# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-028515
**Filing Date:** 2026-1
**Character Count:** 36945
**Document Hash:** 2df18750214a7bff81c56033d611efe7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028515.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028515

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26575761

**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 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** | **Pzena Emerging Markets Value Fund** | **Pzena Emerging Markets Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 91.5%** | **Shares** | **Value** |
| **Brazil – 7.9%** | **Brazil – 7.9%** | |
| Ambev S.A. | 18389300 | $47886559 |
| B3 S.A. - Brasil Bolsa Balcao | 18338000 | 51772466 |
| Banco do Brasil S.A. | 6476700 | 27336859 |
| Natura Cosmeticos S.A. <sup>(a)</sup> | 28629400 | 44248630 |
| Neoenergia S.A. | 5704950 | 34532056 |
| Vale S.A. | 3540600 | 44646775 |
|  |  | 250423345 |
| **China - 23.1%** | **China - 23.1%** |  |
| Alibaba Group Holding, Ltd. | 5028800  | 97854797  |
| Baidu, Inc. - Class A <sup>(a)</sup> | 4426900 | 64706379 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 23714745 | 41940687 |
| China Merchants Bank Co., Ltd. - Class A | 11074756 | 67190842 |
| China Overseas Land & Investment, Ltd. | 43430118 | 74134628 |
| Haier Smart Home Co., Ltd. - Class H | 23045800 | 78677742 |
| Ping An Insurance Group Co. of China Ltd. - Class H | 6647500 | 48411276 |
| Tencent Holdings, Ltd. | 902900 | 70915511 |
| Weichai Power Co., Ltd. - Class H | 30328000 | 75063811 |
| Zhejiang Longsheng Group Co., Ltd. - Class A | 13845905 | 20477681 |
| Zhongsheng Group Holdings Ltd. | 24398000 | 36695790 |
| ZTO Express Cayman, Inc. | 1139000 | 23334019 |
| ZTO Express Cayman, Inc. - ADR | 1378959 | 28475504 |
|  |  | 727878667 |
| **Hong Kong - 8.4%** | **Hong Kong - 8.4%** |  |
| Galaxy Entertainment Group, Ltd. | 14131000 | 73035834 |
| Man Wah Holdings, Ltd. | 47250645 | 28948845 |
| Pacific Basin Shipping, Ltd. | 215367066 | 71921339 |
| WH Group, Ltd. <sup>(b)</sup> | 70507200 | 73716210 |
| Yue Yuen Industrial (Holdings), Ltd. | 7769500 | 16415877 |
|  |  | 264038105 |
| **Hungary - 4.6%** | **Hungary - 4.6%** |  |
| MOL Hungarian Oil & Gas PLC | 3486315 | 30869163 |
| OTP Bank PLC | 676105 | 70377277 |
| Richter Gedeon | 1475383 | 43702469 |
|  |  | 144948909 |
| **India - 3.8%** | **India - 3.8%** |  |
| HDFC Bank, Ltd. | 5320696 | 59936089 |
| UPL, Ltd. | 7049279 | 59788541 |
|  |  | 119724630 |
| **Indonesia - 1.4%** | **Indonesia - 1.4%** |  |
| Bank Rakyat Indonesia Persero Tbk | 195459600 | 43187711 |
| **Kazakhstan - 1.6%** | **Kazakhstan - 1.6%** |  |
| Kaspi.kz JSC - ADR | 633758 | 48995831 |
| **Peru - 2.0%** | **Peru - 2.0%** |  |
| Credicorp, Ltd. | 247531 | 63667449 |
| **Republic of Korea - 16.8%** | **Republic of Korea - 16.8%** |  |
| DB Insurance Co., Ltd. | 324285 | 27452815 |
| Doosan Bobcat, Inc. | 868290 | 32590764 |
| Hankook Tire & Technology Co., Ltd. | 1877151 | 78499158 |
| Hyundai Mobis Co., Ltd. | 279816 | 58887602 |
| KB Financial Group, Inc. | 630220 | 53480744 |
| Orion Corp. | 610788 | 43816091 |
| Samsung Electronics Co., Ltd. | 2241192 | 153156629 |
| Shinhan Financial Group Co., Ltd. | 954930 | 50647360 |
| WONIK IPS Co., Ltd. | 646815 | 26960704 |
|  |  | 525491867 |
| **Romania - 0.4%** | **Romania - 0.4%** |  |
| Banca Transilvania S.A. | 1942250 | 12988914 |
| **Russia - 0.0% <sup>(c)</sup>** | **Russia - 0.0% <sup>(c)</sup>** |  |
| Sberbank of Russia PJSC - ADR <sup>(a)(d)</sup> | 408511 | 4085 |
| **Saudi Arabia - 1.3%** | **Saudi Arabia - 1.3%** |  |
| Saudi Arabian Oil Co. <sup>(b)</sup> | 6423455 | 42172946 |
| **Singapore - 1.8%** | **Singapore - 1.8%** |  |
| Wilmar International, Ltd. | 22537400 | 56350022 |
| **Taiwan - 6.9%** | **Taiwan - 6.9%** |  |
| Compal Electronics, Inc. | 28703161 | 26842051 |
| Hon Hai Precision Industry Co., Ltd. | 6810132 | 48930532 |
| Nien Made Enterprise Co., Ltd. | 297000 | 3525012 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2968000 | 136177155 |
|  |  | 215474750 |
| **Thailand - 3.9%** | **Thailand - 3.9%** |  |
| Bangkok Bank Public Co., Ltd. | 5287900 | 25950868 |
| Bangkok Bank Public Co., Ltd. - NVDR | 4268000 | 20945613 |
| Indorama Ventures PCL - NVDR | 46771200 | 22372309 |
| SCB X PCL | 13259800 | 53541668 |
|  |  | 122810458 |
| **Turkey - 0.9%** | **Turkey - 0.9%** |  |
| Akbank T.A.S. | 17961980 | 27364800 |
| **United Arab Emirates - 0.4%** | **United Arab Emirates - 0.4%** |  |
| Abu Dhabi Commercial Bank PJSC | 3625099 | 13916685 |
| **United Kingdom - 1.4%** | **United Kingdom - 1.4%** |  |
| Standard Chartered PLC | 749038 | 16592739 |
| Wizz Air Holdings PLC <sup>(a)</sup> | 1926486 | 29810475 |
|  |  | 46403214 |
| **United States - 2.2%** | **United States - 2.2%** |  |
| Cognizant Technology Solutions Corp. - Class A | 878445 | 68263961 |
| **Uruguay - 0.9%** | **Uruguay - 0.9%** |  |
| Arcos Dorados Holdings, Inc. - Class A | 3641568 | 27639501 |
| **Vietnam - 1.8%** | **Vietnam - 1.8%** |  |
| Vietnam Dairy Products JSC | 23507130 | 57076705 |
| **TOTAL COMMON STOCKS** (Cost $2,299,116,830) | **TOTAL COMMON STOCKS** (Cost $2,299,116,830) | 2878822555 |
| **PREFERRED STOCKS - 4.8%** |  |  |
| **Brazil - 4.8%** | **Brazil - 4.8%** |  |
|  Cia Energetica de Minas Gerais, 12.76% | 29180263 | 62702702 |
|  Itau Unibanco Holding S.A., 6.45% | 6343967 | 49464842 |
|  Petroleo Brasileiro S.A. - Petrobras, 9.31% | 6226300 | 36976256 |
| **TOTAL PREFERRED STOCKS** (Cost $116,467,691) | **TOTAL PREFERRED STOCKS** (Cost $116,467,691) | 149143800 |
| **SHORT-TERM INVESTMENTS - 3.6%** |  |  |
| **Money Market Funds – 3.6%**<br> First American Government Obligations Fund - Class X, 4.26% <sup>(e)</sup> | 113425218 | 113425218 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $113,425,218) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $113,425,218) | 113425218 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $2,529,009,739**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $2,529,009,739**)** | 3141391573 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 4176427 |
| **TOTAL NET ASSETS - 100.0%** |  | $3145568000 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <br> NVDR - Non-Voting Depositary Receipt

