# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-26-008863
**Filing Date:** 2026-6
**Character Count:** 79663
**Document Hash:** 4b0af6cbdbc3a01f00d4053551f69800
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008863.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001133228-26-008863

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**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:** 261065534

**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

### Chase Growth Fund (Series ID: S000005073)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000013859 | Class N             | CHASX           |
| C000043306 | Institutional Class | CHAIX           |

?xml version='1.0' encoding='ASCII'? 2026-02-23191225_ChaseGrowthFund_ClassN_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

**Advisors Series Trust**

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

**777 East Wisconsin Avenue**

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171506_202410111827485.jpg) | **Chase Growth Fund**  | ![image](img171505_202510062110982.jpg) |
| ![image](img171506_202410111827485.jpg) | Class N \| CHASX  | ![image](img171505_202510062110982.jpg) |
| ![image](img171506_202410111827485.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171505_202510062110982.jpg) |

---

This semi-annual shareholder report contains important information about the Chase Growth Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://chasegrowthfund.com/#literature. You can also request this information by contacting us at 1-800-293-9104.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class N | $56 | 1.10% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $99511404 |
| **Number of Holdings** | 39 |
| **Portfolio Turnover** | 49% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 5.3% |
|  TechnipFMC PLC  | 4.9% |
|  Invesco Treasury Portfolio  | 4.8% |
|  NVIDIA Corp.  | 4.4% |
|  Bank of New York Mellon Corp.  | 4.0% |
|  Vertiv Holdings Co.  | 3.8% |
|  Howmet Aerospace, Inc.  | 3.7% |
|  Carpenter Technology Corp.  | 3.6% |
|  MasTec, Inc.  | 3.6% |
|  Goldman Sachs Group, Inc.  | 3.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 25.3% |
|  Industrials  | 24.4% |
|  Financials  | 12.7% |
|  Health Care  | 8.4% |
|  Communication Services  | 6.7% |
|  Consumer Discretionary  | 5.8% |
|  Energy  | 4.9% |
|  Materials  | 2.9% |
|  Utilities  | 2.6% |
|  Cash & Other  | 6.3% |

---

\* Expressed as a percent of net assets.

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

**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 Chase Investment Counsel Corporation documents not be householded, please contact Chase Investment Counsel Corporation at 1-800-293-9104, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Chase Investment Counsel Corporation or your financial intermediary.

Chase Growth Fund PAGE 1 TSR-SAR-007989809

------

---

| | | |
|:---|:---|:---|
| ![image](img171506_202410111827485.jpg) | **Chase Growth Fund**  | ![image](img171505_202510062110982.jpg) |
| ![image](img171506_202410111827485.jpg) | Institutional Class \| CHAIX  | ![image](img171505_202510062110982.jpg) |
| ![image](img171506_202410111827485.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171505_202510062110982.jpg) |

---

This semi-annual shareholder report contains important information about the Chase Growth Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://chasegrowthfund.com/#literature. You can also request this information by contacting us at 1-800-293-9104.

**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 | $51 | 0.99% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $99511404 |
| **Number of Holdings** | 39 |
| **Portfolio Turnover** | 49% |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 5.3% |
|  TechnipFMC PLC  | 4.9% |
|  Invesco Treasury Portfolio  | 4.8% |
|  NVIDIA Corp.  | 4.4% |
|  Bank of New York Mellon Corp.  | 4.0% |
|  Vertiv Holdings Co.  | 3.8% |
|  Howmet Aerospace, Inc.  | 3.7% |
|  Carpenter Technology Corp.  | 3.6% |
|  MasTec, Inc.  | 3.6% |
|  Goldman Sachs Group, Inc.  | 3.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 25.3% |
|  Industrials  | 24.4% |
|  Financials  | 12.7% |
|  Health Care  | 8.4% |
|  Communication Services  | 6.7% |
|  Consumer Discretionary  | 5.8% |
|  Energy  | 4.9% |
|  Materials  | 2.9% |
|  Utilities  | 2.6% |
|  Cash & Other  | 6.3% |

---

\* Expressed as a percent of net assets.

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

**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 Chase Investment Counsel Corporation documents not be householded, please contact Chase Investment Counsel Corporation at 1-800-293-9104, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Chase Investment Counsel Corporation or your financial intermediary.

Chase Growth Fund PAGE 1 TSR-SAR-007989395

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable.

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

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

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

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

(a) ![](chasegrowthlogo.jpg)

**Chase Growth Fund** 

Semi-Annual Financial Statements and Additional Information

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [4](#sal) |
| [Statement of Operations](#sop) | [5](#sop) |
| [Statements of Changes in Net Assets](#scna) | [6](#scna) |
| [Financial Highlights](#fihi) | [7](#fihi) |
| [Notes to Financial Statements](#notes) | [9](#notes) |
| [Additional Information](#ai1) | [15](#ai1) |

---

------

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

**CHASE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.2%**<br>|  |  |
| **Aerospace/Aircraft - 1.5%**<br>|  |  |
| Textron, Inc. | 16372 | $1433532  |
| **Asset Management - 3.2%**<br>|  |  |
| Affiliated Managers Group, Inc. | 5527 | 1529321  |
| Charles Schwab Corp. | 17573 | 1651510  |
|  |  | 3180831  |
| **Building - 1.3%**<br>|  |  |
| MYR Group, Inc.<sup>(a)</sup> | 4487 | 1266770  |
| **Chemicals - 1.2%**<br>|  |  |
| Scotts Miracle-Gro Co. | 19382 | 1178619  |
| **Computer Hardware - 2.3%**<br>|  |  |
| Dell Technologies, Inc. - Class C | 13881 | 2278288  |
| **Computer Software - 5.2%**<br>|  |  |
| Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 90730 | 2145765  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 24048 | 3025719  |
|  |  | 5171484  |
| **Contract Manufacturing - 3.0%**<br>|  |  |
| Celestica, Inc.<sup>(a)</sup> | 10616 | 2990315  |
| **Defense - 2.1%**<br>|  |  |
| Huntington Ingalls Industries, Inc. | 5443 | 2067796  |
| **Drugs-Proprietary - 2.1%**<br>|  |  |
| AbbVie, Inc. | 9734 | 2117048  |
| **Electrical Components - 1.5%**<br>|  |  |
| WESCO International, Inc. | 5601 | 1532546  |
| **Electrical Equipment - 3.8%**<br>|  |  |
| Vertiv Holdings Co. - Class A | 15091 | 3781503  |
| **Electronics - 4.5%**<br>|  |  |
| Littelfuse, Inc. | 8797 | 2985262  |
| Sanmina Corp.<sup>(a)</sup> | 11626 | 1507194  |
|  |  | 4492456  |
| **Energy/Oil Service - 4.9%**<br>|  |  |
| TechnipFMC PLC | 70675 | 4885763  |
| **Engineering/Construction - 5.4%**<br>|  |  |
| API Group Corp.<sup>(a)</sup> | 44703 | 1811366  |
| MasTec, Inc.<sup>(a)</sup> | 11183 | 3598018  |
|  |  | 5409384  |
| **Entertainment - 1.4%**<br>|  |  |
| IMAX Corp.<sup>(a)</sup> | 37409 | 1421916  |

---

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

1<br>

------

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

**CHASE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Finance/Banks - 9.5%**<br>|  |  |
| Bank of New York Mellon Corp. | 33211 | $3939821  |
| Goldman Sachs Group, Inc. | 4112 | 3478711  |
| State Street Corp. | 16226 | 2053562  |
|  |  | 9472094  |
| **Health Care Distribution - 3.3%**<br>|  |  |
| Cencora, Inc. | 4651 | 1461065  |
| McKesson Corp. | 2017 | 1745431  |
|  |  | 3206496  |
| **Health Care Services - 3.0%**<br>|  |  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 69367 | 2955728  |
| **Internet Retail - 5.8%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 11610 | 2418015  |
| eBay, Inc. | 36504 | 3322594  |
|  |  | 5740609  |
| **Internet Software & Services - 5.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 18442 | 5303181  |
| **Metals-Precious - 1.7%**<br>|  |  |
| Fortuna Mining Corp.<sup>(a)</sup> | 172785 | 1715755  |
| **Real Estate Operations - 1.5%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 4746 | 1444303  |
| **Semiconductors - 10.3%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 9864 | 2006633  |
| Broadcom, Inc. | 8225 | 2545720  |
| NVIDIA Corp. | 25056 | 4369766  |
| Silicon Motion Technology Corp. - ADR | 12054 | 1353544  |
|  |  | 10275663  |
| **Service Companies - 1.5%**<br>|  |  |
| VSE Corp. | 8129 | 1498988  |
| **Steel - 7.3%**<br>|  |  |
| Carpenter Technology Corp. | 9165 | 3612385  |
| Howmet Aerospace, Inc. | 15855 | 3653943  |
|  |  | 7266328  |
| **Utilities-Electrical/Gas - 2.6%**<br>|  |  |
| National Fuel Gas Co. | 27785 | 2610679  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $60,164,009)** |  | 94698075  |

---

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

2<br>

------

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

**CHASE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 4.8%**<br>|  |  |
| Invesco Treasury Portfolio - Institutional Class, 3.56%<sup>(b)</sup> | 4823130 | $4823130  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,823,130)** |  | 4823130  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $64,987,139)** |  | $99521205  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(c)</sup> |  | (9801)  |
| **TOTAL NET ASSETS - 100.0%** |  | $99511404 |

---

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.

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

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

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

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

3<br>

------

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

**Chase Growth Fund** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $99521205  |
| Dividends receivable | 100075  |
| Dividend tax reclaims receivable | 2799  |
| Receivable for fund shares sold | 603  |
| Prepaid expenses and other assets | 21035  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 99645717  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 57260  |
| Payable for fund administration and accounting fees | 24982  |
| Payable for transfer agent fees and expenses | 15966  |
| Payable for audit fees | 11558  |
| Payable for shareholder servicing fees | 4080  |
| Payable for compliance fees | 3730  |
| Payable for custodian fees | 3580  |
| Payable for capital shares redeemed | 2883  |
| Payable for expenses and other liabilities | 10274  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 134313  |
| **NET ASSETS** | $99511404  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $61644857  |
| Total distributable earnings | 37866547  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $99511404  |
| **Class N**<br>|  |
| Net assets | $42718044  |
| Shares issued and outstanding<sup>(a)</sup> | 2724729  |
| Net asset value per share | $15.68  |
| **Institutional Class**<br>|  |
| Net assets | $56793360  |
| Shares issued and outstanding<sup>(a)</sup> | 3255608  |
| Net asset value per share | $17.44  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $64987139 |

---

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

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

4<br>

------

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

**CHASE GROWTH FUND** 

**STATEMENT OF OPERATIONS** 

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $475417  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 475417  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 371365  |
| Fund administration and accounting fees | 52579  |
| Transfer agent fees | 34822  |
| Shareholder service costs - Class N | 24136  |
| Federal and state registration fees | 18217  |
| Audit fees | 11570  |
| Trustees' fees | 9791  |
| Custodian fees | 9590  |
| Compliance fees | 7481  |
| Reports to shareholders | 7221  |
| Legal fees | 3938  |
| Other expenses and fees | 6680  |
| &nbsp;&nbsp;&nbsp; Total expenses | 557390  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (43050)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 514340  |
| **Net investment income (loss)** | (38923)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 5844466  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (1194861)  |
| **Net realized and unrealized gain (loss)** | 4649605  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4610682 |

---

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

5<br>

------

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

**CHASE GROWTH FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(38923) | &nbsp;&nbsp; $(67302)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5844466 | &nbsp;&nbsp; 6955931  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1194861) | &nbsp;&nbsp; 8493589  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4610682 | &nbsp;&nbsp; 15382218  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class N | (3706048) | &nbsp;&nbsp; (7459597)  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (4065581) | &nbsp;&nbsp; (7313464)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7771629) | &nbsp;&nbsp; (14773061)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class N | 1760647 | &nbsp;&nbsp; 3974530  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class N | 3365330 | &nbsp;&nbsp; 6816172  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class N | (2969452) | &nbsp;&nbsp; (10485088)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 5033282 | &nbsp;&nbsp; 3924776  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 3848554 | &nbsp;&nbsp; 6877433  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (1520525) | &nbsp;&nbsp; (5796087)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 9517836 | &nbsp;&nbsp; 5311736  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 6356889 | &nbsp;&nbsp; 5920893  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 93154515 | &nbsp;&nbsp; 87233622  |
| &nbsp;&nbsp;&nbsp; End of the period | $99511404 | &nbsp;&nbsp; $93154515  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class N | 107873 | &nbsp;&nbsp; 255658  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class N | 212458 | &nbsp;&nbsp; 464317  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class N | (183546) | &nbsp;&nbsp; (723851)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 282347 | &nbsp;&nbsp; 238376  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 218421 | &nbsp;&nbsp; 425321  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (83399) | &nbsp;&nbsp; (375327)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 554154 | &nbsp;&nbsp; 284494 |

---

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

6<br>

------

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

**CHASE GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**Class N** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $16.29 | $16.28 | $11.49 | $10.45 | $15.33 | $13.21  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | (0.02) | (0.05) | (0.03) | 0.01 | (0.03)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | 2.92 | 5.56 | 1.64 | (2.12) | 3.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | 2.90 | 5.51 | 1.61 | (2.11) | 3.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.72) | (0.57) | (2.77) | (1.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (1.44) | (2.89) |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.44) | (2.89) | (0.72) | (0.57) | (2.77) | (1.06)  |
| Paid-in capital from redemption fees<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 0.00<sup>(a)(f)</sup> | 0.00<sup>(a)(f)</sup> | 0.00<sup>(a)(f)</sup> | 0.00<sup>(a)(f)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.68 | $16.29 | $16.28 | $11.49 | $10.45 | $15.33  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.01% | 19.73% | 50.12% | 15.77% | -18.05% | 25.25%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $42718 | $42163 | $42198 | $31044 | $30523 | $41715  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | 1.24% | 1.28% | 1.35% | 1.27% | 1.26%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | 1.10% | 1.10% | 1.10% | 1.09% | 1.14%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | (0.13)% | (0.35)% | (0.25)% | 0.11% | (0.20)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49% | 107% | 95% | 122% | 123% | 94% |

---

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

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

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

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

<sup>(e)</sup> The Fund stopped collecting a redemption fee on January 28, 2024.

<sup>(f)</sup> Amount is less than $0.01 per share. 

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

7<br>

------

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

**Chase Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $17.97 | $17.66 | $12.40 | $11.22 | $16.26 | $13.94  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> | (0.04) | (0.02) | 0.03 | (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 3.20 | 6.02 | 1.77 | (2.30) | 3.39  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 3.20 | 5.98 | 1.75 | (2.27) | 3.38  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.72) | (0.57) | (2.77) | (1.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (1.44) | (2.89) |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.44) | (2.89) | (0.72) | (0.57) | (2.77) | (1.06)  |
| Paid-in capital from redemption fees<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 0.00<sup>(a)(g)</sup> | 0.00<sup>(a)(g)</sup> | 0.00<sup>(a)(g)</sup> | 0.00<sup>(a)(g)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $17.44 | $17.97 | $17.66 | $12.40 | $11.22 | $16.26  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.99% | 19.91% | 50.23% | 15.94% | -17.99% | 25.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $56793 | $50991 | $45036 | $31461 | $28260 | $38167  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.08% | 1.13% | 1.17% | 1.24% | 1.17% | 1.16%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 0.99% | 0.99% | 0.99% | 0.99% | 1.04%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | (0.03)% | (0.24)% | (0.15)% | 0.21% | (0.09)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49% | 107% | 95% | 122% | 123% | 94% |

---

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

<sup>(b)</sup> Amount represents less than $0.005 per share.

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

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

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

<sup>(f)</sup> The Fund stopped collecting a redemption fee on January 28, 2024.

<sup>(g)</sup> Amount is less than $0.01 per share. 

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

8<br>

------

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

**CHASE GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

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

**NOTE 1 – ORGANIZATION** 

The Chase Growth Fund (the "Fund") is a series of shares of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end management investment company. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

The Fund is a diversified fund. The investment objective of the Growth Fund is growth of capital. The Fund offers Class N shares which commenced operations on December 2, 1997 and Institutional Class shares which commenced operations on January 29, 2007. Because the fees and expenses vary between the Class N shares and the Institutional Class shares, performance will vary with respect to each class. Under normal conditions, the Institutional Class shares are expected to have lower expenses than the Class N shares which will result in higher total returns.

All classes of the Fund are offered through approved financial supermarkets, investment advisors and consultants, financial planners, brokers, dealers and other investment professionals and their agents. Institutional Class shares of the Fund are offered to a limited category of investors, most notably to shareholders whose cumulative investment in the Fund exceeds $500,000.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund. 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 Fund's 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 Fund recognizes 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 Fund's 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 Fund's 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 Fund identifies their major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Fund is 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 determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income and
 distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance
 with the 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 the Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

The Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Common expenses of the Trust are typically allocated among the funds in the Trust based on the fund's respective net assets, or by other equitable means.

The Fund distributes 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.

9<br>

------

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

**CHASE GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

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

The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which 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 Fund no longer charged a 2% redemption fee to shareholders who redeemed shares held
 for 60 days or less. Such fees had been retained by the Fund and accounted for as an addition to paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;G. *REITs:* The Fund can make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders
 based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits
 resulting in the excess portion of such dividends being designated as a return of capital. The Fund intends to include the gross dividends
 from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the Fund's distributions may also
 be designated as a return of capital.

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

**NOTE 3 – SECURITIES VALUATION** 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion 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 Fund has 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 Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

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

Equity Securities – The Fund's investments are carried at fair value. Equity securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities

10<br>

------

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

**CHASE GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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. 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.

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

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's investment adviser, Chase Investment Counsel Corporation ("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 Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $94698075 | $— | $—  | $94698075  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4823130 |  |  | 4823130  |
| **Total Investments** | $99521205 | $— | $— | $99521205 |

---

Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification.

Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor's Management Committee, consisting of the firm's Founder and Chairman Emeritus, Chairman of the Board, CEO, President, and Senior Vice President/Senior Portfolio Manager, using the information presented in the financial statements and financial highlights.

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

11<br>

------

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

**CHASE GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

The Adviser provides the Fund with investment management services under the Fund's investment advisory agreement. The Adviser furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 0.75% based upon the average daily net assets of the Fund. For the six months ended March 31, 2026, the advisory fees incurred by the Fund are disclosed in the statement of operations.

The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive a portion of its management fees and pay expenses of the Fund to ensure that the total annual fund operating expenses (excluding acquired fund fees and expenses, taxes, interest expense, extraordinary expenses, shareholder servicing fees or any other class-specific expenses) do not exceed 0.99% of the Fund's average daily net assets through at least January 28, 2027. Any such reductions made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the six months ended March 31, 2026, the Adviser reduced its fees in the amount of $43,050. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates.

---

| | |
|:---|:---|
| **Expiration** | **Amount**  |
| 9/30/26 | $91409  |
| 9/30/27 | 135238  |
| 9/30/28 | 125102  |
| 3/31/29 | 43050  |
|  | $394799 |

---

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

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

**NOTE 5 – SHAREHOLDER SERVICING FEE** 

The Fund has entered into a shareholder servicing agreement (the "Agreement") with the Adviser, under which the Fund's Class N shares may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of the Class N shares. 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 Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Fund in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Fund and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing

12<br>

------

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

**CHASE GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

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

such other personal services to shareholders as the Fund may reasonably request. For the six months ended March 31, 2026, the shareholder servicing fees incurred under the Agreement by the Fund's Class N shares are disclosed in the statement of operations.

**NOTE 6 – SECURITIES TRANSACTIONS** 

For the six months ended March 31, 2026, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $46,956,222 and $47,309,168, respectively. There were no purchases or sales of U.S. government securities.

**NOTE 7 – LINE OF CREDIT** 

The Fund has an unsecured line of credit in the amount of $8,000,000, or 33 1/3% of unencumbered assets. The line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund's custodian, U.S. Bank N.A. During the six months ended March 31, 2026, the Fund did not draw on its line of credit. At March 31, 2026, the Fund had no outstanding loan amounts.

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

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

---

| | | |
|:---|:---|:---|
| **Growth Fund** | **Six Months Ended** <br>**March 31, 2026** | **Year Ended** <br>**September 30, 2025**  |
| Ordinary income | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1160748  |
| Long-term capital gains | &nbsp;&nbsp;&nbsp; 7771629 | &nbsp;&nbsp;&nbsp; 13612313 |

---

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

---

| | |
|:---|:---|
|  | **Growth Fund**  |
| Cost of investments<sup>(a)</sup> | $57497731  |
| Gross unrealized appreciation | 36036744  |
| Gross unrealized depreciation | (307817)  |
| Net unrealized appreciation/(depreciation)<sup>(a)</sup> | 35728927  |
| Net unrealized depreciation on currency | —  |
| Undistributed ordinary income | —  |
| Undistributed long-term capital gains | 5369743  |
| Total distributable earnings | 5369743  |
| Other accumulated gains/(losses) | (71176)  |
| Total accumulated earnings/(losses) | $41027494 |

---

<sup>(a)</sup> The book-basis and tax-basis net unrealized appreciation is the same.

