# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-26-028517
**Filing Date:** 2026-1
**Character Count:** 35031
**Document Hash:** d8fb90c3593c725d1be131f8d87563ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028517.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028517

**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:** 26575763

**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** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.4%** | **Shares** | **Value** |
| **Brazil - 1.5%** | **Brazil - 1.5%** | |
| Ambev S.A. | 495500 | $1290304 |
| Banco do Brasil S.A. | 151600 | 639873 |
|  |  | 1930177 |
| **Canada - 1.7%** | **Canada - 1.7%** |  |
| Magna International, Inc. | 25582 | 1251961 |
| Magna International, Inc. <sup>(c)</sup> | 16876 | 824224 |
|  |  | 2076185 |
| **China - 4.7%** | **China - 4.7%** |  |
| Alibaba Group Holding, Ltd. | 93600 | 1821351 |
| China Merchants Bank Co., Ltd. - Class H | 103000 | 691901 |
| China Overseas Land & Investment, Ltd. | 652500 | 1113809 |
| Haier Smart Home Co., Ltd. - Class H | 374800 | 1279557 |
| Weichai Power Co., Ltd. - Class H | 355000 | 878649 |
|  |  | 5785267 |
| **Denmark - 2.4%** | **Denmark - 2.4%** |  |
| Danske Bank A/S | 66553 | 3060740 |
| **Finland - 1.2%** | **Finland - 1.2%** |  |
| Nokia Oyj - ADR | 242316 | 1473281 |
| **France - 11.7%** | **France - 11.7%** |  |
| Accor S.A. | 18111 | 979723 |
| Amundi S.A. <sup>(a)</sup> | 23145 | 1853082 |
| Arkema S.A. | 21849 | 1329736 |
| Michelin SCA | 68252 | 2229370 |
| Publicis Groupe S.A. | 12354 | 1203849 |
| Rexel S.A. | 74062 | 2817898 |
| Sanofi | 22258 | 2214927 |
| Teleperformance SE | 28647 | 1969168 |
|  |  | 14597753 |
| **Germany - 11.6%** | **Germany - 11.6%** |  |
| BASF SE | 51381 | 2676932 |
| Bayer AG | 53703 | 1899648 |
| Continental AG | 28981 | 2170355 |
| Daimler Truck Holding AG | 71607 | 3030259 |
| Evonik Industries AG | 96818 | 1490787 |
| Fresenius Medical Care AG & Co. KGaA | 43191 | 2067311 |
| Mercedes-Benz Group AG | 19265 | 1300115 |
|  |  | 14635407 |
| **Hong Kong – 1.8%** | **Hong Kong – 1.8%** |  |
| Galaxy Entertainment Group, Ltd. | 438000 | 2263795 |
| **Indonesia - 0.4%** | **Indonesia - 0.4%** |  |
| Bank Rakyat Indonesia Persero Tbk | 2253600 | 497943 |
| **Ireland - 4.2%** | **Ireland - 4.2%** |  |
| Accenture PLC - Class A | 3617  | 904250  |
| Bank of Ireland Group PLC | 143527 | 2658000 |
| Medtronic PLC | 16754 | 1764699 |
|  |  | 5326949  |
| **Italy - 2.1%** | **Italy - 2.1%** |  |
| Enel S.p.A. | 253650 | 2621824 |
| **Japan - 19.7%** | **Japan - 19.7%** |  |
| Bridgestone Corp. | 26000 | 1218898 |
| Daikin Industries, Ltd. | 18800 | 2441394 |
| Fukuoka Financial Group, Inc. | 26200 | 806270 |
| Iida Group Holdings Co., Ltd. | 32000 | 508050 |
| Komatsu, Ltd. | 38121 | 1249997 |
| Kubota Corp. | 39553 | 570740 |
| Minebea Mitsumi, Inc. | 124100 | 2519261 |
| Murata Manufacturing Co., Ltd. | 150400 | 3093596 |
| Olympus Corp. | 176400 | 2371499 |
| Resona Holdings, Inc. | 121200 | 1233299 |
| Sumitomo Mitsui Financial Group, Inc. | 24000 | 721821 |
| Suntory Beverage & Food, Ltd. | 76893 | 2437656 |
| T&D Holdings, Inc. | 11400 | 247625 |
| Takeda Pharmaceutical Co., Ltd. | 42900 | 1237524 |
| TDK Corp. | 194000 | 3178791 |
| Toray Industries, Inc. | 87300 | 567264 |
|  |  | 24403685 |
| **Luxembourg - 2.7%** | **Luxembourg - 2.7%** |  |
| ArcelorMittal S.A. | 77270 | 3333564 |
| **Netherlands - 4.8%** | **Netherlands - 4.8%** |  |
| ING Groep N.V. | 111878 | 2901421 |
| Koninklijke Philips N.V. | 64140 | 1805545 |
| Randstad N.V. | 34271 | 1332966 |
|  |  | 6039932 |
| **Norway - 1.9%** | **Norway - 1.9%** |  |
| Equinor ASA | 102484 | 2361018 |
| **Republic of Korea - 3.7** | **Republic of Korea - 3.7** |  |
| Samsung Electronics Co., Ltd. | 55655 | 3803303 |
| Shinhan Financial Group Co., Ltd. | 12850 | 681535 |
| Shinhan Financial Group Co., Ltd. - ADR | 3710 | 200674 |
|  |  | 4685512 |
| **Spain - 0.6%** | **Spain - 0.6%** |  |
| CaixaBank S.A. | 64674 | 721627 |
| **Switzerland - 5.9%** | **Switzerland - 5.9%** |  |
| Julius Baer Group, Ltd. | 32618 | 2331308 |
| Roche Holding AG | 6961 | 2664439 |
| UBS Group AG | 62908 | 2429842 |
|  |  | 7425589 |
| **United Kingdom - 13.8%** | **United Kingdom - 13.8%** |  |
| Barclays PLC | 352841 | 2009502 |
| GSK PLC | 106794 | 2531809 |
| HSBC Holdings PLC | 212342 | 3008080 |
| J Sainsbury PLC | 576174 | 2457354 |
| Reckitt Benckiser Group PLC | 39568 | 3065046 |
| Shell PLC | 58240 | 2153057 |
| Standard Chartered PLC | 31128 | 689550 |
| Tesco PLC | 204097 | 1216542 |
|  |  | 17130940 |
| **TOTAL COMMON STOCKS** (Cost $92,095,780) | **TOTAL COMMON STOCKS** (Cost $92,095,780) | 120371188 |
| **SHORT-TERM INVESTMENTS - 3.2%** |  |  |
| **Money Market Funds – 3.2%**<br> First American Government Obligations Fund - Class X, 4.26% <sup>(b)</sup> | 4058255 | 4058255 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,058,255) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,058,255) | 4058255 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $96,154,035**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $96,154,035**)** | 124429443 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 498139 |
| **TOTAL NET ASSETS - 100.0%** |  | $124927582 |
| 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 November 30, 2025, the value of these securities total $1,853,082 or 1.5% of the Fund's net assets.

(b) The rate shown represents the 7-day annualized yield as of November 30, 2025.

(c) U.S. Traded Foreign Security.

------

#### Summary of Fair Value Disclosure as of November 30, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
|  Common Stocks | $120371188 | $– | $– | $120371188 |
|  Short-Term Investments | 4058255 | – | – | 4058255 |
| Total Investments | $124429443 | $– | $– | $124429443 |

---

## 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:** 2025-11-30

**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:** $125063667.13

**Total Liabilities:** $136127.52

**Net Assets:** $124927539.61

**Cash Not Reported:** $58328.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228587 | 2.87%                | 1.63%                | 2.44%                |
| Class ID C000228588 | 2.79%                | 1.55%                | 2.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $379570.68               | $2695089.70                                |
| Month 2  | $-675263.72              | $2595451.29                                |
| Month 3  | $92306.89                | $2717917.55                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Olympus Corp                   | Olympus Corp                                 | CUSIP: N/A<br>LEI: 5299000Y52IFDI1I2A21       | Long             | EC               | CORP              | JP        |    176400 | NS      | $2371498.99   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| T&D Holdings Inc               | T&D Holdings Inc                             | CUSIP: N/A<br>LEI: 3538008ARJ1MACEWA242       | Long             | EC               | CORP              | JP        |     11400 | NS      | $247624.60    | 0.20%             |  |  |  | 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      | $3030258.75   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                 | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     62908 | NS      | $2429842.06   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     16754 | NS      | $1764698.82   | 1.41%             |  |  |  | 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      | $639873.36    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG      | Fresenius Medical Care AG                    | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     43191 | NS      | $2067310.37   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MINEBEA MITSUMI Inc            | MINEBEA MITSUMI Inc                          | CUSIP: N/A<br>LEI: 353800CCB0CZ75YZ4010       | Long             | EC               | CORP              | JP        |    124100 | NS      | $2519260.59   | 2.02%             |  |  |  | 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        |   2253600 | NS      | $497943.44    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd   | Takeda Pharmaceutical Co Ltd                 | CUSIP: N/A<br>LEI: 549300ZLMVP4X0OGR454       | Long             | EC               | CORP              | JP        |     42900 | NS      | $1237523.77   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                    | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     58240 | NS      | $2153057.40   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund   | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4058255 | NS      | $4058254.56   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                  | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |    150400 | NS      | $3093596.24   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                             | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      6961 | NS      | $2664439.55   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                  | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |    102484 | NS      | $2361018.41   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| J Sainsbury PLC                | J Sainsbury PLC                              | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    576174 | NS      | $2457353.97   | 1.97%             |  |  |  | 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      | $691901.13    | 0.55%             |  |  |  | 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      | $3065045.61   | 2.45%             |  |  |  | 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      | $2331307.68   | 1.87%             |  |  |  | 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      | $508050.32    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                       | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |     31128 | NS      | $689549.52    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                 | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    352841 | NS      | $2009502.03   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                       | Bayer AG                                     | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     53703 | NS      | $1899648.36   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                        | BASF SE                                      | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               | CORP              | DE        |     51381 | NS      | $2676932.15   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     16876 | NS      | $824223.84    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA OVERSEAS                 | China Overseas Land & Investment Ltd         | CUSIP: N/A<br>LEI: 529900I6W35GYKRIZ151       | Long             | EC               | CORP              | HK        |    652500 | NS      | $1113808.74   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Resona Holdings Inc            | Resona Holdings Inc                          | CUSIP: N/A<br>LEI: 52990067JE75XZCYYT81       | Long             | EC               | CORP              | JP        |    121200 | NS      | $1233298.55   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     25582 | NS      | $1251961.06   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Toray Industries Inc           | Toray Industries Inc                         | CUSIP: N/A<br>LEI: 35380099TCYR5FHT0A11       | Long             | EC               | CORP              | JP        |     87300 | NS      | $567264.17    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                       | Rexel SA                                     | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     74062 | NS      | $2817898.35   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesco PLC                      | Tesco PLC                                    | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    204097 | NS      | $1216541.96   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal SA                             | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |     77270 | NS      | $3333563.78   