# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-013999
**Filing Date:** 2023-3
**Character Count:** 22006
**Document Hash:** a9023a8a71ad2da130c7b812f358501c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013999.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-013999

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 23690961

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

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

## Series and Classes Contracts Data

### Poplar Forest Partners Fund (Series ID: S000027249)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082237 | Class A             | PFPFX           |
| C000082238 | Institutional Class | IPFPX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Poplar Forest Partners Fund** | **Poplar Forest Partners Fund** | **Poplar Forest Partners Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **at December 31, 2022 (Unaudited)** | **at December 31, 2022 (Unaudited)** | **at December 31, 2022 (Unaudited)** |
| **Shares** |  | **Value** |
| | **COMMON STOCKS - 96.5%** | |
| | **Aerospace & Defense - 2.6%** | |
| 53500 | Curtiss-Wright Corp. | $8933965 |
|  | **Air Freight & Logistics - 0.8%** |  |
| 16800 | FedEx Corp. | 2909760 |
|  | **Banks - 6.7%** |  |
| 214000 | Citigroup, Inc. | 9679220 |
| 327000 | Wells Fargo & Co. | 13501830 |
|  |  | 23181050 |
|  | **Biotechnology - 5.0%** |  |
| 62000 | United Therapeutics Corp. (b) | 17241580 |
|  | **Chemicals - 4.2%** |  |
| 284500 | Dow Inc. | 14335955 |
|  | **Commercial Services & Supplies - 1.4%** |  |
| 221500 | MillerKnoll, Inc. | 4653715 |
|  | **Consumer Finance - 2.1%** |  |
| 299000 | Ally Financial, Inc. | 7310550 |
|  | **Diversified Financial Services - 3.9%** |  |
| 473500 | Equitable Holdings, Inc. | 13589450 |
|  | **Diversified Telecommunication Services - 4.1%** |  |
| 762000 | AT&T, Inc. | 14028420 |
|  | **Entertainment - 1.5%** |  |
| 563000 | Warner Bros. Discovery, Inc. (b) | 5337240 |
|  | **Gas Utilities - 4.0%** |  |
| 216500 | National Fuel Gas Co. | 13704450 |
|  | **Health Care Providers & Services - 8.5%** |  |
| 98500 | AmerisourceBergen Corp. | 16322435 |
| 137500 | CVS Health Corp. | 12813625 |
|  |  | 29136060 |
|  | **Hotels, Restaurants & Leisure - 3.6%** |  |
| 260000 | Las Vegas Sands Corp. (b) | 12498200 |
|  | **Insurance - 9.0%** |  |
| 112000 | Allstate Corp. | 15187200 |
| 250500 | American International Group, Inc. | 15841620 |
|  |  | 31028820 |
|  | **IT Services - 7.2%** |  |
| 270000 | DXC Technology Co. (b) | 7155000 |
| 54000 | Fidelity National Information Services, Inc. | 3663900 |
| 99000 | International Business Machines Corp. | 13948110 |
|  |  | 24767010 |
|  | **Machinery - 2.2%** |  |
| 463000 | CNH Industrial NV (a) | 7435780 |
|  | **Multi-line Retail - 3.6%** |  |
| 88500 | Dollar Tree, Inc. (b) | 12517440 |
|  | **Oil, Gas & Consumable Fuels - 6.4%** |  |
| 83000 | Chevron Corp. | 14897670 |
| 169000 | Murphy Oil Corp. | 7268690 |
|  |  | 22166360 |
|  | **Pharmaceuticals - 7.1%** |  |
| 135000 | Merck & Co., Inc. | 14978250 |
| 276000 | Perrigo Co. plc (a) | 9408840 |
|  |  | 24387090 |
|  | **Semiconductors & Semiconductor Equipment - 2.3%** |  |
| 294000 | Intel Corp. | 7770420 |
|  | **Specialty Retail - 3.1%** |  |
| 71500 | Advance Auto Parts, Inc. | 10512645 |
|  | **Textiles, Apparel & Luxury Goods - 2.7%** |  |
| 245000 | Tapestry, Inc. | 9329600 |
|  | **Tobacco - 4.5%** |  |
| 153000 | Philip Morris International, Inc. | 15485130 |
|  | TOTAL COMMON STOCKS (Cost $255,114,107) | **332260690** |
|  | **SHORT-TERM INVESTMENTS - 3.6%** |  |
|  | **MONEY MARKET FUND - 1.0%** |  |
| 3378691 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 4.093% (c) | 3378691 |
|  | TOTAL MONEY MARKET FUND (cost $3,378,691) |  |
|  | **U.S. TREASURY BILLS - 2.6%** |  |
| $3000000 | 4.120%, 1/24/23 (d) | 2993287 |
| 3000000 | 4.128%, 2/23/23 (d) | 2981967 |
| 3000000 | 4.350%, 3/30/23 (d) | 2969304 |
|  | TOTAL U.S. TREASURY BILLS (Cost $8,941,970) | 8944558 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $12,320,661) | **12323249** |
|  | **Total Investments in Securities (Cost $267,434,768) - 100.1%** | **344583939** |
|  | **Liabilities in Excess of Other Assets - (0.1)%** | **(394543)** |
|  | **NET ASSETS - 100.0%** | $**344189396** |
| (a) | U.S. traded security of a foreign issuer. |  |
| (b) | Non-income producing security. |  |
| (c) | Rate shown is the 7-day annualized yield at December 31, 2022. |  |
| (d) | Rate shown is the discount rate at December 31, 2022. |  |

