# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-006092
**Filing Date:** 2025-6
**Character Count:** 138225
**Document Hash:** b2ba3084d84c5a6145105db436d33324
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006092.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001133228-25-006092

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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:** 251026514

**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

### Scharf Fund (Series ID: S000035415)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108787 | Institutional Class | LOGIX           |

### Scharf Multi-Asset Opportunity Fund (Series ID: S000039497)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000121649 | Institutional Class | LOGOX           |
| C000168063 | Retail Class        | LOGBX           |

### Scharf Global Opportunity Fund (Series ID: S000046127)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144365 | Institutional Class | WRLDX           |

?xml version='1.0' encoding='ASCII'? 2025-04-09198655_ScharfFund_InstitutionalClass_TSRSemiAnnual

As filed with the Securities and Exchange Commission on [date]

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>**

<u>**Advisors Series Trust**</u>

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

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

**Advisors Series Trust**

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

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<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, 2025</u>**

Date of reporting period: **<u>March 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](image001.jpg) | **Scharf Fund**  | ![image](image004.jpg) |
| ![image](image001.jpg) | Institutional Class \| LOGIX  | ![image](image004.jpg) |
| ![image](image001.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image004.jpg) |

---

This semi-annual shareholder report contains important information about the Scharf Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/scharf-fund/. You can also request this information by contacting us at 1-866-5SCHARF.

**Other Material Fund Changes:**

Based on a recommendation of Scharf Investments, LLC (the "Adviser"), on November 25, 2024, the Board of Trustees of Advisors Series Trust (the "Board") approved converting the Retail Class shares into Institutional Class shares and then closing the Retail Class shares of the Scharf Fund (the "Fund"). After the close of business on December 31, 2024, the Fund converted Retail Class shares into Institutional Class shares.

**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 | $44 | 0.87% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $420381142 |
| **Number of Holdings** | 30 |
| **Net Advisory Fee** | $1501752 |
| **Portfolio Turnover** | 11% |

---

Visit https://scharffunds.com/mutual-funds/scharf-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  McKesson Corp.  | 7.1% |
|  Fiserv, Inc.  | 6.7% |
|  Berkshire Hathaway, Inc.  | 6.4% |
|  United States Treasury Bill  | 6.3% |
|  Brookfield Corp.  | 5.0% |
|  Visa, Inc.  | 4.5% |
|  Markel Group, Inc.  | 4.4% |
|  Microsoft Corp.  | 4.4% |
|  Air Products and Chemicals, Inc.  | 4.3% |
|  Occidental Petroleum Corp.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 32.8% |
|  Health Care  | 16.8% |
|  Industrials  | 10.9% |
|  Information Technology  | 10.4% |
|  Energy  | 6.2% |
|  Materials  | 4.3% |
|  Communication Services  | 4.2% |
|  Consumer Staples  | 4.2% |
|  Consumer Discretionary  | 2.7% |
|  Cash & Other  | 7.5% |

---

\* Expressed as a percentage 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://scharffunds.com/mutual-funds/scharf-fund/.

Scharf Fund PAGE 1 TSR-SAR-00768D384

------

**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 Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.

Scharf Fund PAGE 2 TSR-SAR-00768D384

------

---

| | | |
|:---|:---|:---|
| ![image](image003.jpg) | **Scharf Multi-Asset Opportunity Fund**  | ![image](image004.jpg) |
| ![image](image003.jpg) | Retail Class \| LOGBX  | ![image](image004.jpg) |
| ![image](image003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image004.jpg) |

---

This semi-annual shareholder report contains important information about the Scharf Multi-Asset Opportunity Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/. You can also request this information by contacting us at 1-866-5SCHARF.

**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** **\*** |
| Retail Class | $60 | 1.20% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48973231 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $111496 |
| **Portfolio Turnover** | 8% |

---

Visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 7.1% |
|  McKesson Corp.  | 4.9% |
|  Fiserv, Inc.  | 4.8% |
|  Berkshire Hathaway, Inc.  | 4.5% |
|  SPDR Gold Shares  | 3.6% |
|  Brookfield Corp.  | 3.6% |
|  Visa, Inc.  | 3.3% |
|  Tennessee Valley Authority  | 3.2% |
|  Markel Group, Inc.  | 3.1% |
|  United States Treasury Note/Bond  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 24.1% |
|  Health Care  | 12.9% |
|  Government  | 9.7% |
|  Information Technology  | 7.8% |
|  Industrials  | 7.6% |
|  Energy  | 4.4% |
|  Utilities  | 3.9% |
|  Communication Services  | 3.0% |
|  Materials  | 3.0% |
|  Cash & Other  | 23.6% |

---

\* Expressed as a percentage 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://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/.

**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 Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.

Scharf Multi-Asset Opportunity Fund PAGE 1 TSR-SAR-00770X451

------

---

| | | |
|:---|:---|:---|
| ![image](image003.jpg) | **Scharf Multi-Asset Opportunity Fund**  | ![image](image004.jpg) |
| ![image](image003.jpg) | Institutional Class \| LOGOX  | ![image](image004.jpg) |
| ![image](image003.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image004.jpg) |

---

This semi-annual shareholder report contains important information about the Scharf Multi-Asset Opportunity Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/. You can also request this information by contacting us at 1-866-5SCHARF.

**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 | $47 | 0.94% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48973231 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $111496 |
| **Portfolio Turnover** | 8% |

---

Visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 7.1% |
|  McKesson Corp.  | 4.9% |
|  Fiserv, Inc.  | 4.8% |
|  Berkshire Hathaway, Inc.  | 4.5% |
|  SPDR Gold Shares  | 3.6% |
|  Brookfield Corp.  | 3.6% |
|  Visa, Inc.  | 3.3% |
|  Tennessee Valley Authority  | 3.2% |
|  Markel Group, Inc.  | 3.1% |
|  United States Treasury Note/Bond  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 24.1% |
|  Health Care  | 12.9% |
|  Government  | 9.7% |
|  Information Technology  | 7.8% |
|  Industrials  | 7.6% |
|  Energy  | 4.4% |
|  Utilities  | 3.9% |
|  Communication Services  | 3.0% |
|  Materials  | 3.0% |
|  Cash & Other  | 23.6% |

---

\* Expressed as a percentage 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://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/.

**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 Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.

Scharf Multi-Asset Opportunity Fund PAGE 1 TSR-SAR-00770X808

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Scharf Global Opportunity Fund**  | ![image](image004.jpg) |
| ![image](image002.jpg) | Institutional Class \| WRLDX  | ![image](image004.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](image004.jpg) |

---

This semi-annual shareholder report contains important information about the Scharf Global Opportunity Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/global-opportunity-fund/. You can also request this information by contacting us at 1-866-5SCHARF.

**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 | $29 | 0.57% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28096447 |
| **Number of Holdings** | 31 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 11% |

---

Visit https://scharffunds.com/mutual-funds/global-opportunity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brookfield Corp.  | 5.6% |
|  Fiserv, Inc.  | 5.5% |
|  Berkshire Hathaway, Inc.  | 4.7% |
|  Samsung Electronics Co. Ltd.  | 4.6% |
|  Markel Group, Inc.  | 4.3% |
|  Occidental Petroleum Corp.  | 4.1% |
|  Visa, Inc.  | 4.1% |
|  McKesson Corp.  | 4.0% |
|  First American Treasury Obligations Fund  | 4.0% |
|  Heineken Holding NV  | 3.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 31.2% |
|  Health Care  | 16.4% |
|  Industrials  | 11.9% |
|  Information Technology  | 9.7% |
|  Consumer Discretionary  | 7.7% |
|  Energy  | 6.2% |
|  Communication Services  | 5.4% |
|  Consumer Staples  | 3.8% |
|  Materials  | 3.4% |
|  Cash & Other  | 4.3% |

---

\* Expressed as a percentage 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://scharffunds.com/mutual-funds/global-opportunity-fund/.