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental AG                 | Continental AG                               | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |     28981 | NS      | $2170355.11   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG         | Mercedes-Benz Group AG                       | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     19265 | NS      | $1300115.34   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                    | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     22258 | NS      | $2214926.82   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                           | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     28647 | NS      | $1969167.54   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd          | Daikin Industries Ltd                        | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |     18800 | NS      | $2441394.32   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                  | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     38121 | NS      | $1249996.88   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                      | Nokia Oyj                                    | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    242316 | NS      | $1473281.28   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                       | Enel SpA                                     | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    253650 | NS      | $2621824.07   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Evonik Industries AG           | Evonik Industries AG                         | CUSIP: N/A<br>LEI: 41GUOJQTALQHLF39XJ34       | Long             | EC               | CORP              | DE        |     96818 | NS      | $1490786.67   | 1.19%             |  |  |  | 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        |    143527 | NS      | $2657999.93   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                    | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | HK        |     93600 | NS      | $1821350.82   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     68252 | NS      | $2229370.51   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Amundi SA                      | Amundi SA                                    | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               | CORP              | FR        |     23145 | NS      | $1853082.47   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                   | ING Groep NV                                 | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    111878 | NS      | $2901420.61   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      3617 | NS      | $904250.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV         | Koninklijke Philips NV                       | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |     64140 | NS      | $1805544.61   | 1.45%             |  |  |  | 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        |     12850 | NS      | $681535.38    | 0.55%             |  |  |  | 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      | $721820.68    | 0.58%             |  |  |  | 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      | $878648.54    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntory Beverage & Food Ltd    | Suntory Beverage & Food Ltd                  | CUSIP: N/A<br>LEI: 549300FONLMVK7YYYH41       | Long             | EC               | CORP              | JP        |     76893 | NS      | $2437656.52   | 1.95%             |  |  |  | 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        |    374800 | NS      | $1279557.13   | 1.02%             |  |  |  | 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      | $3803302.96   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp                       | TDK Corp                                     | CUSIP: N/A<br>LEI: 3538005O8WNU39U8NX03       | Long             | EC               | CORP              | JP        |    194000 | NS      | $3178790.69   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgestone Corp               | Bridgestone Corp                             | CUSIP: N/A<br>LEI: 549300DHPOF90OYYD780       | Long             | EC               | CORP              | JP        |     26000 | NS      | $1218898.24   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CaixaBank SA                   | CaixaBank SA                                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     64674 | NS      | $721626.79    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                           | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |     12354 | NS      | $1203848.78   | 0.96%             |  |  |  | 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      | $3060740.03   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                    | Randstad NV                                  | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     34271 | NS      | $1332966.57   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                       | Accor SA                                     | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     18111 | NS      | $979722.70    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd | Galaxy Entertainment Group Ltd               | CUSIP: N/A<br>LEI: 549300ZSEBV3HR826S10       | Long             | EC               | CORP              | HK        |    438000 | NS      | $2263795.57   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                      | Arkema SA                                    | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     21849 | NS      | $1329736.31   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                       | Ambev SA                                     | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |    495500 | NS      | $1290304.15   | 1.03%             |  |  |  | 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      | $200673.90    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC              | HSBC Holdings PLC                            | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    212342 | NS      | $3008079.96   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kubota Corp                    | Kubota Corp                                  | CUSIP: N/A<br>LEI: 549300CSY4INHEHQQT13       | Long             | EC               | CORP              | JP        |     39553 | NS      | $570740.13    | 0.46%             |  |  |  | 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      | $806269.97    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                      | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    106794 | NS      | $2531809.15   | 2.03%             |  |  |  | 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