# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-004429
**Filing Date:** 2023-1
**Character Count:** 22211
**Document Hash:** 9236456a71b68afbd2ab492990a5d4c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004429.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004429

**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:** 23566088

**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 Mid Cap Value Fund (Series ID: S000044707)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138961 | Investor Class      | PZVMX           |
| C000138962 | Institutional Class | PZIMX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena Mid Cap Value Fund** | | |
| **Schedule of Investments** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 98.88%** | | |
| **Basic Materials - 6.72%** | | |
| Dow, Inc. | 99810 | $5087315 |
| Olin Corp. | 62764 | 3576293 |
|  |  | 8663608 |
| **Consumer Discretionary - 17.35%** |  |  |
| Gap, Inc. | 262203 | 3812432 |
| Gildan Activewear, Inc. (b) | 134666 | 3890501 |
| Lear Corp. | 38836 | 5601705 |
| Newell Brands, Inc. | 266306 | 3453989 |
| PVH Corp. | 31602 | 2123022 |
| Skechers U.S.A., Inc. - Class A (a) | 82697 | 3487332 |
|  |  | 22368981 |
| **Energy - 3.89%** |  |  |
| Halliburton Co. | 67263 | 2548595 |
| NOV, Inc. | 109676 | 2463323 |
|  |  | 5011918 |
| **Financials - 31.81%** |  |  |
| American International Group, Inc. | 61547 | 3884231 |
| Axis Capital Holdings, Ltd. (b) | 67197 | 3867859 |
| CNO Financial Group, Inc. | 199944 | 4694685 |
| Equitable Holdings, Inc. | 153270 | 4864790 |
| Fidelity National Financial, Inc. | 59927 | 2418654 |
| Fifth Third Bancorp | 106123 | 3858632 |
| Globe Life, Inc. | 5528 | 663139 |
| Invesco, Ltd. (b) | 101065 | 1931352 |
| KeyCorp | 206303 | 3880559 |
| Regions Financial Corp. | 148051 | 3436264 |
| Reinsurance Group of America, Inc. | 26750 | 3862700 |
| Voya Financial, Inc. | 55459 | 3659185 |
|  |  | 41022050 |
| **Health Care - 7.53%** |  |  |
| Cardinal Health, Inc. | 24040 | 1927287 |
| Fresenius Medical Care AG & Co. KGaA - ADR | 346381 | 5410471 |
| Henry Schein, Inc. (a) | 29254 | 2367234 |
|  |  | 9704992 |
| **Industrials - 16.10%** |  |  |
| Axalta Coating Systems Ltd. (a)(b) | 127465 | 3421161 |
| Fortune Brands Innovations, Inc. | 39598 | 2587333 |
| JELD-WEN Holding, Inc. (a) | 237648 | 2457280 |
| MasTec, Inc. (a) | 25682 | 2332696 |
| Mohawk Industries, Inc. (a) | 20026 | 2029235 |
| Terex Corp. | 99743 | 4579201 |
| Wabtec Corp. | 33194 | 3355582 |
|  |  | 20762488 |
| **Technology - 9.62%** |  |  |
| Avnet, Inc. | 89266 | 4032145 |
| Cognizant Technology Solutions Corp. - Class A | 53977 | 3357909 |
| Hewlett Packard Enterprise Co. | 80365 | 1348525 |
| SS&C Technologies Holdings, Inc. | 68168 | 3664712 |
|  |  | 12403291 |
| **Utilities - 5.86%** |  |  |
| Edison International | 59541 | 3969003 |
| NRG Energy, Inc. | 84425 | 3583841 |
|  |  | 7552844 |
| **Total Common Stocks** (Cost $103,316,439) |  | 127490172 |
| **SHORT-TERM INVESTMENT - 0.00%** |  |  |
| **Money Market Fund - 0.00%** |  |  |
| Fidelity Institutional Government Portfolio - Class I, 3.56% (c) | 892 | 892 |
| **Total Short-Term Investment** (Cost $892) |  | 892 |
| **Total Investments** (Cost $103,317,331) - 98.88% |  | 127491064 |
| Other Assets in Excess of Liabilities - 1.12% |  | 1446253 |
| **TOTAL NET ASSETS** - 100.00% |  | $128937317 |

---

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| KGaA | Kommanditgesellschaft Auf Aktien |
| (a) | Non-income producing security. |
| (b) | Foreign issued security. |
| (c) | The rate listed is the 7-day annualized yield as of November 30, 2022. |

