# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-019747
**Filing Date:** 2023-3
**Character Count:** 18259
**Document Hash:** f09d585f6f18bb35c5136d951b3fb907
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-019747.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001145549-23-019747

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**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:** 23777644

**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

### 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** | |
| **Schedule of Investments** | **Schedule of Investments** | |
| **at January 31, 2023 (Unaudited)** | **at January 31, 2023 (Unaudited)** | |
| **Shares** |  |<br><br>**Value** |
| | **COMMON STOCKS: 81.26%** | |
| | **Electric Utilities - 39.24%** | |
| 1123 | Alliant Energy Corp. | $60676 |
| 1466 | Duke Energy Corp. | 150192 |
| 1000 | Emera, Inc.^ | 39818 |
| 1005 | Entergy Corp. | 108821 |
| 965 | Evergy, Inc. | 60457 |
| 855 | Exelon Corp. | 36072 |
| 1546 | FirstEnergy Corp. | 63309 |
| 2221 | NextEra Energy, Inc. | 165753 |
| 1073 | OGE Energy Corp. | 42190 |
| 3125 | PG&E Corp.\* | 49688 |
| 396 | Pinnacle West Capital Corp. | 29522 |
| 3111 | PPL Corp. | 92086 |
| 81 | Southern Co. | 5482 |
| 1111 | Xcel Energy, Inc. | 76403 |
|  |  | 980469 |
|  | **Environmental & Facilities Services - 0.78%** |  |
| 155 | Republic Services, Inc. | 19347 |
|  | **Gas Utilities - 3.55%** |  |
| 3100 | AltaGas Ltd.^ | 57967 |
| 372 | ONE Gas, Inc. | 30638 |
|  |  | 88605 |
|  | **Multi-Utilities - 7.61%** |  |
| 1734 | CenterPoint Energy, Inc. | 52228 |
| 1529 | Dominion Energy, Inc. | 97306 |
| 350 | DTE Energy Co. | 40729 |
|  |  | 190263 |
|  | **Oil & Gas Storage & Transportation - 12.05%** |  |
| 646 | Cheniere Energy, Inc. | 98702 |
| 1108 | DT Midstream, Inc. | 60563 |
| 1075 | Targa Resources Corp. | 80647 |
| 1900 | Williams Cos., Inc. | 61256 |
|  |  | 301168 |
|  | **Railroads - 18.03%** |  |
| 6079 | CSX Corp. | 187963 |
| 243 | Norfolk Southern Corp. | 59732 |
| 993 | Union Pacific Corp. | 202761 |
|  |  | 450456 |
|  | TOTAL COMMON STOCKS (Cost $1,966,012) | 2030308 |
|  | **REITs: 15.90%** |  |
|  | **Real Estate - 15.90%** |  |
| 695 | American Tower Corp. | 155256 |
| 1429 | Crown Castle International Corp. | 211649 |
| 102 | SBA Communications Corp. | 30348 |
|  | TOTAL REITs (Cost $398,658) | 397253 |
|  | Total Investments in Securities (Cost $2,364,670): 97.16% | **2427561** |
|  | Other Assets in Excess of Liabilities: 2.84% | **70981** |
|  | Net Assets: 100.00% | $**2498542** |
|  | \* Non-income producing security. |  |
|  | ^ Foreign issuer. |  |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's | 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. | 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. | 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. |

---

------

---

| |
|:---|
| **First Sentier American Listed Infrastructure 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: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Sentier American Listed Infrastructure Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Energy | $301168 | $- | $- | $301168 |
| Industrials | 469803 | - | - | 469803 |
| Utilities | 1259337 | - | - | 1259337 |
| **Total Common Stocks** | 2030308 | - | - | 2030308 |
| **REITs** | 397253 | - | - | 397253 |
| **Total Investments in Securities** | $2427561 | $- | $- | $2427561 |
| Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of holdings by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of holdings 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:** 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:** 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:** $2520757.98

**Total Liabilities:** $37216.29

**Net Assets:** $2483541.69

**Cash Not Reported:** $60904.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222774 | 6.76%                | -2.51%               | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10105.11               | $158857.28                                 |
| Month 2  | $18815.75                | $-85792.90                                 |
| Month 3  | $2405.51                 | $4495.67                                   |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Evergy Inc                 | Evergy Inc                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       965 | NS      | $60457.25     | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc         | NextEra Energy Inc         | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2221 | NS      | $165753.23    | 6.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp    | SBA Communications Corp    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       102 | NS      | $30348.06     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc            | Xcel Energy Inc            | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      1111 | NS      | $76403.47     | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AltaGas Ltd                | AltaGas Ltd                | CUSIP: 021361100<br>LEI: 549300D7A8QA85Z2MH11 | Long             | EC               | CORP              | CA        |      3100 | NS      | $57967.01     | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                   | PPL Corp                   | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      3111 | NS      | $92085.60     | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc      | Republic Services Inc      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       155 | NS      | $19347.10     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp         | Union Pacific Corp         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       993 | NS      | $202760.67    | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp        | Alliant Energy Corp        | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      1123 | NS      | $60675.69     | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp        | American Tower Corp        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       695 | NS      | $155256.05    | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                   | CSX Corp                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      6079 | NS      | $187962.68    | 7.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc     | CenterPoint Energy Inc     | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      1734 | NS      | $52228.08     | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc        | Cheniere Energy Inc        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       646 | NS      | $98702.34     | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc           | Crown Castle Inc           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      1429 | NS      | $211649.19    | 8.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co              | DTE Energy Co              | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       350 | NS      | $40729.50     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc           | DT Midstream Inc           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1108 | NS      | $60563.28     | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc        | Dominion Energy Inc        | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      1529 | NS      | $97305.56     | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp           | Duke Energy Corp           | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1466 | NS      | $150191.70    | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Emera Inc                  | Emera Inc                  | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |      1000 | NS      | $39818.12     | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp               | Entergy Corp               | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1005 | NS      | $108821.40    | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                | Exelon Corp                | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |       855 | NS      | $36072.45     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp           | FirstEnergy Corp           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      1546 | NS      | $63308.70     | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp      | Norfolk Southern Corp      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       243 | NS      | $59731.83     | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp            | OGE Energy Corp            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      1073 | NS      | $42190.36     | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                | ONE Gas Inc                | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |       372 | NS      | $30637.92     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                  | PG&E Corp                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      3125 | NS      | $49687.50     | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp | Pinnacle West Capital Corp | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       396 | NS      | $29521.80     | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The            | Southern Co/The            | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |        81 | NS      | $5482.08      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp       | Targa Resources Corp       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1075 | NS      | $80646.50     | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The       | Williams Cos Inc/The       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      1900 | NS      | $61256.00     | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-20

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Vice President, Treasurer