# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-028518
**Filing Date:** 2026-1
**Character Count:** 26224
**Document Hash:** 88b93bc5b4991aa82c2d7f3a9364c504
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028518.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028518

**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:** 26575764

**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 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** | **Pzena Small Cap Value Fund** | **Pzena Small 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 - 94.3%** | **Shares** | **Value** |
| **Basic Materials - 6.8%** | **Basic Materials - 6.8%** | |
| Huntsman Corp. | 125481 | $1307512 |
| Koppers Holdings, Inc. | 47821 | 1418849 |
| Olin Corp. | 74085 | 1563193 |
| Orion S.A. | 166671 | 846689 |
|  |  | 5136243 |
| **Consumer Discretionary - 20.2%** | **Consumer Discretionary - 20.2%** |  |
| Adient PLC <sup>(a)</sup> | 120581 | 2346506 |
| Advance Auto Parts, Inc. | 57059 | 2960221 |
| Genesco, Inc. <sup>(a)</sup> | 35191 | 1261597 |
| Haverty Furniture Cos., Inc. | 46668 | 1110698 |
| Helen of Troy, Ltd. <sup>(a)</sup> | 33668 | 638009 |
| Hooker Furnishings Corp. | 23915 | 256608 |
| Malibu Boats, Inc. - Class A <sup>(a)</sup> | 64807 | 1839871 |
| Newell Brands, Inc. | 447933 | 1634956 |
| PVH Corp. | 18506 | 1568569 |
| Samsonite Group S.A. - ADR | 140170 | 1731057 |
|  |  | 15348092 |
| **Consumer Staples - 5.6%** | **Consumer Staples - 5.6%** |  |
| Spectrum Brands Holdings, Inc. | 45652 | 2709446 |
| Universal Corp. | 13842 | 730304 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 40281 | 799578 |
|  |  | 4239328 |
| **Energy - 4.9%** | **Energy - 4.9%** |  |
| DNOW, Inc. <sup>(a)</sup> | 163773 | 2286270 |
| NOV, Inc. | 96092 | 1475973 |
|  |  | 3762243 |
| **Financials - 20.2%** | **Financials - 20.2%** |  |
| Associated Banc-Corp. | 56785 | 1492878 |
| Bread Financial Holdings, Inc. | 22554 | 1527582 |
| CNO Financial Group, Inc. | 44704 | 1829735 |
| Columbia Banking System, Inc. | 67984 | 1884517 |
| Globe Life, Inc. | 10784 | 1452928 |
| Old National Bancorp of Indiana | 87182 | 1894465 |
| Univest Financial Corp. | 36595 | 1163721 |
| Webster Financial Corp. | 37797 | 2252701 |
| WSFS Financial Corp. | 33425 | 1865449 |
|  |  | 15363976 |
| **Health Care - 5.9%** | **Health Care - 5.9%** |  |
| Envista Holdings Corp. <sup>(a)</sup> | 71580 | 1496022 |
| Teleflex, Inc. | 13840 | 1583573 |
| Varex Imaging Corp. <sup>(a)</sup> | 121614 | 1407074 |
|  |  | 4486669 |
| **Industrials - 23.1%** | **Industrials - 23.1%** |  |
| ABM Industries, Inc. | 41266 | 1774438 |
| Aebi Schmidt Holding AG | 164052 | 1953859 |
| American Woodmark Corp. <sup>(a)</sup> | 26480 | 1459842 |
| Douglas Dynamics, Inc. | 57436 | 1855757 |
| Korn Ferry | 27165 | 1786642 |
| Masterbrand, Inc. <sup>(a)</sup> | 54125 | 600246 |
| Myers Industries, Inc. | 52509 | 948312 |
| Resideo Technologies, Inc. <sup>(a)</sup> | 47446 | 1565244 |
| Robert Half, Inc. | 70098 | 1895450 |
| Sensata Technologies Holding PLC | 61165 | 1961562 |
| TriMas Corp. | 30440 | 1037091 |
| TrueBlue, Inc. <sup>(a)</sup> | 142243 | 696991 |
|  |  | 17535434 |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |
| Marcus & Millichap, Inc. | 23324 | 683393 |
| **Technology - 6.7%** | **Technology - 6.7%** |  |
| Avnet, Inc. | 37561 | 1784523 |
| Concentrix Corp. | 50707 | 1836100 |
| ScanSource, Inc. <sup>(a)</sup> | 36059 | 1482746 |
|  |  | 5103369 |
| **TOTAL COMMON STOCKS** (Cost $74,517,084) | **TOTAL COMMON STOCKS** (Cost $74,517,084) | 71658747 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.1%** |  |  |
| DiamondRock Hospitality Co. | 88163 | 803165 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $763,778) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $763,778) | 803165 |
| **SHORT-TERM INVESTMENTS - 4.5%** |  |  |
| **Money Market Funds – 4.5%**<br> First American Government Obligations Fund - Class X, 4.26% <sup>(b)</sup> | 3421721 | 3421721 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,421,721) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,421,721) | 3421721 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $78,702,583**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $78,702,583**)** | 75883633 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 85849 |
| **TOTAL NET ASSETS - 100.0%** |  | $75969482 |
| 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) 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 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
|  Common Stocks | $69927690 | $1731057 | $– | $71658747 |
|  Real Estate Investment Trusts | 803165 | – | – | 803165 |
|  Short-Term Investments | 3421721 | – | – | 3421721 |
| Total Investments | $74152576 | $1731057 | $– | $75883633 |

