# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-049889
**Filing Date:** 2025-7
**Character Count:** 35591
**Document Hash:** b885e5daa0f2a7cfa21efda41184eeb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049889.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049889

**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:** 251164790

**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 Value Fund (Series ID: S000072390)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pzena International Value Fund** | **Pzena International Value Fund** | **Pzena International 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 - 96.9%** | **Shares** | **Value**  |
| **Brazil - 1.5%** | **Brazil - 1.5%** | |
| Ambev S.A. | 415600 | $1015112 |
| Ambev S.A. - ADR | 13543 | 33045 |
| Banco do Brasil S.A. | 151600 | 620766 |
|  |  | 1668923 |
| **Canada - 1.4%** | **Canada - 1.4%** |  |
| Magna International, Inc. | 26252 | 953019 |
| Magna International, Inc.<sup>(c)</sup> | 16876 | 612261 |
|  |  | 1565280 |
| **China - 4.8%** | **China - 4.8%** |  |
| Alibaba Group Holding, Ltd. | 149500 | 2171640 |
| Alibaba Group Holding, Ltd. - ADR | 563 | 64092 |
| China Merchants Bank Co., Ltd. - Class H | 103000 | 642346 |
| China Overseas Land & Investment, Ltd. | 368500 | 620347 |
| Haier Smart Home Co., Ltd. - Class H | 368200 | 1080027 |
| Weichai Power Co., Ltd. - Class H | 355000 | 694507 |
|  |  | 5272959 |
| **Denmark - 2.3%** | **Denmark - 2.3%** |  |
| Danske Bank A/S | 66553 | 2543601 |
| **Finland - 1.4%** | **Finland - 1.4%** |  |
| Nokia Oyj - ADR | 300103 | 1566538 |
| **France - 13.7%** | **France - 13.7%** |  |
| Accor S.A. | 23123 | 1227419 |
| Amundi S.A. <sup>(a)</sup> | 23145 | 1888213 |
| Arkema S.A. | 27557 | 1968111 |
| Michelin SCA | 68252 | 2610084 |
| Rexel S.A. | 97976 | 2751129 |
| Sanofi | 19142 | 1902224 |
| Teleperformance SE | 26232 | 2652062 |
|  |  | 14999242 |
| **Germany - 13.1%** | **Germany - 13.1%** |  |
| BASF SE | 51553 | 2481915 |
| Bayer AG | 60151 | 1689358 |
| Continental AG | 28981 | 2543665 |
| Daimler Truck Holding AG | 71607 | 3106702 |
| Evonik Industries AG | 50443 | 1091669 |
| Fresenius Medical Care AG & Co. KGaA | 41170 | 2338254 |
| Mercedes-Benz Group AG | 19660 | 1173961 |
|  |  | 14425524 |
| **Hong Kong - 2.4%** | **Hong Kong - 2.4%** |  |
| Galaxy Entertainment Group, Ltd. | 614000 | 2615398 |
| **Indonesia - 0.8%** | **Indonesia - 0.8%** |  |
| Bank Rakyat Indonesia Persero Tbk | 3332400 | 910324 |
| **Ireland - 3.7%** | **Ireland - 3.7%** |  |
| Bank of Ireland Group PLC | 193578 | 2655156 |
| Medtronic PLC | 16754 | 1390247 |
|  |  | 4045403 |
| **Italy - 2.1%** | **Italy - 2.1%** |  |
| Enel S.p.A. | 253650 | 2328531 |
| **Japan - 16.9%** | **Japan - 16.9%** |  |
| Bridgestone Corp. | 26000 | 1122972 |
| Daikin Industries, Ltd. | 1200 | 138309 |
| Fukuoka Financial Group, Inc. | 26200 | 720662 |
| Iida Group Holdings Co., Ltd. | 32000 | 450996 |
| Komatsu, Ltd. | 67700 | 2080471 |
| Minebea Mitsumi, Inc. | 124100 | 1753760 |
| Murata Manufacturing Co., Ltd. | 78300 | 1160121 |
| Olympus Corp. | 176400 | 2274033 |
| Resona Holdings, Inc. | 121200 | 1077698 |
| Sumitomo Mitsui Financial Group, Inc. | 24000 | 617117 |
| Suntory Beverage & Food, Ltd. | 63000 | 2053810 |
| T&D Holdings, Inc. | 29400 | 677102 |
| Takeda Pharmaceutical Co., Ltd. | 32000 | 959366 |
| TDK Corp. | 194000 | 2157128 |
| Toray Industries, Inc. | 188100 | 1304720 |
|  |  | 18548265 |
| **Luxembourg - 2.2%** | **Luxembourg - 2.2%** |  |
| ArcelorMittal S.A. | 77270 | 2344307 |
| **Netherlands - 4.2%** | **Netherlands - 4.2%** |  |
| ING Groep N.V. | 111878 | 2372950 |
| Koninklijke Philips N.V. | 32865 | 755659 |
| Randstad N.V. | 34841 | 1462142 |
|  |  | 4590751 |
| **Norway - 2.1%** | **Norway - 2.1%** |  |
| Equinor ASA | 99364 | 2331414 |
| **Republic of Korea - 2.7%** | **Republic of Korea - 2.7%** |  |
| Samsung Electronics Co., Ltd. | 55655 | 2267022 |
| Shinhan Financial Group Co., Ltd. | 12850 | 541121 |
| Shinhan Financial Group Co., Ltd. - ADR | 3710 | 153817 |
|  |  | 2961960 |
| **Spain - 1.5%** | **Spain - 1.5%** |  |
| CaixaBank S.A. | 187561 | 1594687 |
| **Switzerland - 5.8%** | **Switzerland - 5.8%** |  |
| Julius Baer Group, Ltd. | 32618 | 2144941 |
| Roche Holding AG | 6961 | 2245620 |
| UBS Group AG | 62908 | 2001896 |
|  |  | 6392457 |
| **United Kingdom - 14.3%** | **United Kingdom - 14.3%** |  |
| Barclays PLC | 352841 | 1556931 |
| GSK PLC | 106794 | 2168399 |
| HSBC Holdings PLC | 212342 | 2498209 |
| J Sainsbury PLC | 576174 | 2215576 |
| NatWest Group PLC | 155275 | 1097511 |
| Reckitt Benckiser Group PLC | 39568 | 2682649 |
| Shell PLC | 58240 | 1932935 |
| Standard Chartered PLC | 31128 | 485667 |
| Tesco PLC | 204097 | 1066958 |
|  |  | 15704835 |
| **TOTAL COMMON STOCKS** (Cost $91,576,007) | **TOTAL COMMON STOCKS** (Cost $91,576,007) | 106410399 |
| **SHORT-TERM INVESTMENT - 3.8%** |  |  |
| **Money Market Fund - 3.8%** |  |  |
| First American Government Obligations Fund - Class X, 4.22% <sup>(b)</sup> | 4209449 | 4209449 |
| **TOTAL SHORT-TERM INVESTMENT** (Cost $4,209,449) | **TOTAL SHORT-TERM INVESTMENT** (Cost $4,209,449) | 4209449 |
| **TOTAL INVESTMENTS - 100.7% (**Cost $95,785,456**)** | **TOTAL INVESTMENTS - 100.7% (**Cost $95,785,456**)** | 110619848 |
| Liabilities in Excess of Other Assets - (0.7)% | Liabilities in Excess of Other Assets - (0.7)% | (739431) |
| **TOTAL NET ASSETS - 100.0%** |  | $109880417 |
| 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>

