# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-049893
**Filing Date:** 2025-7
**Character Count:** 27155
**Document Hash:** a09b4e7f463e4349e7cba645b529639f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049893.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049893

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251164794

**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 Small Cap Value Fund (Series ID: S000053713)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000168873 | Investor Class      | PZVSX           |
| C000168874 | Institutional Class | PZISX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena Small Cap Value Fund** | **Pzena Small Cap Value Fund** | **Pzena Small Cap Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.1%** | **Shares** | **Value**  |
| **Basic Materials - 8.1%** | **Basic Materials - 8.1%** | |
| Huntsman Corp. | 62421 | $695370 |
| Koppers Holdings, Inc. | 32601 | 1001503 |
| Olin Corp. | 37514 | 728147 |
| Orion S.A. | 102367 | 1114776 |
|  |  | 3539796 |
| **Consumer Discretionary - 23.2%** | **Consumer Discretionary - 23.2%** |  |
| Adient PLC <sup>(a)</sup> | 66245 | 1032760 |
| Advance Auto Parts, Inc. | 48662 | 2332370 |
| Dana, Inc. | 28576 | 475219 |
| Genesco, Inc. <sup>(a)</sup> | 31211 | 678215 |
| Haverty Furniture Cos., Inc. | 31774 | 665983 |
| Helen of Troy, Ltd. <sup>(a)</sup> | 22299 | 599620 |
| Hooker Furnishings Corp. | 23915 | 234845 |
| Lear Corp. | 5208 | 470907 |
| Malibu Boats, Inc. - Class A <sup>(a)</sup> | 34675 | 1045104 |
| Newell Brands, Inc. | 103579 | 548969 |
| PVH Corp. | 11926 | 999041 |
| Steelcase, Inc. - Class A | 102058 | 1052218 |
|  |  | 10135251 |
| **Consumer Staples - 7.1%** | **Consumer Staples - 7.1%** |  |
| Spectrum Brands Holdings, Inc. | 19457 | 1124031 |
| Universal Corp. | 17302 | 1131378 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 28739 | 858434 |
|  |  | 3113843 |
| **Energy - 4.8%** | **Energy - 4.8%** |  |
| MRC Global, Inc. <sup>(a)</sup> | 103403 | 1283231 |
| NOV, Inc. | 67581 | 810972 |
|  |  | 2094203 |
| **Financials - 19.1%** | **Financials - 19.1%** |  |
| Associated Banc-Corp. | 35864 | 830969 |
| Bread Financial Holdings, Inc. | 17051 | 873693 |
| CNO Financial Group, Inc. | 26218 | 995235 |
| Columbia Banking System, Inc. | 35761 | 836092 |
| Globe Life, Inc. | 3365 | 410093 |
| Old National Bancorp of Indiana | 58480 | 1219893 |
| Synovus Financial Corp. | 14438 | 690570 |
| Univest Financial Corp. | 20329 | 600112 |
| Webster Financial Corp. | 21069 | 1084632 |
| WSFS Financial Corp. | 15506 | 820112 |
|  |  | 8361401 |
| **Health Care - 5.1%** | **Health Care - 5.1%** |  |
| Envista Holdings Corp. <sup>(a)</sup> | 49318 | 901040 |
| Phibro Animal Health Corp. - Class A | 7762 | 189548 |
| Teleflex, Inc. | 3609 | 441272 |
| Varex Imaging Corp. <sup>(a)</sup> | 92686 | 710902 |
|  |  | 2242762 |
| **Industrials - 22.7%** | **Industrials - 22.7%** |  |
| ABM Industries, Inc. | 16449 | 866040 |
| American Woodmark Corp. <sup>(a)</sup> | 21418 | 1207333 |
| Douglas Dynamics, Inc. | 42165 | 1159116 |
| Korn Ferry | 16094 | 1094553 |
| Masterbrand, Inc. <sup>(a)</sup> | 70375 | 717825 |
| Resideo Technologies, Inc. <sup>(a)</sup> | 51216 | 1060171 |
| Robert Half, Inc. | 18521 | 848077 |
| Shyft Group, Inc. | 90548 | 949848 |
| TriMas Corp. | 55777 | 1470839 |
| TrueBlue, Inc. <sup>(a)</sup> | 93283 | 559698 |
|  |  | 9933500 |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |
| Marcus & Millichap, Inc. | 13507 | 389137 |
| **Technology - 7.1%** | **Technology - 7.1%** |  |
| Avnet, Inc. | 20163 | 1008352 |
| Concentrix Corp. | 20396 | 1141462 |
| ScanSource, Inc. <sup>(a)</sup> | 24135 | 974571 |
|  |  | 3124385 |
| **TOTAL COMMON STOCKS** (Cost $47,757,244) | **TOTAL COMMON STOCKS** (Cost $47,757,244) | 42934278 |
| **REAL ESTATE INVESTMENT TRUST - 0.9%** |  |  |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |
| DiamondRock Hospitality Co. | 54450 | 415998 |
| **TOTAL REAL ESTATE INVESTMENT TRUST** (Cost $485,495) | **TOTAL REAL ESTATE INVESTMENT TRUST** (Cost $485,495) | 415998 |
| **SHORT-TERM INVESTMENT - 1.9%** |  |  |
| **Money Market Fund - 1.9%** |  |  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> | 828211 | 828211 |
| **TOTAL SHORT-TERM INVESTMENT** (Cost $828,211) | **TOTAL SHORT-TERM INVESTMENT** (Cost $828,211) | 828211 |
| **TOTAL INVESTMENTS - 100.9% (**Cost $49,070,950**)** | **TOTAL INVESTMENTS - 100.9% (**Cost $49,070,950**)** | 44178487 |
| Liabilities in Excess of Other Assets - (0.9)% | Liabilities in Excess of Other Assets - (0.9)% | (410667) |
| **TOTAL NET ASSETS - 100.0%** |  | $43767820 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Pzena Small Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $42934278 | $– | $– | $42934278 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust | 415998 | – | – | 415998 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 828211 | – | – | 828211 |
| Total Investments | $44178487 | $– | $– | $44178487 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000053713

- **c. LEI of Series:** 2549006B3IRHSO48X667

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $43986586.09

**Total Liabilities:** $86419.98

**Net Assets:** $43900166.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168873 | -5.68%               | -7.57%               | 8.10%                |
| Class ID C000168874 | -5.56%               | -7.57%               | 8.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42783.39                | $-3561215.56                               |
| Month 2  | $-2588302.63             | $-1639379.04                               |
| Month 3  | $-635309.71              | $3877299.16                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc             | ABM Industries Inc                         | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     16449 | NS      | $866039.85    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     50717 | NS      | $2430865.81   | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc   | Bread Financial Holdings Inc               | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     17051 | NS      | $873693.24    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp         | American Woodmark Corp                     | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |     21418 | NS      | $1207332.66   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    835338 | NS      | $835337.77    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp        | Hooker Furnishings Corp                    | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23915 | NS      | $234845.30    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     16094 | NS      | $1094552.94   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     37514 | NS      | $728146.74    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc       | Resideo Technologies Inc                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     51216 | NS      | $1060171.20   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                | Robert Half Inc                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     18521 | NS      | $848076.59    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc   | Spectrum Brands Holdings Inc               | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     19457 | NS      | $1124030.89   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp         | Synovus Financial Corp                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     14438 | NS      | $690569.54    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp/VA                          | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     17302 | NS      | $1131377.78   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion SA                       | Orion SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    102367 | NS      | $1114776.63   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc           | Douglas Dynamics Inc                       | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     42165 | NS      | $1159115.85   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System Inc                | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35761 | NS      | $836092.18    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     11926 | NS      | $999041.02    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     15506 | NS      | $820112.34    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     26218 | NS      | $995235.28    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     54450 | NS      | $415998.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp          | Envista Holdings Corp                      | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     49318 | NS      | $901039.86    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueBlue Inc                   | TrueBlue Inc                               | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93283 | NS      | $559698.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     21069 | NS      | $1084632.12   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp                            | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     20396 | NS      | $1141462.14   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |     62421 | NS      | $695369.94    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd              | Helen of Troy Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     22299 | NS      | $599620.11    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp           | Associated Banc-Corp                       | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     35864 | NS      | $830968.88    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     20163 | NS      | $1008351.63   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesco Inc                    | Genesco Inc                                | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |     31211 | NS      | $678215.03    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana Inc                                   | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     28576 | NS      | $475218.88    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      3365 | NS      | $410092.55    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc      | Haverty Furniture Cos Inc                  | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     31757 | NS      | $665626.72    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc           | Koppers Holdings Inc                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32601 | NS      | $1001502.72   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      5208 | NS      | $470907.36    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                 | MRC Global Inc                             | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    103403 | NS      | $1283231.23   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc              | Newell Brands Inc                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    103579 | NS      | $548968.70    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                    | TriMas Corp                                | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     55777 | NS      | $1470839.49   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                  | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |     28739 | NS      | $858433.93    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                 | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |     66245 | NS      | $1032759.55   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc         | Marcus & Millichap Inc                     | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     13507 | NS      | $389136.67    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     67581 | NS      | $810972.00    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp      | Phibro Animal Health Corp                  | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      9262 | NS      | $226178.04    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Shyft Group Inc/The            | Shyft Group Inc/The                        | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |     90548 | NS      | $949848.52    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                  | Steelcase Inc                              | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |    102058 | NS      | $1052217.98   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp         | Univest Financial Corp                     | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     20329 | NS      | $600112.08    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp             | Varex Imaging Corp                         | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |     92686 | NS      | $710901.62    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc               | Malibu Boats Inc                           | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34675 | NS      | $1045104.50   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                | Masterbrand Inc                            | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     70375 | NS      | $717825.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     58480 | NS      | $1219892.80   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                 | ScanSource Inc                             | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     24135 | NS      | $974571.30    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President