**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 Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.

Scharf Global Opportunity Fund PAGE 1 TSR-SAR-00770X584

------

(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) ![](scharf-logo.jpg)

**Scharf Fund**

**Scharf Multi-Asset Opportunity Fund** 

**Scharf Global Opportunity Fund** 

Core Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments <br>|  |
| &nbsp;&nbsp;&nbsp; [Scharf Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Scharf Multi-Asset Opportunity Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Scharf Global Opportunity Fund](#soi3) | [5](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [9](#sop) |
| [Statements of Changes in Net Assets](#scna) | [11](#scna) |
| [Financial Highlights](#fihi) | [16](#fihi) |
| [Notes to Financial Statements](#note) | [20](#note) |
| [Approval of Investment Advisory Agreement](#app) | [29](#app) |
| [Additional Information](#add) | [32](#add) |

---

------

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

**Scharf Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 89.7%**<br>|  |  |
| **Aerospace & Defense - 2.4%**<br>|  |  |
| Lockheed Martin Corp. | 22721 | $10149698  |
| **Automobile Components - 0.8%**<br>|  |  |
| Gentex Corp. | 139313 | 3245993  |
| **Beverages - 2.2%**<br>|  |  |
| Heineken N.V. | 115904 | 9447177  |
| **Capital Markets - 8.2%**<br>|  |  |
| Brookfield Corp. | 401932 | 21065256  |
| CME Group, Inc. | 50325 | 13350719  |
|  |  | 34415975  |
| **Chemicals - 4.3%**<br>|  |  |
| Air Products and Chemicals, Inc. | 61046 | 18003686  |
| **Energy Equipment & Services - 1.9%**<br>|  |  |
| Schlumberger, Ltd. | 193545 | 8090181  |
| **Entertainment - 1.5%**<br>|  |  |
| Walt Disney Co. | 66327 | 6546475  |
| **Financial Services - 17.6%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 50552 | 26922984  |
| Fiserv, Inc.<sup>(a)</sup> | 127650 | 28188949  |
| Visa, Inc. - Class A | 54299 | 19029628  |
|  |  | 74141561  |
| **Food & Staples Retailing - 2.0%**<br>|  |  |
| Walgreens Boots Alliance, Inc. | 744000 | 8310480  |
| **Ground Transportation - 6.5%**<br>|  |  |
| U-Haul Holding Co. | 196251 | 11614134  |
| Union Pacific Corp. | 67207 | 15876982  |
|  |  | 27491116  |
| **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** |  |
| Smith & Nephew PLC | 505345 | 7082689  |
| **Health Care Providers & Services - 11.1%** | **Health Care Providers & Services - 11.1%** |  |
| Centene Corp.<sup>(a)</sup> | 279458 | 16965895  |
| McKesson Corp. | 44137 | 29703760  |
|  |  | 46669655  |
| **Hotels, Restaurants & Leisure - 1.9%**<br>|  |  |
| Booking Holdings, Inc. | 1753 | 8075913  |
| **Insurance - 7.0%**<br>|  |  |
| Aon PLC - Class A | 26655 | 10637744  |
| Markel Group, Inc.<sup>(a)</sup> | 9971 | 18641881  |
|  |  | 29279625  |
| **Machinery - 2.0%**<br>|  |  |
| Donaldson Co., Inc. | 125397 | 8409123  |
| **Media - 2.7%**<br>|  |  |
| Comcast Corp. - Class A | 309713 | 11428410  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil, Gas & Consumable Fuels - 4.3%**<br>|  |  |
| Occidental Petroleum Corp. | 363223 | $17928687  |
| **Personal Care Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Kenvue, Inc. | 1 | 24  |
| **Pharmaceuticals - 4.0%**<br>|  |  |
| Novartis AG - ADR | 149237 | 16636941  |
| **Software - 7.6%**<br>|  |  |
| Microsoft Corp. | 49327 | 18516863  |
| Oracle Corp. | 96084 | 13433504  |
|  |  | 31950367  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $246,837,376)** |  | 377303776  |
| **PREFERRED STOCKS - 2.8%**<br>|  |  |
|  **Technology Hardware, Storage & Peripherals - 2.8%**<br>|  |  |
| Samsung Electronics Co. Ltd., 3.08% | 363260 | 11644056  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $10,398,106)** |  | 11644056  |
| **SHORT-TERM INVESTMENTS - 9.0%** | **SHORT-TERM INVESTMENTS - 9.0%** |  |
| **Money Market Funds - 2.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class Z, 4.22%<sup>(c)</sup> | 11421636 | 11421636 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. Treasury Bills - 6.3%**<br>|  |  |
| 4.21%, 08/07/2025<sup>(d)</sup> | $26800000 | 26404551  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $37,827,209)** |  | 37826187  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $295,062,691)** |  | 426774019  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (6392877)  |
| **TOTAL NET ASSETS - 100.0%** |  | $420381142 |

---

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

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

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

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

1<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 64.1%**<br>|  |  |
| **Aerospace & Defense - 1.6%**<br>|  |  |
| Lockheed Martin Corp. | 1779 | $794697  |
| **Automobile Components - 0.6%**<br>|  |  |
| Gentex Corp. | 11334 | 264082  |
| **Beverages - 1.6%**<br>|  |  |
| Heineken N.V. | 9501 | 774414  |
| **Capital Markets - 5.9%**<br>|  |  |
| Brookfield Corp. | 33367 | 1748764  |
| CME Group, Inc. | 4275 | 1134115  |
|  |  | 2882879  |
| **Chemicals - 3.0%**<br>|  |  |
| Air Products and Chemicals, Inc. | 4964 | 1463983  |
| **Electric Utilities - 0.7%**<br>|  |  |
| Portland General Electric Co. | 7969 | 355417  |
| **Energy Equipment & Services - 1.3%**<br>|  |  |
| Schlumberger, Ltd. | 15540 | 649572  |
| **Entertainment - 1.1%**<br>|  |  |
| Walt Disney Co. | 5468 | 539692  |
| **Financial Services - 12.5%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 4106 | 2186773  |
| Fiserv, Inc.<sup>(a)</sup> | 10592 | 2339031  |
| Visa, Inc. - Class A | 4549 | 1594243  |
|  |  | 6120047  |
| **Ground Transportation - 4.6%**<br>|  |  |
| U-Haul Holding Co. | 16642 | 984873  |
| Union Pacific Corp. | 5354 | 1264829  |
|  |  | 2249702  |
| **Health Care Equipment & Supplies - 1.3%** | **Health Care Equipment & Supplies - 1.3%** |  |
| Smith & Nephew PLC | 46400 | 650322  |
| **Health Care Providers & Services - 8.9%** | **Health Care Providers & Services - 8.9%** |  |
| Centene Corp.<sup>(a)</sup> | 22639 | 1374414  |
| CVS Health Corp. | 8207 | 556024  |
| McKesson Corp. | 3596 | 2420072  |
|  |  | 4350510  |
| **Hotels, Restaurants & Leisure - 1.4%**<br>|  |  |
| Booking Holdings, Inc. | 150 | 691036  |
| **Insurance - 5.0%**<br>|  |  |
| Aon PLC - Class A | 2338 | 933073  |
| Markel Group, Inc.<sup>(a)</sup> | 820 | 1533080  |
|  |  | 2466153  |
| **Machinery - 1.4%**<br>|  |  |
| Donaldson Co., Inc. | 10248 | 687231  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Media - 1.9%**<br>|  |  |
| Comcast Corp. - Class A | 25562 | $943238  |
| **Oil, Gas & Consumable Fuels - 3.1%**<br>|  |  |
| Occidental Petroleum Corp. | 30285 | 1494868  |
| **Personal Care Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Kenvue, Inc. | 1 | 24  |
| **Pharmaceuticals - 2.7%**<br>|  |  |
| Novartis AG - ADR | 11926 | 1329510  |
| **Software - 5.5%**<br>|  |  |
| Microsoft Corp. | 3949 | 1482415  |
| Oracle Corp. | 8570 | 1198172  |
|  |  | 2680587  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $20,133,375)** |  | 31387964  |
| **EXCHANGE TRADED FUNDS - 5.9%** | **EXCHANGE TRADED FUNDS - 5.9%** |  |
| iShares Silver Trust<sup>(a)</sup> | 35295 | 1093792  |
| SPDR Gold Shares<sup>(a)</sup> | 6143 | 1770044  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,344,878)** |  | 2863836 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CORPORATE BONDS - 5.6%**<br>|  |  |
| **Beverages - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc., <br>3.80%, 11/25/2025 | $150000 | 149333  |
| **Beverages-Non-alcoholic - 0.3%**<br>|  |  |
|  Coca-Cola Refreshments USA LLC, 6.75%, 09/15/2028 | 125000 | 135548  |
| **Broadline Retail - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc., <br>5.20%, 12/03/2025 | 150000 | 150676  |
| **Capital Markets - 0.7%**<br>|  |  |
|  Charles Schwab Corp., 5.38% to 06/01/2025 then 5 yr. CMT Rate + 4.97%, Perpetual | 350000 | 349462  |
| **Cosmetics & Toiletries - 0.3%**<br>|  |  |
| Conopco, Inc., 7.25%, 12/15/2026 | 150000 | 157065  |
| **Diversified Banking Instruments - 1.8%** | **Diversified Banking Instruments - 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., 5.35% <br>(3 mo. Term SOFR + 1.03%), Perpetual | 1001000 | 865508  |
|  **Finance-Investment Banking-Brokerages - 0.2%**<br>|  |  |
|  JPMorgan Chase Financial Co. LLC, 5.00%, 09/16/2027 | 100000 | 99329 |

---

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

2<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)**<br>|  |  |
| **IT Services - 0.3%**<br>|  |  |
|  International Business Machines Corp., 7.00%, 10/30/2025 | $150000 | $152180  |
| **Retail-Petroleum Prod - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc., <br>5.63%, 05/01/2027 | 557000 | 554831  |
|  **Technology Hardware, Storage & Peripherals - 0.3%**<br>|  |  |
| Apple, Inc., 0.70%, 02/08/2026 | 145000 | 140692  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $2,639,665)** |  | 2754624  |
| **MUNICIPAL BONDS - 5.5%**<br>|  |  |
|  California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026 | 35000 | 35102  |
|  California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst) | 130000 | 128397  |
| &nbsp;&nbsp;&nbsp; City of Pasadena CA, Series B, <br>4.63%, 05/01/2038 | 100000 | 100004  |
| &nbsp;&nbsp;&nbsp; City of San Jose CA, <br>2.60%, 09/01/2027 | 175000 | 169001  |
| &nbsp;&nbsp;&nbsp; City of Seattle WA Drainage & Wastewater Revenue, <br>5.55%, 11/01/2039 | 150000 | 152766  |
| &nbsp;&nbsp;&nbsp; Lake of Elsinore California Improvement Bond Act 1915, <br>1.15%, 09/02/2025 | 150000 | 147897  |
|  Los Angeles Unified School District/CA, 5.72%, 05/01/2027 | 230000 | 235830  |
|  San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028 | 180000 | 170071  |
| &nbsp;&nbsp;&nbsp; San Jose Redevelopment Agency Successor Agency, <br>3.18%, 08/01/2026 | 250000 | 246594  |
| State of California<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/01/2025 | 100000 | 100000  |
| &nbsp;&nbsp;&nbsp; 2.65%, 04/01/2026 | 200000 | 197120  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/01/2026 | 145000 | 141387  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2030 | 200000 | 214986  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/2034 | 150000 | 173686  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/01/2038 | 150000 | 150390  |
|  State of California, Build America Bonds, 4.99%, 04/01/2039 | 15000 | 14419  |
|  State of Georgia, School Construction Bonds, 4.35%, 02/01/2029 | 15000 | 15001  |
| State of Oregon, 5.05%, 08/01/2043 | 300000 | 292557  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $2,689,053)** |  | 2685208 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 4.9%**<br>|  |  |
|  **Independent Power and Renewable Electricity Producers - 3.2%**<br>|  |  |
| Tennessee Valley Authority<br>|  |  |
|  Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 | 33100 | $779836  |
|  Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 | 32700 | 777279  |
|  |  | 1557115  |
|  **Technology Hardware, Storage & Peripherals - 1.7%**<br>|  |  |
| Samsung Electronics Co. Ltd., 3.08% | 26643 | 854023  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $2,035,596)** |  | 2411138 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **U.S. TREASURY SECURITIES - 4.2%** | **U.S. TREASURY SECURITIES - 4.2%** |  |
|  United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034 | $537389 | 535758  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/31/2025 | 960000 | 964427  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 540000 | 543987  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $2,025,072)** |  | 2044172 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.0%<sup>(b)</sup>** | **REAL ESTATE INVESTMENT TRUSTS - 0.0%<sup>(b)</sup>** |  |
| **Office REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| Orion Office REIT, Inc. | 1 | 2  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $18)** |  | 2  |
| **SHORT-TERM INVESTMENTS - 8.6%** | **SHORT-TERM INVESTMENTS - 8.6%** |  |
| **Money Market Funds - 1.5%**<br>|  |  |
|  First American Treasury Obligations Fund - Class Z, 4.22%<sup>(c)</sup> | 724401 | 724401 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **U.S. Treasury Bills - 7.1%**<br>|  |  |
| 4.22%, 08/07/2025<sup>(d)</sup> | $3550000 | 3497618  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,222,128)** |  | 4222019  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $35,089,785)** |  | 48368963  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 604268  |
| **TOTAL NET ASSETS - 100.0%** |  | $48973231 |

---

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

3<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

CMT - Constant Maturity Treasury

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

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

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(d)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

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

4<br>

------

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

**Scharf Global Opportunity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.1%**<br>|  |  |
| **Aerospace & Defense - 2.4%**<br>|  |  |
| Airbus SE - ADR | 15200 | $670168  |
| **Beverages - 3.8%**<br>|  |  |
| Heineken Holding NV | 14795 | 1070258  |
| **Building Products - 2.7%**<br>|  |  |
| Assa Abloy AB - Class B | 25603 | 763877  |
| **Capital Markets - 10.0%**<br>|  |  |
| Brookfield Corp. | 30275 | 1586713  |
| Charles Schwab Corp. | 4150 | 324862  |
| CME Group, Inc. | 3420 | 907292  |
|  |  | 2818867  |
| **Chemicals - 3.4%**<br>|  |  |
| Air Products and Chemicals, Inc. | 3227 | 951707  |
| **Energy Equipment & Services - 2.1%**<br>|  |  |
| Schlumberger, Ltd. | 13810 | 577258  |
| **Entertainment - 1.6%**<br>|  |  |
| Walt Disney Co. | 4639 | 457869  |
| **Financial Services - 14.3%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 2495 | 1328787  |
| Fiserv, Inc.<sup>(a)</sup> | 6992 | 1544043  |
| Visa, Inc. - Class A | 3256 | 1141098  |
|  |  | 4013928  |
| **Ground Transportation - 4.8%**<br>|  |  |
| U-Haul Holding Co. | 10837 | 641334  |
| Union Pacific Corp. | 2954 | 697853  |
|  |  | 1339187  |
| **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** |  |
| Smith & Nephew PLC | 65200 | 913814  |
| **Health Care Providers & Services - 9.9%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 15593 | 946651  |
| CVS Health Corp. | 10637 | 720657  |
| McKesson Corp. | 1678 | 1129277  |
|  |  | 2796585  |
| **Hotels, Restaurants & Leisure - 5.1%**<br>|  |  |
| Booking Holdings, Inc. | 111 | 511367  |
| Compass Group PLC | 28111 | 927060  |
|  |  | 1438427  |
| **Household Durables - 2.6%**<br>|  |  |
| Sony Corp. - ADR | 28310 | 718791  |
| **Insurance - 6.9%**<br>|  |  |
| Aon PLC - Class A | 1840 | 734325  |
| Markel Group, Inc.<sup>(a)</sup> | 639 | 1194681  |
|  |  | 1929006  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Machinery - 2.0%**<br>|  |  |
| Donaldson Co., Inc. | 8245 | $552910  |
| **Media - 3.8%**<br>|  |  |
| Comcast Corp. - Class A | 28965 | 1068809  |
| **Oil, Gas & Consumable Fuels - 4.1%**<br>|  |  |
| Occidental Petroleum Corp. | 23475 | 1158726  |
| **Pharmaceuticals - 3.3%**<br>|  |  |
| Novartis AG - ADR | 8330 | 928628  |
| **Software - 5.1%**<br>|  |  |
| Microsoft Corp. | 1215 | 456099  |
| Oracle Corp. | 6944 | 970840  |
|  |  | 1426939  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,848,350)** |  | 25595754  |
| **PREFERRED STOCKS - 4.6%**<br>|  |  |
|  **Technology Hardware, Storage & Peripherals - 4.6%**<br>|  |  |
| Samsung Electronics Co. Ltd., 3.08% | 40220 | 1289225  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,070,155)** |  | 1289225  |
| **SHORT-TERM INVESTMENTS - 4.0%**<br>|  |  |
| **Money Market Funds - 4.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class Z, 4.22%<sup>(b)</sup> | 1126947 | 1126947  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,126,947)** |  | 1126947  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $20,045,452)** |  | 28011926  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 84521  |
| **TOTAL NET ASSETS - 100.0%** |  | $28096447 |

---

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

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

5<br>

------

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

**Scharf Global Opportunity Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

**Allocation of Portfolio Holdings by Country as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| United States | $19143392 | 68.2%  |
| United Kingdom | 1840874 | 6.5  |
| Canada | 1586713 | 5.6  |
| South Korea | 1289225 | 4.6  |
| Netherlands | 1070258 | 3.8  |
| Switzerland | 928628 | 3.3  |
| Sweden | 763877 | 2.7  |
| Japan | 718791 | 2.6  |
| France | 670168 | 2.4  |
| Other Assets in Excess of Liabilities | 84521 | 0.3  |
|  | $28096447 | 100.0% |

---

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

6<br>

------

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

**Scharf Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**at March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Scharf** <br>**Fund** | **Scharf** <br>**Multi-Asset** <br>**Opportunity** <br>**Fund**  |
| **ASSETS**<br>|  |  |
|  Investments in securities, at value (identified cost $295,062,691 and $35,089,785, respectively) | $426774019 | $48368963  |
| Cash |  | 400289  |
| Receivables:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 1046443 | 82850  |
| &nbsp;&nbsp;&nbsp; Fund shares issued | 42586 | 450  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 861189 | 163786  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 473991 | 19477  |
| Prepaid expenses | 64528 | 26635  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 429262756 | 49062450  |
| **LIABILITIES**<br>|  |  |
| Payables:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 8330196 | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 187043 | 9024  |
| &nbsp;&nbsp;&nbsp; Advisory fees | 244825 | 18396  |
| &nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 35296 | 12257  |
| &nbsp;&nbsp;&nbsp; Audit fees | 10618 | 10617  |
| &nbsp;&nbsp;&nbsp; 12b-1 distribution fees |  | 15759  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 1858 | 1857  |
| &nbsp;&nbsp;&nbsp; Custody fees | 12826 | 4495  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | 52544 | 14268  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 6408 | 2546  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8881614 | 89219  |
| **NET ASSETS** | $420381142 | $48973231  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |  |
| **Institutional Shares**<br>|  |  |
| Net assets applicable to shares outstanding | $420381142 | $39031176  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | 7873300 | 1072922  |
| Net asset value, offering and redemption price per share | $53.39 | $36.38  |
| **Retail Shares**<br>|  |  |
| Net assets applicable to shares outstanding | $— | $9942055  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] |  | 273870  |
| Net asset value, offering and redemption price per share | $— | $36.30  |
| **COMPOSITION OF NET ASSETS**<br>|  |  |
| Paid-in capital | $280368197 | $34864999  |
| Total distributable earnings | 140012945 | 14108232  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $420381142 | $48973231 |

---

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

7<br>

------

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

**Scharf Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**at March 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Scharf** <br>**Global** <br>**Opportunity** <br>**Fund**  |
| **ASSETS**<br>|  |
| Investments in securities, at value (identified cost $20,045,452) | $28011926  |
| Receivables:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments sold | 84530  |
| &nbsp;&nbsp;&nbsp; Fund shares issued | 1535  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 66011  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 15276  |
| &nbsp;&nbsp;&nbsp; Due from Adviser (Note 4) | 1179  |
| Prepaid expenses | 15151  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 28195608  |
| **LIABILITIES**<br>|  |
| Payables:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 70674  |
| &nbsp;&nbsp;&nbsp; Audit fees | 10119  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | 3194  |
| &nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 7119  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 1858  |
| &nbsp;&nbsp;&nbsp; Custody fees | 4268  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 1929  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 99161  |
| **NET ASSETS** | $28096447  |
| **CALCULATION OF NET ASSET VALUE PER SHARE**<br>|  |
| **Institutional Shares**<br>|  |
| Net assets applicable to shares outstanding | $28096447  |
| Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | 765690  |
| Net asset value, offering and redemption price per share | $36.69  |
| **COMPOSITION OF NET ASSETS**<br>|  |
| Paid-in capital | $19606438  |
| Total distributable earnings | 8490009  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $28096447 |

---

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

8<br>

------

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

**Scharf Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Scharf** <br>**Fund** | **Scharf** <br>**Multi-Asset** <br>**Opportunity** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |
| Income<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign tax withheld and issuance fees of $126,471 and $10,859, respectively) | $3534571 | $320442  |
| &nbsp;&nbsp;&nbsp; Interest | 273193 | 250863  |
| **Total income** | 3807764 | 571305  |
| **Expenses**<br>|  |  |
| Advisory fees (Note 4) | 1693836 | 162109  |
| Shareholder servicing fees - Institutional Class (Note 6) | 171768 | 17608  |
| Shareholder servicing fees - Retail Class (Note 6) | 2399 | 5375  |
| Administration and fund accounting fees (Note 4) | 91751 | 32576  |
| Custody fees (Note 4) | 27395 | 6871  |
| Transfer agent fees and expenses (Note 4) | 26545 | 7629  |
| Registration fees | 20861 | 15312  |
| Audit fees | 11217 | 11217  |
| Trustee fees and expenses | 10724 | 10724  |
| Reports to shareholders | 6196 | 2001  |
| 12b-1 distribution fees - Retail Class (Note 5) | 5997 | 13437  |
| Chief Compliance Officer fee (Note 4) | 5608 | 5608  |
| Miscellaneous expenses | 5600 | 3672  |
| Legal fees | 3963 | 3195  |
| Insurance expense | 3938 | 1687  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2087798 | 299021  |
| &nbsp;&nbsp;&nbsp; Less: advisory fee waiver (Note 4) | (192084) | (50613)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1895714 | 248408  |
| **Net investment income** | 1912050 | 322897  |
|  **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |
| Net realized gain/(loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 9660971 | 669067  |
| &nbsp;&nbsp;&nbsp; Foreign currency | (2832) | 2748  |
| Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (8413540) | (100036)  |
| &nbsp;&nbsp;&nbsp; Foreign currency | (1692) | (124)  |
| **Net realized and unrealized gain on investments and foreign currency** | 1242907 | 571655  |
| **Net Increase in Net Assets Resulting from Operations** | $3154957 | $894552 |

---

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

9<br>

------

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

**Scharf Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended March 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Scharf** <br>**Global** <br>**Opportunity** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |
| Income<br>|  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign tax withheld and issuance fees of $12,918) | $230658  |
| &nbsp;&nbsp;&nbsp; Interest | 15126  |
| &nbsp;&nbsp;&nbsp; **Total income** | 245784  |
| **Expenses**<br>|  |
| Advisory fees (Note 4) | 98618  |
| Administration and fund accounting fees (Note 4) | 20904  |
| Trustee fees and expenses | 10724  |
| Audit fees | 10469  |
| Registration fees | 9724  |
| Shareholder servicing fees - Institutional Class (Note 6) | 7021  |
| Custody fees (Note 4) | 6383  |
| Chief Compliance Officer fee (Note 4) | 5608  |
| Transfer agent fees and expenses (Note 4) | 4780  |
| Legal fees | 3958  |
| Miscellaneous expenses | 3521  |
| Reports to shareholders | 1758  |
| Insurance expense | 1562  |
| Interest expense (Note 7) | 24  |
| &nbsp;&nbsp;&nbsp; Total expenses | 185054  |
| &nbsp;&nbsp;&nbsp; Less: advisory fee waiver and expense reimbursement (Note 4) | (104751)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 80303  |
| **Net investment income** | 165481  |
|  **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |
| Net realized gain/(loss) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 289453  |
| &nbsp;&nbsp;&nbsp; Foreign currency | (637)  |
| Net change in unrealized appreciation/(depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (144467)  |
| &nbsp;&nbsp;&nbsp; Foreign currency | (187)  |
| Net realized and unrealized gain on investments and foreign currency | 144162  |
| **Net Increase in Net Assets Resulting from Operations** | $309643 |

---

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

10<br>

------

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

**Scharf Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1912050 | &nbsp;&nbsp; $3112391  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 9660971 | &nbsp;&nbsp; 24716308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (2832) | &nbsp;&nbsp; 18034  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (8413540) | &nbsp;&nbsp; 54827068  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (1692) | &nbsp;&nbsp; 1364  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 3154957 | &nbsp;&nbsp; 82675165  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class shares | (19734888) | &nbsp;&nbsp; (33598363)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Retail Class shares | (421413) | &nbsp;&nbsp; (538833)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (20156301) | &nbsp;&nbsp; (34137196)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets derived from net change in outstanding shares<sup>(a)</sup> | (10891860) | &nbsp;&nbsp; 11914049  |
| &nbsp;&nbsp;&nbsp; **Total increase/(decrease) in net assets** | (27893204) | &nbsp;&nbsp; 60452018  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 448274346 | &nbsp;&nbsp; 387822328  |
| &nbsp;&nbsp;&nbsp; End of period | $420381142 | &nbsp;&nbsp; $448274346 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

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

11<br>

------

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

**Scharf Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

**Institutional Class** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 198887 | $10719128 | 1194954 | $62261804  |
| Proceeds from conversion of Retail Class shares | 176392 | 9091681 |  |  |
| Shares issued on reinvestments of distributions | 375287 | 19574997 | 685340 | 33259569  |
| Shares redeemed\* | (771025) | (41559145) | (1662785) | (85966325)  |
| Net increase/(decrease) | (20459) | $(2173339) | 217509 | $9555048  |
| \* Net of redemption fees of |  | $— |  | $13<sup>+</sup> |

---

**Retail Class\*\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 6630 | $365960 | 68690 | $3602854  |
| Shares issued on reinvestments of distributions | 8106 | 421412 | 11131 | 538833  |
| Payment for conversion of Retail Class Shares | (176977) | (9091681) |  |  |
| Shares redeemed | (7828) | (414212) | (34757) | (1782686)  |
| Net increase/(decrease) | (170069) | $(8718521) | 45064 | $2359001 |

---

\*\* Retail Class Shares converted to Institutional Class Shares on December 31, 2024. See Note 1 in the Notes to Financial Statements.

---

| | |
|:---|:---|
| +<br>| For the period October 1, 2023 through January 27, 2024, a redemption fee of 2.00% was assessed against shares redeemed within 60 days of purchase.  |

---

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

12<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $322897 | &nbsp;&nbsp;&nbsp; $593899  |
| &nbsp;&nbsp;&nbsp; Net realized gain from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 669067 | &nbsp;&nbsp;&nbsp; 2702970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; 2748 | &nbsp;&nbsp;&nbsp; 661  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (100036) | &nbsp;&nbsp;&nbsp; 5293989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; (124) | &nbsp;&nbsp;&nbsp; 240  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp; 894552 | &nbsp;&nbsp;&nbsp; 8591759  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | &nbsp;&nbsp; (1907585) | &nbsp;&nbsp;&nbsp; (3119907) |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Retail Class | &nbsp;&nbsp; (513939) | &nbsp;&nbsp;&nbsp; (843003)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (2421524) | &nbsp;&nbsp;&nbsp; (3962910)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets derived from net change in outstanding shares<sup>(a)</sup> | &nbsp;&nbsp; (168109) | &nbsp;&nbsp;&nbsp; (1054382)  |
| &nbsp;&nbsp;&nbsp; **Total increase/(decrease) in net assets** | &nbsp;&nbsp; (1695081) | &nbsp;&nbsp;&nbsp; 3574467  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 50668312 | &nbsp;&nbsp;&nbsp; 47093845  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $48973231 | &nbsp;&nbsp;&nbsp; $50668312 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

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

13<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

**Institutional Class** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 17362 | $629801 | 44637 | $1568138  |
| Shares issued on reinvestments of distributions | 52478 | 1851410 | 91274 | 3026633  |
| Shares redeemed | (48465) | (1762611) | (154215) | (5398267)  |
| Net increase/(decrease) | 21375 | $718600 | (18304) | $(803496) |

---

**Retail Class** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 2186 | $82352 | 459 | $15592  |
| Shares issued on reinvestments of distributions | 14588 | 513939 | 25453 | 843003  |
| Shares redeemed | (41554) | (1483000) | (31755) | (1109481)  |
| Net decrease | (24780) | $(886709) | (5843) | $(250886) |

---

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

14<br>

------

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

**Scharf Global Opportunity Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $165481  | &nbsp;&nbsp;&nbsp; $296301  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 289453  | &nbsp;&nbsp;&nbsp; 727598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;(637) | &nbsp;&nbsp;&nbsp; (1063)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (144467) | &nbsp;&nbsp;&nbsp; 4184271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | &nbsp;&nbsp; (187) | &nbsp;&nbsp;&nbsp; 241  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | &nbsp;&nbsp; 309643 | &nbsp;&nbsp;&nbsp; 5207348  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders  | &nbsp;&nbsp; (801678) | &nbsp;&nbsp;&nbsp; (656740)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (801678) | &nbsp;&nbsp;&nbsp; (656740)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets derived from net change in outstanding shares<sup>(a)</sup>  | &nbsp;&nbsp; (30692) | &nbsp;&nbsp;&nbsp; (1997329)  |
| &nbsp;&nbsp;&nbsp; **Total increase/(decrease) in net assets** | &nbsp;&nbsp; (522727) | &nbsp;&nbsp;&nbsp; 2553279  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 28619174 | &nbsp;&nbsp;&nbsp; 26065895  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $28096447 | &nbsp;&nbsp;&nbsp; $28619174 |

---

<sup>(a)</sup> A summary of share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
|  | **Shares** | **Paid-in Capital** | **Shares** | **Paid-in Capital**  |
| Shares sold | 24974 | $901121 | 55762 | $1859797  |
| Shares issued on reinvestments of distributions | 17705 | 628340 | 15701 | 513719  |
| Shares redeemed | (42765) | (1560153) | (130262) | (4370845)  |
| Net decrease | (86) | $(30692) | (58799) | $(1997329) |

---

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

15<br>

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

**Scharf Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $55.60 | $49.72  | $44.40  | $54.78  | $46.02  | $46.21  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.24  | 0.38  | 0.36  | 0.29  | 0.39  | 0.34  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 9.97  | 7.44  | (5.26) | 10.14  | 3.35  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | 10.35  | 7.80  | (4.97) | 10.53  | 3.69  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.43) | (0.40) | (0.31) | (0.38) | (0.37) | (0.24)  |
|  From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (2.13) | (4.07) | (2.17) | (5.03) | (1.40) | (3.64)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (2.56) | (4.47) | (2.48) | (5.41) | (1.77) | (3.88)  |
|  Paid-in capital from redemption fees<sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | 0.00<sup>^#</sup> | 0.00<sup>^#</sup> | 0.00<sup>^#</sup> | 0.00<sup>^#</sup> | 0.00<sup>^#</sup>  |
| &nbsp;&nbsp;&nbsp; **Net asset value, end of** <br>**period** | &nbsp;&nbsp;&nbsp;&nbsp; $53.39 | $55.60  | $49.72  | $44.40  | $54.78  | $46.02  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%<sup>‡</sup> | 22.13% | 17.83% | -10.69% | 23.43% | 8.12%  |
| **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $420381  | $438863  | $381635  | $356162  | $328886  | $282746  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.96%<sup>†~</sup> | 0.96% | 0.95% | 0.94% | 0.94% | 1.00%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.87%<sup>†~</sup> | 0.87% | 0.86% | 0.86% | 0.86% | 0.90%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%<sup>†</sup> | 0.65% | 0.65% | 0.48% | 0.66% | 0.68%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.88%<sup>†</sup> | 0.74% | 0.74% | 0.56% | 0.74% | 0.78%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 11.49%<sup>‡</sup> | 32.94% | 35.49% | 22.66% | 29.21% | 52.15% |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

# Amount is less than $0.01.

+ The Fund stopped collecting a redemption fee on January 28, 2024.

~ Includes expenses of Retail Class Shares which converted to Institutional Class Shares on December 31, 2024.

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

16<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.55 | $34.29 | $31.16 | $38.14 | $34.01 | $33.55  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.45 | 0.40 | 0.19 | 0.28 | 0.33  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 5.77 | 3.86 | (3.69) | 5.18 | 2.60  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 6.22 | 4.26 | (3.50) | 5.46 | 2.93  |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) | (0.45) | (0.22) | (0.30) | (0.31) | (0.43)  |
|  From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.37) | (2.51) | (0.91) | (3.18) | (1.02) | (2.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.82) | (2.96) | (1.13) | (3.48) | (1.33) | (2.47)  |
|  Paid-in capital from redemption fees<sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | 0.00<sup>^#</sup> |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $36.38 | $37.55 | $34.29 | $31.16 | $38.14 | $34.01  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.86%<sup>‡</sup> | 19.29% | 13.81% | -10.48% | 16.46% | 8.99%  |
| **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $39031 | $39490 | $36686 | $36772 | $43738 | $40450  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<sup>†</sup> | 1.14% | 1.23% | 1.43% | 1.46% | 1.47%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.94%<sup>†</sup> | 0.94% | 0.95% | 0.97% | 0.97% | 0.96%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<sup>†</sup> | 1.07% | 0.91% | 0.08% | 0.28% | 0.50%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp; 1.35%<sup>†</sup> | 1.27% | 1.19% | 0.54% | 0.77% | 1.01%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 8.49%<sup>‡</sup> | 26.87% | 28.37% | 20.53% | 28.67% | 48.02% |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

# Amount is less than $0.01.

+ The Fund stopped collecting a redemption fee on January 28, 2024.