---

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

------

---

| |
|:---|
| **Pzena Mid Cap Value Fund** |
| **Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)** |
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United |
| States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may |
| include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, |
| default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions |
| about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
| The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pzena Mid Cap Value Fund** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp; Basic Materials | $8663608 | $- | $- | $8663608 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 22368981 | - | - | 22368981 |
| &nbsp;&nbsp;&nbsp; Energy | 5011918 | - | - | 5011918 |
| &nbsp;&nbsp;&nbsp; Financials | 41022050 | - | - | 41022050 |
| &nbsp;&nbsp;&nbsp; Health Care | 9704992 | - | - | 9704992 |
| &nbsp;&nbsp;&nbsp; Industrials | 20762488 | - | - | 20762488 |
| &nbsp;&nbsp;&nbsp; Technology | 12403291 | - | - | 12403291 |
| &nbsp;&nbsp;&nbsp; Utilities | 7552844 | - | - | 7552844 |
| **Total Common Stocks** | 127490172 | - | - | 127490172 |
| **Short-Term Investment** | 892 | - | - | 892 |
| **Total Investments** | $127491064 | $- | $- | $127491064 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisors Series Trust

- **b. Investment Company Act file number:** 811-07959

- **c. CIK number of Registrant:** 0001027596

- **d. LEI of Registrant:** 2549003Z0J6URS6I4Y63

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pzena Mid Cap Value Fund

- **b. EDGAR series identifier (if any):** S000044707

- **c. LEI of Series:** 2549003EE5AP49SW9G08

**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:** $130103123.21

**Total Liabilities:** $1123372.03

**Net Assets:** $128979751.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138961 | -10.99%              | 14.52%               | 6.85%                |
| Class ID C000138962 | -10.96%              | 14.59%               | 6.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7521.51                 | $-13714717.02                              |
| Month 2  | $2193271.44              | $13575091.81                               |
| Month 3  | $1810417.42              | $6345186.89                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American International Group I | American International Group Inc         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     69212 | NS      | $4367969.32   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     89266 | NS      | $4032145.22   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                  | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    199944 | NS      | $4694685.12   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                      | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     28137 | NS      | $2255743.29   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     53977 | NS      | $3357909.17   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                                  | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     99810 | NS      | $5087315.70   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                     | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     62735 | NS      | $4181915.10   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                   | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    162598 | NS      | $5160860.52   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio            | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |       892 | NS      | $891.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In | Fidelity National Financial Inc          | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     59927 | NS      | $2418653.72   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp            | Fifth Third Bancorp                      | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |    106123 | NS      | $3858632.28   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Home & Security | Fortune Brands Home & Security Inc       | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     39598 | NS      | $2587333.32   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co | Fresenius Medical Care AG & Co KGaA      | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    346381 | NS      | $5410471.22   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                    | Gap Inc/The                              | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    262203 | NS      | $3812431.62   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc                    | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |    134666 | NS      | $3890500.74   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                           | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      5528 | NS      | $663138.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co                           | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     67263 | NS      | $2548595.07   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc             | Voya Financial Inc                       | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     55459 | NS      | $3659184.82   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |     33194 | NS      | $3355581.46   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     67197 | NS      | $3867859.32   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd               | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | US        |    127465 | NS      | $3421160.60   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                    | Invesco Ltd                              | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |    101065 | NS      | $1931352.15   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co            | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     80365 | NS      | $1348524.70   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding Inc           | JELD-WEN Holding Inc                     | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Long             | EC               | CORP              | US        |    237648 | NS      | $2457280.32   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                  | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    206303 | NS      | $3880559.43   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp                                | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     38836 | NS      | $5601704.64   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                               | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     25682 | NS      | $2332696.06   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc          | Mohawk Industries Inc                    | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     20026 | NS      | $2029234.58   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     84425 | NS      | $3583841.25   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                  | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    127625 | NS      | $2866457.50   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc              | Newell Brands Inc                        | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    266306 | NS      | $3453988.82   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     62764 | NS      | $3576292.72   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp                                 | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     31602 | NS      | $2123022.36   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp                   | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    148051 | NS      | $3436263.71   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc         | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     26750 | NS      | $3862700.00   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc           | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     68168 | NS      | $3664711.68   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein Inc                         | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     29254 | NS      | $2367233.68   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc               | Skechers USA Inc                         | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |     82697 | NS      | $3487332.49   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp                               | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     99743 | NS      | $4579201.13   | 3.55%             |  |  |  | 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