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

Scharf Multi-Asset Opportunity Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 68.0%	Shares		Value
Aerospace & Defense - 1.8%
Lockheed Martin Corp.		1,779	$	864,487
Automobile Components - 1.2%
Gentex Corp.		19,774		568,107
Beverages - 1.4%
Heineken N.V.		9,501		676,119
Capital Markets - 6.5%
Brookfield Corp.		37,774		2,170,117
CME Group, Inc.		4,275		992,783
				3,162,900
Chemicals - 3.0%
Air Products and Chemicals, Inc.		4,964		1,439,759
Commercial Services & Supplies - 0.3%
MillerKnoll, Inc.		7,217		163,032
Electric Utilities - 0.7%
Portland General Electric Co.		7,969		347,608
Entertainment - 1.3%
Walt Disney Co.		5,468		608,862
Financial Services - 11.8%
Berkshire Hathaway, Inc. - Class B (a)		4,106		1,861,167
Fiserv, Inc. (a)		11,602		2,383,283
Visa, Inc. - Class A		4,699		1,485,072
				5,729,522
GICS~Energy Equipment & Services - 1.2%
Schlumberger, Ltd.		15,540		595,804
Ground Transportation - 4.5%
U-Haul Holding Co.		16,642		1,065,920
Union Pacific Corp.		4,999		1,139,972
				2,205,892
Health Care Equipment & Supplies - 1.5%
Smith & Nephew PLC		56,870		705,829
Health Care Providers & Services - 9.1%
Centene Corp. (a)		20,914		1,266,970
CVS Health Corp.		24,406		1,095,585
McKesson Corp.		3,596		2,049,397
				4,411,952
Hotels, Restaurants & Leisure - 3.7%
Booking Holdings, Inc.		175		869,474
Compass Group PLC		28,572		952,173
				1,821,647
Insurance - 4.9%
Aon PLC - Class A		2,338		839,716
Markel Group, Inc. (a)		891		1,538,071
				2,377,787
Machinery - 1.4%
Donaldson Co., Inc.		10,368		698,285
Media - 2.1%
Comcast Corp. - Class A		26,967		1,012,072
Oil, Gas & Consumable Fuels - 2.9%
Occidental Petroleum Corp.		28,720		1,419,055
Personal Care Products - 0.0%(b)
Kenvue, Inc.		1		21
Pharmaceuticals - 2.2%
Novartis AG - ADR		11,111		1,081,211
Software - 6.5%
Microsoft Corp.		3,949		1,664,503
Oracle Corp.		9,070		1,511,425
				3,175,928
TOTAL COMMON STOCKS (Cost $22,469,632)				33,065,879
CORPORATE BONDS - 5.6%	Par
Beverages - 0.3%
Coca-Cola Consolidated, Inc., 3.80%, 11/25/2025	$	150,000		148,934
Beverages-Non-alcoholic - 0.3%
Coca-Cola Refreshments USA LLC, 6.75%, 09/15/2028		125,000		132,132
Broadline Retail - 0.3%
Amazon.com, Inc., 5.20%, 12/03/2025		150,000		150,848
Capital Markets - 0.7%
Charles Schwab Corp., 5.38% to 06/01/2025 then 5 yr. CMT Rate + 4.97%, Perpetual		350,000		348,688
Cosmetics & Toiletries - 0.3%
Conopco, Inc., 7.25%, 12/15/2026		150,000		158,099
Diversified Banking Instruments - 1.8%
Goldman Sachs Group, Inc., 5.53% (3 mo. Term SOFR + 1.03%), Perpetual		1,001,000		848,424
Finance-Investment Banking-Brokerages - 0.2%
JPMorgan Chase Financial Co. LLC, 5.00%, 09/16/2027		100,000		98,501
IT Services - 0.3%
International Business Machines Corp., 7.00%, 10/30/2025		150,000		152,981
Retail-Petroleum Prod - 1.1%
Murphy Oil USA, Inc., 5.63%, 05/01/2027		557,000		554,750
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc., 0.70%, 02/08/2026		145,000		139,390
TOTAL CORPORATE BONDS (Cost $2,649,226)				2,732,747
MUNICIPAL BONDS - 5.6%
California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026		65,000		65,177
California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst)		130,000		127,806
City of New York, General Obligation, Build America Bonds, 5.42%, 03/01/2025		35,000		34,996
City of Pasadena CA, Series B, 4.63%, 05/01/2038		100,000		100,029
City of San Jose CA, 2.60%, 09/01/2027		175,000		167,124
City of Seattle WA Drainage & Wastewater Revenue, 5.55%, 11/01/2039		150,000		149,438
Lake of Elsinore California Improvement Bond Act 1915, 1.15%, 09/02/2025		150,000		146,621
Los Angeles Unified School District/CA, 5.72%, 05/01/2027		230,000		235,611
San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028		180,000		167,094
San Jose Redevelopment Agency Successor Agency, 3.18%, 08/01/2026		250,000		244,861
State of California
3.38%, 04/01/2025		100,000		99,760
2.65%, 04/01/2026		200,000		196,242
2.38%, 10/01/2026		145,000		140,308
6.00%, 03/01/2030		200,000		211,658
7.50%, 04/01/2034		150,000		171,303
5.13%, 03/01/2038		150,000		147,001
State of California, Build America Bonds, 4.99%, 04/01/2039		15,000		14,029
State of Georgia, School Construction Bonds, 4.35%, 02/01/2029		15,000		14,889
State of Oregon, 5.05%, 08/01/2043		300,000		289,927
TOTAL MUNICIPAL BONDS (Cost $2,754,379)				2,723,874
PREFERRED STOCKS - 5.4%	Shares
Closed-end Funds - 0.7%
GDL Fund Series C, 4.00%, 03/26/2025  (c)		6,900		343,759
Independent Power and Renewable Electricity Producers - 3.0%
Tennessee Valley Authority		–	$	–
Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029		33,100		738,130
Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028		32,700		736,731
				1,474,861
Technology Hardware, Storage & Peripherals - 1.7%
Samsung Electronics Co. Ltd. 0.00%,		26,643		799,932
TOTAL PREFERRED STOCKS (Cost $2,382,554)				2,618,552
EXCHANGE TRADED FUNDS - 5.0%
iShares Silver Trust (a)		35,295		929,317
SPDR Gold Shares (a)		6,143		1,487,405
TOTAL EXCHANGE TRADED FUNDS (Cost $1,344,878)				2,416,722
U.S. TREASURY SECURITIES - 4.2%	Par
United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034	$	533,993		512,213
United States Treasury Note/Bond
5.00%, 10/31/2025		960,000		965,613
4.63%, 06/30/2026		540,000		542,953
TOTAL U.S. TREASURY SECURITIES (Cost $2,022,135)				2,020,779
REAL ESTATE INVESTMENT TRUSTS - 0.0%(b)	Shares
Office REITs - 0.0%(b)
Orion Office REIT, Inc.		1		3
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $18)				3
SHORT-TERM INVESTMENTS - 6.2%
Money Market Funds - 2.2%
First American Treasury Obligations Fund - Class Z, 4.36% (d)		1,082,015		1,082,015
U.S. Treasury Bills - 4.0%	Par
5.00%, 01/23/2025 (e)	$	1,300,000		1,296,787
4.35%, 03/20/2025 (e)		630,000		624,379
				1,921,166
TOTAL SHORT-TERM INVESTMENTS (Cost $3,002,337)				3,003,181
TOTAL INVESTMENTS - 100.0% (Cost $36,625,159)				48,581,737
Other Assets in Excess of Liabilities - 0.0% (b)				16,476
TOTAL NET ASSETS - 100.0%			$	48,598,213
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

CMT - Constant Maturity Treasury

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2024.
(d)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
(e)	The rate shown is the annualized effective yield as of December 31, 2024.

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

Scharf Multi-Asset 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	$	33,065,879	$	–	$	–	$	33,065,879
Corporate Bonds		–		2,732,747		–		2,732,747
Municipal Bonds		–		2,723,874		–		2,723,874
Preferred Stocks		2,618,552		–		–		2,618,552
Exchange Traded Funds		2,416,722		–		–		2,416,722
U.S. Treasury Securities		–		2,020,779		–		2,020,779
Real Estate Investment Trusts		3		–		–		3
Money Market Funds		1,082,015		–		–		1,082,015
U.S. Treasury Bills		–		1,921,166		–		1,921,166
Total Investments	$	39,183,171	$	9,398,566	$	–	$	48,581,737
Refer to the Schedule of Investments for further disaggregation of investment categories.