# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-049892
**Filing Date:** 2025-7
**Character Count:** 37862
**Document Hash:** 4d4c2c1fb06a861fc8782ff2b72f538c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049892.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049892

**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:** 251164793

**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 Emerging Markets Value Fund (Series ID: S000044708)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000138963 | Investor Class      | PZVEX           |
| C000138964 | Institutional Class | PZIEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena Emerging Markets Value Fund** | **Pzena Emerging Markets Value Fund** | **Pzena Emerging Markets 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 - 91.8%** | **Shares** | **Value**  |
| **Brazil - 7.2%** | **Brazil - 7.2%** | |
| Ambev S.A. | 20923000 | $51104871 |
| Banco do Brasil S.A. | 7145700 | 29259952 |
| Natura & Co. Holding S.A. <sup>(a)</sup> | 18288700 | 33574849 |
| Neoenergia S.A. | 5704950 | 24936402 |
| Vale S.A. | 3970100 | 36254624 |
|  |  | 175130698 |
| **China - 23.6%** | **China - 23.6%** |  |
| Alibaba Group Holding, Ltd. | 4902300 | 71210923 |
| Baidu, Inc. - ADR <sup>(a)</sup> | 134228 | 10993273 |
| Baidu, Inc. - Class A <sup>(a)</sup> | 3303900 | 34403774 |
| Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A | 19350745 | 30038262 |
| China Merchants Bank Co., Ltd. - Class H | 8248000 | 51437579 |
| China Overseas Land & Investment, Ltd. | 43430118 | 73111879 |
| GF Securities Co., Ltd. - Class H | 4224600 | 5948092 |
| Haier Smart Home Co., Ltd. - Class H | 19743000 | 57911390 |
| Ping An Insurance Group Co. of China, Ltd. - Class H | 4947000 | 29116329 |
| Shandong Weigao Group Medical Polymer Co., Ltd. - Class H | 19146183 | 13698344 |
| Tencent Holdings, Ltd. | 902900 | 57367561 |
| Weichai Power Co., Ltd. - Class H | 26693000 | 52221069 |
| Zhejiang Longsheng Group Co., Ltd. - Class A | 13845905 | 18876188 |
| Zhongsheng Group Holdings, Ltd. | 15482500 | 23378455 |
| ZTO Express Cayman, Inc. | 934250 | 16478144 |
| ZTO Express Cayman, Inc. - ADR | 1378959 | 24269678 |
|  |  | 570460940 |
| **Hong Kong - 8.6%** | **Hong Kong - 8.6%** |  |
| Galaxy Entertainment Group, Ltd. | 13976000 | 59532260 |
| Man Wah Holdings, Ltd. | 30087845 | 15962739 |
| Pacific Basin Shipping, Ltd. | 201210066 | 49782241 |
| WH Group, Ltd. <sup>(b)</sup> | 75975700 | 70151390 |
| Yue Yuen Industrial (Holdings), Ltd. | 7769500 | 11712067 |
|  |  | 207140697 |
| **Hungary - 4.4%** | **Hungary - 4.4%** |  |
| MOL Hungarian Oil & Gas PLC | 2849585 | 24639687 |
| OTP Bank PLC | 597584 | 45321904 |
| Richter Gedeon PLC | 1251448 | 36409976 |
|  |  | 106371567 |
| **India - 4.6%** | **India - 4.6%** |  |
| HDFC Bank, Ltd. | 2185782 | 49677212 |
| Shriram Finance Ltd. | 2610805 | 19505909 |
| UPL Ltd. | 5668301 | 41590724 |
|  |  | 110773845 |
| **Indonesia - 2.2%** | **Indonesia - 2.2%** |  |
| Bank Rakyat Indonesia Persero Tbk | 194469000 | 53123821 |
| **Kazakhstan - 1.2%** | **Kazakhstan - 1.2%** |  |
| Kaspi.kz JSC - ADR | 379408 | 30263479 |
| **Peru - 2.2%** | **Peru - 2.2%** |  |
| Credicorp, Ltd. | 247531 | 52429541 |
| **Republic of Korea - 15.1%** | **Republic of Korea - 15.1%** |  |
| DB Insurance Co., Ltd. | 535307 | 38992791 |
| Hankook Tire & Technology Co., Ltd. | 1751037 | 48862017 |
| Hyundai Mobis Co., Ltd. | 267638 | 49077636 |
| KB Financial Group, Inc. | 675120 | 51036469 |
| Orion Corp. | 413840 | 33114399 |
| Samsung Electronics Co., Ltd. | 2284893 | 93071672 |
| Shinhan Financial Group Co., Ltd. | 954930 | 40212679 |
| WONIK IPS Co., Ltd. | 646815 | 10688832 |
|  |  | 365056495 |
| **Romania - 0.5%** | **Romania - 0.5%** |  |
| Banca Transilvania S.A. | 1633288 | 10988583 |
| **Russia - 0.0%<sup>(c)</sup>** | **Russia - 0.0%<sup>(c)</sup>** |  |
| Sberbank of Russia PJSC - ADR <sup>(a)(d)</sup> | 408511 | 4085 |
| **Saudi Arabia - 1.4%** | **Saudi Arabia - 1.4%** |  |
| Saudi Arabian Oil Co. <sup>(b)</sup> | 5206581 | 34695274 |
| **Singapore - 1.9%** | **Singapore - 1.9%** |  |
| Wilmar International, Ltd. | 19829300 | 46892316 |
| **Taiwan - 8.3%** | **Taiwan - 8.3%** |  |
| Compal Electronics, Inc. | 15767161 | 15152385 |
| Hon Hai Precision Industry Co., Ltd. | 6810132 | 35449909 |
| Nien Made Enterprise Co., Ltd. | 1787000 | 25819477 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2968000 | 95769091 |
| United Integrated Services Co., Ltd. | 1516000 | 28277825 |
|  |  | 200468687 |
| **Thailand - 4.1%** | **Thailand - 4.1%** |  |
| Bangkok Bank Public Co., Ltd. | 5287900 | 22793020 |
| Bangkok Bank Public Co., Ltd. - NVDR | 4268000 | 18396832 |
| Indorama Ventures PCL - NVDR | 33708600 | 20844858 |
| SCB X PCL | 10060900 | 36317619 |
|  |  | 98352329 |
| **Turkey - 1.0%** | **Turkey - 1.0%** |  |
| Akbank T.A.S. | 17961980 | 23337657 |
| **United Arab Emirates - 0.5%** | **United Arab Emirates - 0.5%** |  |
| Abu Dhabi Commercial Bank PJSC | 3625099 | 11922460 |
| **United Kingdom - 1.0%** | **United Kingdom - 1.0%** |  |
| Standard Chartered PLC | 1621288 | 25295763 |
| **United States - 2.5%** | **United States - 2.5%** |  |
| Cognizant Technology Solutions Corp. - Class A | 732662 | 59338295 |
| **Vietnam - 1.5%** | **Vietnam - 1.5%** |  |
| Vietnam Dairy Products JSC | 17444010 | 36770058 |
| **TOTAL COMMON STOCKS** (Cost $2,035,551,324) | **TOTAL COMMON STOCKS** (Cost $2,035,551,324) | 2218816590 |
| **PREFERRED STOCKS - 4.6%** |  |  |
| **Brazil - 4.6%** | **Brazil - 4.6%** |  |
|  Cia Energetica de Minas Gerais, 17.01% | 22011363 | 41679003 |
|  Itau Unibanco Holding S.A., 6.39% | 5634567 | 36893878 |
|  Petroleo Brasileiro S.A., 11.44% | 6226300 | 33790428 |
| **TOTAL PREFERRED STOCKS** (Cost $100,615,272) | **TOTAL PREFERRED STOCKS** (Cost $100,615,272) | 112363309 |
| **SHORT-TERM INVESTMENT - 3.7%** |  |  |
| **Money Market Fund - 3.7%** |  |  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(e)</sup> | 88790016 | 88790016 |
| **TOTAL SHORT-TERM INVESTMENT** (Cost $88,790,016) | **TOTAL SHORT-TERM INVESTMENT** (Cost $88,790,016) | 88790016 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $2,224,956,612**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $2,224,956,612**)** | 2419969915 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (2315450) |
| **TOTAL NET ASSETS - 100.0%** |  | $2417654465 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | 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. | 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. |

---

ADR - American Depositary Receipt <br> NVDR - Non-Voting Depositary Receipt

(a) Non-income producing security.

(b) 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 $104,846,664 or 4.3% of the Fund's net assets.

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

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $4,085 or 0.0% of net assets as of May 31, 2025.

(e) 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 Emerging Markets 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 | $2218812505 | $– | $4085 | $2218816590 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 112363309 | – | – | 112363309 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 88790016 | – | – | 88790016 |
| Total Investments | $2419965830 | $– | $4085 | $2419969915 |
| 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. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **<u>Level 3</u>** |
| Beginning balance as of February 28, 2025 | $4085 |
| Ending balance as of May 31, 2025 | $4085 |
|  | $0 |
| Change in unrealized appreciation / (depreciation) still held as of May 31, 2025 | $- |
|  | 0 |

---

## 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 Emerging Markets Value Fund

- **b. EDGAR series identifier (if any):** S000044708

- **c. LEI of Series:** 254900LZU78524RJ7D30

**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:** $2423974828.20

**Total Liabilities:** $8003016.37

**Net Assets:** $2415971811.83

**Cash Not Reported:** $6794559.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000138963 | 1.70%                | -0.16%               | 3.59%                |
| Class ID C000138964 | 1.77%                | -0.16%               | 3.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1980631.72             | $30266318.18                               |
| Month 2  | $-5695468.28             | $-8293677.15                               |
| Month 3  | $-2952769.59             | $70100525.01                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |   1378959 | NS      | $24269678.40  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                               | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |    934250 | NS      | $16478144.01  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                           | CUSIP: N/A<br>LEI: 789000TUMN63Z28TJ497       | Long             | EC               | CORP              | TR        |  17961980 | NS      | $23337656.98  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |   3303900 | NS      | $34403774.34  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WEIGAO GROUP                   | Shandong Weigao Group Medical Polymer Co Ltd         | CUSIP: N/A<br>LEI: 5299005WQUU15JQU8S60       | Long             | EC               | CORP              | CN        |  19870713 | NS      | $14216717.03  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                           | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |   2284893 | NS      | $93071672.54  | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Basin Shipping Ltd     | Pacific Basin Shipping Ltd                           | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        | 201210066 | NS      | $49782240.76  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                        | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |  15482500 | NS      | $23378454.55  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                  | CUSIP: N/A<br>LEI: 549300J6ZJW5IH4WEE46       | Long             | EC               | CORP              | HU        |   1192958 | NS      | $34708251.99  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Longsheng             | Zhejiang Longsheng Group Co Ltd                      | CUSIP: N/A<br>LEI: 300300XYB5YIMVFQA157       | Long             | EC               | CORP              | CN        |  13845905 | NS      | $18876187.76  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd                       | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |    954930 | NS      | $40212678.84  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                               | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |    675120 | NS      | $51036468.80  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL YUHONG                | Beijing Oriental Yuhong Waterproof Technology Co Ltd | CUSIP: N/A<br>LEI: 300300XMIXB7STDZWT60       | Long             | EC               | CORP              | CN        |  18402645 | NS      | $28566521.16  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Corp/Republic of Korea   | Orion Corp/Republic of Korea                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    413840 | NS      | $33114398.78  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura & Co Holding SA         | Natura & Co Holding SA                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |  18288700 | NS      | $33574849.20  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                            | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | CN        |   4731200 | NS      | $68725520.65  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WONIK IPS Co Ltd               | WONIK IPS Co Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    646815 | NS      | $10688832.35  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA             | Banco do Brasil SA                                   | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |   7145700 | NS      | $29259951.74  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund           | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  83396153 | NS      | $83396152.62  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Compal Electronics Inc         | Compal Electronics Inc                               | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |  15767161 | NS      | $15152384.56  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                               | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |   1621288 | NS      | $25295762.65  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                            | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |    134228 | NS      | $10993273.20  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd                 | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |  40159618 | NS      | $67606197.80  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |   4268000 | NS      | $18396831.92  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co  | Hon Hai Precision Industry Co Ltd                    | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   6810132 | NS      | $35449908.80  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd           | Hyundai Mobis Co Ltd                                 | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |    267638 | NS      | $49077635.72  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT                 | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        | 194469000 | NS      | $53123821.36  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                              | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |    408511 | NS      | $4085.11      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                             | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   5634567 | NS      | $36893877.81  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UPL Ltd                        | UPL Ltd                                              | CUSIP: N/A<br>LEI: 