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of November 30, 2025, the value of these securities total $115,889,156 or 3.7% of the Fund's net assets.

(c) Represents less than 0.05% of net assets.

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $4,085 or
 0.0% of net assets as of November 30, 2025.

(e) The rate shown represents the 7-day annualized yield as of November 30, 2025.

------

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
Pzena Emerging Markets 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| Common Stocks | $2878818470 | $– | $4085 | $2878822555 |
| Preferred Stocks | 149143800 | – | – | 149143800 |
| Short-Term Investments | 113425218 | – | – | 113425218 |
| Total Investments | $3141387488 | $– | $4085 | $3141391573 |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of February 28, 2025 | $4085 |
| Ending balance as of November 30, 2025 | $4085 |
| Change in unrealized appreciation/depreciation still held as of November 30, 2025 | $- |

---

## 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:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $3156879464.74

**Total Liabilities:** $11617379.66

**Net Assets:** $3145262085.08

**Cash Not Reported:** $8860285.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138963 | 4.00%                | 2.19%                | 1.10%                |
| Class ID C000138964 | 4.05%                | 2.18%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-40528503.70            | $149458705.63                              |
| Month 2  | $5764285.40              | $58121069.48                               |
| Month 3  | $8944535.69              | $27691314.04                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                         | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    633758 | NS      | $48995830.98  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |   4268000 | NS      | $20945612.67  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |   6423455 | NS      | $42172945.57  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |  70507200 | NS      | $73716209.69  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |   1139000 | NS      | $23334018.35  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                        | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |    247531 | NS      | $63667448.51  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                               | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    749038 | NS      | $16592739.43  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    878445 | NS      | $68263960.95  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                  | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |    324285 | NS      | $27452815.08  | 0.87%             |  |  |  | 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      |
| Wizz Air Holdings Plc          | Wizz Air Holdings Plc                                | CUSIP: N/A<br>LEI: 213800COXGZCORLJZA85       | Long             | EC               | CORP              | HU        |   1926486 | NS      | $29810474.86  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale SA                                              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |   3540600 | NS      | $44646774.64  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                   | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |   6226300 | NS      | $36976256.36  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                 | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |  43430118 | NS      | $74134628.22  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                               | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |  28703161 | NS      | $26842051.15  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA           | Natura Cosmeticos SA                                 | CUSIP: N/A<br>LEI: 98450085D7XCFF5A9N75       | Long             | EC               | CORP              | BR        |  28629400 | NS      | $44248630.07  | 1.41%             |  |  |  | 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        |  29180263 | NS      | $62702701.76  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC    | MOL Hungarian Oil & Gas PLC                          | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               | CORP              | HU        |   3486315 | NS      | $30869162.97  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                        | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |   5704950 | NS      | $34532055.88  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                          | CUSIP: N/A<br>LEI: 4GTK5S46E6H318LMDS44       | Long             | EC               | CORP              | BR        |  18338000 | NS      | $51772466.44  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    902900 | NS      | $70915511.23  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co Ltd    | Nien Made Enterprise Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    276000 | NS      | $3275768.68   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Bobcat Inc              | Doosan Bobcat Inc                                    | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |    862676 | NS      | $32380046.37  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA             | Banco do Brasil SA                                   | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |   6476700 | NS      | $27336858.66  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        | 112458057 | NS      | $112458056.88 | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |  30328000 | NS      | $75063810.99  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |   2241192 | NS      | $153156628.70 | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd              | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |   6647500 | NS      | $48411275.87  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                           | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        | 215367066 | NS      | $71921338.82  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |   4426900 | NS      | $64706379.04  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                             | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |  22537400 | NS      | $56350021.99  | 1.79%             |  |  |  | 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        |   1877151 | NS      | $78499157.86  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                            | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |  13259800 | NS      | $53541667.96  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| WONIK IPS Co Ltd               | WONIK IPS Co Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    646815 | NS      | $26960704.11  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |   5287900 | NS      | $25950868.15  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    630220 | NS      | $53480743.89  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Man Wah Holdings Ltd           | Man Wah Holdings Ltd                                 | CUSIP: N/A<br>LEI: 52990005BW6K71UPKX41       | Long             | EC               | CORP              | HK        |  47250645 | NS      | $28948845.20  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Indorama Ventures PCL          | Indorama Ventures PCL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |  46771200 | NS      | $22372308.74  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Transilvania SA          | Banca Transilvania SA                                | CUSIP: N/A<br>LEI: 549300RG3H390KEL8896       | Long             | EC               | CORP              | RO        |   1942250 | NS      | $12988914.47  | 0.41%             |  |  |  | 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        |   6810132 | NS      | $48930532.61  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd           | Hyundai Mobis Co Ltd                                 | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |    279816 | NS      | $58887602.08  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd                       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |  14131000 | NS      | $73035833.87  | 2.32%             |  |  |  | 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        |   3625099 | NS      | $13916684.84  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                        | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   5320696 | NS      | $59936088.65  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |   5028800 | NS      | $97854796.97  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                          | CUSIP: Y14896107<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  11074756 | NS      | $67190842.28  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   2968000 | NS      | $136177154.69 | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Longsheng             | Zhejiang Longsheng Group Co Ltd                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |  13845905 | NS      | $20477681.30  | 0.65%             |  |  |  | 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        |    954930 | NS      | $50647360.01  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT                 | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        | 195459600 | NS      | $43187711.08  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                           | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |  17961980 | NS      | $27364799.98  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                             | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  18389300 | NS      | $47886559.20  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                              | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |  23045800 | NS      | $78677742.26  | 2.50%             |  |  |  | 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      | $16415877.29  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                             | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   6343967 | NS      | $49464841.94  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd                        | UPL Ltd                                              | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   7049279 | NS      | $59788540.91  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dairy Products JSC     | Vietnam Dairy Products JSC                           | CUSIP: N/A<br>LEI: 549300148GRJ07D21X63       | Long             | EC               | CORP              | VN        |  23507130 | NS      | $57076704.67  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                        | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |  24398000 | NS      | $36695790.33  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc     | Arcos Dorados Holdings Inc                           | CUSIP: N/A<br>LEI: 54930023P2MIZN13DQ85       | Long             | EC               | CORP              | UY        |   3641568 | NS      | $27639501.12  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                        | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |    676105 | NS      | $70377277.44  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |   1378959 | NS      | $28475503.35  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |   1475383 | NS      | $43702468.76  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |  23714745 | NS      | $41940686.85  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Corp/Republic of Korea   | Orion Corp/Republic of Korea                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    610788 | NS      | $43816090.84  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President