# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-251148
**Filing Date:** 2025-10
**Character Count:** 18808
**Document Hash:** 2fd134d1a26c25a0058fa7ae608f4cd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-251148.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-251148

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251418884

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

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

## Series and Classes Contracts Data

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

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

## 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:** 2026-02-28

- **b. Date as of which information is reported:** 2025-08-31

**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:** $196033890.80

**Total Liabilities:** $225843.75

**Net Assets:** $195808047.05

**Cash Not Reported:** $523871.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201595 | 4.30%                | 1.43%                | 3.83%                |
| Class ID C000201596 | 4.29%                | 1.50%                | 3.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $214287.82               | $6433197.28                                |
| Month 2  | $998246.83               | $1177196.28                                |
| Month 3  | $1776098.72              | $5452199.40                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Linamar Corp                   | Linamar Corp                               | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |     76941 | NS      | $4200703.52   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Beneteau SACA                  | Beneteau SACA                              | CUSIP: N/A<br>LEI: 969500FHXW3AEY6Z0B25       | Long             | EC               | CORP              | FR        |    483483 | NS      | $4723005.08   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrexpo PLC                   | Ferrexpo PLC                               | CUSIP: N/A<br>LEI: 213800CEDKSNUTPAQZ41       | Long             | EC               | CORP              | CH        |   1086712 | NS      | $810781.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sawai Group Holdings Co Ltd    | Sawai Group Holdings Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    357989 | NS      | $4565148.42   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Permanent TSB Group Holdings P | Permanent TSB Group Holdings PLC           | CUSIP: N/A<br>LEI: 635400DTNHVYGZODKQ93       | Long             | EC               | CORP              | IE        |   2013907 | NS      | $5489667.76   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibstock PLC                    | Ibstock PLC                                | CUSIP: N/A<br>LEI: 2138003QHTNX34CN9V93       | Long             | EC               | CORP              | GB        |   2360076 | NS      | $4408435.42   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Spin Master Corp               | Spin Master Corp                           | CUSIP: 848510103<br>LEI: 254900ACUT127TXKWO71 | Long             | EC               | CORP              | CA        |    250967 | NS      | $4131768.21   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4147944 | NS      | $4147943.57   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| C&C Group PLC                  | C&C Group PLC                              | CUSIP: N/A<br>LEI: 635400LNUHA2LDXXV850       | Long             | EC               | CORP              | IE        |   2462875 | NS      | $5705630.46   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                 | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |   5286426 | NS      | $1478341.18   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc    | Fukuoka Financial Group Inc                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    163037 | NS      | $4952517.22   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wizz Air Holdings Plc          | Wizz Air Holdings Plc                      | CUSIP: N/A<br>LEI: 213800COXGZCORLJZA85       | Long             | EC               | CORP              | HU        |    149099 | NS      | $2736685.89   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Insurance Group PLC      | Sabre Insurance Group PLC                  | CUSIP: N/A<br>LEI: 2138006RXRQ8P8VKGV98       | Long             | EC               | CORP              | GB        |   2832091 | NS      | $5496827.34   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Signify NV                     | Signify NV                                 | CUSIP: N/A<br>LEI: 549300072P3J1X8NZO35       | Long             | EC               | CORP              | NL        |    246199 | NS      | $6497946.16   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WONIK IPS Co Ltd               | WONIK IPS Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    231952 | NS      | $6782124.65   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Senior PLC                     | Senior PLC                                 | CUSIP: N/A<br>LEI: 5493002HQHWN5JQHKQ51       | Long             | EC               | CORP              | GB        |   1817374 | NS      | $4925032.94   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcontinental Inc           | Transcontinental Inc                       | CUSIP: 893578104<br>LEI: 549300C86G4JLR01YF53 | Long             | EC               | CORP              | CA        |    228411 | NS      | $3386207.42   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SThree PLC                     | SThree PLC                                 | CUSIP: N/A<br>LEI: 2138003NEBX5VRP3EX50       | Long             | EC               | CORP              | GB        |   1157901 | NS      | $3051802.98   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Perenti Ltd                    | Perenti Ltd                                | CUSIP: N/A<br>LEI: 25490044GUNE4S2E6K11       | Long             | EC               | CORP              | AU        |   2918493 | NS      | $4507620.08   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Fletcher Building Ltd          | Fletcher Building Ltd                      | CUSIP: N/A<br>LEI: 549300UPHQTT2LG75045       | Long             | EC               | CORP              | NZ        |   2510299 | NS      | $4731453.61   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ariston Holding NV             | Ariston Holding NV                         | CUSIP: N/A<br>LEI: 815600CC86D25A205563       | Long             | EC               | CORP              | IT        |    687803 | NS      | $3592021.94   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hornbach Holding AG & Co KGaA  | Hornbach Holding AG & Co KGaA              | CUSIP: N/A<br>LEI: 529900EGQZ79V21LBL44       | Long             | EC               | CORP              | DE        |     39941 | NS      | $4859627.74   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VTech Holdings Ltd             | VTech Holdings Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    614416 | NS      | $4953632.94   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC             | Travis Perkins PLC                         | CUSIP: N/A<br>LEI: 2138001I27OUBAF22K83       | Long             | EC               | CORP              | GB        |    360158 | NS      | $2898846.93   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Umicore SA                     | Umicore SA                                 | CUSIP: N/A<br>LEI: 529900F3AIQECS8ZSV61       | Long             | EC               | CORP              | BE        |    268478 | NS      | $4190011.96   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                       | Hays PLC                                   | CUSIP: N/A<br>LEI: 213800QC8AWD4BO8TH08       | Long             | EC               | CORP              | GB        |   3596767 | NS      | $3033523.38   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Solar A/S                      | Solar A/S                                  | CUSIP: N/A<br>LEI: 21380031XTLI9X5MTY92       | Long             | EC               | CORP              | DK        |    107607 | NS      | $3659585.78   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Barry Callebaut AG             | Barry Callebaut AG                         | CUSIP: N/A<br>LEI: 213800Y5RWKLDPUTT265       | Long             | EC               | CORP              | CH        |       468 | NS      | $631681.56    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurubis AG                     | Aurubis AG                                 | CUSIP: N/A<br>LEI: 5299005SHIN9ZK7GW242       | Long             | EC               | CORP              | DE        |     45754 | NS      | $5192201.41   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Elders Ltd                     | Elders Ltd                                 | CUSIP: N/A<br>LEI: 254900Y0SQG962QL6549       | Long             | EC               | CORP              | AU        |   1252719 | NS      | $6099626.54   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanto Denka Kogyo Co Ltd       | Kanto Denka Kogyo Co Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    781545 | NS      | $4541794.63   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd           | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   2388076 | NS      | $4212179.46   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokai Carbon Co Ltd            | Tokai Carbon Co Ltd                        | CUSIP: N/A<br>LEI: 5299002HKWA5B57KLT43       | Long             | EC               | CORP              | JP        |    589049 | NS      | $4080513.64   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexity SA                      | Nexity SA                                  | CUSIP: N/A<br>LEI: 969500JJ71T2DIPDVV84       | Long             | EC               | CORP              | FR        |    403373 | NS      | $4072568.05   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MARR SpA                       | MARR SpA                                   | CUSIP: N/A<br>LEI: 815600576D5536AC7B34       | Long             | EC               | CORP              | IT        |    429611 | NS      | $4860182.70   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Enterprises PLC         | Origin Enterprises PLC                     | CUSIP: N/A<br>LEI: 213800AIB4U7N5BLS350       | Long             | EC               | CORP              | IE        |   1684366 | NS      | $7488085.45   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC      | Bank of Ireland Group PLC                  | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |     39508 | NS      | $584228.65    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group PLC               | Pennon Group PLC                           | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    707121 | NS      | $4526430.75   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    252474 | NS      | $4825963.50   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                       | Rexel SA                                   | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     22086 | NS      | $715210.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsonite Group SA             | Samsonite Group SA                         | CUSIP: N/A<br>LEI: 549300UULS5HYFJSEL12       | Long             | EC               | CORP              | US        |   2281800 | NS      | $4970170.48   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicaja Banco SA               | Unicaja Banco SA                           | CUSIP: N/A<br>LEI: 5493007SJLLCTM6J6M37       | Long             | EC               | CORP              | ES        |   2008289 | NS      | $5568334.09   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Duerr AG                       | Duerr AG                                   | CUSIP: N/A<br>LEI: 5299003APZ54EDTSRO20       | Long             | EC               | CORP              | DE        |    148425 | NS      | $3681235.89   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Boshoku Corp            | Toyota Boshoku Corp                        | CUSIP: N/A<br>LEI: 529900KS87U6EY7PWG26       | Long             | EC               | CORP              | JP        |    279530 | NS      | $4608901.98   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokian Renkaat Oyj             | Nokian Renkaat Oyj                         | CUSIP: N/A<br>LEI: 743700YQIO8Y4L4WKR40       | Long             | EC               | CORP              | FI        |    599078 | NS      | $5634951.06   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                      | Arkema SA                                  | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     63606 | NS      | $4509427.80   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President