# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-004431
**Filing Date:** 2023-1
**Character Count:** 28938
**Document Hash:** 247913cc31f34e129ab9e0aaefc5670f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004431.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004431

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**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:** 23566090

**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

### Pzena International Small Cap Value Fund (Series ID: S000062254)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000201595 | Investor Class      | PZVIX           |
| C000201596 | Institutional Class | PZIIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena International Small Cap Value Fund** | | |
| **Schedule of Investments** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 95.17%** | | |
| **Austria - 2.41%** | | |
| ANDRITZ AG | 6715 | $363009 |
| **Canada - 5.72%** |  |  |
| Celestica, Inc. (a) | 23385 | 260944 |
| Linamar Corp. | 7014 | 344299 |
| Transcontinental, Inc. - Class A | 20433 | 257321 |
|  |  | 862564 |
| **France - 5.63%** |  |  |
| Rexel S.A. | 29700 | 539309 |
| Societe BIC S.A. | 4719 | 310842 |
|  |  | 850151 |
| **Germany - 8.07%** |  |  |
| Deutz AG | 100854 | 453170 |
| Duerr AG | 11510 | 386150 |
| SAF-Holland S.A. | 31900 | 311704 |
| Salzgitter AG | 2327 | 67123 |
|  |  | 1218147 |
| **Hong Kong - 5.33%** |  |  |
| Pacific Basin Shipping, Ltd. | 1046000 | 348178 |
| VTech Holdings, Ltd. | 40100 | 254380 |
| Yue Yuen Industrial (Holdings), Ltd. | 161000 | 200968 |
|  |  | 803526 |
| **Ireland - 5.18%** |  |  |
| Bank of Ireland Group PLC | 46988 | 381779 |
| Origin Enterprises PLC | 98406 | 399879 |
|  |  | 781658 |
| **Israel - 2.24%** |  |  |
| Ituran Location and Control, Ltd. | 14467 | 338094 |
| **Italy - 8.71%** |  |  |
| Anima Holding S.p.A. | 100361 | 379312 |
| BPER Banca | 182770 | 375057 |
| Danieli & C Officine Meccaniche S.p.A. | 30258 | 467891 |
| Maire Tecnimont S.p.A. | 29282 | 92388 |
|  |  | 1314648 |
| **Japan - 20.41%** |  |  |
| DIC Corp. | 13800 | 250437 |
| Foster Electric Co., Ltd. | 38734 | 269559 |
| Fukuoka Financial Group, Inc. | 21800 | 424823 |
| Hokkoku Financial Holdings, Inc. | 4500 | 145177 |
| Open House Co., Ltd. | 3400 | 142313 |
| Sankyu, Inc. | 8900 | 318709 |
| Teijin Ltd. | 26100 | 251001 |
| Toho Holdings Co., Ltd. | 21400 | 330089 |
| TS Tech Co., Ltd. | 25200 | 293261 |
| Tsubakimoto Chain Co. | 11100 | 252803 |
| Ube Industries, Ltd. | 8700 | 125942 |
| Zeon Corp. | 28600 | 274422 |
|  |  | 3078536 |
| **Netherlands - 4.03%** |  |  |
| Flow Traders | 3331 | 76812 |
| Koninklijke BAM Groep N.V. (a) | 93092 | 216024 |
| Technip Energies N.V. | 15377 | 241461 |
| Technip Energies N.V. - ADR | 4760 | 74399 |
|  |  | 608696 |
| **Norway - 2.89%** |  |  |
| Subsea 7 S.A. | 38871 | 436356 |
| **Republic of Korea - 4.55%** |  |  |
| DB Insurance Co., Ltd. | 7412 | 349005 |
| Hankook Tire & Technology Co., Ltd. | 13062 | 336739 |
|  |  | 685744 |
| **Spain - 4.61%** |  |  |
| Cia de Distribucion Integral Logista Holdings S.A. | 15712 | 369509 |
| Unicaja Banco S.A. | 316539 | 326098 |
|  |  | 695607 |
| **Taiwan - 0.86%** |  |  |
| Elite Material Co., Ltd. | 21000 | 129443 |
| **United Kingdom - 14.53%** |  |  |
| Balfour Beatty PLC | 86470 | 337459 |
| Inchcape PLC | 26335 | 263604 |
| John Wood Group PLC (a) | 185807 | 292248 |
| Sabre Insurance Group PLC | 333934 | 414550 |
| Senior PLC | 312885 | 463087 |
| TechnipFMC PLC (a) | 25553 | 316857 |
| Travis Perkins PLC | 9301 | 103648 |
|  |  | 2191453 |
| **Total Common Stocks** (Cost $15,650,786) |  | 14357632 |
| **SHORT-TERM INVESTMENT - 4.10%** |  |  |
| **Money Market Fund - 4.10%** |  |  |
| Fidelity Institutional Government Portfolio - Class I, 3.56% (b) | 617895 | 617895 |
| **Total Short-Term Investment** (Cost $617,895) |  | 617895 |
| **Total Investments** (Cost $16,268,681) - 99.27% |  | 14975527 |
| Other Assets in Excess of Liabilities - 0.73% |  | 110254 |
| **TOTAL NET ASSETS** - 100.00% |  | $15085781 |

---

Percentages are stated as a percent of net assets.<br>

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| AG | Aktiengesellschaft |
| N.V. | Naamloze Vennootschap |
| PLC | Public Limited Company |
| S.A. | Société Anonyme |
| S.p.A | Società per azioni |
| (a) | Non-income producing security. |
| (b) | The rate listed is the 7-day annualized yield as of November 30, 2022. |

---

------

---

| | | |
|:---|:---|:---|
| **Pzena International Small Cap Value Fund** | | |
| **Portfolio Diversification** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Fair Value** |<br><br> **% of**<br>**Net Assets** |
| **COMMON STOCKS** | | |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | $2162447 | 14.33% |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 399879 | 2.65% |
| &nbsp;&nbsp;&nbsp; Energy | 1361321 | 9.02% |
| &nbsp;&nbsp;&nbsp; Financials | 2872613 | 19.04% |
| &nbsp;&nbsp;&nbsp; Health Care | 330089 | 2.19% |
| &nbsp;&nbsp;&nbsp; Industrials | 5022176 | 33.29% |
| &nbsp;&nbsp;&nbsp; Information Technology | 982861 | 6.52% |
| &nbsp;&nbsp;&nbsp; Materials | 1226246 | 8.13% |
| **Total Common Stocks** | 14357632 | 95.17% |
| **Short-Term Investment** | 617895 | 4.10% |
| **Total Investments** | 14975527 | 99.27% |
| **Other Assets in Excess of Liabilities** | 110254 | 0.73% |
| **Total Net Assets** | $15085781 | 100.00% |

---

---

| |
|:---|
| Note: For presentation purposes, the Fund has grouped some of the |
| industry categories. For purposes of categorizing securities for |
| compliance with Section 8(b)(1) of the Investment Company Act of |
| 1940, as amended, the Fund uses more specific industry classifications. |
| 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 Pzena Investment |
| Management, LLC. |

---

------

---

| |
|:---|
| **Pzena International Small Cap Value 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: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pzena International Small Cap Value Fund** | **Pzena International Small Cap Value Fund** | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp; Austria | $363009 | $- | $- | $363009 |
| &nbsp;&nbsp;&nbsp; Canada | 862564 | - | - | 862564 |
| &nbsp;&nbsp;&nbsp; France | 850151 | - | - | 850151 |
| &nbsp;&nbsp;&nbsp; Germany | 1218147 | - | - | 1218147 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 803526 | - | - | 803526 |
| &nbsp;&nbsp;&nbsp; Ireland | 781658 | - | - | 781658 |
| &nbsp;&nbsp;&nbsp; Israel | 338094 | - | - | 338094 |
| &nbsp;&nbsp;&nbsp; Italy | 1314648 | - | - | 1314648 |
| &nbsp;&nbsp;&nbsp; Japan | 3078536 | - | - | 3078536 |
| &nbsp;&nbsp;&nbsp; Netherlands | 608696 | - | - | 608696 |
| &nbsp;&nbsp;&nbsp; Norway | 436356 | - | - | 436356 |
| &nbsp;&nbsp;&nbsp; Republic of Korea | 685744 | - | - | 685744 |
| &nbsp;&nbsp;&nbsp; Spain | 695607 | - | - | 695607 |
| &nbsp;&nbsp;&nbsp; Taiwan | 129443 | - | - | 129443 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 2191453 | - | - | 2191453 |
| **Total Common Stocks** | 14357632 | - | - | 14357632 |
| **Short-Term Investment** | 617895 | - | - | 617895 |
| **Total Investments** | $14975527 | $- | $- | $14975527 |

---

Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by security.

