# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-018752
**Filing Date:** 2023-3
**Character Count:** 21559
**Document Hash:** 845575d08efb7161720d8d79dc37bea5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-018752.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001145549-23-018752

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**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:** 23768112

**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

### Fort Pitt Capital Total Return Fund (Series ID: S000032592)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000100439 | Fort Pitt Capital Total Return Fund | FPCGX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Fort Pitt Capital Total Return Fund** | **Fort Pitt Capital Total Return Fund** | **Fort Pitt Capital Total Return Fund** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** |
| **COMMON STOCKS - 96.50%** | **Shares** | **Value** |
| **Aerospace/Defense - 1.55%** | | |
| Raytheon Technologies Corp. | 10412 | $1039638 |
| **Applications Software - 5.55%** |  |  |
| Microsoft Corp. | 14997 | 3716407 |
| **Brewery - 1.79%** |  |  |
| Constellation Brands, Inc. - Class A | 5179 | 1199042 |
| **Commercial Services - 1.24%** |  |  |
| GXO Logistics, Inc.\* | 15946 | 834454 |
| **Computers - 1.88%** |  |  |
| Apple, Inc. | 8730 | 1259652 |
| **Consumer Products - Miscellaneous - 2.73%** |  |  |
| Kimberly-Clark Corp. | 14039 | 1825210 |
| **Diagnostic Equipment - 4.13%** |  |  |
| Danaher Corp. | 3278 | 866638 |
| Thermo Fisher Scientific, Inc. | 3330 | 1899199 |
|  |  | 2765837 |
| **Diversified Manufacturing - 5.86%** |  |  |
| Parker-Hannifin Corp. | 12025 | 3920150 |
| **Electronic Components - Semiconductor - 11.68%** |  |  |
| Advanced Micro Devices, Inc.\* | 43085 | 3237838 |
| Broadcom, Inc. | 1465 | 857040 |
| Texas Instruments, Inc. | 21000 | 3721410 |
|  |  | 7816288 |
| **Finance - Investment Banker/Broker - 5.48%** |  |  |
| Charles Schwab Corp. | 47369 | 3667308 |
| **Industrial Automation/Robot - 6.53%** |  |  |
| Rockwell Automation, Inc. | 15498 | 4370901 |
| **Instruments - Controls - 5.40%** |  |  |
| Honeywell International, Inc. | 17338 | 3614626 |
| **Insurance Brokers - 6.88%** |  |  |
| Arthur J. Gallagher & Co. | 23519 | 4603139 |
| **Investment Management/Advisor Services - 1.87%** |  |  |
| Apollo Global Management, Inc. | 17678 | 1251249 |
| **Lasers - Systems/Components - 3.40%** |  |  |
| Coherent Corp.\* | 52435 | 2275679 |
| **Machinery-Farm - 0.66%** |  |  |
| Deere & Co. | 1048 | 443136 |
| **Medical - Drugs - 4.01%** |  |  |
| Bristol-Myers Squibb Co. | 23303 | 1692963 |
| Merck & Co., Inc. | 9235 | 991931 |
|  |  | 2684894 |
| **Medical Products - 5.28%** |  |  |
| Abbott Laboratories | 32000 | 3537600 |
| **Oil Exploration & Production - 0.85%** |  |  |
| Devon Energy Corp. | 8954 | 566251 |
| **Pipelines - 1.47%** |  |  |
| Kinder Morgan, Inc. | 53799 | 984522 |
| **Private Equity - 1.96%** |  |  |
| Blackstone, Inc. | 13690 | 1313692 |
| **Retail - Apparel/Shoes - 1.19%** |  |  |
| Lululemon Athletica, Inc.\* | 2588 | 794205 |
| **Retail - Building Products - 1.73%** |  |  |
| Lowe's Cos., Inc. | 5555 | 1156829 |
| **Retail - Discount - 2.24%** |  |  |
| Target Corp. | 8700 | 1497618 |
| **Retail - Restaurants - 0.36%** |  |  |
| Starbucks Corp. | 2214 | 241636 |
| **Semiconductor Equipment - 1.02%** |  |  |
| Lam Research Corp. | 1371 | 685637 |
| **Super-Regional Banks - U.S. - 5.07%** |  |  |
| PNC Financial Services Group, Inc. | 20500 | 3391315 |
| **Telecommunication Equipment - 2.89%** |  |  |
| Ciena Corp.\* | 37191 | 1934676 |
| **Web Portals/ISP - 1.80%** |  |  |
| Alphabet, Inc. - Class A\* | 12220 | 1207824 |
| TOTAL COMMON STOCKS (Cost $29,111,280) |  | 64599415 |
| **REITs: 1.64%** |  |  |
| **Real Estate - 1.64%** |  |  |
| Digital Realty Trust, Inc. | 6136 | 703308 |
| Gaming and Leisure Properties, Inc. | 7369 | 394684 |
| TOTAL REITs (Cost $1,112,230) |  | 1097992 |
| **MONEY MARKET FUND - 1.72%** |  |  |
| **Money Market Fund - 1.72%** |  |  |
| Invesco STIT-Government & Agency Portfolio - Institutional Class, 4.295% † | 1154167 | 1154167 |
| TOTAL MONEY MARKET FUND (Cost $1,154,167) |  | 1154167 |
| **Total Investments (Cost $31,337,677) - 99.86%** |  | **66851574** |
| **Other Assets in Excess of Liabilities - 0.14%** |  | **92352** |
| **TOTAL NET ASSETS - 100.00%** |  | $**66943926** |
| \* Non-income producing security. | \* Non-income producing security. |  |
| † Rate shown is the 7-day annualized yield at January 31, 2023. | † Rate shown is the 7-day annualized yield at January 31, 2023. |  |
| REIT - Real Estate Investment Trust |  |  |

