# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-004428
**Filing Date:** 2023-1
**Character Count:** 25452
**Document Hash:** e2a1d086758bcee52b1253a7fa12df66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004428.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004428

**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:** 23566085

**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 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** | | |
| **Schedule of Investments** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 96.97%** | | |
| **Basic Materials - 6.56%** | | |
| Koppers Holdings, Inc. | 17050 | $507920 |
| Olin Corp. | 50027 | 2850538 |
| Orion Engineered Carbons S.A. (b) | 157898 | 2965324 |
|  |  | 6323782 |
| **Consumer Discretionary - 14.05%** |  |  |
| Adient PLC (a)(b) | 46432 | 1808062 |
| Dana, Inc. | 164314 | 2893570 |
| Gap, Inc. | 161875 | 2353662 |
| Hooker Furnishings Corp. | 61098 | 1039277 |
| Motorcar Parts of America, Inc. (a) | 67226 | 757637 |
| PVH Corp. | 26956 | 1810904 |
| Steelcase, Inc. - Class A | 362270 | 2872801 |
|  |  | 13535913 |
| **Consumer Staples - 4.28%** |  |  |
| Spectrum Brands Holdings, Inc. | 21245 | 1131721 |
| Universal Corp. | 27469 | 1563261 |
| USANA Health Sciences, Inc. (a) | 25924 | 1426857 |
|  |  | 4121839 |
| **Energy - 6.61%** |  |  |
| MRC Global, Inc. (a) | 226851 | 2667768 |
| NOV, Inc. | 110658 | 2485379 |
| TechnipFMC PLC (a)(b) | 97903 | 1213997 |
|  |  | 6367144 |
| **Financials - 28.21%** |  |  |
| American Equity Investment Life Holding Co. | 36444 | 1476347 |
| Argo Group International Holdings, Ltd. (b) | 57486 | 1562470 |
| Associated Banc-Corp. | 119227 | 2932984 |
| Axis Capital Holdings, Ltd. (b) | 49817 | 2867467 |
| CNO Financial Group, Inc. | 154461 | 3626744 |
| Hope Bancorp, Inc. | 138011 | 1879710 |
| Old National Bancorp of Indiana | 166293 | 3177859 |
| Umpqua Holdings Corp. | 130508 | 2645397 |
| Univest Financial Corp. | 70344 | 1984404 |
| Webster Financial Corp. | 56653 | 3078524 |
| WSFS Financial Corp. | 40224 | 1951266 |
|  |  | 27183172 |
| **Health Care - 2.23%** |  |  |
| Phibro Animal Health Corp. - Class A | 90272 | 1111248 |
| Varex Imaging Corp. (a) | 48778 | 1036045 |
|  |  | 2147293 |
| **Industrials - 27.23%** |  |  |
| American Woodmark Corp. (a) | 34109 | 1848708 |
| Axalta Coating Systems Ltd. (a)(b) | 74739 | 2005995 |
| Belden, Inc. | 37633 | 3027199 |
| Enerpac Tool Group Corp. | 78298 | 1960582 |
| GMS, Inc. (a) | 42265 | 2075211 |
| JELD-WEN Holding, Inc. (a) | 196254 | 2029266 |
| Masonite International Corp. (a)(b) | 26693 | 2009182 |
| MasTec, Inc. (a) | 11365 | 1032283 |
| Moog, Inc. - Class A | 11862 | 1032350 |
| REV Group, Inc. | 154745 | 2149408 |
| Terex Corp. | 66708 | 3062564 |
| TriMas Corp. | 70608 | 1931129 |
| TrueBlue, Inc. (a) | 96184 | 2075651 |
|  |  | 26239528 |
| **Technology - 7.80%** |  |  |
| Avnet, Inc. | 58910 | 2660965 |
| Celestica, Inc. (a)(b) | 263035 | 2935470 |
| ScanSource, Inc. (a) | 64184 | 1916534 |
|  |  | 7512969 |
| **Total Common Stocks** (Cost $89,868,898) |  | 93431640 |
| **REIT - 1.56%** |  |  |
| **Financial Services - 1.56%** |  |  |
| DiamondRock Hospitality Co. | 159792 | 1503643 |
| **Total REIT** (Cost $1,264,899) |  | 1503643 |
| **SHORT-TERM INVESTMENT - 0.00%** |  |  |
| **Money Market Fund - 0.00%** |  |  |
| Fidelity Institutional Government Portfolio - Class I, 3.56% (c) | 223 | 223 |
| **Total Short-Term Investment** (Cost $223) |  | 223 |
| **Total Investments** (Cost $91,134,020) - 98.53% |  | 94935506 |
| Other Assets in Excess of Liabilities - 1.47% |  | 1411713 |
| **TOTAL NET ASSETS** - 100.00% |  | $96347219 |

---

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

---

| | |
|:---|:---|
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S.A. | Société Anonyme |
| (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 |
| compliance with Section 8(b)(1) of the Investment Company Act of |
| 1940, as amended, the Fund uses more specific industry classifications. |

