# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-003299
**Filing Date:** 2023-1
**Character Count:** 23293
**Document Hash:** b8ed08471b8dccc308b31a10223eadec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003299.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001145549-23-003299

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230228

**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:** 23557481

**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

### American Trust Allegiance Fund (Series ID: S000000021)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000034 | Investor Class | ATAFX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **American Trust Allegiance Fund** | **American Trust Allegiance Fund** | **American Trust Allegiance Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **at November 30, 2022 (Unaudited)** | **at November 30, 2022 (Unaudited)** | |
| **Shares** | **COMMON STOCKS: 94.02%** | **Value** |
| | **Administrative Support and Services: 2.68%** | |
| 9075 | PayPal Holdings, Inc.\* | $711571 |
|  | **Air Transportation: 1.79%** |  |
| 10000 | Alaska Air Group, Inc.\* | 474400 |
|  | **Apparel Manufacturing: 1.93%** |  |
| 15570 | VF Corp. | 511007 |
|  | **Chemical Manufacturing: 2.48%** |  |
| 26940 | Cameco Corp.# | 656797 |
|  | **Computer and Electronic Product Manufacturing: 13.84%** |  |
| 4580 | Analog Devices, Inc. | 787348 |
| 3740 | Apple, Inc. | 553632 |
| 5500 | International Business Machines Corp. | 818950 |
| 1150 | Northrop Grumman Corp. | 613283 |
| 2755 | NXP Semiconductors N.V.# | 484439 |
| 4970 | Sony Corp. - ADR | 412858 |
|  |  | 3670510 |
|  | **Construction of Buildings: 2.70%** |  |
| 8160 | Lennar Corp. - Class A | 716693 |
|  | **Crude Petroleum Extraction: 4.13%** |  |
| 8865 | ConocoPhillips | 1094916 |
|  | **Engineering and Construction: 0.05%** |  |
| 27010 | Sitios Latinoamérica \*# | 12039 |
|  | **Fabricated Metal Product Manufacturing: 2.76%** |  |
| 12000 | BWX Technologies, Inc. | 730680 |
|  | **Food Manufacturing: 5.38%** |  |
| 9170 | Archer-Daniels-Midland Co. | 894075 |
| 7885 | Mondelez International, Inc. - Class A | 533105 |
|  |  | 1427180 |
|  | **Food Services and Drinking Places: 2.49%** |  |
| 88177 | Arcos Dorados Holdings, Inc. - Class A# | 660446 |
|  | **General Merchandise Stores: 4.99%** |  |
| 7180 | BJ's Wholesale Club Holdings, Inc.\* | 540223 |
| 4690 | Target Corp. | 783558 |
|  |  | 1323781 |
|  | **Heavy and Civil Engineering Construction: 6.07%** |  |
| 47840 | Fluor Corp.\* | 1607902 |
|  | **Insurance Carriers and Related Activities: 8.17%** |  |
| 5060 | Berkshire Hathaway, Inc. - Class B\* | 1612116 |
| 17480 | Equitable Holdings, Inc. | 554815 |
|  |  | 2166931 |
|  | **Machinery Manufacturing: 0.84%** |  |
| 470 | Lam Research Corp. | 222019 |
|  | **Miscellaneous Manufacturing: 3.87%** |  |
| 5185 | Hasbro, Inc. | 325722 |
| 65325 | Nintendo Co., Ltd. - ADR | 700937 |
|  |  | 1026659 |
|  | **Oil and Gas Extraction: 4.35%** |  |
| 6580 | Cheniere Energy, Inc. | 1153869 |
|  | **Other Information Services: 2.60%** |  |
| 5840 | Meta Platforms, Inc. - Class A\* | 689704 |
|  | **Paper Manufacturing: 2.31%** |  |
| 60130 | Suzano SA - ADR | 611522 |
|  | **Professional, Scientific, and Technical Services: 1.01%** |  |
| 2125 | Jacobs Solutions, Inc. | 268898 |
|  | **Publishing Industries (except Internet): 2.06%** |  |
| 2130 | Microsoft Corp. | 543448 |
|  | **Real Estate: 1.04%** |  |
| 3466 | CBRE Group, Inc. - Class A\* | 275894 |
|  | **Rental and Leasing Services : 3.11%** |  |
| 2700 | Netflix, Inc.\* | 824931 |
|  | **Securities, Commodity Contracts, and Other Finance: 4.94%** |  |
| 2255 | Goldman Sachs Group, Inc. | 870768 |
| 8530 | KKR & Co., Inc. | 442878 |
|  |  | 1313646 |
|  | **Telecommunications: 1.98%** |  |
| 27010 | America Movil SAB de CV - Class L - ADR | 525615 |
|  | **Transportation Equipment Manufacturing: 1.60%** |  |
| 4800 | Autoliv, Inc. | 424320 |
|  | **Utilities: 4.85%** |  |
| 13376 | Constellation Energy Corp. | 1285701 |
|  | TOTAL COMMON STOCKS (Cost $16,109,684) | 24931079 |
|  | **REIT: 2.52%** |  |
|  | **Warehousing and Storage: 2.52%** |  |
| 12285 | Iron Mountain, Inc. | 667444 |
|  | TOTAL REIT (Cost $394,928) | 667444 |
|  | **Money Market Fund: 3.48%** |  |
| 923483 | Fidelity Investments Money Market Government Portfolio - Class I, 3.56%† | 923483 |
|  | TOTAL MONEY MARKET FUND (Cost $923,483) | 923483 |
|  | Total Investments in Securities (Cost $17,428,095): 100.02% | **26522006** |
|  | Liabilities in Excess of Other Assets: (0.02)% | **(4461)** |
|  | Net Assets: 100.00% | $**26517545** |

---

---

| |
|:---|
| \* Non-income producing security. |
| # U.S. traded security of a foreign issuer. |
| † Rate shown is the 7-day annualized yield as of November 30, 2022. |
| ADR - American Depository Receipt |
| REIT - Real Estate Investment Trust |

---

------

---

| |
|:---|
| **American Trust Allegiance Fund** |
| **Summary of Fair Value Disclosure at November 30, 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 November 30, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Administrative Support and Waste Management | $711571 | $- | $- | $711571 |
| Construction | 2336634 | - | - | 2336634 |
| Finance and Insurance | 3037699 | - | - | 3037699 |
| Information | 1233152 | - | - | 1233152 |
| Management of Companies and Enterprises | 525615 | - | - | 525615 |
| Manufacturing | 8623897 | - | - | 8623897 |
| Mining | 1751713 | - | - | 1751713 |
| Professional, Scientific, and Technical Services | 268898 | - | - | 268898 |
| Real Estate, Rental, and Leasing | 1100825 | - | - | 1100825 |
| Retail Trade | 2427105 | - | - | 2427105 |
| Transportation and Warehousing | 474400 | - | - | 474400 |
| Utilities | 2439570 | - | - | 2439570 |
| **Total Common Stocks** | 24931079 | - | - | 24931079 |
| **REIT** | 667444 | - | - | 667444 |
| **Money Market Fund** | 923483 | - | - | 923483 |
| **Total Investments in Securities** | $26522006 | $- | $- | $26522006 |
| Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification. | Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification. | 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:** American Trust Allegiance Fund

- **b. EDGAR series identifier (if any):** S000000021

- **c. LEI of Series:** 254900R3WRL243ZDLY37

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**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:** $26598174.88

**Total Liabilities:** $81300.04

**Net Assets:** $26516874.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000034 | -7.32%               | 9.19%                | 5.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1875678.27                               |
| Month 2  | $-584597.84              | $2733908.41                                |
| Month 3  | $0.00                    | $1416210.06                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Target Corp                    | Target Corp                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      4690 | NS      | $783558.30    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                        | VF Corp                              | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |     15570 | NS      | $511007.40    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica SAB de CV | Sitios Latinoamerica SAB de CV       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     27010 | NS      | $12039.29     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc     | Arcos Dorados Holdings Inc           | CUSIP: N/A<br>LEI: 54930023P2MIZN13DQ85       | Long             | EC               | CORP              | UY        |     88177 | NS      | $660445.73    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |      2755 | NS      | $484439.20    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group Inc                 | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     10000 | NS      | $474400.00    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV              | CUSIP: 02364W105<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     27010 | NS      | $525614.60    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                   | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      4580 | NS      | $787347.80    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3740 | NS      | $553632.20    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      9170 | NS      | $894075.00    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                    | Autoliv Inc                          | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      4800 | NS      | $424320.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc     | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      7180 | NS      | $540223.20    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                 | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     12000 | NS      | $730680.00    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      5060 | NS      | $1612116.00   | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                       | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      3466 | NS      | $275893.60    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                          | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     26940 | NS      | $656797.20    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      6580 | NS      | $1153868.80   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      8865 | NS      | $1094916.15   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp            | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     13376 | NS      | $1285701.12   | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc               | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     17480 | NS      | $554815.20    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5840 | NS      | $689704.00    | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio        | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    934098 | NS      | $934097.62    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                     | Fluor Corp                           | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |     47840 | NS      | $1607902.40   | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      2255 | NS      | $870768.25    | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                     | Hasbro Inc                           | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      5185 | NS      | $325721.70    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5500 | NS      | $818950.00    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                    | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     12285 | NS      | $667444.05    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc           | Jacobs Solutions Inc                 | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2125 | NS      | $268897.50    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                         | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      8530 | NS      | $442877.60    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                    | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       470 | NS      | $222018.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                          | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      8160 | NS      | $716692.80    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2130 | NS      | $543448.20    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      7885 | NS      | $533104.85    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2700 | NS      | $824931.00    | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                      | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     65325 | NS      | $700937.25    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1150 | NS      | $613283.50    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                  | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      9075 | NS      | $711570.75    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                      | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      4970 | NS      | $412857.90    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzano SA                      | Suzano SA                            | CUSIP: 86959K105<br>LEI: 391200AW174YQSDMGG41 | Long             | EC               | CORP              | BR        |     60130 | NS      | $611522.10    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-23

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer