusip>
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          <isin value="US98978V1035"/>
          <ticker value="ZTS"/>
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        <balance>10203.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1206096.630000000000</valUSD>
        <pctVal>2.4940257360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chubb Ltd</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
          <ticker value="CB"/>
        </identifiers>
        <balance>2885.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>940308.050000000000</valUSD>
        <pctVal>1.9444150810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Advisors Series Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Kevin Hayden</ncom:signature>
      <ncom:signerName>Advisors Series Trust</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
