# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-26-008952
**Filing Date:** 2026-6
**Character Count:** 96087
**Document Hash:** 2cbbb1c0958fef4ffc6ff56211b077c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008952.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001133228-26-008952

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 261071550

**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

### Poplar Forest Partners Fund (Series ID: S000027249)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000082237 | Class A             | PFPFX           |
| C000082238 | Institutional Class | IPFPX           |

### Poplar Forest Cornerstone Fund (Series ID: S000047729)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149956 | Investor Class | IPFCX           |

?xml version='1.0' encoding='ASCII'? 2026-02-24196810_PoplarForestCornerstoneFund_InvestorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-07959</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisors Series Trust</u>**

(Exact name of registrant as specified in charter)

<u>**615 East Michigan Street**</u>

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jeffrey T. Rauman, President/Principal Executive Officer**

**Advisors Series Trust**

**c/o U.S. Bancorp Fund Services, LLC**

**777 East Wisconsin Avenue**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>626-914-7363</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30, 2026</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a)

---

| | | |
|:---|:---|:---|
| ![image](img590964_202511141829770.jpg) | **Poplar Forest Cornerstone Fund**  | ![image](img216421_202501241854654.jpg) |
| ![image](img590964_202511141829770.jpg) | Investor Class \| IPFCX  | ![image](img216421_202501241854654.jpg) |
| ![image](img590964_202511141829770.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img216421_202501241854654.jpg) |

---

This semi-annual shareholder report contains important information about the Poplar Forest Cornerstone Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://poplarforestfunds.com/resources/. You can also request this information by contacting us at 1-877-522-8860.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $46 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $33867219 |
| **Number of Holdings** | 68 |
| **Portfolio Turnover** | 16% |
| **Weighted Average Maturity** | 8.46 years |
| **Effective Duration** | 5.21 years |
| **Average Credit Quality** | A |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 56.7% |
|  Corporate Bonds  | 16.5% |
|  U.S. Treasury Securities  | 11.1% |
|  U.S. Government Agency Issues  | 4.2% |
|  U.S. Treasury Bills  | 3.6% |
|  Preferred Stocks  | 2.0% |
|  Real Estate Investment Trusts  | 1.9% |
|  Money Market Funds  | 1.7% |
|  Collateralized Mortgage Obligations  | 0.8% |
|  Cash & Other  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 8.3% |
|  National Fuel Gas Co.  | 5.1% |
|  Murphy Oil Corp.  | 4.1% |
|  United Therapeutics Corp.  | 3.7% |
|  United States Treasury Bill  | 3.6% |
|  Ally Financial, Inc.  | 3.6% |
|  FedEx Corp.  | 3.0% |
|  Merck & Co., Inc.  | 3.0% |
|  Citigroup, Inc.  | 3.0% |
|  Tyson Foods, Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(%)<sup>a</sup>**  |
|  Aaa  | 2.6% |
|  Aa  | 47.1% |
|  A  | 8.4% |
|  Baa  | 17.0% |
|  Ba  | 12.0% |
|  Not Rated  | 12.9% |

---

a The credit quality of the holdings was determined by Moody's rating agency.

\* Expressed as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://poplarforestfunds.com/resources/.

Poplar Forest Cornerstone Fund PAGE 1 TSR-SAR-00770X535

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tocqueville Asset Management documents not be householded, please contact Tocqueville Asset Management at 1-877-522-8860, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tocqueville Asset Management or your financial intermediary.

Poplar Forest Cornerstone Fund PAGE 2 TSR-SAR-00770X535

------

---

| | | |
|:---|:---|:---|
| ![image](img590964_202511141829770.jpg) | **Poplar Forest Partners Fund**  | ![image](img216421_202501241854654.jpg) |
| ![image](img590964_202511141829770.jpg) | Class A \| PFPFX  | ![image](img216421_202501241854654.jpg) |
| ![image](img590964_202511141829770.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img216421_202501241854654.jpg) |

---

This semi-annual shareholder report contains important information about the Poplar Forest Partners Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://poplarforestfunds.com/resources/. You can also request this information by contacting us at 1-877-522-8860.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $62 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $333413191 |
| **Number of Holdings** | 33 |
| **Portfolio Turnover** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

**Sector Breakdown** **\*\*** **(%)**

![image](ts7344img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United Therapeutics Corp.  | 6.1% |
|  Citigroup, Inc.  | 5.5% |
|  National Fuel Gas Co.  | 5.0% |
|  AT&T, Inc.  | 4.9% |
|  Allstate Corp.  | 4.5% |
|  Merck & Co., Inc.  | 4.5% |
|  Tyson Foods, Inc.  | 4.3% |
|  Dominion Energy, Inc.  | 4.1% |
|  FedEx Corp.  | 4.1% |
|  CVS Health Corp.  | 3.9% |

---

\* Expressed 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.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://poplarforestfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tocqueville Asset Management documents not be householded, please contact Tocqueville Asset Management at 1-877-522-8860, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tocqueville Asset Management or your financial intermediary.

