# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-23-004427
**Filing Date:** 2023-1
**Character Count:** 35985
**Document Hash:** 53b0e2806c7b3d571de234b1311d9393
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004427.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004427

**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:** 23566084

**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 International Value Fund (Series ID: S000072390)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000228587 | Institutional | PZINX           |
| C000228588 | Investor      | PZVNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena International Value Fund** | | |
| **Schedule of Investments** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 94.41%** | | |
| **Brazil - 2.04%** | | |
| Ambev S.A. (a) | 244200 | $747750 |
| Ambev S.A. - ADR | 13543 | 41306 |
|  |  | 789056 |
| **China - 3.53%** |  |  |
| Alibaba Group Holding, Ltd. (a) | 72800 | 744688 |
| Alibaba Group Holding, Ltd. - ADR (a) | 563 | 49296 |
| Trip.com Group, Ltd. - ADR (a) | 17831 | 569701 |
|  |  | 1363685 |
| **Denmark - 1.91%** |  |  |
| AP Moller - Maersk A/S - Series B | 132 | 283497 |
| Danske Bank A/S | 25554 | 455865 |
|  |  | 739362 |
| **Finland - 2.57%** |  |  |
| Nokia Oyj | 107014 | 518155 |
| Nokia Oyj - ADR | 96837 | 477406 |
|  |  | 995561 |
| **France - 15.69%** |  |  |
| Accor S.A. (a) | 31200 | 818814 |
| Amundi S.A. | 18641 | 1037788 |
| Bouygues S.A. | 11875 | 365278 |
| Cie Generale des Etablissements Michelin SCA | 41773 | 1161713 |
| Publicis Groupe S.A. | 8867 | 575767 |
| Rexel S.A. | 62466 | 1134292 |
| Sanofi | 10830 | 974608 |
|  |  | 6068260 |
| **Germany - 10.84%** |  |  |
| BASF SE | 20282 | 1023935 |
| Covestro AG | 30793 | 1223094 |
| Daimler Truck Holding AG (a) | 32760 | 1069410 |
| Fresenius Medical Care AG & Co. KGaA | 14014 | 433408 |
| Siemens AG | 3254 | 444327 |
|  |  | 4194174 |
| **Hong Kong - 1.95%** |  |  |
| Galaxy Entertainment Group, Ltd. | 126000 | 753327 |
| **Ireland - 1.32%** |  |  |
| Bank of Ireland Group PLC | 62832 | 510512 |
| **Italy - 2.20%** |  |  |
| Enel S.p.A | 159051 | 849724 |
| **Japan - 14.72%** |  |  |
| Bridgestone Corp. | 3400 | 127220 |
| Fukuoka Financial Group, Inc. | 15000 | 292309 |
| Honda Motor Co., Ltd. | 7000 | 170121 |
| Iida Group Holdings Co., Ltd. | 10800 | 171514 |
| Isuzu Motors, Ltd. | 51600 | 670363 |
| Komatsu, Ltd. | 45100 | 1038257 |
| Komatsu, Ltd. - ADR (a) | 4000 | 93000 |
| Mitsui & Co., Ltd. | 8300 | 239401 |
| MS&AD Insurance Group Holdings, Inc. (a) | 6100 | 181114 |
| Resona Holdings, Inc. | 133100 | 637018 |
| Subaru Corp. | 39200 | 667527 |
| Sumitomo Mitsui Financial Group, Inc. | 5700 | 192890 |
| T&D Holdings, Inc. | 16100 | 194473 |
| Takeda Pharmaceutical Co., Ltd. | 19200 | 563111 |
| Toray Industries, Inc. | 85000 | 454638 |
|  |  | 5692956 |
| **Luxembourg - 2.02%** |  |  |
| ArcelorMittal S.A. | 29094 | 781407 |
| **Netherlands - 5.58%** |  |  |
| ING Groep N.V. | 81869 | 987390 |
| Randstad N.V. | 20452 | 1170534 |
|  |  | 2157924 |
| **Republic of Korea - 1.27%** |  |  |
| Samsung Electronics Co., Ltd. | 4152 | 195818 |
| Shinhan Financial Group Co., Ltd. - ADR | 10210 | 296294 |
|  |  | 492112 |
| **Singapore - 0.88%** |  |  |
| DBS Group Holdings, Ltd. | 13200 | 341362 |
| **Spain - 1.99%** |  |  |
| CaixaBank S.A. | 207594 | 769475 |
| **Switzerland - 6.31%** |  |  |
| Credit Suisse Group AG | 49712 | 148256 |
| Julius Baer Group, Ltd. | 7040 | 400564 |
| Novartis AG | 2016 | 178218 |
| Roche Holding AG | 2765 | 899410 |
| UBS Group AG | 44821 | 815896 |
|  |  | 2442344 |
| **Taiwan - 2.16%** |  |  |
| Hon Hai Precision Industry Co., Ltd. - GDR | 127000 | 835025 |
| **United Kingdom - 17.43%** |  |  |
| Aviva PLC | 73334 | 392700 |
| Barclays PLC | 192236 | 373582 |
| HSBC Holdings PLC | 112586 | 691636 |
| J Sainsbury PLC | 311903 | 836804 |
| John Wood Group PLC (a) | 164119 | 258136 |
| NatWest Group PLC | 116680 | 368308 |
| Reckitt Benckiser Group PLC | 4454 | 319301 |
| Shell PLC - Class A | 35040 | 1030620 |
| Standard Chartered PLC | 63737 | 474283 |
| TechnipFMC PLC (a) | 31697 | 393043 |
| Tesco PLC | 240362 | 659062 |
| Travis Perkins PLC | 63234 | 704666 |
| Vodafone Group PLC | 217082 | 240289 |
|  |  | 6742430 |
| **Total Common Stocks** (Cost $37,519,433) |  | 36518696 |
| **PREFERRED STOCK - 1.92%** |  |  |
| **Germany - 1.92%** |  |  |
| Volkswagen AG, 5.46% | 5091 | 741150 |
| **Total Preferred Stock** (Cost $912,354) |  | 741150 |
| **RIGHT - 0.00%** |  |  |
| **Switzerland - 0.00%** |  |  |
| Credit Suisse Group AG (a) | 14061 | 1308 |
| **Total Right** (Cost $4,211) |  | 1308 |
| **SHORT-TERM INVESTMENT - 2.89%** |  |  |
| **Money Market Fund - 2.89%** |  |  |
| Fidelity Institutional Government Portfolio - Class I, 3.56% (b) | 1119125 | 1119125 |
| **Total Short-Term Investment** (Cost $1,119,125) |  | 1119125 |
| **Total Investments** (Cost $39,555,123) - 99.22% |  | 38380279 |
| Other Assets in Excess of Liabilities - 0.78% |  | 301712 |
| **TOTAL NET ASSETS** - 100.00% |  | $38681991 |