| |
|:---|
| **Fort Pitt Capital Total Return Fund** |
| **Summary of Fair Value Disclosure at January 31, 2023 (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 January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communications | $3142501 | $- | $- | $3142501 |
| Consumer, Cyclical | 3690287 | - | - | 3690287 |
| Consumer, Non-cyclical | 12847037 | - | - | 12847037 |
| Energy | 1550773 | - | - | 1550773 |
| Financial | 14226703 | - | - | 14226703 |
| Industrial | 15664131 | - | - | 15664131 |
| Technology | 13477983 | - | - | 13477983 |
| **Total Common Stocks** | 64599415 | - | - | 64599415 |
| **REITS** | 1097992 | - | - | 1097992 |
| **Money Market Fund** | 1154167 | - | - | 1154167 |
| **Total Investments** | $66851574 | $- | $- | $66851574 |

---

Refer to the Fund's schedule of investments for a detailed break-out of securities 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:** Fort Pitt Capital Total Return Fund

- **b. EDGAR series identifier (if any):** S000032592

- **c. LEI of Series:** 254900VYNI667P6LKX19

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $67065933.04

**Total Liabilities:** $115756.73

**Net Assets:** $66950176.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000100439 | 7.12%                | -4.78%               | 5.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1369353.42              | $3146510.61                                |
| Month 2  | $1308512.31              | $-4568109.60                               |
| Month 3  | $90606.40                | $3385962.91                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories            | Abbott Laboratories                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     32000 | NS      | $3537600.00   | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc            | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     43085 | NS      | $3237837.75   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     23303 | NS      | $1692962.95   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1380 | NS      | $807313.80    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                            | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     37191 | NS      | $1934675.82   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                         | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     52435 | NS      | $2275679.00   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc              | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      5179 | NS      | $1199042.08   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2992 | NS      | $791024.96    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                            | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       869 | NS      | $367447.96    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                     | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      7759 | NS      | $490679.16    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc              | GXO Logistics Inc                     | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     15946 | NS      | $834454.18    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co               | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     23519 | NS      | $4603138.68   | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc           | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     17338 | NS      | $3614626.24   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     53799 | NS      | $984521.70    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                     | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      1217 | NS      | $608621.70    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                        | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      5555 | NS      | $1156828.75   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc        | Lululemon Athletica Inc               | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |      2588 | NS      | $794205.44    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      9235 | NS      | $991931.35    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     14997 | NS      | $3716406.57   | 5.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The  | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     20500 | NS      | $3391315.00   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                  | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     12656 | NS      | $4125856.00   | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Raytheon Technologies Corp     | Raytheon Technologies Corp            | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     10412 | NS      | $1039638.20   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                           | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      8700 | NS      | $1497618.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12220 | NS      | $1207824.80   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc          | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17678 | NS      | $1251248.84   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      8730 | NS      | $1259651.70   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                        | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     13690 | NS      | $1313692.40   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties Inc     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      6423 | NS      | $344015.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc              | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      5692 | NS      | $652417.04    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                   | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     14039 | NS      | $1825210.39   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc               | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     15498 | NS      | $4370900.94   | 6.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     47369 | NS      | $3667307.98   | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1154167 | NS      | $1154167.22   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                        | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      2214 | NS      | $241635.96    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                 | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     21000 | NS      | $3721410.00   | 5.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      3900 | NS      | $2224287.00   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer