# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-004430
**Filing Date:** 2023-1
**Character Count:** 35024
**Document Hash:** 902f8e6188f185f9bf49b5094117447d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004430.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004430

**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:** 23566089

**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 Emerging Markets Value Fund (Series ID: S000044708)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138963 | Investor Class      | PZVEX           |
| C000138964 | Institutional Class | PZIEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena Emerging Markets Value Fund** | | |
| **Schedule of Investments** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 82.44%** | | |
| **Brazil - 4.24%** | | |
| Ambev S.A. (a) | 9108200 | $27889678 |
| Neoenergia S.A. | 3600950 | 10942985 |
|  |  | 38832663 |
| **China - 17.52%** |  |  |
| Alibaba Group Holding, Ltd. (a) | 2496700 | 25539317 |
| Baidu, Inc. - ADR (a) | 83918 | 9113495 |
| Baidu, Inc. - Class A (a) | 818650 | 10648492 |
| Brilliance China Automotive Holdings, Ltd. (a) | 10008000 | 5701688 |
| China Construction Bank Corp. - H shares | 12815000 | 7727441 |
| China Overseas Land & Investment, Ltd. | 10163118 | 27453996 |
| CIMC Enric Holdings, Ltd. | 6270000 | 6718760 |
| Dongfeng Motor Group Co., Ltd. - H Shares | 7648000 | 4278834 |
| GF Securities Co Ltd. - H Shares | 9378200 | 13591333 |
| Grand Baoxin Auto Group, Ltd. (a) | 10102000 | 556125 |
| Lenovo Group, Ltd. | 18562000 | 15636761 |
| Midea Group Co., Ltd. – Class A | 929500 | 6229242 |
| Trip.com Group, Ltd. - ADR (a) | 850424 | 27171047 |
|  |  | 160366531 |
| **Czech Republic - 0.71%** |  |  |
| CEZ | 189244 | 6503175 |
| **Hong Kong - 6.85%** |  |  |
| Galaxy Entertainment Group, Ltd. | 3904000 | 23341181 |
| Pacific Basin Shipping, Ltd. | 65724000 | 21877288 |
| VTech Holdings, Ltd. | 1218400 | 7729114 |
| Yue Yuen Industrial (Holdings), Ltd. | 7769500 | 9698260 |
|  |  | 62645843 |
| **Hungary - 1.90%** |  |  |
| OTP Bank PLC | 634407 | 17343015 |
| **India - 4.34%** |  |  |
| Aurobindo Pharma, Ltd. | 1500562 | 8611493 |
| ICICI Bank, Ltd. | 270321 | 3163074 |
| Shriram Transport Finance Co., Ltd. | 1013663 | 16803881 |
| State Bank of India | 1102858 | 8158735 |
| State Bank of India - GDR | 40600 | 2988160 |
|  |  | 39725343 |
| **Indonesia - 1.72%** |  |  |
| PT Bank Mandiri (Persero) Tbk | 23592700 | 15784456 |
| **Peru - 1.23%** |  |  |
| Credicorp, Ltd. | 73439 | 11276558 |
| **Republic of Korea - 13.88%** |  |  |
| DB Insurance Co., Ltd. | 452790 | 21320286 |
| Hankook Tire & Technology Co., Ltd. | 1041962 | 26861817 |
| KB Financial Group, Inc. | 207860 | 8274368 |
| Korea Shipbuilding & Offshore Engineering Co., Ltd. (a) | 75226 | 4466161 |
| POSCO | 105127 | 23873478 |
| Samsung Electronics Co., Ltd. | 646952 | 30511745 |
| Shinhan Financial Group Co., Ltd. | 403620 | 11660099 |
|  |  | 126967954 |
| **Romania - 0.88%** |  |  |
| Banca Transilvania S.A. | 1887742 | 8008445 |
| **Russian Federation - 0.00%** |  |  |
| Sberbank of Russia PJSC - ADR (a)(b) | 408511 | 4085 |
| **Singapore - 1.89%** |  |  |
| Wilmar International, Ltd. | 5726200 | 17253294 |
| **South Africa - 2.35%** |  |  |
| Reunert, Ltd. | 826836 | 2303879 |
| Sasol | 1109282 | 19209174 |
|  |  | 21513053 |
| **Taiwan - 12.82%** |  |  |
| Catcher Technology Co., Ltd. | 864000 | 5115983 |
| Compal Electronics, Inc. | 26770000 | 18752989 |
| Elite Material Co., Ltd. | 2269000 | 13986006 |
| Hon Hai Precision Industry Co., Ltd. | 8085132 | 26291623 |
| Lite-On Technology Corp. | 7151000 | 15178709 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1349000 | 21388102 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 97200 | 8065656 |
| United Integrated Services Co., Ltd. | 1476000 | 8548770 |
|  |  | 117327838 |
| **Thailand - 2.80%** |  |  |
| Bangkok Bank Public Co., Ltd. | 2210000 | 9149581 |
| Bangkok Bank Public Co., Ltd. - NVDR | 656900 | 2682365 |
| Siam Commercial Bank PLC - NVDR (a) | 4626600 | 13775500 |
|  |  | 25607446 |
| **Turkey - 1.51%** |  |  |
| Akbank T.A.S. | 12091985 | 11230403 |
| Tofas Turk Otomobil Fabrikasi A.S. | 332827 | 2564329 |
|  |  | 13794732 |
| **United Arab Emirates - 1.66%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 5708777 | 15215738 |
| **United Kingdom - 2.10%** |  |  |
| Antofagasta PLC | 163366 | 2773304 |
| Standard Chartered PLC | 2205660 | 16412854 |
|  |  | 19186158 |
| **United States - 4.04%** |  |  |
| Cognizant Technology Solutions Corp. - Class A | 330791 | 20578508 |
| Flex, Ltd. (a) | 747594 | 16432116 |
|  |  | 37010624 |
| **Total Common Stocks** (Cost $752,969,170) |  | 754366951 |
| **PREFERRED STOCKS - 3.76%** |  |  |
| **Brazil - 3.76%** |  |  |
| Cia Energetica de Minas Gerais, 12.09% | 8419911 | 18594270 |
| Itau Unibanco Holding S.A., 2.07% | 3158043 | 15780022 |
| **Total Preferred Stocks** (Cost $30,229,661) |  | 34374292 |
| **SHORT-TERM INVESTMENT - 1.32%** |  |  |
| **Money Market Fund - 1.32%** |  |  |
| Fidelity Institutional Government Portfolio - Class I, 3.56% (c) | 12109915 | 12109915 |
| **Total Short-Term Investment** (Cost $12,109,915) |  | 12109915 |
| **Total Investments** (Cost $795,308,746) - 87.52% |  | 800851158 |
| Other Assets in Excess of Liabilities - 12.48% |  | 114230942 |
| **TOTAL NET ASSETS** - 100.00% |  | $915082100 |

---

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

---

| | |
|:---|:---|
| A.S. | Anonim Şirketi |
| ADR | American Depository Receipt |
| GDR | Global Depository Receipt |
| NVDR | Non-voting Depository Receipt |
| PJSC | Private Joint Stock Company |
| PLC | Public Limited Company |
| S.A. | Société Anonyme |
| (a) | Non-income producing security. |
| (b) | Value determined using significant unobservable inputs. |
| (c) | The rate listed is the 7-day annualized yield as of November 30, 2022. |

---

------

---

| | | |
|:---|:---|:---|
| **Pzena Emerging Markets Value Fund** | | |
| **Portfolio Diversification** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Fair Value** |<br><br> **% of**<br>**Net Assets** |
| **COMMON STOCKS** | | |
| &nbsp;&nbsp;&nbsp; Communication Services | $19761987 | 2.16% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 131941840 | 14.42% |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 45142972 | 4.93% |
| &nbsp;&nbsp;&nbsp; Financials | 214570377 | 23.45% |
| &nbsp;&nbsp;&nbsp; Health Care | 8611493 | 0.94% |
| &nbsp;&nbsp;&nbsp; Industrials | 43914858 | 4.80% |
| &nbsp;&nbsp;&nbsp; Information Technology | 199667312 | 21.82% |
| &nbsp;&nbsp;&nbsp; Materials | 45855956 | 5.01% |
| &nbsp;&nbsp;&nbsp; Real Estate | 27453996 | 3.00% |
| &nbsp;&nbsp;&nbsp; Utilities | 17446160 | 1.91% |
| **Total Common Stocks** | 754366951 | 82.44% |
| **PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; Financials | 15780022 | 1.73% |
| &nbsp;&nbsp;&nbsp; Utilities | 18594270 | 2.03% |
| **Total Preferred Stocks** | 34374292 | 3.76% |
| **Short-Term Investment** | 12109915 | 1.32% |
| **Total Investments** | 800851158 | 87.52% |
| **Other Assets in Excess of Liabilities** | 114230942 | 12.48% |
| **Total Net Assets** | $915082100 | 100.00% |

---

---

| |
|:---|
| 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 Emerging Markets 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 Emerging Markets Value Fund** | **Pzena Emerging Markets Value Fund** | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp; Brazil | $38832663 | $- | $- | $38832663 |
| &nbsp;&nbsp;&nbsp; China | 160366531 | - | - | 160366531 |
| &nbsp;&nbsp;&nbsp; Czech Republic | 6503175 | - | - | 6503175 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 62645843 | - | - | 62645843 |
| &nbsp;&nbsp;&nbsp; Hungary | 17343015 | - | - | 17343015 |
| &nbsp;&nbsp;&nbsp; India | 39725343 | - | - | 39725343 |
| &nbsp;&nbsp;&nbsp; Indonesia | 15784456 | - | - | 15784456 |
| &nbsp;&nbsp;&nbsp; Peru | 11276558 | - | - | 11276558 |
| &nbsp;&nbsp;&nbsp; Republic of Korea | 126967954 | - | - | 126967954 |
| &nbsp;&nbsp;&nbsp; Romania | 8008445 | - | - | 8008445 |
| &nbsp;&nbsp;&nbsp; Russian Federation | - | - | 4085 | 4085 |
| &nbsp;&nbsp;&nbsp; Singapore | 17253294 | - | - | 17253294 |
| &nbsp;&nbsp;&nbsp; South Africa | 21513053 | - | - | 21513053 |
| &nbsp;&nbsp;&nbsp; Taiwan | 117327838 | - | - | 117327838 |
| &nbsp;&nbsp;&nbsp; Thailand | 2682365 | 22925081 | - | 25607446 |
| &nbsp;&nbsp;&nbsp; Turkey | 13794732 | - | - | 13794732 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates | 15215738 | - | - | 15215738 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 19186158 | - | - | 19186158 |
| &nbsp;&nbsp;&nbsp; United States | 37010624 | - | - | 37010624 |
| **Total Common Stocks** | 731437785 | 22925081 | 4085 | 754366951 |
| **Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brazil | 34374292 | - | - | 34374292 |
| **Total Preferred Stocks** | 34374292 | - | - | 34374292 |
| **Short-Term Investment** | 12109915 | - | - | 12109915 |
| **Total Investments** | $777921992 | $22925081 | $4085 | $800851158 |

---

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

------

---

| | |
|:---|:---|
| **Pzena Emerging Markets Value Fund** | |
| **Level 3 Reconciliation Disclosure (Unaudited)** | |
|  | **Common Stocks** |
| Balance as of February 28, 2022 | $5377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer into Level 3 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer out of Level 3 | (5377) |
| Balance as of November 30, 2022 | $4085 |
| Change in unrealized appreciation/(depreciation) during the period for | Change in unrealized appreciation/(depreciation) during the period for |
| Level 3 investments held at November 30, 2022 | $- |

