# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-028519
**Filing Date:** 2026-1
**Character Count:** 22886
**Document Hash:** 4dc82874b49241258f9607d3d00b4e6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028519.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028519

**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:** 26575765

**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 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** | **Pzena Mid Cap Value Fund** | **Pzena Mid Cap 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 - 99.0%** | **Shares** | **Value** |
| **Basic Materials - 4.3%** | **Basic Materials - 4.3%** | |
| FMC Corp. | 39811 | $568899 |
| Huntsman Corp. | 140637 | 1465437 |
| Olin Corp. | 93467 | 1972154 |
|  |  | 4006490 |
| **Consumer Discretionary - 21.7%** | **Consumer Discretionary - 21.7%** |  |
| Adient PLC <sup>(a)</sup> | 125523 | 2442678 |
| Advance Auto Parts, Inc. | 86185 | 4471278 |
| Delta Air Lines, Inc. | 15752 | 1009703 |
| Dollar General Corp. | 30456 | 3334627 |
| Lear Corp. | 8583 | 921471 |
| LKQ Corp. | 65113 | 1933205 |
| Magna International, Inc. | 63674 | 3109838 |
| Newell Brands, Inc. | 338861 | 1236843 |
| PVH Corp. | 23945 | 2029578 |
|  |  | 20489221 |
| **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** |  |
| Tyson Foods, Inc. - Class A | 46004 | 2670532 |
| **Energy - 2.0%** | **Energy - 2.0%** |  |
| NOV, Inc. | 124619 | 1914148 |
| **Financials - 18.8%** | **Financials - 18.8%** |  |
| CNO Financial Group, Inc. | 44834 | 1835056 |
| Corebridge Financial, Inc. | 78067 | 2343571 |
| Equitable Holdings, Inc. | 37448 | 1748447 |
| Fifth Third Bancorp | 56821 | 2469441 |
| Globe Life, Inc. | 17112 | 2305500 |
| KeyCorp | 53346 | 980499 |
| MetLife, Inc. | 30308 | 2320381 |
| Voya Financial, Inc. | 32644 | 2294873 |
| Webster Financial Corp. | 23672 | 1410851 |
|  |  | 17708619 |
| **Health Care - 21.0%** | **Health Care - 21.0%** |  |
| Baxter International, Inc. | 235147 | 4406655 |
| Fresenius Medical Care AG & Co. KGaA - ADR | 129999 | 3109576 |
| Henry Schein, Inc. <sup>(a)</sup> | 34269 | 2555440 |
| Humana, Inc. | 18665 | 4587297 |
| Solventum Corp. <sup>(a)</sup> | 26739 | 2279767 |
| Universal Health Services, Inc. - Class B | 11521 | 2806861 |
|  |  | 19745596 |
| **Industrials - 18.7%** | **Industrials - 18.7%** |  |
| Capital One Financial Corp. | 12936 | 2833889 |
| Dow, Inc. | 95139 | 2269065 |
| Global Payments, Inc. | 35327 | 2676374 |
| Knight-Swift Transportation Holdings, Inc. | 43894 | 2010345 |
| Oshkosh Corp. | 23775 | 3047479 |
| Robert Half, Inc. | 84723 | 2290910 |
| Sensata Technologies Holding PLC | 77253 | 2477504 |
|  |  | 17605566 |
| **Technology - 9.7%** | **Technology - 9.7%** |  |
| Avnet, Inc. | 56410 | 2680039 |
| Cognizant Technology Solutions Corp. - Class A | 30426 | 2364405 |
| Concentrix Corp. | 46164 | 1671598 |
| Skyworks Solutions, Inc. | 37335 | 2462243 |
|  |  | 9178285 |
| **TOTAL COMMON STOCKS** (Cost $91,765,792) | **TOTAL COMMON STOCKS** (Cost $91,765,792) | 93318457 |
| **SHORT-TERM INVESTMENTS - 0.0% <sup>(b)</sup>** |  |  |
| **Money Market Funds – 0.0% <sup>(b)</sup>**<br> First American Government Obligations Fund - Class X, 4.26% <sup>(c)</sup> | 27158 | 27158 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $27,158) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $27,158) | 27158 |
| **TOTAL INVESTMENTS - 99.0% (**Cost $91,792,950**)** | **TOTAL INVESTMENTS - 99.0% (**Cost $91,792,950**)** | 93345615 |
| Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | 932752 |
| **TOTAL NET ASSETS - 100.0%** |  | $94278367 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt<br>

(a) Non-income producing security.

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

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

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
|  Common Stocks | $93318457 | $– | $– | $93318457 |
|  Short-Term Investments | 27158 | – | – | 27158 |
| Total Investments | $93345615 | $– | $– | $93345615 |

---

## 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:** 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:** $94794638.14

**Total Liabilities:** $511453.94

**Net Assets:** $94283184.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138961 | -3.75%               | -4.79%               | 1.36%                |
| Class ID C000138962 | -3.81%               | -4.70%               | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $772900.51               | $-4825635.95                               |
| Month 2  | $1220122.57              | $-5877598.75                               |
| Month 3  | $717756.56               | $322354.04                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Baxter International Inc       | Baxter International Inc                   | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |    235147 | NS      | $4406654.78   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                        | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     30456 | NS      | $3334627.44   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                       | FMC Corp                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     39811 | NS      | $568899.19    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     18665 | NS      | $4587297.05   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     93467 | NS      | $1972153.70   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     13053 | NS      | $3180102.39   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC           | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |     77253 | NS      | $2477503.71   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     23945 | NS      | $2029578.20   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     31900 | NS      | $2478949.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     95139 | NS      | $2269065.15   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp            | Fifth Third Bancorp                        | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     56821 | NS      | $2469440.66   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    140637 | NS      | $1465437.54   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife Inc                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     30308 | NS      | $2320380.48   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions Inc                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     37335 | NS      | $2462243.25   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     46004 | NS      | $2670532.20   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc             | Voya Financial Inc                         | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     32644 | NS      | $2294873.20   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      8583 | NS      | $921470.88    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                    | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     63674 | NS      | $3109838.16   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc              | Newell Brands Inc                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    338861 | NS      | $1236842.65   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp                               | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     23775 | NS      | $3047479.50   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     56410 | NS      | $2680039.10   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     44834 | NS      | $1835055.62   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     13249 | NS      | $2902458.43   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc       | Corebridge Financial Inc                   | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     87730 | NS      | $2633654.60   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     15752 | NS      | $1009703.20   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     27158 | NS      | $27157.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG      | Fresenius Medical Care AG                  | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |    129999 | NS      | $3109576.08   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     35327 | NS      | $2676373.52   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     53346 | NS      | $980499.48    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp                            | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     46164 | NS      | $1671598.44   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings Inc                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     37448 | NS      | $1748447.12   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     65113 | NS      | $1933204.97   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                 | Solventum Corp                             | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     26739 | NS      | $2279767.14   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     25269 | NS      | $1506032.40   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    124619 | NS      | $1914147.84   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                 | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |    125523 | NS      | $2442677.58   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     86185 | NS      | $4471277.80   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     17112 | NS      | $2305499.76   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc   | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43894 | NS      | $2010345.20   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                | Robert Half Inc                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     84723 | NS      | $2290909.92   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein Inc                           | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     36914 | NS      | $2752676.98   | 2.92%             |  |  |  | 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