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

17<br>

------

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

**Scharf Multi-Asset Opportunity Fund** 

**FINANCIAL HIGHLIGHTS** 

**Retail Class** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.43 | $34.18 | $31.05 | $38.02 | $33.91 | $33.47  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** |
| Net investment income^ | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.36 | 0.31 | 0.09 | 0.19 | 0.24  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 5.76 | 3.85 | (3.68) | 5.17 | 2.59  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | 6.12 | 4.16 | (3.59) | 5.36 | 2.83  |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | (0.36) | (0.12) | (0.20) | (0.23) | (0.35)  |
|  From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37) | (2.51) | (0.91) | (3.18) | (1.02) | (2.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.73) | (2.87) | (1.03) | (3.38) | (1.25) | (2.39)  |
|  Paid-in capital from redemption fees<sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | 0.00<sup>^#</sup> |  | 0.00<sup>^#</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.30 | $37.43 | $34.18 | $31.05 | $38.02 | $33.91  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%<sup>‡</sup> | 19.00% | 13.51% | -10.74% | 16.18% | 8.68%  |
| **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9942 | $11178 | $10408 | $10037 | $6805 | $7359  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%<sup>†</sup> | 1.40% | 1.49% | 1.69% | 1.72% | 1.74%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%<sup>†</sup> | 1.20% | 1.21% | 1.23% | 1.23% | 1.23%  |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%<sup>†</sup> | 0.82% | 0.65% | (0.20)% | 0.03% | 0.23%  |
| &nbsp;&nbsp;&nbsp; After fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08%<sup>†</sup> | 1.02% | 0.93% | 0.26% | 0.52% | 0.74%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.49%<sup>‡</sup> | 26.87% | 28.37% | 20.53% | 28.67% | 48.02% |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

# Amount is less than $0.01.

+ The Fund stopped collecting a redemption fee on January 28, 2024.

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

18<br>

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

**Scharf Global Opportunity Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class\*** 

**For a share outstanding throughout each period** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six Months Ended**<br>**March 31, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.37 | $31.61 | $27.06 | $36.25 | $29.32 | $29.98  |
| &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income from investment** <br>**operations:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.22<sup>^</sup> | 0.38<sup>^</sup> | 0.35<sup>^</sup> | 0.32<sup>^</sup> | 0.31 | 0.28  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 6.25 | 4.53 | (5.98) | 7.31 | 2.22  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 6.63 | 4.88 | (5.66) | 7.62 | 2.50  |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | (0.41) | (0.33) | (0.30) | (0.23) | (0.41)  |
|  From net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | (0.46) |  | (3.23) | (0.46) | (2.75)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.06) | (0.87) | (0.33) | (3.53) | (0.69) | (3.16)  |
|  Paid-in capital from redemption fees<sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 0.00<sup>^#</sup> | 0.00<sup>^#</sup> |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $36.69 | $37.37 | $31.61 | $27.06 | $36.25 | $29.32  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.09%<sup>‡</sup> | 21.37% | 18.08% | -17.53% | 26.33% | 8.09%  |
| **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
|  Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $28096 | $28619 | $26066 | $20934 | $25643 | $18706  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>†</sup> | 1.33% | 1.44% | 1.66% | 1.84% | 1.99%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.57%<sup>†</sup> | 0.57% | 0.59% | 0.65% | 0.76% | 0.70%  |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.43%<sup>†</sup> | 0.34% | 0.25% | (0.06)% | (0.16)% | (0.42)%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<sup>†</sup> | 1.10% | 1.10% | 0.95% | 0.92% | 0.87%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 11.27%<sup>‡</sup> | 31.87% | 34.13% | 29.86% | 37.42% | 60.69% |

---

^ Based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Not annualized.

# Amount is less than $0.01.

\* Formerly Retail Class.

+ The Fund stopped collecting a redemption fee on January 28, 2024.

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

19<br>

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund, (each a "Fund" and collectively, the "Funds") are each a 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. The Funds follow 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 Scharf Fund and the Scharf Global Opportunity Fund is to seek long-term capital appreciation. The investment objective of the Scharf Multi-Asset Opportunity Fund is to seek long-term capital appreciation and income. The Scharf Fund Institutional Class and Retail Class commenced operations on December 30, 2011, and January 28, 2015, respectively. At the close of business on December 31, 2024, the Scharf Fund's Retail Class shares converted to the Institutional Class shares. The Scharf Multi-Asset Opportunity Fund Institutional Class and Retail Class commenced operations on December 31, 2012, and January 21, 2016, respectively. The Scharf Global Opportunity Fund commenced operations on October 14, 2014.

**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; however, 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. *Securities Transactions, Income and Distributions*: Securities transactions are accounted for on the trade date. Realized gains and losses
 on securities sold are calculated on the basis of specified 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 each Fund's 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.

20<br>

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

The Funds distribute substantially all net investment income, if any, and net realized capital 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 amounts 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 differs 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. *Redemption Fees*: Effective January 28, 2024, the Funds do not charge a redemption fee. Prior to January 28, 2024, the Scharf Fund
 charged a 2.00% redemption fee to shareholders who redeemed shares held for 60 days or less and the Scharf Multi-Asset Opportunity Fund
 and the Scharf Global Opportunity Fund each charged a 2.00% redemption fee to shareholders who redeemed shares held for 15 days or less.
 Such fees were retained by the Funds and accounted for as an addition to paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Foreign Currency*:
 Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the
 date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated
 to U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Accounting Pronouncements*: In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic
 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies
 guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements
 for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and for interim periods
 within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments
 on the Funds' financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker, clarifying when an entity may report one or more additional

21<br>

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. 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 Funds' investment adviser, Scharf Investments, LLC (the "Adviser"), who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Events Subsequent to the Fiscal Period End*: In preparing the financial statements as of March 31, 2025, management considered the impact of
 subsequent events for potential recognition or disclosure in the financial statements. Refer to Note 13 for more information about subsequent
 events.

**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 the Funds' 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, including common stocks, preferred stocks and exchange-traded funds 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 securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by a recognized independent pricing agent. 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.

Fixed Income Securities: Debt securities, such as corporate bonds, asset-backed securities, municipal bonds, and U.S. government agency issues are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider

22<br>

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

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. In addition, the model may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities will generally be classified 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.

Restricted Securities: The Funds may invest in securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities law. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. At March 31, 2025, the Scharf Multi-Asset Opportunity Fund held securities issued pursuant to Rule 144A under the Securities Act of 1933. There were no other restricted investments held by the Funds at March 31, 2025.

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Funds and their 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 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, 2025:

**Scharf Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $377303776 | $— | $— | $377303776  |
| Preferred Stocks | 11644056 |  |  | 11644056  |
| Money Market Funds | 11421636 |  |  | 11421636  |
| U.S. Treasury Bills |  | 26404551 |  | 26404551  |
| **Total Investments in Securities** | $400369468 | $26404551 | $— | $426774019 |

---

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

**Scharf Multi-Asset Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $31387964 | $— | $— | $31387964  |
| Exchange-Traded Funds | 2863836 |  |  | 2863836  |
| Corporate Bonds |  | 2754624 |  | 2754624  |
| Municipal Bonds |  | 2685208 |  | 2685208  |
| Preferred Stocks | 2411138 |  |  | 2411138  |
| U.S. Treasury Securities |  | 2044172 |  | 2044172  |
| Real Estate Investment Trusts | 2 |  |  | 2  |
| Money Market Funds | 724401 |  |  | 724401  |
| U.S. Treasury Bills |  | 3497618 |  | 3497618  |
| **Total Investments in Securities** | $37387341 | $10981622 | $— | $48368963 |

---

**Scharf Global Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $25595754 | $— | $— | $25595754  |
| Preferred Stocks | 1289225 |  |  | 1289225  |
| Money Market Fund | 1126947 |  |  | 1126947  |
| **Total Investments** | $28011926 | $— | $— | $28011926 |

---

Refer to the Funds' schedule of investments for a detailed break-out of securities by industry classification.

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

The Funds have an investment advisory agreement with the Adviser pursuant to which the Adviser is responsible for providing investment management services to the Funds. The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by each Fund. As compensation for its services, the Adviser is entitled to a fee, computed daily and payable monthly. The Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund pay fees calculated at an annual rate of 0.78%, 0.65%, and 0.70%, respectively, based upon the average daily net assets of each Fund. For the six months ended March 31, 2025, the advisory fees incurred by the Funds are disclosed in the statements of operations.