---

## 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:** 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:** $76076641.22

**Total Liabilities:** $104501.24

**Net Assets:** $75972139.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168873 | -2.81%               | -6.50%               | 2.63%                |
| Class ID C000168874 | -2.78%               | -6.43%               | 2.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $400847.52               | $-2212442.52                               |
| Month 2  | $-131465.39              | $-3645264.19                               |
| Month 3  | $259133.68               | $1700360.85                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc             | ABM Industries Inc                         | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     41266 | NS      | $1774438.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Koppers Holdings Inc           | Koppers Holdings Inc                       | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47821 | NS      | $1418849.07   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp        | Hooker Furnishings Corp                    | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23915 | NS      | $256607.95    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp             | Varex Imaging Corp                         | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |    121614 | NS      | $1407073.98   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd              | Helen of Troy Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     33668 | NS      | $638008.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp         | American Woodmark Corp                     | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |     26480 | NS      | $1459842.40   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc      | Haverty Furniture Cos Inc                  | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     46668 | NS      | $1110698.40   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp/VA                          | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     13842 | NS      | $730303.92    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    125481 | NS      | $1307512.02   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                | Masterbrand Inc                            | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     54125 | NS      | $600246.25    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     18506 | NS      | $1568568.56   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp         | Univest Financial Corp                     | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     36595 | NS      | $1163721.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     33425 | NS      | $1865449.25   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3425276 | NS      | $3425275.89   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesco Inc                    | Genesco Inc                                | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |     35191 | NS      | $1261597.35   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     27165 | NS      | $1786642.05   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                | Robert Half Inc                            | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     70098 | NS      | $1895449.92   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                 | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |    120581 | NS      | $2346506.26   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Aebi Schmidt Holding AG        | Aebi Schmidt Holding AG                    | CUSIP: N/A<br>LEI: 506700TN58RT735OV464       | Long             | EC               | CORP              | CH        |    164052 | NS      | $1953859.32   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     57059 | NS      | $2960220.92   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp           | Associated Banc-Corp                       | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     56785 | NS      | $1492877.65   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                                  | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     37561 | NS      | $1784523.11   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     88163 | NS      | $803164.93    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     10784 | NS      | $1452928.32   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     74085 | NS      | $1563193.50   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsonite Group SA             | Samsonite Group SA                         | CUSIP: 79604U107<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | US        |    140170 | NS      | $1731057.45   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleflex Inc                   | Teleflex Inc                               | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     13840 | NS      | $1583572.80   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp                     | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     37797 | NS      | $2252701.20   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp                            | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     50707 | NS      | $1836100.47   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp          | Envista Holdings Corp                      | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     71580 | NS      | $1496022.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc           | Myers Industries Inc                       | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |     51468 | NS      | $929512.08    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                    | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     87182 | NS      | $1894464.86   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                    | TriMas Corp                                | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     30440 | NS      | $1037090.80   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TrueBlue Inc                   | TrueBlue Inc                               | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142243 | NS      | $696990.70    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                  | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |     40281 | NS      | $799577.85    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc   | Bread Financial Holdings Inc               | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     22554 | NS      | $1527582.42   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                    | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     44704 | NS      | $1829734.72   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc              | Newell Brands Inc                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |    447933 | NS      | $1634955.45   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                       | DNOW Inc                                   | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |    163773 | NS      | $2286269.91   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc       | Resideo Technologies Inc                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |     47446 | NS      | $1565243.54   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc               | Malibu Boats Inc                           | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64807 | NS      | $1839870.73   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings Inc   | Spectrum Brands Holdings Inc               | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     45652 | NS      | $2709446.20   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P | Sensata Technologies Holding PLC           | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | US        |     61165 | NS      | $1961561.55   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc         | Marcus & Millichap Inc                     | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     23324 | NS      | $683393.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV Inc                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     96092 | NS      | $1475973.12   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                 | ScanSource Inc                             | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     36059 | NS      | $1482746.08   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion SA                       | Orion SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    166671 | NS      | $846688.68    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System Inc                | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |     67984 | NS      | $1884516.48   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc           | Douglas Dynamics Inc                       | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |     57436 | NS      | $1855757.16   | 2.44%             |  |  |  | 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