---

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

---

| | |
|:---|:---|
| A/S | Aktieselskab |
| ADR | American Depository Receipt |
| AG | Aktiengesellschaft |
| GDR | Global Depository Receipt |
| KGaA | Kommanditgesellschaft Auf Aktien |
| N.V. | Naamloze Vennootschap |
| Oyj | Julkinen osakeyhtiö |
| PLC | Public Limited Company |
| S.A. | Société Anonyme |
| S.p.A | Società per azioni |
| SCA | Société en Commandite par Actions |
| SE | Societas Europea |
| (a) | Non-income producing security. |
| (b) | The rate listed is the 7-day annualized yield as of November 30, 2022. |

---

------

---

| | | |
|:---|:---|:---|
| **Pzena International Value Fund** | | |
| **Portfolio Diversification** | | |
| **November 30, 2022 (Unaudited)** | | |
|  |<br><br>**Fair Value** |<br><br> **% of**<br>**Net Assets** |
| **COMMON STOCKS** | | |
| &nbsp;&nbsp;&nbsp; Communication Services | $816056 | 2.11% |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 5904284 | 15.26% |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2604223 | 6.73% |
| &nbsp;&nbsp;&nbsp; Energy | 1681799 | 4.35% |
| &nbsp;&nbsp;&nbsp; Financials | 9561715 | 24.72% |
| &nbsp;&nbsp;&nbsp; Health Care | 3048755 | 7.88% |
| &nbsp;&nbsp;&nbsp; Industrials | 6542662 | 16.91% |
| &nbsp;&nbsp;&nbsp; Information Technology | 2026404 | 5.24% |
| &nbsp;&nbsp;&nbsp; Materials | 3483074 | 9.01% |
| &nbsp;&nbsp;&nbsp; Utilities | 849724 | 2.20% |
| **Total Common Stocks** | 36518696 | 94.41% |
| **PREFERRED STOCK** |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 741150 | 1.92% |
| **Total Preferred Stock** | 741150 | 1.92% |
| **RIGHT** |  |  |
| &nbsp;&nbsp;&nbsp; Financials | 1308 | 0.00% |
| **Total Right** | 1308 | 0.00% |
| **Short-Term Investment** | 1119125 | 2.89% |
| **Total Investments** | 38380279 | 99.22% |
| **Other Assets in Excess of Liabilities** | 301712 | 0.78% |
| **Total Net Assets** | $38681991 | 100.00% |

---

---

| |
|:---|
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed |
| by and/or is the exclusive property of MSCI, Inc. and Standard & |
| Poor's Financial Services LLC ("S&P"). GICS is a service mark of |
| MSCI and S&P and has been licensed for use by Pzena Investment |
| Management, LLC. |

---

------

---

| |
|:---|
| **Pzena International 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 International Value Fund** | **Pzena International Value Fund** | | | |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp; Brazil | $789056 | $- | $- | $789056 |
| &nbsp;&nbsp;&nbsp; China | 1363685 | - | - | 1363685 |
| &nbsp;&nbsp;&nbsp; Denmark | 739362 | - | - | 739362 |
| &nbsp;&nbsp;&nbsp; Finland | 995561 | - | - | 995561 |
| &nbsp;&nbsp;&nbsp; France | 6068260 | - | - | 6068260 |
| &nbsp;&nbsp;&nbsp; Germany | 4194174 | - | - | 4194174 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 753327 | - | - | 753327 |
| &nbsp;&nbsp;&nbsp; Ireland | 510512 | - | - | 510512 |
| &nbsp;&nbsp;&nbsp; Italy | 849724 | - | - | 849724 |
| &nbsp;&nbsp;&nbsp; Japan | 5692956 | - | - | 5692956 |
| &nbsp;&nbsp;&nbsp; Luxembourg | 781407 | - | - | 781407 |
| &nbsp;&nbsp;&nbsp; Netherlands | 2157924 | - | - | 2157924 |
| &nbsp;&nbsp;&nbsp; Republic of Korea | 492112 | - | - | 492112 |
| &nbsp;&nbsp;&nbsp; Singapore | 341362 | - | - | 341362 |
| &nbsp;&nbsp;&nbsp; Spain | 769475 | - | - | 769475 |
| &nbsp;&nbsp;&nbsp; Switzerland | 2442344 | - | - | 2442344 |
| &nbsp;&nbsp;&nbsp; Taiwan | 835025 | - | - | 835025 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 6742430 | - | - | 6742430 |
| **Total Common Stocks** | 36518696 | - | - | 36518696 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Germany | 741150 | - | - | 741150 |
| **Total Preferred Stock** | 741150 | - | - | 741150 |
| **Right** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Switzerland | 1308 | - | - | 1308 |
| **Total Right** | 1308 | - | - | 1308 |
| **Short-Term Investment** | 1119125 | - | - | 1119125 |
| **Total Investments** | $38380279 | $- | $- | $38380279 |

---

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 International Value Fund

- **b. EDGAR series identifier (if any):** S000072390

- **c. LEI of Series:** 549300EBN213J14C4P93

**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:** $38815861.39

**Total Liabilities:** $134777.30

**Net Assets:** $38681084.09

**Cash Not Reported:** $3.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228587 | -8.51%               | 6.70%                | 13.08%               |
| Class ID C000228588 | -8.52%               | 6.58%                | 13.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-69308.02               | $-3025032.28                               |
| Month 2  | $-230336.16              | $2358146.21                                |
| Month 3  | $-64326.99               | $4506384.11                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                    | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |       563 | NS      | $49296.28     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                     | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     13543 | NS      | $41306.15     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                       | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |     63737 | NS      | $474282.56    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC              | HSBC Holdings PLC                            | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    112586 | NS      | $691636.55    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                 | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    192236 | NS      | $373582.41    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1119125 | NS      | $1119124.91   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bouygues SA                    | Bouygues SA                                  | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |     11875 | NS      | $365278.15    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S         | AP Moller - Maersk A/S                       | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       132 | NS      | $283497.62    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                           | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |      8867 | NS      | $575767.24    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co  | Hon Hai Precision Industry Co Ltd            | CUSIP: 438090805<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |    127000 | NS      | $835025.00    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                | Danske Bank A/S                              | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |     25554 | NS      | $455864.93    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                  | CUSIP: 500458401<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |      4000 | NS      | $93000.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                        | BASF SE                                      | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |     20282 | NS      | $1023935.18   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co | Fresenius Medical Care AG & Co KGaA          | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     14014 | NS      | $433407.65    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                    | Randstad NV                                  | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     20452 | NS      | $1170534.25   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                  | Volkswagen AG                                | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               | CORP              | DE        |      5091 | NS      | $741150.60    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                         | Sanofi                                       | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     10830 | NS      | $974607.59    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      3254 | NS      | $444327.54    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                       | Accor SA                                     | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     31200 | NS      | $818814.13    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                      | Nokia Oyj                                    | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |    107014 | NS      | $518154.53    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp               | Bridgestone Corp                             | CUSIP: N/A<br>LEI: 549300DHPOF90OYYD780       | Long             | EC               | CORP              | JP        |      3400 | NS      | $127219.93    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                       | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |     13200 | NS      | $341361.75    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp                    | Subaru Corp                                  | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |     38000 | NS      | $647092.48    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                          | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    133100 | NS      | $637017.81    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd             | Honda Motor Co Ltd                           | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |      7000 | NS      | $170120.94    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |    126000 | NS      | $753327.06    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                             | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |     53400 | NS      | $693747.56    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                  | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     45100 | NS      | $1038256.93   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                      | Nokia Oyj                                    | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |     96837 | NS      | $477406.41    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Grou | Sumitomo Mitsui Financial Group Inc          | CUSIP: N/A<br>LEI: 35380028MYWPB6AUO129       | Long             | EC               | CORP              | JP        |      5700 | NS      | $192889.42    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                | Mitsui & Co Ltd                              | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |      8300 | NS      | $239401.12    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                             | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |     16100 | NS      | $194473.17    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |      4152 | NS      | $195817.87    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd   | Takeda Pharmaceutical Co Ltd                 | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |     19200 | NS      | $563111.01    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Toray Industries Inc           | Toray Industries Inc                         | CUSIP: N/A<br>LEI: 35380099TCYR5FHT0A11       | Long             | EC               | CORP              | JP        |     85000 | NS      | $454638.28    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                  | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |      2016 | NS      | $178217.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                             | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      2765 | NS      | $899410.30    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                       | Enel SpA                                     | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    159051 | NS      | $849724.07    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Group AG         | Credit Suisse Group AG                       | CUSIP: H3698D419<br>LEI: 549300506SI9CRFV9Z86 | Long             | EC               | CORP              | CH        |     49712 | NS      | $148256.03    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd               | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |     10210 | NS      | $296294.20    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                           | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |     17831 | NS      | $569700.45    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                | J Sainsbury PLC                              | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    311903 | NS      | $836803.76    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc    | Fukuoka Financial Group Inc                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     15000 | NS      | $292309.36    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                       | Rexel SA                                     | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     62466 | NS      | $1134291.76   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC    | Reckitt Benckiser Group PLC                  | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |      4454 | NS      | $319300.86    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                   | CaixaBank SA                                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |    207594 | NS      | $769474.73    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MS&AD Insurance Group Holdings | MS&AD Insurance Group Holdings Inc           | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |      6100 | NS      | $181113.77    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                        | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |      7040 | NS      | $400563.91    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wood Group PLC            | John Wood Group PLC                          | CUSIP: N/A<br>LEI: 549300PLYY6I10B6S323       | Long             | EC               | CORP              | GB        |    164119 | NS      | $258135.83    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC      | Bank of Ireland Group PLC                    | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |     62832 | NS      | $510512.45    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Iida Group Holdings Co Ltd     | Iida Group Holdings Co Ltd                   | CUSIP: N/A<br>LEI: 35380051BV8PV1I4S949       | Long             | EC               | CORP              | JP        |     10800 | NS      | $171514.23    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                     | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |    244200 | NS      | $747750.30    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                           | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |    217082 | NS      | $240289.39    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     72800 | NS      | $744687.91    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC             | Travis Perkins PLC                           | CUSIP: N/A<br>LEI: 2138001I27OUBAF22K83       | Long             | EC               | CORP              | GB        |     63234 | NS      | $704666.22    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                      | Tesco PLC                                    | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    240362 | NS      | $659061.77    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC              | NatWest Group PLC                            | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |    116680 | NS      | $368307.73    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Group AG         | Credit Suisse Group AG                       | CUSIP: N/A<br>LEI: 549300506SI9CRFV9Z86       | Long             | EC               | CORP              | CH        |     14061 | NS      | $1307.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                    | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     35040 | NS      | $1030620.41   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG       | Daimler Truck Holding AG                     | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |     32760 | NS      | $1069409.56   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     41773 | NS      | $1161713.49   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviva PLC                      | Aviva PLC                                    | CUSIP: G0683Q158<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |     73334 | NS      | $392699.73    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                 | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     44821 | NS      | $815896.14    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal SA                             | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |     29094 | NS      | $781406.63    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                    | Covestro AG                                  | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |     30793 | NS      | $1223093.94   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Amundi SA                      | Amundi SA                                    | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     18641 | NS      | $1037787.99   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                   | ING Groep NV                                 | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |     81869 | NS      | $987389.65    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                               | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |     47307 | NS      | $586606.80    | 1.52%             |  |  |  | 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