335800RJSM1SLHO4UA95       | Long             | EC               | CORP              | IN        |   5668301 | NS      | $41590723.90  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais                       | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |  22011363 | NS      | $41679003.63  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Man Wah Holdings Ltd           | Man Wah Holdings Ltd                                 | CUSIP: N/A<br>LEI: 52990005BW6K71UPKX41       | Long             | EC               | CORP              | HK        |  30087845 | NS      | $15962739.31  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Indorama Ventures PCL          | Indorama Ventures PCL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TH        |  33708600 | NS      | $20844858.12  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC                       | CUSIP: N/A<br>LEI: 213800RWVKKIRX1AUH58       | Long             | EC               | CORP              | AE        |   3625099 | NS      | $11922460.09  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                        | CUSIP: N/A<br>LEI: 335800ZQ6I4E2JXENC50       | Long             | EC               | CORP              | IN        |   2185782 | NS      | $49677211.94  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GF Securities Co Ltd           | GF Securities Co Ltd                                 | CUSIP: N/A<br>LEI: 3003007E0Y3ZJ5HNA936       | Long             | EC               | CORP              | CN        |   4253000 | NS      | $5988078.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                         | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    379408 | NS      | $30263479.12  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                             | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |  20923000 | NS      | $51104871.06  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale SA                                              | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               | CORP              | BR        |   3970100 | NS      | $36254624.18  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| United Integrated Services Co  | United Integrated Services Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |   1516000 | NS      | $28277825.05  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                                 | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |  26693000 | NS      | $52221068.47  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vietnam Dairy Products JSC     | Vietnam Dairy Products JSC                           | CUSIP: N/A<br>LEI: 549300148GRJ07D21X63       | Long             | EC               | CORP              | VN        |  17444010 | NS      | $36770057.55  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                                 | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               | CORP              | SA        |   5206581 | NS      | $34695274.08  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                            | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |  10060900 | NS      | $36317619.37  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd            | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   2968000 | NS      | $95769090.88  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Wilmar International Ltd       | Wilmar International Ltd                             | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |  19829300 | NS      | $46892316.34  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Neoenergia SA                  | Neoenergia SA                                        | CUSIP: N/A<br>LEI: 959800B3RXPMGEZ1W429       | Long             | EC               | CORP              | BR        |   5704950 | NS      | $24936401.78  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co Ltd    | Nien Made Enterprise Co Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |   1787000 | NS      | $25819477.12  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Transilvania SA          | Banca Transilvania SA                                | CUSIP: N/A<br>LEI: 549300RG3H390KEL8896       | Long             | EC               | CORP              | RO        |   1633288 | NS      | $10988582.77  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                                     | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               | CORP              | TH        |   5287900 | NS      | $22793019.57  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd                       | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |  13510000 | NS      | $57547282.91  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                  | OTP Bank Nyrt                                        | CUSIP: N/A<br>LEI: 529900W3MOO00A18X956       | Long             | EC               | CORP              | HU        |    597584 | NS      | $45321903.79  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd              | CUSIP: N/A<br>LEI: 529900M9MC28JLN35U89       | Long             | EC               | CORP              | CN        |   4947000 | NS      | $29116329.34  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                          | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |   8248000 | NS      | $51437578.91  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC    | MOL Hungarian Oil & Gas PLC                          | CUSIP: N/A<br>LEI: 213800R83KX5FQFGXS67       | Long             | EC               | CORP              | HU        |   2849585 | NS      | $24639686.93  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                                        | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |    247531 | NS      | $52429541.11  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    732662 | NS      | $59338295.38  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras                   | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |   6226300 | NS      | $33790427.83  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                     | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   7769500 | NS      | $11712067.18  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                              | CUSIP: N/A<br>LEI: 3003002BYTNGNJTWSH07       | Long             | EC               | CORP              | CN        |  19743000 | NS      | $57911389.98  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                  | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |    535307 | NS      | $38992790.82  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankook Tire & Technology Co L | Hankook Tire & Technology Co Ltd                     | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |   1751037 | NS      | $48862016.74  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                         | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |  75975700 | NS      | $70151390.49  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                                 | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |    902900 | NS      | $57367560.67  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Shriram Finance Ltd            | Shriram Finance Ltd                                  | CUSIP: N/A<br>LEI: 335800TM2YO24B76XL26       | Long             | EC               | CORP              | IN        |   2610805 | NS      | $19505909.16  | 0.81%             |  |  |  | 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