(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 $1,888,213 or 1.7% of the Fund's net assets.

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

(c) U.S. Traded Foreign Security.

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Pzena International 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 | $106410399 | $– | $– | $106410399 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 4209449 | – | – | 4209449 |
| Total Investments | $110619848 | $– | $– | $110619848 |
| 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 Value Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $111813426.06

**Total Liabilities:** $1922200.71

**Net Assets:** $109891225.35

**Cash Not Reported:** $98929.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228587 | 1.37%                | 1.26%                | 4.79%                |
| Class ID C000228588 | 1.37%                | 1.26%                | 4.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1388895.17              | $-576850.48                                |
| Month 2  | $-310326.15              | $1173794.84                                |
| Month 3  | $-39107.35               | $3921716.81                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd               | CUSIP: N/A<br>LEI: 988400EB8A6G49E5KO54       | Long             | EC               | CORP              | KR        |     12850 | NS      | $541121.26    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     55655 | NS      | $2267022.54   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Toray Industries Inc           | Toray Industries Inc                         | CUSIP: N/A<br>LEI: 35380099TCYR5FHT0A11       | Long             | EC               | CORP              | JP        |    188100 | NS      | $1304719.48   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                             | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      6961 | NS      | $2245620.29   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                      | Tesco PLC                                    | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    204097 | NS      | $1066958.18   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     26252 | NS      | $953018.28    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                        | BASF SE                                      | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |     51553 | NS      | $2481914.82   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG      | Fresenius Medical Care AG                    | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     41170 | NS      | $2338253.68   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                       | Accor SA                                     | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     23123 | NS      | $1227419.07   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp               | Bridgestone Corp                             | CUSIP: N/A<br>LEI: 549300DHPOF90OYYD780       | Long             | EC               | CORP              | JP        |     26000 | NS      | $1122971.61   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     68252 | NS      | $2610084.32   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MINEBEA MITSUMI Inc            | MINEBEA MITSUMI Inc                          | CUSIP: N/A<br>LEI: 353800CCB0CZ75YZ4010       | Long             | EC               | CORP              | JP        |    124100 | NS      | $1753760.38   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                      | Arkema SA                                    | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     27557 | NS      | $1968111.30   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Iida Group Holdings Co Ltd     | Iida Group Holdings Co Ltd                   | CUSIP: N/A<br>LEI: 35380051BV8PV1I4S949       | Long             | EC               | CORP              | JP        |     32000 | NS      | $450995.52    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                    | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     58240 | NS      | $1932935.02   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil SA             | Banco do Brasil SA                           | CUSIP: N/A<br>LEI: QE0Q0253K88YAGNPE356       | Long             | EC               | CORP              | BR        |    151600 | NS      | $620766.15    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG       | Daimler Truck Holding AG                     | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |     71607 | NS      | $3106701.95   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                       | Bayer AG                                     | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     60151 | NS      | $1689358.57   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV         | Koninklijke Philips NV                       | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |     32865 | NS      | $755658.79    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                       | Enel SpA                                     | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    253650 | NS      | $2328530.67   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                | J Sainsbury PLC                              | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    576174 | NS      | $2215576.12   | 2.02%             |  |  |  | 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        |    103000 | NS      | $642346.10    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc    | Fukuoka Financial Group Inc                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     26200 | NS      | $720661.59    | 0.66%             |  |  |  | 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        |    193578 | NS      | $2655155.77   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                     | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |    415600 | NS      | $1015111.81   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal SA                             | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |     77270 | NS      | $2344306.75   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amundi SA                      | Amundi SA                                    | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     23145 | NS      | $1888213.20   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                    | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     19142 | NS      | $1902224.16   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd         | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |    368500 | NS      | $620346.64    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd          | Daikin Industries Ltd                        | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |      1200 | NS      | $138309.18    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                             | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |     29400 | NS      | $677102.05    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                   | CaixaBank SA                                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |    257333 | NS      | $2187904.65   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC              | HSBC Holdings PLC                            | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    212342 | NS      | $2498208.49   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                 | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    352841 | NS      | $1556931.12   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                | Danske Bank A/S                              | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |     66553 | NS      | $2543600.96   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                           | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     26232 | NS      | $2652061.72   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                          | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    121200 | NS      | $1077698.32   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                      | Nokia Oyj                                    | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    300103 | NS      | $1566537.66   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Grou | Sumitomo Mitsui Financial Group Inc          | CUSIP: N/A<br>LEI: 35380028MYWPB6AUO129       | Long             | EC               | CORP              | JP        |     24000 | NS      | $617116.65    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     16754 | NS      | $1390246.92   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntory Beverage & Food Ltd    | Suntory Beverage & Food Ltd                  | CUSIP: N/A<br>LEI: 549300FONLMVK7YYYH41       | Long             | EC               | CORP              | JP        |     63000 | NS      | $2053810.07   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                       | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |     31128 | NS      | $485667.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     16876 | NS      | $612261.28    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                   | Olympus Corp                                 | CUSIP: N/A<br>LEI: 5299000Y52IFDI1I2A21       | Long             | EC               | CORP              | JP        |    176400 | NS      | $2274033.15   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp                       | TDK Corp                                     | CUSIP: N/A<br>LEI: 3538005O8WNU39U8NX03       | Long             | EC               | CORP              | JP        |    194000 | NS      | $2157128.46   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd               | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      3710 | NS      | $153816.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC              | NatWest Group PLC                            | CUSIP: N/A<br>LEI: 2138005O9XJIJN4JPN90       | Long             | EC               | CORP              | GB        |    185487 | NS      | $1311054.70   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                   | ING Groep NV                                 | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    111878 | NS      | $2372950.28   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                    | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |       563 | NS      | $64091.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                     | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     13543 | NS      | $33044.92     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                    | Randstad NV                                  | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     34841 | NS      | $1462142.32   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                  | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     67700 | NS      | $2080471.18   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                  | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |     47600 | NS      | $705258.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                         | CUSIP: N/A<br>LEI: 529900OKTPKBG85F9502       | Long             | EC               | CORP              | CN        |    355000 | NS      | $694507.15    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                  | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     99364 | NS      | $2331414.27   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                    | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | CN        |    149500 | NS      | $2171640.46   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                      | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    106794 | NS      | $2168398.79   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund   | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4114698 | NS      | $4114698.48   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental AG                 | Continental AG                               | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |     28981 | NS      | $2543665.11   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG         | Mercedes-Benz Group AG                       | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     19660 | NS      | $1173961.24   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |    614000 | NS      | $2615398.35   | 2.38%             |  |  |  | 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        |   3332400 | NS      | $910324.13    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd   | Takeda Pharmaceutical Co Ltd                 | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |     32000 | NS      | $959366.20    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                       | Rexel SA                                     | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     97976 | NS      | $2751128.61   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC    | Reckitt Benckiser Group PLC                  | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |     39568 | NS      | $2682648.56   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Julius Baer Group Ltd          | Julius Baer Group Ltd                        | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     32618 | NS      | $2144940.66   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Evonik Industries AG           | Evonik Industries AG                         | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | EC               | CORP              | DE        |     50443 | NS      | $1091668.74   | 0.99%             |  |  |  | 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        |    289200 | NS      | $848299.35    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                 | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     62908 | NS      | $2001896.14   | 1.82%             |  |  |  | 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