## 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:** Pzena International Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000062254

- **c. LEI of Series:** 549300BXMZAGJHSNR496

**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:** $15157220.92

**Total Liabilities:** $82313.73

**Net Assets:** $15074907.19

**Cash Not Reported:** $191.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201595 | -8.00%               | 6.12%                | 12.69%               |
| Class ID C000201596 | -7.98%               | 6.23%                | 12.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11472.83               | $-1109436.69                               |
| Month 2  | $-123093.59              | $901863.06                                 |
| Month 3  | $-78359.51               | $1775760.52                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Balfour Beatty PLC             | Balfour Beatty PLC                               | CUSIP: N/A<br>LEI: CT4UIJ3TUKGYYHMENQ17       | Long             | EC               | CORP              | GB        |     86470 | NS      | $337459.15    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Senior PLC                     | Senior PLC                                       | CUSIP: N/A<br>LEI: 5493002HQHWN5JQHKQ51       | Long             | EC               | CORP              | GB        |    312885 | NS      | $463086.39    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                  | Celestica Inc                                    | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     23385 | NS      | $260944.02    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcontinental Inc           | Transcontinental Inc                             | CUSIP: 893578104<br>LEI: 549300C86G4JLR01YF53 | Long             | EC               | CORP              | CA        |     20433 | NS      | $257320.76    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Linamar Corp                   | Linamar Corp                                     | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |      7014 | NS      | $344299.46    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                    | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    617895 | NS      | $617894.64    | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER Banca                     | BPER Banca                                       | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |    182770 | NS      | $375057.17    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Danieli & C Officine Meccanich | Danieli & C Officine Meccaniche SpA              | CUSIP: N/A<br>LEI: 815600B4B8C6A353E566       | Long             | EC               | CORP              | IT        |     30258 | NS      | $467890.99    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutz AG                       | Deutz AG                                         | CUSIP: N/A<br>LEI: 5299005DETTV58V2PP63       | Long             | EC               | CORP              | DE        |    100854 | NS      | $453170.28    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Duerr AG                       | Duerr AG                                         | CUSIP: N/A<br>LEI: 5299003APZ54EDTSRO20       | Long             | EC               | CORP              | DE        |     11510 | NS      | $386149.97    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                    | Subsea 7 SA                                      | CUSIP: N/A<br>LEI: 222100AIF0CBCY80AH62       | Long             | EC               | CORP              | GB        |     38871 | NS      | $436355.88    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe BIC SA                 | Societe BIC SA                                   | CUSIP: N/A<br>LEI: 969500UR00DF63I0VH67       | Long             | EC               | CORP              | FR        |      4719 | NS      | $310841.74    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Salzgitter AG                  | Salzgitter AG                                    | CUSIP: N/A<br>LEI: 529900E12Z6HXIMHFA15       | Long             | EC               | CORP              | DE        |      2327 | NS      | $67123.60     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                              | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |      7412 | NS      | $349004.97    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DIC Corp                       | DIC Corp                                         | CUSIP: N/A<br>LEI: 549300F1YB9ARLPUKB67       | Long             | EC               | CORP              | JP        |     13800 | NS      | $250436.67    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                 | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |    161000 | NS      | $200967.87    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeon Corp                      | Zeon Corp                                        | CUSIP: N/A<br>LEI: 529900UEFURDYZ4F4U10       | Long             | EC               | CORP              | JP        |     28600 | NS      | $274422.48    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sankyu Inc                     | Sankyu Inc                                       | CUSIP: N/A<br>LEI: 529900QWTXZZEM1T5G75       | Long             | EC               | CORP              | JP        |      8900 | NS      | $318708.81    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Teijin Ltd                     | Teijin Ltd                                       | CUSIP: N/A<br>LEI: 3538000RF6UCIMPKCO54       | Long             | EC               | CORP              | JP        |     26100 | NS      | $251001.52    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Toho Holdings Co Ltd           | Toho Holdings Co Ltd                             | CUSIP: N/A<br>LEI: 353800Z8BQ3ZHELA4J90       | Long             | EC               | CORP              | JP        |     21400 | NS      | $330089.07    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsubakimoto Chain Co           | Tsubakimoto Chain Co                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     11100 | NS      | $252802.52    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| UBE Corp                       | UBE Corp                                         | CUSIP: N/A<br>LEI: 529900XMRZ2VNF3ZPS69       | Long             | EC               | CORP              | JP        |      8700 | NS      | $125941.78    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| VTech Holdings Ltd             | VTech Holdings Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     40100 | NS      | $254380.71    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies NV            | Technip Energies NV                              | CUSIP: 