---

---

| |
|:---|
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's |
| Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $19365660 | $- | $- | $19365660 |
| Consumer Discretionary | 44857885 | - | - | 44857885 |
| Consumer Staples | 15485130 | - | - | 15485130 |
| Energy | 22166360 | - | - | 22166360 |
| Financials | 75109870 | - | - | 75109870 |
| Health Care | 70764730 | - | - | 70764730 |
| Industrials | 23933220 | - | - | 23933220 |
| Information Technology | 32537430 | - | - | 32537430 |
| Materials | 14335955 |  |  | 14335955 |
| Utilities | 13704450 | - | - | 13704450 |
| **Total Common Stocks** | 332260690 | - | - | 332260690 |
| **U.S. Treasury Bills** | - | 8944558 |  | 8944558 |
| **Money Market Fund** | 3378691 | - | - | 3378691 |
| **Total Investments in Securities** | $335639381 | $8944558 | $- | $344583939 |
| Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification. |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Poplar Forest Partners Fund

- **b. EDGAR series identifier (if any):** S000027249

- **c. LEI of Series:** 254900JU07KEG6HI4002

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $346531266.61

**Total Liabilities:** $2125991.19

**Net Assets:** $344405275.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000082237 | 13.37%               | 4.33%                | -3.68%               |
| Class ID C000082238 | 13.37%               | 4.34%                | -3.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1640717.79             | $41559111.78                               |
| Month 2  | $1419592.21              | $12938267.08                               |
| Month 3  | $3571083.08              | $-17446523.04                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                       | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    762000 | NS      | $14028420.00  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     71500 | NS      | $10512645.00  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    112000 | NS      | $15187200.00  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc             | Ally Financial Inc                         | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    299000 | NS      | $7310550.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    250500 | NS      | $15841620.00  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     98500 | NS      | $16322435.00  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    137500 | NS      | $12813625.00  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83000 | NS      | $14897670.00  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    214000 | NS      | $9679220.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                        | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     53500 | NS      | $8933965.00   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co              | DXC Technology Co                          | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |    270000 | NS      | $7155000.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                            | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |     88500 | NS      | $12517440.00  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |    284500 | NS      | $14335955.00  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    473500 | NS      | $13589450.00  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     16800 | NS      | $2909760.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     54000 | NS      | $3663900.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    294000 | NS      | $7770420.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     99000 | NS      | $13948110.00  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    260000 | NS      | $12498200.00  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    135000 | NS      | $14978250.00  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                | MillerKnoll Inc                            | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |    221500 | NS      | $4653715.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Treasury Portfolio       | MSILF Treasury Portfolio                   | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |   4565345 | NS      | $4565344.64   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                            | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    169000 | NS      | $7268690.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    216500 | NS      | $13704450.00  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    153000 | NS      | $15485130.00  | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    245000 | NS      | $9329600.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2981966.73   | 0.87%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912796YM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2969304.27   | 0.86%             | 2023-03-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912796ZL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2993287.44   | 0.87%             | 2023-01-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     62000 | NS      | $17241580.00  | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery Inc                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    563000 | NS      | $5337240.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    327000 | NS      | $13501830.00  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Co PLC                             | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |    276000 | NS      | $9408840.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV              | CNH Industrial NV                          | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |    463000 | NS      | $7435780.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Cheryl L. King

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer