Advisors Series Trust NPORT-P Scharf Global Opportunity Fund (Dec 2024 report)

Scharf Global Opportunity Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 93.7%	Shares		Value
Aerospace & Defense - 2.2%
Airbus SE - ADR		15,200	$	605,492
Beverages - 2.7%
Heineken Holding NV		12,520		750,248
Building Products - 2.7%
Assa Abloy AB - Class B		25,603		756,252
Capital Markets - 11.5%
Brookfield Corp.		35,940		2,064,753
Charles Schwab Corp.		4,150		307,141
CME Group, Inc.		3,420		794,227
				3,166,121
Chemicals - 3.4%
Air Products and Chemicals, Inc.		3,227		935,959
Commercial Services & Supplies - 1.1%
MillerKnoll, Inc.		13,125		296,494
Entertainment - 1.9%
Walt Disney Co.		4,639		516,553
Financial Services - 13.7%
Berkshire Hathaway, Inc. - Class B (a)		2,556		1,158,584
Fiserv, Inc. (a)		7,556		1,552,153
Visa, Inc. - Class A		3,428		1,083,385
				3,794,122
GICS~Energy Equipment & Services - 1.9%
Schlumberger, Ltd.		13,810		529,475
Ground Transportation - 4.9%
U-Haul Holding Co.		10,837		694,110
Union Pacific Corp.		2,954		673,630
				1,367,740
Health Care Equipment & Supplies - 3.2%
Smith & Nephew PLC		70,835		879,152
Health Care Providers & Services - 8.9%
Centene Corp. (a)		15,593		944,624
CVS Health Corp.		12,217		548,421
McKesson Corp.		1,678		956,309
				2,449,354
Hotels, Restaurants & Leisure - 6.1%
Booking Holdings, Inc.		117		581,305
Compass Group PLC		33,136		1,104,271
				1,685,576
Household Durables - 2.2%
Sony Corp. - ADR		28,310		599,040
Insurance - 6.7%
Aon PLC - Class A		1,840		660,854
Markel Group, Inc. (a)		695		1,199,730
				1,860,584
Interactive Media & Services - 1.9%
Tencent Holdings, Ltd.		9,910		532,079
Machinery - 2.0%
Donaldson Co., Inc.		8,245		555,301
Media - 3.7%
Comcast Corp. - Class A		27,052		1,015,261
Oil, Gas & Consumable Fuels - 3.6%
Occidental Petroleum Corp.		19,880		982,271
Pharmaceuticals - 2.9%
Novartis AG - ADR		8,330		810,592
Software - 6.5%
Microsoft Corp.		1,215		512,123
Oracle Corp.		7,769		1,294,626
				1,806,749
TOTAL COMMON STOCKS (Cost $19,033,634)				25,894,415
PREFERRED STOCKS - 4.4%
Technology Hardware, Storage & Peripherals - 4.4%
Samsung Electronics Co. Ltd. 0.00%,		40,220		1,207,570
TOTAL PREFERRED STOCKS (Cost $1,070,154)				1,207,570
SHORT-TERM INVESTMENTS - 1.9%
Money Market Funds - 1.9%
First American Treasury Obligations Fund - Class Z, 4.36% (b)		527,382		527,382
TOTAL SHORT-TERM INVESTMENTS (Cost $527,382)				527,382
TOTAL INVESTMENTS - 100.0% (Cost $20,631,170)				27,629,367
Other Assets in Excess of Liabilities - 0.0% (c)				13,593
TOTAL NET ASSETS - 100.0%			$	27,642,960
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

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
(c)	Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Scharf Global Opportunity 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 December 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	25,894,415	$	–	$	–	$	25,894,415
Preferred Stocks		1,207,570		–		–		1,207,570
Money Market Funds		527,382		–		–		527,382
Total Investments	$	27,629,367	$	–	$	–	$	27,629,367
Refer to the Schedule of Investments for further disaggregation of investment categories.

Allocation of Portfolio Holdings by Country as of December 31, 2024
(% of Net Assets)
United States	$	18,319,918	66.3	%
Canada		2,064,753	7.5
United Kingdom		1,983,423	7.2
South Korea		1,207,570	4.4
Switzerland		810,592	2.9
Sweden		756,252	2.7
Netherlands		750,248	2.7
France		605,492	2.2
Japan		599,040	2.2
China		532,079	1.9
Other Assets in Excess of Liabilities		13,593	0.0	(a)
	$	27,642,960	100.0	%

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