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

Pzena Emerging Markets Value Fund
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 93.3%	Shares		Value
Brazil - 8.2%
Ambev S.A.		26,879,500	$	56,289,340
Banco do Brasil S.A.		7,145,700		29,203,690
Natura & Co. Holding S.A.		13,619,400		30,625,994
Neoenergia S.A.		4,525,550		14,396,195
Vale S.A.		3,970,100		39,002,894
				169,518,113
China - 24.1%
Alibaba Group Holding, Ltd.		4,731,200		50,869,522
Baidu, Inc. - ADR (a)		134,228		11,416,091
Baidu, Inc. - Class A (a)		3,303,900		34,525,330
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A		10,986,766		20,703,523
China Merchants Bank Co., Ltd. - Class H		8,248,000		37,370,437
China Overseas Land & Investment, Ltd.		35,296,118		60,520,593
CIMC Enric Holdings, Ltd.		1,130,000		981,851
GF Securities Co., Ltd. - Class H		14,329,600		19,781,479
Haier Smart Home Co., Ltd. - Class H		14,265,400		48,498,693
Ping An Insurance Group Co. of China, Ltd. - Class H		4,947,000		28,486,581
Shandong Weigao Group Medical Polymer Co., Ltd. - Class H		26,740,800		15,467,044
Tencent Holdings, Ltd.		778,200		39,810,231
Weichai Power Co., Ltd. - Class H		31,964,000		44,042,941
Zhejiang Longsheng Group Co., Ltd. - Class A		22,709,405		31,836,275
Zhongsheng Group Holdings, Ltd.		15,482,500		30,487,391
ZTO Express Cayman, Inc. - ADR		1,378,959		26,200,221
				500,998,203
Hong Kong - 7.6%
Galaxy Entertainment Group, Ltd.		8,142,000		36,157,596
Man Wah Holdings, Ltd.		26,254,245		16,366,721
Pacific Basin Shipping, Ltd.		140,022,066		33,295,735
WH Group, Ltd. (b)		69,136,700		54,829,491
Yue Yuen Industrial (Holdings), Ltd.		7,769,500		17,376,517
				158,026,060
Hungary - 4.3%
MOL Hungarian Oil & Gas PLC		2,502,197		17,145,661
OTP Bank PLC		850,583		46,074,403
Richter Gedeon PLC		1,010,761		26,897,009
				90,117,073
India - 3.7%
HDFC Bank, Ltd.		2,185,782		46,460,923
Shriram Finance, Ltd.		560,829		20,042,396
UPL, Ltd.		1,564,794		10,092,906
				76,596,225
Indonesia - 1.7%
Bank Rakyat Indonesia Persero Tbk		134,961,500		36,199,834
Kazakhstan - 1.2%
Kaspi.KZ JSC - ADR		228,524		24,314,954
Peru - 2.0%
Credicorp, Ltd.		222,974		41,354,988
Republic of Korea - 13.2%
DB Insurance Co., Ltd.		381,345		29,850,453
Hankook Tire & Technology Co., Ltd.		1,279,271		34,525,324
Hyundai Mobis Co., Ltd.		235,812		40,483,835
KB Financial Group, Inc.		478,480		32,995,072
Orion Corp.		290,238		21,345,772
Samsung Electronics Co., Ltd.		1,869,367		72,628,000
Shinhan Financial Group Co., Ltd.		816,270		31,011,297
WONIK IPS Co., Ltd. (a)		791,583		12,965,608
				275,805,361
Romania - 0.4%
Banca Transilvania S.A.		1,633,288		9,155,999
Russia - 0.0%(c)
Sberbank of Russia PJSC - ADR (a)(d)		408,511		4,085
Saudi Arabia - 1.0%
Saudi Arabian Oil Co. (b)		2,821,148		20,612,876
Singapore - 2.0%
Wilmar International, Ltd.		17,918,300		41,206,872
South Africa - 1.2%
Sasol, Ltd.		5,099,995		24,874,020
Taiwan - 9.2%
Compal Electronics, Inc.		15,190,161		17,232,319
Hon Hai Precision Industry Co., Ltd.		4,622,132		27,818,453
Nien Made Enterprise Co., Ltd.		1,787,000		22,005,357
Taiwan Semiconductor Manufacturing Co., Ltd.		2,765,000		84,780,962
United Integrated Services Co., Ltd.		2,977,000		39,271,142
				191,108,233
Thailand - 4.9%
Bangkok Bank Public Co., Ltd.		5,287,900		23,049,524
Bangkok Bank Public Co., Ltd. - NVDR		4,496,900		19,601,620
Indorama Ventures PCL - NVDR		33,708,600		24,570,741
SCB X PCL		10,060,900		33,587,668
				100,809,553
Turkey - 1.2%
Akbank T.A.S.		14,534,309		25,490,520
United Arab Emirates - 1.9%
Abu Dhabi Commercial Bank PJSC		14,430,386		39,365,777
United Kingdom - 1.1%
Standard Chartered PLC		1,887,322		23,352,275
United States - 2.8%
Cognizant Technology Solutions Corp. - Class A		714,728		57,528,457
Vietnam - 1.6%
Vietnam Dairy Products JSC		13,118,900		33,424,608
TOTAL COMMON STOCKS (Cost $1,845,263,344)				1,939,864,086
PREFERRED STOCKS - 4.7%
Brazil - 4.7%
Cia Energetica de Minas Gerais, 13.91%,		20,019,963		39,029,744
Itau Unibanco Holding S.A., 7.19%,		4,903,243		26,387,284
Petroleo Brasileiro S.A., 11.53%,		5,033,500		32,785,345
TOTAL PREFERRED STOCKS (Cost $89,117,600)				98,202,373
RIGHT - 0.0%(c)
India - 0.0%(c)
UPL Ltd., Expires 12/18/2024, Exercise Price $360.00 (a)(d)		195,599		428,254
TOTAL RIGHT (Cost $353,525)				428,254
SHORT-TERM INVESTMENT - 2.1%
Money Market Fund - 2.1%
First American Government Obligations Fund - Class X, 4.56% (e)		43,449,052		43,449,052
TOTAL SHORT-TERM INVESTMENT (Cost $43,449,052)				43,449,052
TOTAL INVESTMENTS - 100.1% (Cost $1,978,183,521)				2,081,943,765
Liabilities in Excess of Other Assets - (0.1)%				(1,432,722	)
TOTAL NET ASSETS - 100.0%			$	2,080,511,043
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.

ADR - American Depositary Receipt

JSC - Joint Stock Company

NVDR - Non-Voting Depositary Receipt

PCL – Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

S.A. - Société Anonyme

T.A.S. - Turk Anonim Sirketi

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 $75,442,367 or 3.6% 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 $432,339 or 0.0% of net assets as of November 30, 2024.
(e)	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 Emerging Markets 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	$	1,939,860,001	$	–	$	4,085	$	1,939,864,086
Preferred Stocks		98,202,373		–		–		98,202,373
Right		–		–		428,254		428,254
Money Market Fund		43,449,052		–		–		43,449,052
Total Investments	$	2,081,511,426	$	–	$	432,339	$	2,081,943,765
Refer to the Schedule of Investments for further disaggregation of investment categories.

Pzena Emerging Markets Value Fund
Level 3 Reconciliation Disclosure (Unaudited)
	Common Stocks		Rights		Total
Balance as of February 29, 2024	$	4,085	$	-	$	4,085
Corporate actions		-		353,525		353,525
Change in unrealized appreciation		-		74,729		74,729
Balance as of November 30, 2024	$	4,085	$	428,254	$	432,339
Change in unrealized appreciation/(depreciation) during the period for
Level 3 investments held at November 30, 2024	$	-	$	74,729	$	74,729
The Level 3 investments as of November 30, 2024 represented 0.02% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.