Poplar Forest Partners Fund PAGE 1 TSR-SAR-00768D814

20.218.912.69.16.86.76.65.44.98.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img590964_202511141829770.jpg) | **Poplar Forest Partners Fund**  | ![image](img216421_202501241854654.jpg) |
| ![image](img590964_202511141829770.jpg) | Institutional Class \| IPFPX  | ![image](img216421_202501241854654.jpg) |
| ![image](img590964_202511141829770.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img216421_202501241854654.jpg) |

---

This semi-annual shareholder report contains important information about the Poplar Forest Partners Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://poplarforestfunds.com/resources/. You can also request this information by contacting us at 1-877-522-8860.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $49 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $333413191 |
| **Number of Holdings** | 33 |
| **Portfolio Turnover** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

**Sector Breakdown** **\*\*** **(%)**

![image](ts7345img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United Therapeutics Corp.  | 6.1% |
|  Citigroup, Inc.  | 5.5% |
|  National Fuel Gas Co.  | 5.0% |
|  AT&T, Inc.  | 4.9% |
|  Allstate Corp.  | 4.5% |
|  Merck & Co., Inc.  | 4.5% |
|  Tyson Foods, Inc.  | 4.3% |
|  Dominion Energy, Inc.  | 4.1% |
|  FedEx Corp.  | 4.1% |
|  CVS Health Corp.  | 3.9% |

---

\* Expressed 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.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://poplarforestfunds.com/resources/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Tocqueville Asset Management documents not be householded, please contact Tocqueville Asset Management at 1-877-522-8860, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Tocqueville Asset Management or your financial intermediary.

Poplar Forest Partners Fund PAGE 1 TSR-SAR-00768D798

20.218.912.69.16.86.76.65.44.98.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](tocqueville_logo.jpg)

**Poplar Forest Funds** 

**Poplar Forest Cornerstone Fund** 

**Poplar Forest Partners Fund** 

Core Financial Statements

March 31, 2026 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [Poplar Forest Cornerstone Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Poplar Forest Partners Fund](#soi2) | [4](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [6](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to Financial Statements](#notes) | [12](#notes) |
| [Additional Information](#ai1) | [20](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Cornerstone Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 56.7%**<br>|  |  |
| **Air Freight & Logistics - 3.0%**<br>|  |  |
| FedEx Corp. | 2900 | $1032922  |
| **Banks - 3.0%**<br>|  |  |
| Citigroup, Inc. | 8900 | 1009349  |
| **Biotechnology - 3.7%**<br>|  |  |
| United Therapeutics Corp.<sup>(a)</sup> | 2100 | 1245258  |
| **Chemicals - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br>Inc. | 10000 | 725500  |
| **Consumer Finance - 1.5%**<br>|  |  |
| Ally Financial, Inc. | 13400 | 525682  |
|  **Consumer Staples Distribution & Retail - 1.3%**<br>|  |  |
| Dollar Tree, Inc.<sup>(a)</sup> | 4000 | 438040  |
| **Distributors - 2.3%**<br>|  |  |
| Genuine Parts Co. | 7300 | 771975  |
|  **Diversified Telecommunication Services - 2.6%**<br>|  |  |
| AT&T, Inc. | 30000 | 869700  |
| **Electrical Equipment - 1.0%**<br>|  |  |
| Sensata Technologies Holding PLC | 9900 | 348678  |
|  **Electronic Equipment, Instruments & Components - 1.5%**<br>|  |  |
| Vishay Intertechnology, Inc. | 27500 | 495000  |
| **Financial Services - 3.5%**<br>|  |  |
| Equitable Holdings, Inc. | 17100 | 634581  |
| Global Payments, Inc. | 8300 | 558590  |
|  |  | 1193171  |
| **Food Products - 2.9%**<br>|  |  |
| Tyson Foods, Inc. - Class A | 15500 | 993085  |
| **Gas Utilities - 2.8%**<br>|  |  |
| National Fuel Gas Co. | 10100 | 948996  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 1.7%**<br>|  |  |
| Baxter International, Inc. | 34000 | 571200  |
| **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** |
| Cencora, Inc. | 1300 | 408382  |
| CVS Health Corp. | 9300 | 667926  |
| Humana, Inc. | 1100 | 190729  |
|  |  | 1267037  |
| **Hotels, Restaurants & Leisure - 1.3%**<br>|  |  |
| Las Vegas Sands Corp. | 7900 | 425652  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Insurance - 1.2%**<br>|  |  |
| Allstate Corp. | 2000 | $414680  |
| **IT Services - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; International Business Machines <br>Corp. | 2100 | 509019  |
| **Machinery - 1.7%**<br>|  |  |
| Stanley Black & Decker, Inc. | 8300 | 589798  |
| **Metals & Mining - 2.3%**<br>|  |  |
| Nucor Corp. | 4600 | 777860  |
| **Multi-Utilities - 2.6%**<br>|  |  |
| Dominion Energy, Inc. | 14000 | 865480  |
| **Oil, Gas & Consumable Fuels - 2.3%**<br>|  |  |
| Chevron Corp. | 1300 | 268970  |
| Murphy Oil Corp. | 12600 | 519750  |
|  |  | 788720  |
| **Pharmaceuticals - 3.0%**<br>|  |  |
| Merck & Co., Inc. | 8400 | 1010436  |
| **Professional Services - 2.5%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 1000 | 543870  |
| Paychex, Inc. | 3200 | 294784  |
|  |  | 838654  |
|  **Semiconductors & Semiconductor Equipment - 1.7%**<br>|  |  |
| Intel Corp.<sup>(a)</sup> | 12700 | 560451  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $13,437,893)** |  | 19216343  |
|  | **Par** |  |
| **CORPORATE BONDS - 16.5%**<br>|  |  |
| **Aerospace & Defense - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Rockwell Collins, Inc., <br>3.50%, 03/15/2027 | $300000 | 296576  |
| **Computer Services - 0.6%**<br>|  |  |
|  Peraton Enterprise Solutions LLC, 7.45%, 10/15/2029 | 200000 | 210357  |
| **Electric Utilities - 3.4%**<br>|  |  |
|  Dominion Energy South Carolina, Inc., 4.25%, 08/15/2028 | 300000 | 298128  |
| DTE Electric Co., 3.00%, 03/01/2032 | 700000 | 645940  |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 200000 | 190109  |
|  |  | 1134177  |
| **Food Products - 1.5%**<br>|  |  |
| Kellanova, 5.75%, 05/16/2054 | 515000 | 505652 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Cornerstone Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Gas Utilities - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co., <br>3.95%, 09/15/2027 | $800000 | $793571  |
| **Interactive Media & Services - 0.7%**<br>|  |  |
| Alphabet, Inc., 3.88%, 11/15/2028 | 250000 | 249201  |
| **Oil, Gas & Consumable Fuels - 2.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp., <br>6.00%, 10/01/2032 | 875000 | 869445  |
| **Pharmaceuticals - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., <br>6.13%, 05/01/2038 | 725000 | 772798  |
| **Specialty Retail - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., <br>3.15%, 01/15/2032 | 500000 | 454613  |
| **Telephone-Integrated - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Frontier Southwest, Inc., <br>8.50%, 11/15/2031 | 250000 | 289146  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $5,564,554)** |  | 5575536  |
| **U.S. TREASURY SECURITIES - 11.1%** | **U.S. TREASURY SECURITIES - 11.1%** | **U.S. TREASURY SECURITIES - 11.1%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Note TIPS, <br>0.25%, 07/15/2029 | 953655 | 927828  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2026 | 180000 | 179999  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/31/2026 | 600000 | 601325  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 250000 | 251831  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031 | 600000 | 604031  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 500000 | 505655  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 270000 | 240427  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 500000 | 439785  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,838,839)** |  | 3750881  |
| **U.S. GOVERNMENT AGENCY ISSUES - 4.2%**<br>|  |  |
| Federal Farm Credit Banks Funding Corp | Federal Farm Credit Banks Funding Corp |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/25/2033 | 350000 | 347982  |
| &nbsp;&nbsp;&nbsp; 5.33%, 12/23/2033 | 250000 | 249773  |
| &nbsp;&nbsp;&nbsp; 5.19%, 02/23/2044 | 250000 | 247199  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/29/2033 | 325000 | 323999  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/16/2035 | 250000 | 249757  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $1,425,000)** |  | 1418710 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **PREFERRED STOCKS - 2.0%**<br>|  |  |
| **Consumer Finance - 2.0%**<br>|  |  |
|  Ally Financial, Inc., Series B, 4.70% to 05/15/2026 then 5 yr. CMT Rate + 3.87%, Perpetual | 700000 | $693875  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $713,344)** |  | 693875  |
|  **REAL ESTATE INVESTMENT TRUSTS - 1.9%**<br>|  |  |
| **Health Care REITs - 1.9%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 13700 | 635954  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $736,565)** |  | 635954  |
|  | **Par** |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 0.8%**<br>|  |  |
|  Government National Mortgage Association, Series 2025-1, Class MT, 5.00%, 01/20/2055 | $268990 | 267044  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $270,013)** |  | 267044  |
|  **MORTGAGE-BACKED SECURITIES - 0.7%**<br>|  |  |
|  Federal National Mortgage Association, Pool MA4718, 5.00%, 07/01/2052 | 240956 | 236021  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $240,279)** |  | 236021  |
| **MUNICIPAL BONDS - 0.5%**<br>|  |  |
|  Idaho Housing & Finance Association, 5.10%, 01/01/2032 | 170000 | 174084  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $171,522)** |  | 174084  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 3.6%**<br>|  |  |
| 3.61%, 05/26/2026<sup>(b)</sup> | 185000 | 183974  |
| 4.10%, 06/11/2026<sup>(b)</sup> | 160000 | 158865  |
| 3.91%, 08/06/2026<sup>(b)</sup> | 185000 | 182665  |
| 3.69%, 09/17/2026<sup>(b)</sup> | 180000 | 176965  |
| 3.67%, 10/29/2026<sup>(b)</sup> | 180000 | 176246  |
| 3.59%, 11/27/2026<sup>(b)</sup> | 190000 | 185535  |
| 3.46%, 12/24/2026<sup>(b)</sup> | 175000 | 170446  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $1,234,762)** |  | 1234696  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Cornerstone Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **MONEY MARKET FUNDS - 1.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 568357 | $568357  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $568,357)** |  | 568357  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $28,201,128)** |  | $33771501  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 95718  |
| **TOTAL NET ASSETS - 100.0%** |  | $33867219 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

REIT - Real Estate Investment Trust

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Partners Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.9%**<br>|  |  |
| **Air Freight & Logistics - 4.1%**<br>|  |  |
| FedEx Corp. | 38000 | $13534840  |
| **Banks - 5.5%**<br>|  |  |
| Citigroup, Inc. | 161000 | 18259010  |
| **Biotechnology - 6.1%**<br>|  |  |
| United Therapeutics Corp.<sup>(a)</sup> | 34400 | 20398512  |
| **Chemicals - 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br>Inc. | 147000 | 10664850  |
| **Consumer Finance - 2.7%**<br>|  |  |
| Ally Financial, Inc. | 230000 | 9022900  |
| **Consumer Staples Distribution & Retail - 2.5%** | **Consumer Staples Distribution & Retail - 2.5%** | **Consumer Staples Distribution & Retail - 2.5%** |
| Dollar Tree, Inc.<sup>(a)</sup> | 77500 | 8487025  |
| **Distributors - 3.9%**<br>|  |  |
| Genuine Parts Co. | 122000 | 12901500  |
|  **Diversified Telecommunication Services - 4.9%**<br>|  |  |
| AT&T, Inc. | 565000 | 16379350  |
| **Electrical Equipment - 2.1%**<br>|  |  |
| Sensata Technologies Holding PLC | 201000 | 7079220  |
|  **Electronic Equipment, Instruments & Components - 1.9%**<br>|  |  |
| Vishay Intertechnology, Inc. | 358068 | 6445224  |
| **Financial Services - 6.2%**<br>|  |  |
| Equitable Holdings, Inc. | 300000 | 11133000  |
| Global Payments, Inc. | 141000 | 9489300  |
|  |  | 20622300  |
| **Food Products - 4.3%**<br>|  |  |
| Tyson Foods, Inc. - Class A | 225500 | 14447785  |
| **Gas Utilities - 5.0%**<br>|  |  |
| National Fuel Gas Co. | 176500 | 16583940  |
| **Health Care Equipment & Supplies - 2.9%** | **Health Care Equipment & Supplies - 2.9%** | **Health Care Equipment & Supplies - 2.9%** |
| Baxter International, Inc. | 577000 | 9693600  |
| **Health Care Providers & Services - 6.7%** | **Health Care Providers & Services - 6.7%** | **Health Care Providers & Services - 6.7%** |
| Cencora, Inc. | 19500 | 6125730  |
| CVS Health Corp. | 180000 | 12927600  |
| Humana, Inc. | 19000 | 3294410  |
|  |  | 22347740  |
| **Hotels, Restaurants & Leisure - 1.5%**<br>|  |  |
| Las Vegas Sands Corp. | 91500 | 4930020  |
| **Insurance - 4.5%**<br>|  |  |
| Allstate Corp. | 72500 | 15032150  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **IT Services - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; International Business Machines <br>Corp. | 34100 | $8265499  |
| **Machinery - 2.9%**<br>|  |  |
| Stanley Black & Decker, Inc. | 138000 | 9806280  |
| **Metals & Mining - 3.5%**<br>|  |  |
| Nucor Corp. | 70000 | 11837000  |
| **Multi-Utilities - 4.1%**<br>|  |  |
| Dominion Energy, Inc. | 220000 | 13600400  |
| **Oil, Gas & Consumable Fuels - 3.7%**<br>|  |  |
| Chevron Corp. | 18900 | 3910410  |
| Murphy Oil Corp. | 205000 | 8456250  |
|  |  | 12366660  |
| **Pharmaceuticals - 4.5%**<br>|  |  |
| Merck & Co., Inc. | 123500 | 14855815  |
| **Professional Services - 3.5%**<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 13200 | 7179084  |
| Paychex, Inc. | 47500 | 4375700  |
|  |  | 11554784  |
|  **Semiconductors & Semiconductor Equipment - 2.2%**<br>|  |  |
| Intel Corp.<sup>(a)</sup> | 164000 | 7237320  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $221,953,482)** |  | 316353724  |
|  **REAL ESTATE INVESTMENT TRUSTS - 2.8%**<br>|  |  |
| **Health Care REITs - 2.8%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 204000 | 9469680  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $11,124,437)** |  | 9469680  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.59%<sup>(b)</sup> | 3793443 | 3793443  |
|  Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 3.53%<sup>(b)</sup> | 3482738 | 3482738  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,276,181)** |  | 7276181  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $240,354,100)** |  | $333099585  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 313606  |
| **TOTAL NET ASSETS - 100.0%** |  | $333413191 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Partners Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**POPLAR FOREST FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Poplar Forest** <br>**Cornerstone Fund** | **Poplar Forest** <br>**Partners Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | &nbsp;&nbsp; $33771501 | $333099585  |
| Interest receivable | &nbsp;&nbsp; 128939 | 779  |
| Dividends receivable | &nbsp;&nbsp; 45858 | 745136  |
| Receivable for fund shares sold | &nbsp;&nbsp; — | 30940  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 3595 | 47941  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 33949893 | 333924381  |
| **LIABILITIES:**<br>|  |  |
| Payable for fund administration and accounting fees | &nbsp;&nbsp; 29840 | 77602  |
| Payable for audit fees | &nbsp;&nbsp; 10645 | 11535  |
| Payable to Adviser | &nbsp;&nbsp; 9061 | 214232  |
| Payable for transfer agent fees and expenses | &nbsp;&nbsp; 7399 | 42109  |
| Payable for Trustees' fees | &nbsp;&nbsp; 6814 | 7257  |
| Payable for legal fees | &nbsp;&nbsp; 4949 | 5138  |
| Payable for compliance fees | &nbsp;&nbsp; 4150 | 4150  |
| Payable for printing and mailing expenses | &nbsp;&nbsp; 3020 | 8884  |
| Payable for custodian fees | &nbsp;&nbsp; 1277 | 4746  |
| Payable for distribution and shareholder servicing fees | &nbsp;&nbsp; 197 | 42629  |
| Payable for capital shares redeemed | &nbsp;&nbsp; — | 80054  |
| Payable for expenses and other liabilities | &nbsp;&nbsp; 5322 | 12854  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 82674 | 511190  |
| **NET ASSETS** | &nbsp;&nbsp; $33867219 | $333413191  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $26896392 | $225352908  |
| Total distributable earnings | &nbsp;&nbsp; 6970827 | 108060283  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $33867219 | $333413191  |
| **Class A**<br>|  |  |
| Net assets | &nbsp;&nbsp; $— | $40082917  |
| Shares issued and outstanding | &nbsp;&nbsp; — | 728347  |
| Net asset value per share | &nbsp;&nbsp; $— | $55.03  |
| Max offering price per share (net asset value per share divided by 0.95<sup>(1)</sup> | &nbsp;&nbsp; $— | $57.93  |
| **Institutional Class**<br>|  |  |
| Net assets | &nbsp;&nbsp; $— | $293330274  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; — | 5324672  |
| Net asset value per share | &nbsp;&nbsp; $— | $55.09  |
| **Investor Class**<br>|  |  |
| Net assets | &nbsp;&nbsp; $33867219 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 1125899 | —  |
| Net asset value per share | &nbsp;&nbsp; $30.08 | $—  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $28201128 | $240354100 |

---

<sup>(1)</sup> Reflects a maximum sales charge of 5.00%.