---

------

---

| |
|:---|
| **Pzena Small 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 Small Cap Value Fund** | | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp; Basic Materials | $6323782 | $- | $- | $6323782 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 13535913 | - | - | 13535913 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 4121839 | - | - | 4121839 |
| &nbsp;&nbsp;&nbsp; Energy | 6367144 | - | - | 6367144 |
| &nbsp;&nbsp;&nbsp; Financials | 27183172 | - | - | 27183172 |
| &nbsp;&nbsp;&nbsp; Health Care | 2147293 | - | - | 2147293 |
| &nbsp;&nbsp;&nbsp; Industrials | 26239528 | - | - | 26239528 |
| &nbsp;&nbsp;&nbsp; Technology | 7512969 | - | - | 7512969 |
| **Total Common Stocks** | 93431640 | - | - | 93431640 |
| **REIT** | 1503643 | - | - | 1503643 |
| **Short-Term Investment** | 223 | - | - | 223 |
| **Total Investments** | $94935506 | $- | $- | $94935506 |

---

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 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:** 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:** $100044540.55

**Total Liabilities:** $3499139.72

**Net Assets:** $96545400.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168873 | -12.57%              | 19.14%               | 6.81%                |
| Class ID C000168874 | -12.63%              | 19.11%               | 6.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $440270.10               | $-13290417.52                              |
| Month 2  | $662973.38               | $15559744.51                               |
| Month 3  | $2021743.61              | $4383753.42                                |

**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 Equity Investment Lif | American Equity Investment Life Holding Co | CUSIP: 025676206<br>LEI: 549300RK5RZQ740FPL83 | Long             | EC               | CORP              | US        |     36444 | NS      | $1476346.44   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp         | American Woodmark Corp                     | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |     34109 | NS      | $1848707.80   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp           | Associated Banc-Corp                       | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    126281 | NS      | $3106512.60   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     61812 | NS      | $2792048.04   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                     | Belden Inc                                 | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     40043 | NS      | $3221058.92   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    154461 | NS      | $3626744.28   | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                  | Celestica Inc                              | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |    263035 | NS      | $2935470.60   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana Inc                                   | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |    169742 | NS      | $2989156.62   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    172581 | NS      | $1623987.21   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp        | Enerpac Tool Group Corp                    | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |     78298 | NS      | $1960581.92   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio              | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    665427 | NS      | $665426.86    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                        | GMS Inc                                    | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |     45855 | NS      | $2251480.50   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                    | Gap Inc/The                                | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    183921 | NS      | $2674211.34   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp        | Hooker Furnishings Corp                    | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66333 | NS      | $1128324.33   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc               | Hope Bancorp Inc                           | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |    138011 | NS      | $1879709.82   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding Inc           | JELD-WEN Holding Inc                       | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Long             | EC               | CORP              | US        |    196254 | NS      | $2029266.36   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc           | Koppers Holdings Inc                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17050 | NS      | $507919.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                 | MRC Global Inc                             | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    252773 | NS      | $2972610.48   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Masonite International Corp    | Masonite International Corp                | CUSIP: 575385109<br>LEI: 549300H0H07ZFT4JYM32 | Long             | EC               | CORP              | US        |     26693 | NS      | $2009182.11   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                 | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     12784 | NS      | $1161170.72   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                       | Moog Inc                                   | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |     11862 | NS      | $1032349.86   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc  | Motorcar Parts of America Inc              | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     67226 | NS      | $757637.02    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    120063 | NS      | $2696614.98   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    180656 | NS      | $3452336.16   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     50027 | NS      | $2850538.46   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     30220 | NS      | $2030179.60   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp      | Phibro Animal Health Corp                  | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     90272 | NS      | $1111248.32   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| REV Group Inc                  | REV Group Inc                              | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |    164294 | NS      | $2282043.66   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                 | ScanSource Inc                             | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     64184 | NS      | $1916534.24   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc   | Spectrum Brands Holdings Inc               | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     21245 | NS      | $1131721.15   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                  | Steelcase Inc                              | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |    373178 | NS      | $2959301.54   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp                                 | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     70994 | NS      | $3259334.54   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                    | TriMas Corp                                | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     70608 | NS      | $1931128.80   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueBlue Inc                   | TrueBlue Inc                               | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100274 | NS      | $2163912.92   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                  | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |     28530 | NS      | $1570291.20   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Corp           | Umpqua Holdings Corp                       | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |    138178 | NS      | $2800868.06   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp/VA                          | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     27469 | NS      | $1563260.79   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp         | Univest Financial Corp                     | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     74366 | NS      | $2097864.86   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp             | Varex Imaging Corp                         | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |     48778 | NS      | $1036044.72   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     40224 | NS      | $1951266.24   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     56653 | NS      | $3078524.02   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                 | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |     46432 | NS      | $1808062.08   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Argo Group International Holdi | Argo Group International Holdings Ltd      | CUSIP: N/A<br>LEI: 549300M4T8Y5TTWI6O03       | Long             | EC               | CORP              | BM        |     57486 | NS      | $1562469.48   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     52919 | NS      | $3046017.64   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd                 | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | US        |     81013 | NS      | $2174388.92   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                             | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |    129216 | NS      | $1602278.40   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Engineered Carbons SA    | Orion Engineered Carbons SA                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    164485 | NS      | $3089028.30   | 3.20%             |  |  |  | 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