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 class specific expenses such as the 0.25% 12b-1 fees applied to the Retail Class and 0.10% shareholder servicing fees applied to both the Institutional Class and Retail Class, acquired fund fees and expenses, interest expense, dividends on securities sold short, taxes and extraordinary expenses) to the extent necessary to limit the Fund's aggregate annual operating expenses as follows:

---

| | |
|:---|:---|
|  | **Expense Caps**  |
| Scharf Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Scharf Multi-Asset Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Scharf Global Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% |

---

Percent of average daily net assets of each Fund.

Any such reduction made by the Adviser in its fees or payment of expenses which are the Funds' obligation are subject to reimbursement by the Funds 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 Funds toward the operating expenses for such fiscal year (taking into the 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 at the time the reimbursement is made.

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. For the six months ended March 31, 2025, the Adviser reduced its fees in the amount of $192,084, $50,613, and $104,751, for the Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund, respectively.

No amounts were recouped by the Adviser. The expense limitation for the Funds will remain in effect through at least January 27, 2026. The Expense Caps may be terminated only by the Board of the Trust. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Scharf Fund** | **Scharf Fund** | **Scharf Multi-Asset** <br>**Opportunity Fund** | **Scharf Multi-Asset** <br>**Opportunity Fund** | **Scharf Global** <br>**Opportunity Fund**  | **Scharf Global** <br>**Opportunity Fund**  |
| **Year** | **Amount** | **Year** | **Amount** | **Year** | **Amount**  |
| 9/30/25 | $169231 | 9/30/25 | $119799 | 9/30/25 | $129720  |
| 9/30/26 | 345233 | 9/30/26 | 134869 | 9/30/26 | 212097  |
| 9/30/27 | 372687 | 9/30/27 | 96569 | 9/30/27 | 204103  |
| 3/31/28 | 192084 | 3/31/28 | 50613 | 3/31/28 | 104751  |
|  | $1079235 |  | $401850 |  | $650671 |

---

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. The officers of the Trust including the Chief Compliance Officer are employees of Fund Services. Fees paid by the Funds for these services for the six months ended March 31, 2025, 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.

**NOTE 5 – 12B-1 DISTRIBUTION FEES** 

The Retail Class of the Scharf Fund and the Scharf Multi-Asset Opportunity Fund have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits each class to pay for distribution and related expenses up to an annual rate of 0.25% of its average daily net assets. 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. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. At the close of business on December 31, 2024, the Scharf Fund's Retail Class shares converted to the Institutional Class shares. Therefore, effective January 1, 2025, the Scharf Fund was no longer a part of the plan. For the six months ended March 31, 2025, the 12b-1 fees accrued by each Fund's Retail Class are disclosed in the statements of operations.

**NOTE 6 – SHAREHOLDER SERVICING FEE** 

The Funds have entered into a Shareholder Servicing Agreement (the "Agreement") with the Adviser, under which the Funds may pay servicing fees up to an annual rate of 0.10% of the average daily net assets of each Fund. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the six months ended March 31, 2025, the shareholder servicing fees accrued by the Funds are disclosed in the statements of operations.

25<br>

------

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

**NOTE 7 – LINES OF CREDIT** 

The Scharf Fund, Scharf Multi-Asset Opportunity Fund, and Scharf Global Opportunity Fund have secured lines of credit in the amount of $20,000,000, $5,000,000, and $2,200,000, respectively. Borrowing on the line of credit for the Scharf Fund and the Scharf Multi-Opportunity Fund is limited to 33.33% of unencumbered assets. Borrowing on the line of credit for the Scharf Global Opportunity Fund 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, 2025, Scharf Fund and Scharf Multi-Asset Opportunity Fund did not draw upon its line of credit. During the six months ended March 31, 2025, the Scharf Global Opportunity Fund drew on its line of credit.

The Scharf Global Opportunity Fund utilized the line on one day, had an outstanding average balance of $110,000, a weighted average interest rate of 7.75%, incurred interest expense of $24, and had a maximum amount outstanding of $110,000 on December 4, 2024.

At March 31, 2025, the Funds had no outstanding loan amounts.

**NOTE 8 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended March 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Scharf Fund | $48517123 | $96681785  |
| Scharf Multi-Asset Opportunity Fund | 3950030 | 7260969  |
| Scharf Global Opportunity Fund | 3111270 | 4098269 |

---

The Funds made no purchases or sales of U.S. government securities during the six months ended March 31, 2025.

**NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of September 30, 2024, the Funds' most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows

---

| | | | |
|:---|:---|:---|:---|
|  | **Scharf Fund** | **Scharf** <br>**Multi-Asset** <br>**Opportunity Fund**  | **Scharf** <br>**Global** <br>**Opportunity Fund** |
| Cost of investments<sup>(a)</sup> | $306748638 | &nbsp;&nbsp; $36386063  | &nbsp;&nbsp; $20686762  |
| Gross unrealized appreciation | 144489311 | &nbsp;&nbsp; 13691187  | &nbsp;&nbsp; 8177090  |
| Gross unrealized depreciation | (6674150) | &nbsp;&nbsp; (404183)  | &nbsp;&nbsp; (242446)  |
| Net unrealized appreciation<sup>(a)</sup> | 137815161 | &nbsp;&nbsp; 13287004  | &nbsp;&nbsp; 7934644  |
| Net unrealized appreciation on foreign currency | 1172 | &nbsp;&nbsp; 86  | &nbsp;&nbsp; 129  |
| Undistributed ordinary income | 2475683 | &nbsp;&nbsp; 445792  | &nbsp;&nbsp; 217298  |
| Undistributed long-term capital gains | 16722273 | &nbsp;&nbsp; 1844334  | &nbsp;&nbsp; 584373  |
| Total distributable earnings | 19197956 | &nbsp;&nbsp; 2290126  | &nbsp;&nbsp; 801671  |
| Other accumulated gains/(losses) | —  | &nbsp;&nbsp; 57988  | &nbsp;&nbsp; 245600  |
| Total accumulated earnings/(losses) | $157014289 | &nbsp;&nbsp; $15635204  | &nbsp;&nbsp; $8982044 |

---

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

26<br>

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

The tax character of distributions paid during the six months ended March 31, 2025 and the year ended September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **September 30, 2024**  | **September 30, 2024**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains**  |
| Scharf Fund | $3339548 | $16816753 | $3037333 | $31099863  |
| Scharf Multi-Asset Opportunity Fund | 577188 | 1844336 | 583831 | 3379079  |
| Scharf Global Opportunity Fund | 217298 | 584380 | 319928 | 336812 |

---

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax Year ended September 30, 2024.

**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. As of March 31, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | |
|:---|:---|
| <u>Scharf Fund</u><br>|  |
| National Financial Services LLC | 34.19% |
| Morgan Stanley Smith Barney LLC  | 29.92%  |
| <u>Scharf Multi-Asset Opportunity Fund</u><br>|  |
| Charles Schwab & Co., Inc. | 85.43%  |
| <u>Scharf Global Opportunity Fund</u><br>|  |
| Charles Schwab & Co., Inc.  | 55.71% |

---

**NOTE 11 – OFFICERS** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

**NOTE 12 – 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.

&nbsp;&nbsp;&nbsp;&nbsp;• *Foreign and Emerging Market Securities Risk.* Investments in foreign currencies and foreign issuers are subject to additional risks, including
 political and economic risks, greater volatility, civil conflicts and war, sanctions or other measures by the United States or other governments,
 liquidity risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation
 and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. Events and evolving conditions
 in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived
 as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets."
 Emerging market countries typically have less-established market economies than developed countries and may face greater social, economic,
 regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns
 due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public
 information on issuers.

27<br>

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

**Scharf Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at March 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• *Investment Style Risk.* The Adviser follows an investing style that favors relatively low valuations. At times when this style is out of favor,
 the Funds may underperform funds that use different investing styles.

&nbsp;&nbsp;&nbsp;&nbsp;• *Small-and Medium-Sized Company Risk.* Small- and medium-sized companies often have less predictable earnings, more limited product lines,
 markets, distribution channels or financial resources and the management of such companies may be dependent upon one or few key people.
 The market movements of equity securities of small- and medium-sized companies may be more abrupt and volatile than the market movements
 of equity securities of larger, more established companies or the stock market in general and small-sized companies in particular, are
 generally less liquid than the equity securities of larger companies.

&nbsp;&nbsp;&nbsp;&nbsp;• *Special Situations Risk.* There is a risk that the special situation (i.e., spin-off, liquidation, merger, etc.) might not occur, which could have
 a negative impact on the price of the issuer's securities and fail to produce gains or produce a loss for the Scharf Fund. In addition,
 investments in special situation companies may be illiquid and difficult to value, which will require the Fund to employ fair value procedures
 to value its holdings in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• *General 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. Conflict, loss of life and
 disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe
 adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities.
 The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions,
 and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue
 to do so.

**NOTE 13 – SUBSEQUENT EVENTS**

At a meeting held on March 20-21, 2025, the Board approved, subject to shareholder approval, a proposed reorganization of the Scharf Fund and the Scharf Global Opportunity Fund with and into newly created exchange-traded funds ("ETF"). As a result of the reorganizations, the Scharf Fund and the Scharf Global Opportunity Fund, which are each currently operated as a mutual fund, will each be converted into an ETF.

28<br>

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

**Scharf Fund** 

**Approval of Investment Advisory Agreement (Unaudited)** 

**Scharf Fund** 

**Scharf Multi-Asset Opportunity Fund** 

**Scharf Global Opportunity Fund** 

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance of the investment advisory agreement (the "Advisory Agreement") between Advisors Series Trust (the "Trust") and Scharf Investments, LLC (the "Adviser") on behalf of each of the Scharf Fund, Scharf Multi-Asset Opportunity Fund (the "Multi-Asset Fund"), and Scharf Global Opportunity Fund (the "Global Opportunity Fund") (collectively, the "Funds" and each a "Fund"). At both meetings, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered
 the nature, extent and quality of the Adviser's overall services provided to the Funds, as well as its responsibilities in all aspects
 of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio
 managers, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The
 Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, its
 chief compliance officer and the Adviser's compliance record, as well as the Adviser's cybersecurity program, liquidity risk
 management program, valuation procedures, business continuity plan, and risk management process. The Board also considered the prior relationship
 between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and noted that during the
 course of the prior year they had met with certain personnel of the Adviser to discuss each Fund's performance and investment outlook
 as well as various compliance topics and fund marketing/distribution. The Board concluded that the Adviser had the quality and depth of
 personnel, resources, investment processes, and compliance policies and procedures essential to performing its duties under the Advisory
 Agreement and that they were satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Funds' historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management
 delivered by the Adviser, the Board reviewed the short-term and long-term performance of each Fund as of June 30, 2024 on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market
 benchmarks, a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the
 Board to assist it in its 15(c) review (the "Cohort"), and the Adviser's similarly managed accounts. While the Board
 considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance
 against the comparative Morningstar peer group universe, the Board took into account that the investment objectives and strategies of
 each Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing each Fund's
 performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and
 such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing
 periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted
 by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more
 significant underlying issues.

**Scharf Fund: The Board noted that the Fund underperformed the average of its Morningstar peer group for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board also noted that the Fund underperformed the average of its Cohort for the one-, three-, and ten-year periods and outperformed for the five-year period, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund** 

29<br>

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

**Scharf Fund** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

against a broad-based securities market benchmark, noting that it had underperformed its primary benchmark index for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board also noted that the Fund had underperformed its secondary benchmark index for the one-year period, and outperformed for the three-, five-, and ten-year periods ended June 30, 2024.

The Board also considered any differences in performance between the Adviser's similarly managed accounts and the performance of the Fund, noting that the Fund underperformed its similarly managed account composite for the one-, three-, five-, and ten-year periods ended June 30, 2024.

**Multi-Asset Fund: The Board noted that the Fund underperformed its Morningstar peer group average for the one-year period and outperformed for the three-, five-, and ten-year periods ended June 30, 2024. The Board also noted that the Fund underperformed the average of its Cohort for the one-, and three-year periods, and outperformed for the five-, and ten-year periods, all periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had underperformed its primary benchmark index for the one-, three-, five- and ten-year periods ended June 30, 2024. The Board noted that the Fund outperformed its secondary benchmark index for the one-, three-, five-, and ten-year periods ended June 30, 2024. The Board also noted that the Fund underperformed its tertiary benchmark index for the one-year period and outperformed for the three-, five-, and ten-year periods ended June 30, 2024.** 

The Board also considered any differences in performance between the Adviser's similarly managed accounts and the performance of the Fund, noting that the Fund outperformed the similarly managed account composite for the one-, and five-year periods, and underperformed for the three-, and ten-year periods, all periods ended June 30, 2024.

**Global Opportunity Fund: The Board noted that the Fund underperformed the average of the Morningstar peer group for the one- and three-year periods and outperformed for the five-year period, all periods ended June 30, 2024. The Board further noted that the Fund underperformed the average of the Cohort for the one-, three-, and five-year periods ended June 30, 2024. The Board also reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had underperformed its primary benchmark index for the one-, three, and five-year periods ended June 30, 2024.** 

The Board also considered any differences in performance between the Adviser's similarly managed accounts and the performance of the Fund, noting that the Fund underperformed the similarly managed account composite for the one-, three- and five-year periods ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and the structure of the Adviser's fee under the Advisory Agreement. In
 considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the applicable Morningstar peer
 group, the Cohort and to the Adviser's similarly managed separate accounts for other types of clients, if applicable, as well as
 all expense waivers and reimbursements. When reviewing fees charged to other similarly managed accounts, the Board considered the type
 of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged
 to such accounts.

**Scharf Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.79% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board considered that the Fund's contractual management fee and net expense ratio was above the average and the median of the Cohort. The Board considered that the management fee charged to the Fund was higher than or lower than the advisory fee charged to by the Adviser to its separately managed account clients depending on the asset level, and the Board also considered differences in services provided to those accounts as well as other factors that were relevant in explaining differences in fees.** 

**Multi-Asset Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.85% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board noted that the Fund's contractual management fee was at the median and above the average of the Cohort, and the net expense ratio was above the median and at the average of the Cohort. The Board** 

30<br>

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

**Scharf Fund** 

**Approval of Investment Advisory Agreement (Unaudited)(Continued)** 

considered that the management fee charged to the Fund was higher than or lower than the advisory fee charged to by the Adviser to its separately managed account clients depending on the asset level, and the Board also considered differences in services provided to those accounts as well as other factors that were relevant in explaining differences in fees.

**Global Opportunity Fund: The Board noted that the Adviser had contractually agreed to maintain an annual expense ratio for the Fund of 0.52% (excluding certain operating expenses and class-level expenses, the "Expense Cap"). The Board considered that the contractual management fee and net expense ratio of the Fund were below the Cohort median and average. The Board considered the differences in fees for the Adviser's similarly managed account, noting it is a UCIT and is subject to different regulatory requirements.** 

The Board determined that it would continue to monitor the appropriateness of the advisory fees for the Funds and concluded that, at this time, the fees to be paid to the Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
 In this regard, the Board noted that the Adviser contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the
 Funds do not exceed the specified Expense Caps. The Board noted that at current asset levels, it did not appear that there were additional
 significant economies of scale being realized by the Adviser and concluded that it would continue to monitor economies of scale in the
 future as circumstances changed and assuming asset levels continued to increase.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Funds. The Board reviewed the Adviser's
 financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Funds,
 such as benefits received in the form of Rule 12b-1 fees received from Retail Class shares of the Funds. The Board also considered
 that the Funds utilize "soft dollar" benefits that may be received by the Adviser in exchange for Fund brokerage. The Board
 considered the profitability to the Adviser from its relationship with the Funds and considered any additional material benefits derived
 by the Adviser from its relationship with the Funds. After such review, the Board determined that the profitability to the Adviser with
 respect to the Advisory Agreement was not excessive, and that the Adviser had maintained adequate profit levels to support the services
 it provides to the Funds.

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement for the Scharf Fund, Multi-Asset Fund, and Global Opportunity Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangements with the Adviser, including the advisory fees, were fair and reasonable to the Funds. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the Funds would be in the best interests of each Fund and its shareholders.

31<br>

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

**Scharf Fund** 

**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.** 

Refer to information provided within financial statements.

32<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.](sfcfs-efp15930_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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](sfcfs-efp15930_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Series Trust

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

---

Date <u>6/4/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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>6/4/2025</u>

---

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

---

Date <u>6/4/2025</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: | 6/4/2025 | /s/Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | President/Chief Executive Officer/Principal Executive Officer |

---

**<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: | 6/4/2025 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |

---

## 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, 2025 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<br>| /s/ Kevin J. Hayden |
| Jeffrey T. Rauman | Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer Advisors Series Trust | Vice President/Treasurer/Principal Financial Officer Advisors Series Trust |

---

Dated: <u>6/4/2025</u> Dated: <u> 6/4/2025</u>

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.