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**POPLAR FOREST FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Poplar Forest** <br>**Cornerstone Fund** | **Poplar Forest** <br>**Partners Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $259295 | $4109006  |
| Interest income | &nbsp;&nbsp;&nbsp; 305242 | 780  |
| Other income | &nbsp;&nbsp;&nbsp; 865 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 565402 | 4109786  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 135890 | 1357081  |
| Fund administration and accounting fees | &nbsp;&nbsp;&nbsp; 45159 | 110301  |
| Transfer agent fees | &nbsp;&nbsp;&nbsp; 11690 | 102124  |
| Audit fees | &nbsp;&nbsp;&nbsp; 10645 | 11534  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; 10078 | 9546  |
| Compliance fees | &nbsp;&nbsp;&nbsp; 6234 | 6234  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 3786 | 9086  |
| Legal fees | &nbsp;&nbsp;&nbsp; 3277 | 3191  |
| Federal and state registration fees | &nbsp;&nbsp;&nbsp; 3009 | 24986  |
| Custodian fees | &nbsp;&nbsp;&nbsp; 2888 | 16034  |
| Insurance expense | &nbsp;&nbsp;&nbsp; 703 | 1367  |
| Distribution expenses - Class A | &nbsp;&nbsp;&nbsp; — | 37003  |
| Interest expense | &nbsp;&nbsp;&nbsp; 29 |  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; 3916 | 17018  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 237304 | 1705505  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; (84427) | (119585)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 152877 | 1585920  |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 412525 | 2523866  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 1209661 | 19602881  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (119887) | (2021346)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 1089774 | 17581535  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $1502299 | $20105401 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**POPLAR FOREST FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Poplar Forest Cornerstone Fund** | **Poplar Forest Cornerstone Fund** | **Poplar Forest Partners Fund**  | **Poplar Forest Partners Fund**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025** | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $412525 | &nbsp;&nbsp;&nbsp; $887584 | $2523866 | &nbsp;&nbsp; $5465826  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1209661 | &nbsp;&nbsp;&nbsp; 2193590 | 19602881 | &nbsp;&nbsp; 20090442  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (119887) | &nbsp;&nbsp;&nbsp; 385690 | (2021346) | &nbsp;&nbsp; 17672055  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1502299 | &nbsp;&nbsp;&nbsp; 3466864 | 20105401 | &nbsp;&nbsp; 43228323  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | &nbsp;&nbsp;&nbsp; — | (1877993) | &nbsp;&nbsp; (2190844)  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | (25987617) | &nbsp;&nbsp; (27323615)  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class | (2951572) | &nbsp;&nbsp;&nbsp; (2364899) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2951572) | &nbsp;&nbsp;&nbsp; (2364899) | (27865610) | &nbsp;&nbsp; (29514459)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  | &nbsp;&nbsp;&nbsp; — | 21925863 | &nbsp;&nbsp; 1515804  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  | &nbsp;&nbsp;&nbsp; — | 1296609 | &nbsp;&nbsp; 1713970  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  | &nbsp;&nbsp;&nbsp; — | (4643345) | &nbsp;&nbsp; (6002018)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | 16582953 | &nbsp;&nbsp; 23753396  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | 18837773 | &nbsp;&nbsp; 19571158  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | (25983976) | &nbsp;&nbsp; (54588078)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 147163 | &nbsp;&nbsp;&nbsp; 674875 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class | 2880428 | &nbsp;&nbsp;&nbsp; 2311198 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (1111646) | &nbsp;&nbsp;&nbsp; (5841629) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1915945 | &nbsp;&nbsp;&nbsp; (2855556) | 28015877 | &nbsp;&nbsp; (14035768)  |
| **Net increase (decrease) in net assets** | 466672 | &nbsp;&nbsp;&nbsp; (1753591) | 20255668 | &nbsp;&nbsp; (321904)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 33400547 | &nbsp;&nbsp;&nbsp; 35154138 | 313157523 | &nbsp;&nbsp; 313479427  |
| &nbsp;&nbsp;&nbsp; End of the period | $33867219 | &nbsp;&nbsp;&nbsp; $33400547 | $333413191 | &nbsp;&nbsp; $313157523  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  | &nbsp;&nbsp;&nbsp; — | 405294 | &nbsp;&nbsp; 28997  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  | &nbsp;&nbsp;&nbsp; — | 24377 | &nbsp;&nbsp; 34431  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  | &nbsp;&nbsp;&nbsp; — | (83503) | &nbsp;&nbsp; (118644)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | 299227 | &nbsp;&nbsp; 466542  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | 354027 | &nbsp;&nbsp; 393153  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class |  | &nbsp;&nbsp;&nbsp; — | (466645) | &nbsp;&nbsp; (1067129)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 4750 | &nbsp;&nbsp;&nbsp; 23116 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class | 98007 | &nbsp;&nbsp;&nbsp; 80390 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (36501) | &nbsp;&nbsp;&nbsp; (201147) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 66256 | &nbsp;&nbsp;&nbsp; (97641) | 532777 | &nbsp;&nbsp; (262650) |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Cornerstone Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $31.52 | $30.38 | $26.82 | $27.08 | $32.49 | $22.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.78 | 0.77 | 0.66 | 0.54 | 0.60  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | 2.41 | 3.97 | 1.43 | (2.03) | 9.64  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | 3.19 | 4.74 | 2.09 | (1.49) | 10.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.82) | (0.82) | (0.79) | (0.45) | (0.72) | (0.51)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.98) | (1.23) | (0.39) | (1.90) | (3.20) | –  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.80) | (2.05) | (1.18) | (2.35) | (3.92) | (0.51)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.08 | $31.52 | $30.38 | $26.82 | $27.08 | $32.49  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 4.51% | 11.13% | 18.20% | 7.46% | -5.60% | 45.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $33867 | $33401 | $35154 | $30721 | $28107 | $29443  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.40% | 1.45% | 1.43% | 1.45% | 1.44% | 1.53% <sup>#</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%<sup>#</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.43% | 2.64% | 2.68% | 2.38% | 1.76% | 2.01%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 16% | 29% | 31% | 36% | 30% | 36% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>#</sup> Includes expenses of Class A Shares which converted to Investor Class Shares on October 30, 2020.

