Advisors Series Trust NPORT-P Pzena International Value Fund (Nov 2024 report)

Pzena International Value Fund
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 97.1%	Shares		Value
Brazil - 1.6%
Ambev S.A.		415,600	$	870,323
Ambev S.A. - ADR		13,543		28,711
Banco do Brasil S.A.		151,600		619,573
				1,518,607
Canada - 2.1%
Magna International, Inc.		26,252		1,193,111
Magna International, Inc. (c)		16,876		761,783
				1,954,894
China - 4.6%
Alibaba Group Holding, Ltd.		162,400		1,746,113
Alibaba Group Holding, Ltd. - ADR		563		49,189
China Merchants Bank Co., Ltd. - Class H		103,000		466,677
China Overseas Land & Investment, Ltd.		368,500		631,850
Haier Smart Home Co., Ltd. - Class H		266,600		906,372
Weichai Power Co., Ltd. - Class H		415,000		571,825
				4,372,026
Denmark - 1.5%
Danske Bank A/S		51,025		1,465,552
Finland - 2.0%
Nokia Oyj - ADR		453,496		1,904,683
France - 13.1%
Accor S.A.		29,585		1,365,606
Amundi S.A. (b)		23,145		1,507,861
Arkema S.A.		10,820		857,551
Cie Generale des Etablissements Michelin SCA		63,484		2,062,911
Rexel S.A.		72,737		1,878,572
Sanofi		25,158		2,448,272
Teleperformance SE		24,205		2,277,004
				12,397,777
Germany - 12.7%
BASF SE		51,553		2,310,978
Bayer AG		60,151		1,232,387
Continental AG		28,981		1,900,012
Daimler Truck Holding AG		71,607		2,709,004
Evonik Industries AG		52,486		963,140
Fresenius Medical Care AG & Co. KGaA		41,170		1,809,862
Mercedes-Benz Group AG		19,660		1,100,278
				12,025,661
Hong Kong - 1.2%
Galaxy Entertainment Group, Ltd.		257,000		1,141,305
Hungary - 0.5%
OTP Bank PLC		9,105		493,200
Indonesia - 0.7%
Bank Rakyat Indonesia Persero Tbk		2,326,300		623,968
Ireland - 3.3%
Bank of Ireland Group PLC		193,578		1,695,419
Medtronic PLC		16,754		1,449,891
				3,145,310
Italy - 1.9%
Enel S.p.A.		253,650		1,825,379
Japan - 16.7%
Bridgestone Corp.		26,000		929,546
Fukuoka Financial Group, Inc.		30,600		847,756
Iida Group Holdings Co., Ltd.		32,000		479,845
Komatsu, Ltd.		72,200		1,942,834
Minebea Mitsumi, Inc.		76,500		1,252,204
Olympus Corp.		63,300		998,483
Resona Holdings, Inc.		227,900		1,904,054
Sumitomo Mitsui Financial Group, Inc.		24,000		591,277
Suntory Beverage & Food, Ltd.		53,400		1,817,774
T&D Holdings, Inc.		29,400		556,697
Takeda Pharmaceutical Co., Ltd.		28,200		769,579
TDK Corp.		157,500		2,030,662
Toray Industries, Inc.		261,500		1,667,944
				15,788,655
Luxembourg - 2.1%
ArcelorMittal S.A.		77,270		1,946,652
Netherlands - 4.4%
ING Groep N.V.		111,878		1,732,968
Koninklijke Philips N.V. (a)		32,865		895,687
Randstad N.V.		34,841		1,532,002
				4,160,657
Norway - 2.4%
Equinor ASA		93,378		2,259,824
Republic of Korea - 0.7%
Shinhan Financial Group Co., Ltd.		12,850		488,190
Shinhan Financial Group Co., Ltd. - ADR		3,710		143,132
				631,322
Spain - 2.0%
CaixaBank S.A.		350,085		1,903,770
Switzerland - 7.1%
Julius Baer Group, Ltd.		32,618		2,158,612
Roche Holding AG		8,409		2,438,844
UBS Group AG		64,506		2,085,398
				6,682,854
Taiwan - 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		31,000		950,528
United Kingdom - 15.5%
Barclays PLC		401,950		1,349,227
HSBC Holdings PLC		222,276		2,072,321
J Sainsbury PLC		420,217		1,396,642
NatWest Group PLC		337,305		1,728,394
Reckitt Benckiser Group PLC		40,920		2,530,522
Shell PLC		58,240		1,890,661
Standard Chartered PLC		123,046		1,522,477
Tesco PLC		388,666		1,812,050
Travis Perkins PLC		40,169		388,712
				14,691,006
TOTAL COMMON STOCKS (Cost $85,892,934)				91,883,630
SHORT-TERM INVESTMENT - 2.6%
Money Market Fund - 2.6%
First American Government Obligations Fund - Class X, 4.56% (d)		2,476,500		2,476,500
TOTAL SHORT-TERM INVESTMENT (Cost $2,476,500)				2,476,500
TOTAL INVESTMENTS - 99.7% (Cost $88,369,434)				94,360,130
Other Assets in Excess of Liabilities - 0.3%				289,569
TOTAL NET ASSETS - 100.0%			$	94,649,699
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. A/S - Aksjeselskap

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

KGaA - Kommanditgesellschaft auf Aktien

N.V. – Naamloze Vennootschap

Oyj - Julkinen Asakeyhtio

PLC - Public Limited Company

S.A. - Société Anonyme

SCA – Société en Commandite par Actions

S.p.A. – Società per Azioni

SE - Societas Europeae

Tbk - Terbuka

(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 November 30, 2024, the value of these securities total $1,507,861 or 1.6% of the Fund’s net assets.
(c)	U.S. Traded Foreign Security.
(d)	The rate shown represents the 7-day annualized yield as of November 30, 2024.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

Pzena International Value Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	91,883,630	$	–	$	–	$	91,883,630
Money Market Fund		2,476,500		–		–		2,476,500
Total Investments	$	94,360,130	$	–	$	–	$	94,360,130
Refer to the Schedule of Investments for further disaggregation of investment categories.