---

The Level 3 investments as of November 30, 2022 represented less than 0.01% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.<br>

## 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 Emerging Markets Value Fund

- **b. EDGAR series identifier (if any):** S000044708

- **c. LEI of Series:** 254900LZU78524RJ7D30

**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:** $802694097.49

**Total Liabilities:** $5753049.42

**Net Assets:** $796941048.07

**Cash Not Reported:** $399214.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138963 | -9.39%               | -0.73%               | 13.88%               |
| Class ID C000138964 | -9.35%               | -0.72%               | 13.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28488.76               | $-67338132.16                              |
| Month 2  | $3718.63                 | $-4848369.13                               |
| Month 3  | $831896.95               | $95401484.41                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd                   | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |   3904000 | NS      | $23341181.29  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lite-On Technology Corp        | Lite-On Technology Corp                          | CUSIP: N/A<br>LEI: 2549005GU1PQ73SZBT32       | Long             | EC               | CORP              | TW        |   7151000 | NS      | $15178709.29  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC                   | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |   5708777 | NS      | $15215737.89  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                 | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   7769500 | NS      | $9698260.13   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri Persero Tbk PT    | Bank Mandiri Persero Tbk PT                      | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |  23592700 | NS      | $15784455.87  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc             | POSCO Holdings Inc                               | CUSIP: N/A<br>LEI: 988400E5HRVX81AYLM04       | Long             | EC               | CORP              | KR        |    105127 | NS      | $23873478.03  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurobindo Pharma Ltd           | Aurobindo Pharma Ltd                             | CUSIP: N/A<br>LEI: 335800G4T2A353RDGM23       | Long             | EC               | CORP              | IN        |   1500562 | NS      | $8611492.43   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Reunert Ltd                    | Reunert Ltd                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |    826836 | NS      | $2303878.88   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                       | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    646952 | NS      | $30511744.63  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sasol Ltd                      | Sasol Ltd                                        | CUSIP: 803866102<br>LEI: 378900F4544561A97588 | Long             | EC               | CORP              | ZA        |   1109282 | NS      | $19209174.61  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shriram Transport Finance Co L | Shriram Transport Finance Co Ltd                 | CUSIP: N/A<br>LEI: 335800TM2YO24B76XL26       | Long             | EC               | CORP              | IN        |   1013663 | NS      | $16803880.95  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd        | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1349000 | NS      | $21388102.44  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VTech Holdings Ltd             | VTech Holdings Ltd                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   1218400 | NS      | $7729113.62   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                    | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |    634407 | NS      | $17343014.87  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                          | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    408511 | NS      | $4085.11      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     97200 | NS      | $8065656.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                               | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |    850424 | NS      | $27171046.80  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                       | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |  63169000 | NS      | $21026814.92  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                         | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   3158043 | NS      | $15780021.58  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                       | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |  12091985 | NS      | $11230403.50  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tofas Turk Otomobil Fabrikasi  | Tofas Turk Otomobil Fabrikasi AS                 | CUSIP: N/A<br>LEI: 789000YSTNETKLRWHT29       | Long             | EC               | CORP              | TR        |    332827 | NS      | $2564328.64   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                        | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |    818650 | NS      | $10648492.18  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp   | China Construction Bank Corp                     | CUSIP: N/A<br>LEI: 5493001KQW6DM7KEDR62       | Long             | EC               | CORP              | CN        |  12815000 | NS      | $7727440.32   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CIMC Enric Holdings Ltd        | CIMC Enric Holdings Ltd                          | CUSIP: N/A<br>LEI: 254900RKJGCDZN5ZOB09       | Long             | EC               | CORP              | HK        |   5976000 | NS      | $6403717.86   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Dongfeng Motor Group Co Ltd    | Dongfeng Motor Group Co Ltd                      | CUSIP: N/A<br>LEI: 3003002JNYOYPX54GE50       | Long             | EC               | CORP              | CN        |   7648000 | NS      | $4278834.20   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                         | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |   5726200 | NS      | $17253294.14  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais                   | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |   8419911 | NS      | $18594270.53  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                           | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    207860 | NS      | $8274367.82   | 1.04%             |  |  |  | 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        |    997241 | NS      | $25708908.52  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                               | CUSIP: Y6S40V103<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    929500 | NS      | $6229242.12   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                    | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |   3600950 | NS      | $10942985.44  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                         | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |   9108200 | NS      | $27889677.51  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                        | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |   2496700 | NS      | $25539317.24  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                        | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |   4626600 | NS      | $13775499.79  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| State Bank of India            | State Bank of India                              | CUSIP: N/A<br>LEI: 5493001JZ37UBBZF6L49       | Long             | EC               | CORP              | IN        |   1102858 | NS      | $8158735.23   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                   | CUSIP: N/A<br>LEI: R7RX8ER1V4666J8D1I38       | Long             | EC               | CORP              | IN        |    270321 | NS      | $3163073.95   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GF Securities Co Ltd           | GF Securities Co Ltd                             | CUSIP: N/A<br>LEI: 3003007E0Y3ZJ5HNA936       | Long             | EC               | CORP              | CN        |   9378200 | NS      | $13591333.19  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Baoxin Auto Group Ltd    | Grand Baoxin Auto Group Ltd                      | CUSIP: N/A<br>LEI: 213800DE8N666AU4ED10       | Long             | EC               | CORP              | CN        |  10102000 | NS      | $556124.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                    | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     73439 | NS      | $11276558.45  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                         | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |    747594 | NS      | $16432116.12  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                | Antofagasta PLC                                  | CUSIP: N/A<br>LEI: 213800MY6QVH4FVLD628       | Long             | EC               | CORP              | CL        |    163366 | NS      | $2773303.74   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                           | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |   2205660 | NS      | $16412853.85  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                        | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |     83918 | NS      | $9113494.80   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    330791 | NS      | $20578508.11  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                    | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  12712292 | NS      | $12712291.51  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India            | State Bank of India                              | CUSIP: 856552203<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |     40600 | NS      | $2988160.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Transilvania SA          | Banca Transilvania SA                            | CUSIP: N/A<br>LEI: 549300RG3H390KEL8896       | Long             | EC               | CORP              | RO        |   1887742 | NS      | $8008445.47   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CEZ AS                         | CEZ AS                                           | CUSIP: N/A<br>LEI: 529900S5R9YHJHYKKG94       | Long             | EC               | CORP              | CZ        |    189244 | NS      | $6503174.65   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                 | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |   2210000 | NS      | $9149581.74   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| United Integrated Services Co  | United Integrated Services Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |   1476000 | NS      | $8548769.64   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                              | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |    452790 | NS      | $21320285.86  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BRILLIANCE CHI                 | Brilliance China Automotive Holdings Ltd         | CUSIP: N/A<br>LEI: 5299005WPCSQN14NBM26       | Long             | EC               | CORP              | HK        |  10008000 | NS      | $5701688.01   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Catcher Technology Co Ltd      | Catcher Technology Co Ltd                        | CUSIP: N/A<br>LEI: 5299006PRSCU66N5JF55       | Long             | EC               | CORP              | TW        |    864000 | NS      | $5115982.59   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd             | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |  10163118 | NS      | $27453995.97  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd               | Lenovo Group Ltd                                 | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               | CORP              | CN        |  18562000 | NS      | $15636761.21  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                           | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |  26770000 | NS      | $18752988.95  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd          | Elite Material Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |   2269000 | NS      | $13986005.73  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                 | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |    656900 | NS      | $2682364.95   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                   | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    403620 | NS      | $11660099.33  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co  | Hon Hai Precision Industry Co Ltd                | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   8085132 | NS      | $26291623.37  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Shipbuilding & Offshore  | Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               | CORP              | KR        |     75226 | NS      | $4466160.52   | 0.56%             |  |  |  | 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