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Partners Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $56.62 | $54.10 | $46.57 | $46.07 | $55.97 | $35.69  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 0.83 | 0.89 | 0.90 | 0.69 | 0.74  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | 6.78 | 8.45 | 2.54 | (3.18) | 20.48  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | 7.61 | 9.34 | 3.44 | (2.49) | 21.22  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.81) | (1.15) | (1.06) | (0.50) | (0.94) | (0.94)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.16) | (3.94) | (0.75) | (2.44) | (6.47) | –  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (4.97) | (5.09) | (1.81) | (2.94) | (7.41) | (0.94)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $55.03 | $56.62 | $54.10 | $46.57 | $46.07 | $55.97  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 6.28% | 15.36% | 20.59% | 7.05% | -5.68% | 60.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $40083 | $21638 | $23663 | $22717 | $23387 | $24098  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.28% | 1.29% | 1.31% | 1.30% | 1.29% | 1.34%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.21% | 1.20% | 1.20% | 1.20% | 1.20% | 1.21%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.36% | 1.60% | 1.75% | 1.83% | 1.30% | 1.48%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 18% | 26% | 28% | 35% | 30% | 41% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Partners Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $56.74 | $54.22 | $46.68 | $46.16 | $56.07 | $35.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.96 | 1.02 | 1.03 | 0.83 | 0.86  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | 6.79 | 8.46 | 2.55 | (3.19) | 20.50  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | 7.75 | 9.48 | 3.58 | (2.36) | 21.36  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.95) | (1.29) | (1.19) | (0.62) | (1.08) | (1.04)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.16) | (3.94) | (0.75) | (2.44) | (6.47) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (5.11) | (5.23) | (1.94) | (3.06) | (7.55) | (1.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $55.09 | $56.74 | $54.22 | $46.68 | $46.16 | $56.07  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 6.42% | 15.64% | 20.89% | 7.32% | -5.43% | 60.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $293330 | $291519 | $289816 | $267273 | $276465 | $289502  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.02% | 1.04% | 1.06% | 1.05% | 1.04% | 1.09%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.96%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.57% | 1.85% | 2.00% | 2.08% | 1.55% | 1.72%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 18% | 26% | 28% | 35% | 30% | 41% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Poplar Forest Cornerstone Fund ("Cornerstone Fund") and the Poplar Forest Partners Fund (the "Partners Fund"), (each, a "Fund" and collectively, the "Funds") are diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

The investment objective of the Cornerstone Fund is to seek to achieve current income and long-term growth of capital. The Cornerstone Fund currently offers Investor Class shares. The investment objective of the Partners Fund is to seek long-term growth of capital. The Partners Fund currently offers Class A shares and Institutional Class shares. Class A shares are subject to a maximum front-end sales load of 5.00%, which decreases depending on the amount invested. The Partner Fund's Class A shares and Institutional Class shares commenced operations on December 31, 2009.

The Cornerstone Fund's Class A shares and Institutional Class shares commenced operations on December 31, 2014. At the close of business on October 30, 2020, the Cornerstone Fund's Class A shares converted to the Institutional Class shares. On January 28, 2021, the class name changed from Institutional Class to Investor Class.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation:* All investments in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes:* It is the Funds' policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to
 regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income
 or excise tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The tax returns of the Funds' prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds' net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Security Transactions, Income and Distributions*: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold
 are calculated on the basis of specific cost. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased
 are accreted/amortized over the life of the respective security using the effective interest method, except for premiums on certain callable
 debt securities that are amortized to the earliest call date. Dividend income, income and capital gain distributions from underlying funds,
 and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for
 in accordance with the Funds' understanding of the applicable country's tax rules and rates.

Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of each Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

The Funds distribute substantially all net investment income, if any, and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Reclassification of Capital Accounts:* Accounting principles generally accepted in the United States of America require that certain components of
 net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect
 on net assets or net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates:* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
 statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ
 from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Events Subsequent to the Fiscal Period End:* In preparing the financial statements as of March 31, 2026, management considered the impact of
 subsequent events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent
 events that would need to be disclosed in the Funds' financial statements.

**NOTE 3 – SECURITIES VALUATION** 

The Funds have 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 in 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:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing each 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.  |

---

Following is a description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis.

Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

**Equity Securities: The Funds' investments are carried at fair value. Equity securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter ("OTC") securities which are not traded in the NASDAQ Global Market System** 

13<br>

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**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

shall be valued at the most recent sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

**Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.** 

**Debt Securities: Debt securities are valued at the mean of the bid and asked prices furnished by an independent pricing service using valuation methods that are designed to represent fair value. These valuation methods can include matrix pricing and other analytical pricing models, market transactions, and dealer-supplied valuations. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most debt securities are categorized in level 2 of the fair value hierarchy.** 

**Short-Term Securities: Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.** 

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Funds and its Valuation Designee (as defined below) in calculating each Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Funds' investment adviser, Tocqueville Asset Management, L.P. ("Adviser"), as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee, is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' securities as of March 31, 2026:

**Poplar Cornerstone** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $19216343 | $— | $— | $19216343  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5575536 |  | 5575536  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 3750881 |  | 3750881  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 1418710 |  | 1418710  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 693875 |  | 693875  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 635954 |  |  | 635954  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 267044 |  | 267044  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 236021 |  | 236021  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 174084 |  | 174084  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 1234696 |  | 1234696 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 568357 |  |  | 568357  |
| **Total Investments** | $20420654  | $13350847  | $—  | $33771501 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

**Poplar Partners** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** <br>|
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $316353724  | $—  | $—  | $316353724  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 9469680  | —  | —  | 9469680 |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 7276181  | —  | —  | 7276181  |
| **Total Investments** | $333099585  | $—  | $—  | $333099585 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The Trust Rule 18f-4 Compliance Policy ("Trust Policy") governs the use of derivatives by the Funds. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Each Fund is considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of each Fund's net assets. For the six months ended March 31, 2026, the Funds did not enter into derivatives transactions.

**Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser's Management Committee, consisting of the Lead portfolio manager and co-portfolio manager, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management determined that there was no material impact on the Funds' financial statements.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Adviser provides the Funds with investment management services under an investment advisory agreement. The Adviser furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Funds. As compensation for its services, each Fund pays the Adviser a monthly management fee. For the Cornerstone Fund, the fees are calculated at an annual rate of 0.80% of average daily net assets for the first $250 million of assets, 0.70% of the Fund's average daily net assets for the next $750 million of assets, and 0.60% of the Fund's average daily net assets in excess of $1 billion. For the Partners Fund, the fees are calculated at an annual rate of 0.85% of average daily net assets for the first $250 million of assets, 0.775% of the Fund's average daily net assets for the next $750 million of assets, and 0.70% of the Fund's average daily net assets in excess of $1 billion. For the six months ended March 31, 2026, the advisory fees incurred by the Funds are disclosed in the Statements of Operations. Any amount due from the Adviser is paid monthly to the Funds.

The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Funds and to pay Fund operating expenses (excluding acquired fund fees and expenses, interest

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

expense, taxes, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees, and other class-specific expenses) to the extent necessary to limit each Fund's aggregate annual operating expenses as a percent of average daily net assets as follows:

---

| | |
|:---|:---|
| Cornerstone Fund | 0.90%  |
| Partners Fund | 0.95% |

---

Any such reduction made by the Adviser in its fees or payment of expenses which are a Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. For the six months ended March 31, 2026, the Adviser reduced its fees in the amount of $84,427 and $119,585 in the Cornerstone Fund and the Partners Fund, respectively. No amounts were recouped by the Adviser. The expense limitation will remain in effect through at least January 28, 2027, and may be terminated only by the Trust's Board of Trustees. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **9/30/2026** | **9/30/2027** | **9/30/2028** | **3/31/2029** | **Total**  |
| Cornerstone Fund | $87492 | $177893 | $184958 | $84427 | $534770  |
| Partners Fund | $168235 | $335108 | $280012 | $119585 | $902940 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Funds' administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the six months ended March 31, 2026, are disclosed in the Statements of Operations.

Quasar Distributors, LLC ("Quasar") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

The Funds have entered into agreements with various brokers, dealers, and financial intermediaries in connection with the sale of shares of the Funds. The agreements provide for periodic payments by the Funds to the brokers, dealers, and financial intermediaries for providing certain shareholder maintenance services (sub-transfer agent fees). These shareholder services include the pre-processing and quality control of new accounts, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The sub-transfer agent fees expensed by the Funds during the six months ended March 31, 2026 are included in Transfer agent fees in the Statements of Operations.

**NOTE 5 – DISTRIBUTION AGREEMENT AND PLAN** 

The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Partners Fund to pay the Distributor for distribution and related expenses at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class A shares. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature.

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**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. The 12b-1 fees accrued by the Fund's Class A shares for the six months ended March 31, 2026 are disclosed in the Statements of Operations.

**NOTE 6 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended March 31, 2026, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Government** | **Non-Government** | **Government** | **Non-Government**  |
| Cornerstone Fund  | $681595 | &nbsp;&nbsp; $4587340 | $501279 | &nbsp;&nbsp; 4956716  |
| Partners Fund |  | &nbsp;&nbsp; 59512449 |  | &nbsp;&nbsp; 57646018 |

---

**NOTE 7 – LINES OF CREDIT** 

The Cornerstone Fund and the Partners Fund have secured lines of credit in the amount of $4,000,000 and $45,000,000, respectively. Borrowing on each line of credit is limited to the lower of 15% of portfolio market value or 33.33% of unencumbered assets. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds' custodian, U.S. Bank N.A. During the six months ended March 31, 2026, the Cornerstone Fund drew upon its line of credit. The Cornerstone had an outstanding average daily balance of $835, paid a weighted average interest rate of 6.88%, and paid interest expense of $29. The Partners Fund did not draw on the line of credit during the six months ended March 31, 2026. At March 31, 2026, the Funds had no outstanding loan amounts.

**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the six months ended March 31, 2026 and the year ended September 30, 2025 was as follows:

**Cornerstone Fund** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** |
| Ordinary income | &nbsp;&nbsp;&nbsp; $863693  | &nbsp;&nbsp;&nbsp;&nbsp; $988386 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp; 2087879  | &nbsp;&nbsp;&nbsp;&nbsp; 1376513 |

---

**Partners Fund** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025** |
| Ordinary income | &nbsp;&nbsp; $5141445  | &nbsp;&nbsp;&nbsp; $7264587 |
| Long-term capital gains | &nbsp;&nbsp; 22724165  | &nbsp;&nbsp;&nbsp; 22249872 |

---

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

As of September 30, 2025, the Funds' most recently completed fiscal year end, the components of capital on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Cornerstone Fund** | **Partners Fund** |
| Cost of investments<sup>(a)</sup> | &nbsp;&nbsp; $26893786  | $218398445  |
| Gross unrealized appreciation | &nbsp;&nbsp; 6558513  | 102115019 |
| Gross unrealized depreciation | &nbsp;&nbsp; (687450) | (7523381) |
| Net unrealized appreciation/(depreciation)<sup>(a)</sup> | &nbsp;&nbsp; 5871063 | 94591638 |
| Undistributed ordinary income | &nbsp;&nbsp; 656094 | 3952570 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 1892943 | 17276284 |
| Total distributable earnings | &nbsp;&nbsp; 2549037 | 21228854 |
| Other accumulated gains/(losses) | &nbsp;&nbsp; — | —  |
| Total accumulated earnings/(losses)  | &nbsp;&nbsp; $8420100 | $115820492 |

---

<sup>(a)</sup> The difference between book-basis and tax-basis cost and net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sale adjustments and tax adjustments related to a transfer in-kind.

**NOTE 9 – PRINCIPAL RISKS** 

Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect a Fund's net asset value and total return. The Funds' most recent prospectus provides further descriptions of each Fund's investment objective, principal investment strategies and principal risks.

**Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic an foreign markets.** 

**Value-Style Investing Risk (Both Funds) – Value stocks can perform differently from the market as a whole and from other types of stocks. Value stocks may be purchased based upon the belief that a given security may be out of favor; that belief may be misplaced or the security may stay out of favor for an extended period of time.** 

**Debt Securities Risk (Both Funds) – The following risks are associated with the Funds' investment in debt securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Prepayment and Extension Risk.** The risk that the securities may be paid off earlier or later than expected. Either situation could cause securities
 to pay lower-than-market rates of interest, which could hurt the Fund's yield or share price.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk.** The Funds' investments in fixed income securities will change in value based on changes in interest rates. If rates
 increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally
 are subject to greater fluctuations in value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk.** The risk of loss on an investment due to the deterioration of an issuer's financial strength. Such a deterioration of financial
 strength may result in a reduction of the credit rating of the issuer's securities and may lead to the issuer's inability
 to honor its contractual obligations, including making timely payment of interest and principal.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Poplar Forest Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2026 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **High-Yield Securities Risk.** Debt securities that are rated below investment grade (*i.e.*, "junk
 bonds") are subject to additional risk factors due to the speculative nature of these securities, such as increased possibility
 of default liquidation of the security, and changes in value based on public perception of the issuer.

**Large-Sized Companies Risk (Partners Fund) – Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.** 

**Medium-Sized Companies Risk (Both Funds) – Investing in securities of medium-sized companies may involve greater risk than investing in larger, more established companies because they can be subject to greater share price volatility than larger, more established companies.** 

**NOTE 10 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. The following table reflects shareholders that maintain accounts of more than 25% of the voting securities of a Fund as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| Cornerstone Fund | Charles Schwab & Co. | &nbsp;&nbsp;&nbsp; 40.55%  |
| Cornerstone Fund | The Kirby Jones Foundation Delaware | &nbsp;&nbsp;&nbsp; 28.34% |

---

**NOTE 11 – TRUSTEES** 

Effective December 31, 2025, Joe Redwine retired from the Board.

**NOTE 12 – OFFICERS** 

Ms. Elaine Richards resigned as Secretary and Vice President of the Trust effective March 20, 2026. Ms. Lillian Kabakali was appointed Secretary and Vice President of the Trust effective March 20, 2026.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**POPLAR FOREST FUNDS** 

**ADDITIONAL INFORMATION** 

**The below information is required disclosure from Form N-CSR** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable as the investment advisory contract was not approved during the period.

20<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d 15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](pf-efp24741_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](pf-efp24741_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Advisors
 Series Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal<br> Executive Officer |

---

<br> Date <u>6/08/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jeffrey T. Rauman |
|  | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |

---

Date <u>6/08/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin J. Hayden |
|  | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |

---

Date <u>6/08/2026</u>

 

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT** 

**<u>CERTIFICATIONS</u>**

I, Jeffrey T. Rauman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/08/2026 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust |

---

**<u>CERTIFICATIONS</u>**

I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/08/2026 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer<br> Advisors Series Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Jeffrey T. Rauman | /s/ Jeffrey T. Rauman | /s/ Kevin J. Hayden | /s/ Kevin J. Hayden |
| Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer <br>Advisors Series Trust | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer <br>Advisors Series Trust |
| Dated: | 6/08/2026 | Dated: | 6/08/2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.