87854Y109<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | FR        |      4760 | NS      | $74398.80     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                       | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |   1046000 | NS      | $348177.88    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke BAM Groep NV       | Koninklijke BAM Groep NV                         | CUSIP: N/A<br>LEI: 724500V38C5KTDY5BS93       | Long             | EC               | CORP              | NL        |     93092 | NS      | $216024.43    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SCOR SE                        | SCOR SE                                          | CUSIP: N/A<br>LEI: 96950056ULJ4JI7V3752       | Long             | EC               | CORP              | FR        |      5151 | NS      | $97795.99     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TS Tech Co Ltd                 | TS Tech Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     25200 | NS      | $293260.92    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc    | Fukuoka Financial Group Inc                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     21800 | NS      | $424822.94    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                       | Rexel SA                                         | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     29700 | NS      | $539308.83    | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ANDRITZ AG                     | ANDRITZ AG                                       | CUSIP: A11123105<br>LEI: 549300VZKC61IR5U8G96 | Long             | EC               | CORP              | AT        |      6715 | NS      | $363008.86    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Enterprises PLC         | Origin Enterprises PLC                           | CUSIP: N/A<br>LEI: 213800AIB4U7N5BLS350       | Long             | EC               | CORP              | IE        |     98406 | NS      | $399878.70    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wood Group PLC            | John Wood Group PLC                              | CUSIP: N/A<br>LEI: 549300PLYY6I10B6S323       | Long             | EC               | CORP              | GB        |    185807 | NS      | $292247.96    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Inchcape PLC                   | Inchcape PLC                                     | CUSIP: N/A<br>LEI: 213800RGEH1MPPNM2T57       | Long             | EC               | CORP              | GB        |     26335 | NS      | $263603.92    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankook Tire & Technology Co L | Hankook Tire & Technology Co Ltd                 | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |     13062 | NS      | $336738.83    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Maire Tecnimont SpA            | Maire Tecnimont SpA                              | CUSIP: N/A<br>LEI: 815600D85A61200A1B83       | Long             | EC               | CORP              | IT        |     29282 | NS      | $92388.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC      | Bank of Ireland Group PLC                        | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |     46988 | NS      | $381779.33    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Open House Group Co Ltd        | Open House Group Co Ltd                          | CUSIP: N/A<br>LEI: 529900WQOGPBIJEHW865       | Long             | EC               | CORP              | JP        |      3400 | NS      | $142312.98    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicaja Banco SA               | Unicaja Banco SA                                 | CUSIP: N/A<br>LEI: 5493007SJLLCTM6J6M37       | Long             | EC               | CORP              | ES        |    316539 | NS      | $326097.95    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC             | Travis Perkins PLC                               | CUSIP: N/A<br>LEI: 2138001I27OUBAF22K83       | Long             | EC               | CORP              | GB        |      9301 | NS      | $103648.36    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SAF-Holland SE                 | SAF-Holland SE                                   | CUSIP: N/A<br>LEI: 222100QJQLUJHWREL058       | Long             | EC               | CORP              | DE        |     31900 | NS      | $311703.68    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hokkoku Financial Holdings Inc | Hokkoku Financial Holdings Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4500 | NS      | $145177.06    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Anima Holding SpA              | Anima Holding SpA                                | CUSIP: N/A<br>LEI: 549300T1EREIRH8ICX03       | Long             | EC               | CORP              | IT        |    100361 | NS      | $379311.90    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Technip Energies NV            | Technip Energies NV                              | CUSIP: N8486R101<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | FR        |     15377 | NS      | $241460.73    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Distribucion Integral L | Cia de Distribucion Integral Logista Holdings SA | CUSIP: N/A<br>LEI: 9598000ANNAL42UJ7X28       | Long             | EC               | CORP              | ES        |     15712 | NS      | $369509.46    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Flow Traders                   | Flow Traders                                     | CUSIP: N/A<br>LEI: 549300Z7LIC6NFIJL947       | Long             | EC               | CORP              | NL        |      3331 | NS      | $76812.17     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Insurance Group PLC      | Sabre Insurance Group PLC                        | CUSIP: N/A<br>LEI: 2138006RXRQ8P8VKGV98       | Long             | EC               | CORP              | GB        |    333934 | NS      | $414549.86    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                                   | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |     25553 | NS      | $316857.20    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ituran Location and Control Lt | Ituran Location and Control Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |     14467 | NS      | $338093.79    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd          | Elite Material Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     21000 | NS      | $129442.98    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Foster Electric Co Ltd         | Foster Electric Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     38734 | NS      | $269558.79    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-29

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer