# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-214733
**Filing Date:** 2025-9
**Character Count:** 19780
**Document Hash:** 926fe1ab9b4e40b708ba55e3d0a5ed78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-214733.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001193125-25-214733

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251336354

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

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

## Series and Classes Contracts Data

### First Sentier American Listed Infrastructure Fund (Series ID: S000069943)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222774 | Class I      | FLIAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **First Sentier American Listed Infrastructure Fund** | **First Sentier American Listed Infrastructure Fund** | **First Sentier American Listed Infrastructure Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 85.8%** | **Shares** | **Value**  |
| **Electric Utilities - 31.0%<sup>(a)</sup>** | **Electric Utilities - 31.0%<sup>(a)</sup>** | |
| American Electric Power Co., Inc. | 2018 | $228316 |
| Duke Energy Corp. | 1829 | 222479 |
| Evergy, Inc. | 1527 | 108112 |
| Eversource Energy | 1546 | 102191 |
| Hawaiian Electric Industries, Inc. <sup>(b)</sup> | 4261 | 45678 |
| NextEra Energy, Inc. | 3264 | 231940 |
| PG&E Corp. | 5698 | 79886 |
| Xcel Energy, Inc. | 2630 | 193147 |
|  |  | 1211749 |
| **Gas Utilities - 1.0%** | **Gas Utilities - 1.0%** |  |
| UGI Corp. | 1080 | 39074 |
| **Independent Power Producers & Energy Traders - 0.8%** | **Independent Power Producers & Energy Traders - 0.8%** |  |
| AES Corp. | 2416 | 31770 |
| **Multi-Utilities - 14.9%** | **Multi-Utilities - 14.9%** |  |
| Black Hills Corp. | 1559 | 90079 |
| Dominion Energy, Inc. | 1815 | 106087 |
| National Grid PLC - ADR | 1076 | 75740 |
| Public Service Enterprise Group, Inc. | 1302 | 116906 |
| Sempra Energy | 2372 | 193745 |
|  |  | 582557 |
| **Oil & Gas Storage & Transportation - 16.8%** | **Oil & Gas Storage & Transportation - 16.8%** |  |
| Cheniere Energy, Inc. | 1049 | 247438 |
| DT Midstream, Inc. | 389 | 39962 |
| Kinder Morgan, Inc. | 2633 | 73882 |
| ONEOK, Inc. | 2632 | 216114 |
| Targa Resources Corp. | 448 | 74552 |
| Williams Cos., Inc. | 73 | 4376 |
|  |  | 656324 |
| **Rail Transportation - 20.2%** | **Rail Transportation - 20.2%** |  |
| CSX Corp. | 7462 | 265200 |
| Norfolk Southern Corp. | 1143 | 317754 |
| Union Pacific Corp. | 933 | 207098 |
|  |  | 790052 |
| **Renewable Electricity - 1.1%** | **Renewable Electricity - 1.1%** |  |
| XPLR Infrastructure LP | 4295 | 40931 |
| **TOTAL COMMON STOCKS** (Cost $3,135,649) | **TOTAL COMMON STOCKS** (Cost $3,135,649) | 3352457 |
| **REAL ESTATE INVESTMENT TRUSTS - 12.9%** |  |  |
| **Data Center REITs - 1.5%** | **Data Center REITs - 1.5%** |  |
| Equinix, Inc. | 74 | 58103 |
| **Telecom Tower REITs - 11.4%** | **Telecom Tower REITs - 11.4%** |  |
| American Tower Corp. | 663 | 138163 |
| Crown Castle, Inc. | 1380 | 145024 |
| SBA Communications Corp. | 734 | 164944 |
|  |  | 448131 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $499,257) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $499,257) | 506234 |
| **TOTAL INVESTMENTS - 98.7% (**Cost $3,634,906**)** | **TOTAL INVESTMENTS - 98.7% (**Cost $3,634,906**)** | 3858691 |
| Other Assets in Excess of Liabilities - 1.3% | Other Assets in Excess of Liabilities - 1.3% | 49180 |
| **TOTAL NET ASSETS - 100.0%** |  | $3907871 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <br> REIT - Real Estate Investment Trust

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(b) Non-income producing security.

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
First Sentier American Listed Infrastructure Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $3352457 | $– | $– | $3352457 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 506234 | – | – | 506234 |
| Total Investments | $3858691 | $– | $– | $3858691 |

---

## 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:** First Sentier American Listed Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000069943

- **c. LEI of Series:** 549300ZLD6V0XJ15L318

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $3959218.83

**Total Liabilities:** $51773.15

**Net Assets:** $3907445.68

**Cash Not Reported:** $63306.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222774 | 1.37%                | 0.87%                | 2.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $67387.47                | $-35446.31                                 |
| Month 2  | $53424.50                | $-27134.67                                 |
| Month 3  | $-14874.70               | $98698.22                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Black Hills Corp               | Black Hills Corp                    | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      1559 | NS      | $90079.02     | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |        74 | NS      | $58102.58     | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| XPLR Infrastructure LP         | XPLR Infrastructure LP              | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               | CORP              | US        |      4295 | NS      | $40931.35     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp          | Norfolk Southern Corp               | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1143 | NS      | $317754.00    | 8.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp                            | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      1080 | NS      | $39074.40     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd    | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       239 | NS      | $17578.45     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc               | Crown Castle Inc                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1380 | NS      | $145024.20    | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       734 | NS      | $164944.48    | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                              | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      2372 | NS      | $193744.96    | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                | Xcel Energy Inc                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      2630 | NS      | $193147.20    | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      1815 | NS      | $106086.75    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc    | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |      4261 | NS      | $45677.92     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       663 | NS      | $138162.57    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                    | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       389 | NS      | $39961.97     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                   | AES Corp/The                        | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      2416 | NS      | $31770.40     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                            | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      6954 | NS      | $247145.16    | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                 | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1049 | NS      | $247438.12    | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                   | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      1546 | NS      | $102190.60    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      2633 | NS      | $73881.98     | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3264 | NS      | $231939.84    | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp                           | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      5698 | NS      | $79885.96     | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       933 | NS      | $207098.01    | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |        73 | NS      | $4376.35      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Co Inc      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      2018 | NS      | $228316.52    | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                    | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1829 | NS      | $222479.56    | 5.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                     | Evergy Inc                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1527 | NS      | $108111.60    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC              | National Grid PLC                   | CUSIP: 636274409<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      1076 | NS      | $75739.64     | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou | Public Service Enterprise Group Inc | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      1302 | NS      | $116906.58    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       448 | NS      | $74551.68     | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                           | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      2632 | NS      | $216113.52    | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-11

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Vice President, Treasurer