# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-049890
**Filing Date:** 2025-7
**Character Count:** 25654
**Document Hash:** e1fa44286f7fd01fb679dd22c202ab6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049890.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049890

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251164791

**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 International Small Cap Value Fund (Series ID: S000062254)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000201595 | Investor Class      | PZVIX           |
| C000201596 | Institutional Class | PZIIX           |

## Nport-Ex

Perhaps

---

| | | |
|:---|:---|:---|
| **Pzena International Small Cap Value Fund** | **Pzena International Small Cap Value Fund** | **Pzena International Small Cap Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.8%** | **Shares** | **Value**  |
| **Australia - 5.5%** | **Australia - 5.5%** | |
| Elders, Ltd. | 1101571 | $4473457 |
| Perenti, Ltd. | 4358734 | 4425182 |
|  |  | 8898639 |
| **Belgium - 2.8%** | **Belgium - 2.8%** |  |
| Umicore S.A. | 414557 | 4542330 |
| **Canada - 7.1%** | **Canada - 7.1%** |  |
| Linamar Corp. | 76941 | 3517527 |
| Spin Master Corp. <sup>(a)</sup> | 219986 | 3847170 |
| Transcontinental, Inc. - Class A | 261460 | 4073316 |
|  |  | 11438013 |
| **Denmark - 2.6%** | **Denmark - 2.6%** |  |
| Solar A/S - Class B | 91224 | 4297386 |
| **Finland - 1.9%** | **Finland - 1.9%** |  |
| Nokian Renkaat Oyj | 423588 | 3159920 |
| **France - 7.7%** | **France - 7.7%** |  |
| Arkema S.A. | 51696 | 3692110 |
| Beneteau SACA | 429893 | 4109978 |
| Nexity S.A. <sup>(b)</sup> | 357959 | 4072566 |
| Rexel S.A. | 22086 | 620167 |
|  |  | 12494821 |
| **Germany - 6.9%** | **Germany - 6.9%** |  |
| Aurubis AG | 44942 | 3944563 |
| Duerr AG | 151978 | 3951694 |
| Hornbach Holding AG & Co. KGaA | 32307 | 3261110 |
|  |  | 11157367 |
| **Hong Kong - 5.3%** | **Hong Kong - 5.3%** |  |
| Pacific Basin Shipping, Ltd. | 6344426 | 1569701 |
| VTech Holdings, Ltd. | 585216 | 3895917 |
| Yue Yuen Industrial (Holdings), Ltd. | 2039076 | 3073788 |
|  |  | 8539406 |
| **Ireland - 9.8%** | **Ireland - 9.8%** |  |
| Bank of Ireland Group PLC | 39508 | 541900 |
| C&C Group PLC | 2294942 | 4984433 |
| Origin Enterprises PLC | 1563292 | 6265877 |
| Permanent TSB Group Holdings PLC <sup>(b)</sup> | 2013907 | 4047434 |
|  |  | 15839644 |
| **Italy - 2.5%** | **Italy - 2.5%** |  |
| Ariston Holding N.V. | 627123 | 3403672 |
| BPER Banca S.p.A. | 72148 | 639961 |
|  |  | 4043633 |
| **Japan - 15.0%** | **Japan - 15.0%** |  |
| Fukuoka Financial Group, Inc. | 143837 | 3956405 |
| Kanto Denka Kogyo Co., Ltd. | 674145 | 3968177 |
| KH Neochem Co., Ltd. | 239774 | 4120790 |
| Sawai Group Holdings Co., Ltd. | 319189 | 3962828 |
| Tokai Carbon Co., Ltd. | 594849 | 4286865 |
| Toyota Boshoku Corp. | 279530 | 4001750 |
|  |  | 24296815 |
| **Netherlands - 3.7%** | **Netherlands - 3.7%** |  |
| Signify N.V. <sup>(a)</sup> | 242981 | 5942718 |
| **New Zealand - 2.3%** | **New Zealand - 2.3%** |  |
| Fletcher Building, Ltd. <sup>(b)</sup> | 1948116 | 3679363 |
| **Republic of Korea - 2.4%** | **Republic of Korea - 2.4%** |  |
| WONIK IPS Co., Ltd. | 235113 | 3885320 |
| **Spain - 2.5%** | **Spain - 2.5%** |  |
| Unicaja Banco S.A. <sup>(a)</sup> | 1881592 | 4138302 |
| **Switzerland - 0.4%** | **Switzerland - 0.4%** |  |
| Ferrexpo PLC <sup>(b)</sup> | 904211 | 657874 |
| **United Kingdom - 17.4%** | **United Kingdom - 17.4%** |  |
| Hays PLC | 4004687 | 3884902 |
| Ibstock PLC | 1553946 | 4099470 |
| Pennon Group PLC | 700873 | 4806580 |
| Sabre Insurance Group PLC <sup>(a)</sup> | 2577723 | 4577525 |
| Senior PLC | 3018640 | 6897889 |
| Travis Perkins PLC | 281670 | 2411766 |
| Wizz Air Holdings PLC <sup>(b)</sup> | 68943 | 1482525 |
|  |  | 28160657 |
| **TOTAL COMMON STOCKS** (Cost $143,083,930) | **TOTAL COMMON STOCKS** (Cost $143,083,930) | 155172208 |
| **SHORT-TERM INVESTMENT - 3.7%** |  |  |
| **Money Market Fund - 3.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(c)</sup> | 5985568 | 5985568 |
| **TOTAL SHORT-TERM INVESTMENT** (Cost $5,985,568) | **TOTAL SHORT-TERM INVESTMENT** (Cost $5,985,568) | 5985568 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $149,069,498**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $149,069,498**)** | 161157776 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 767047 |
| **TOTAL NET ASSETS - 100.0%** |  | $161924823 |
| two | two | –% |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of May 31, 2025, the value of these securities total $18,505,715 or 11.4% of the Fund's net assets.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Pzena International Small 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $155172208 | $– | $– | $155172208 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 5985568 | – | – | 5985568 |
| Total Investments | $161157776 | $– | $– | $161157776 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000062254

- **c. LEI of Series:** 549300BXMZAGJHSNR496

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $162063428.46

**Total Liabilities:** $201643.35

**Net Assets:** $161861785.11

**Cash Not Reported:** $120481.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201595 | 1.21%                | 3.39%                | 7.19%                |
| Class ID C000201596 | 1.20%                | 3.48%                | 7.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $559497.55               | $-1651289.15                               |
| Month 2  | $-154107.89              | $3854132.22                                |
| Month 3  | $96323.70                | $9914303.83                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Linamar Corp                   | Linamar Corp                               | CUSIP: 53278L107<br>LEI: 549300LW6VIYFRMFBU20 | Long             | EC               | CORP              | CA        |     76941 | NS      | $3517527.12   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5985745 | NS      | $5985744.52   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER Banca SPA                 | BPER Banca SPA                             | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |     72148 | NS      | $639961.14    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurubis AG                     | Aurubis AG                                 | CUSIP: N/A<br>LEI: 5299005SHIN9ZK7GW242       | Long             | EC               | CORP              | DE        |     44942 | NS      | $3944563.59   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokai Carbon Co Ltd            | Tokai Carbon Co Ltd                        | CUSIP: N/A<br>LEI: 5299002HKWA5B57KLT43       | Long             | EC               | CORP              | JP        |    594849 | NS      | $4286864.82   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                 | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |   6344426 | NS      | $1569701.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                      | Arkema SA                                  | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     51696 | NS      | $3692110.23   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc    | Fukuoka Financial Group Inc                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    143837 | NS      | $3956404.64   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrexpo PLC                   | Ferrexpo PLC                               | CUSIP: N/A<br>LEI: 213800CEDKSNUTPAQZ41       | Long             | EC               | CORP              | CH        |    904211 | NS      | $657873.81    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ariston Holding NV             | Ariston Holding NV                         | CUSIP: N/A<br>LEI: 815600CC86D25A205563       | Long             | EC               | CORP              | IT        |    627123 | NS      | $3403671.97   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WONIK IPS Co Ltd               | WONIK IPS Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    235113 | NS      | $3885320.29   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hornbach Holding AG & Co KGaA  | Hornbach Holding AG & Co KGaA              | CUSIP: N/A<br>LEI: 529900EGQZ79V21LBL44       | Long             | EC               | CORP              | DE        |     32307 | NS      | $3261110.13   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    239774 | NS      | $4120790.17   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Senior PLC                     | Senior PLC                                 | CUSIP: N/A<br>LEI: 5493002HQHWN5JQHKQ51       | Long             | EC               | CORP              | GB        |   3018640 | NS      | $6897889.30   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                       | Rexel SA                                   | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     22086 | NS      | $620166.43    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcontinental Inc           | Transcontinental Inc                       | CUSIP: 893578104<br>LEI: 549300C86G4JLR01YF53 | Long             | EC               | CORP              | CA        |    261460 | NS      | $4073315.70   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fletcher Building Ltd          | Fletcher Building Ltd                      | CUSIP: N/A<br>LEI: 549300UPHQTT2LG75045       | Long             | EC               | CORP              | NZ        |   1948116 | NS      | $3679363.06   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd           | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   2039076 | NS      | $3073787.90   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Beneteau SACA                  | Beneteau SACA                              | CUSIP: N/A<br>LEI: 969500FHXW3AEY6Z0B25       | Long             | EC               | CORP              | FR        |    429893 | NS      | $4109978.38   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Enterprises PLC         | Origin Enterprises PLC                     | CUSIP: N/A<br>LEI: 213800AIB4U7N5BLS350       | Long             | EC               | CORP              | IE        |   1563292 | NS      | $6265877.26   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Wizz Air Holdings Plc          | Wizz Air Holdings Plc                      | CUSIP: N/A<br>LEI: 213800COXGZCORLJZA85       | Long             | EC               | CORP              | HU        |     68943 | NS      | $1482525.30   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Permanent TSB Group Holdings P | Permanent TSB Group Holdings PLC           | CUSIP: N/A<br>LEI: 635400DTNHVYGZODKQ93       | Long             | EC               | CORP              | IE        |   2013907 | NS      | $4047433.76   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Solar A/S                      | Solar A/S                                  | CUSIP: N/A<br>LEI: 21380031XTLI9X5MTY92       | Long             | EC               | CORP              | DK        |     91224 | NS      | $4297386.30   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexity SA                      | Nexity SA                                  | CUSIP: N/A<br>LEI: 969500JJ71T2DIPDVV84       | Long             | EC               | CORP              | FR        |    357959 | NS      | $4072565.52   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group PLC               | Pennon Group PLC                           | CUSIP: N/A<br>LEI: 213800V1CCTS41GWH423       | Long             | EC               | CORP              | GB        |    700873 | NS      | $4806579.86   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Insurance Group PLC      | Sabre Insurance Group PLC                  | CUSIP: N/A<br>LEI: 2138006RXRQ8P8VKGV98       | Long             | EC               | CORP              | GB        |   2577723 | NS      | $4577524.81   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibstock PLC                    | Ibstock PLC                                | CUSIP: N/A<br>LEI: 2138003QHTNX34CN9V93       | Long             | EC               | CORP              | GB        |   1553946 | NS      | $4099469.51   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Duerr AG                       | Duerr AG                                   | CUSIP: N/A<br>LEI: 5299003APZ54EDTSRO20       | Long             | EC               | CORP              | DE        |    151978 | NS      | $3951693.75   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokian Renkaat Oyj             | Nokian Renkaat Oyj                         | CUSIP: N/A<br>LEI: 743700YQIO8Y4L4WKR40       | Long             | EC               | CORP              | FI        |    423588 | NS      | $3159920.02   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hays PLC                       | Hays PLC                                   | CUSIP: N/A<br>LEI: 213800QC8AWD4BO8TH08       | Long             | EC               | CORP              | GB        |   4004687 | NS      | $3884902.51   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Elders Ltd                     | Elders Ltd                                 | CUSIP: N/A<br>LEI: 254900Y0SQG962QL6549       | Long             | EC               | CORP              | AU        |   1101571 | NS      | $4473456.86   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanto Denka Kogyo Co Ltd       | Kanto Denka Kogyo Co Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    674145 | NS      | $3968176.90   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Boshoku Corp            | Toyota Boshoku Corp                        | CUSIP: N/A<br>LEI: 529900KS87U6EY7PWG26       | Long             | EC               | CORP              | JP        |    279530 | NS      | $4001749.89   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ireland Group PLC      | Bank of Ireland Group PLC                  | CUSIP: N/A<br>LEI: 635400C8EK6DRI12LJ39       | Long             | EC               | CORP              | IE        |     39508 | NS      | $541899.88    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicaja Banco SA               | Unicaja Banco SA                           | CUSIP: N/A<br>LEI: 5493007SJLLCTM6J6M37       | Long             | EC               | CORP              | ES        |   1881592 | NS      | $4138301.72   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Spin Master Corp               | Spin Master Corp                           | CUSIP: 848510103<br>LEI: 254900ACUT127TXKWO71 | Long             | EC               | CORP              | CA        |    219986 | NS      | $3847170.18   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| C&C Group PLC                  | C&C Group PLC                              | CUSIP: N/A<br>LEI: 635400LNUHA2LDXXV850       | Long             | EC               | CORP              | IE        |   2294942 | NS      | $4984433.45   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Signify NV                     | Signify NV                                 | CUSIP: N/A<br>LEI: 549300072P3J1X8NZO35       | Long             | EC               | CORP              | NL        |    242981 | NS      | $5942717.51   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| VTech Holdings Ltd             | VTech Holdings Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    585216 | NS      | $3895917.05   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Umicore SA                     | Umicore SA                                 | CUSIP: N/A<br>LEI: 529900F3AIQECS8ZSV61       | Long             | EC               | CORP              | BE        |    414557 | NS      | $4542329.54   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC             | Travis Perkins PLC                         | CUSIP: N/A<br>LEI: 2138001I27OUBAF22K83       | Long             | EC               | CORP              | GB        |    281670 | NS      | $2411766.17   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Perenti Ltd                    | Perenti Ltd                                | CUSIP: N/A<br>LEI: 25490044GUNE4S2E6K11       | Long             | EC               | CORP              | AU        |   4358734 | NS      | $4425181.97   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Sawai Group Holdings Co Ltd    | Sawai Group Holdings Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    319189 | NS      | $3962828.09   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Kevin Hayden

**Name of Signer:** Advisors Series Trust

**Title:** Treasurer & Vice President