**NOTE 9 – PRINCIPAL RISKS** 

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

&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

13<br>

------

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

**CHASE GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

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

number of factors, including: inflation (or expectations for inflation); deflation (or expectations for deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

&nbsp;&nbsp;&nbsp;&nbsp;• **Medium-Cap Companies Risk** – Investing in securities of medium-capitalization
 companies may involve greater volatility than investing in larger companies because medium capitalization companies can be subject to
 more abrupt or erratic share price changes than larger, more established companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;• **Small-Cap Companies Risk** – Investments in smaller or unseasoned companies involve
 much greater risk than investments in larger, more established companies due to smaller companies being more likely to experience unexpected
 fluctuations in prices. This is due to the higher degree of uncertainty in a small-cap company's growth prospects, the lower degree
 of liquidity in the market for small-cap stocks, and the greater sensitivity of small-cap companies to changing economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Depositary Receipt Risk** – Depositary receipts involve risks similar to those associated with investments in foreign securities and certain
 additional risks. Investments in foreign securities may involve financial, economic or political risks not ordinarily associated with
 the securities of U.S. issuers. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder
 to all dividends and capital gains that are paid out on the underlying foreign shares. When the Fund invests in depositary receipts as
 a substitute for an investment directly in the underlying foreign shares, the Fund is exposed to the risk that the depositary receipts
 may not provide a return that corresponds precisely with that of the underlying foreign shares.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Securities Risk** *–* Foreign securities are subject to special risks in addition to those of issuers
 located in the U.S. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are
 generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which
 could affect the Fund's investments.

**NOTE 10 – CONTROL OWNERSHIP** 

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

---

| | |
|:---|:---|
| **Shareholder** | **Percent of** <br>**Shares Held**  |
| Charles Schwab & Co. | 36.42% |

---

**NOTE 11 – TRUSTEES** 

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

**NOTE 12 – OFFICERS** 

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

14<br>

------

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

**Chase GROWTH FUND** 

**ADDITIONAL INFORMATION (Unaudited)** 

**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.** 

At meetings held on October 22, 2025 and December 11-12, 2025, 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 Chase Investment Counsel Corporation (the "Adviser") on behalf of the Chase Growth Fund (the "Fund"). At both meetings, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund 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 Fund, as well as its specific responsibilities
 in all aspects of day-to-day investment management of the Fund. 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 Fund. 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,
 AI use policy, liquidity risk management program, valuation procedures, business continuity plan, and risk management processes. The Board
 further 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 the 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
 Fund's 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 the Fund as of June 30, 2025, on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing a Morningstar classification, 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 objective and strategies of the
 Fund, as well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing the 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

15<br>

------

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

**Chase GROWTH FUND** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

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.

The Board noted that the Fund outperformed the average of its Morningstar peer group for the one- , three-, and five-year periods, and underperformed for the ten-year period ended June 30, 2025. The Board further noted that the Fund outperformed the average of its Cohort for the one-, three-, five-, and ten-year periods, all periods ended June 30, 2025. The Board reviewed the performance of the Fund against broad-based securities market benchmarks, noting that it had outperformed its primary benchmark over the one- and three-year periods, slightly underperformed for the five-year period and underperformed for the ten-year period and had underperformed its secondary benchmark for the one- and ten-year periods and outperformed for the three- and five-year periods, all periods ended June 30, 2025.

The Board noted that the Fund underperformed the similarly managed composite for the one-year period and outperformed for the three-, five-, and ten-year periods ended June 30, 2025. The Board considered any differences in the Fund's performance as compared to the Adviser's composite, noting that the Adviser represented that such differences are generally related to differences in asset allocation and fees.

&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 the Fund, the Board reviewed comparisons to the Morningstar peer group, the
 Cohort, and the Adviser's similarly managed separate accounts for other types of clients. When reviewing fees charged to other similarly
 managed accounts, the Board took into account 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.

The Board noted that the Adviser has implemented a fund level expense cap at 0.99%, excluding certain operating expenses and class-level expenses (the "Expense Cap"). The Board noted that the Fund's contractual management fee was above the median and below the average of its Cohort. The Board also noted that the Fund's net expense ratio was above the median and below the average of its Cohort.

The Board also took into consideration the services the Adviser provides to its similarly managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board noted that the advisory fees charged to the Adviser's similarly managed separate accounts were higher than or lower than the advisory fee charged to the Fund 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.

The Board determined that it would continue to monitor the appropriateness of the advisory fees for the Fund 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.
 The Board noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse the Fund's expenses so that the
 Fund does not exceed its specified Expense Cap. The Board concluded that there were no effective economies of scale to be shared with
 the Fund at current asset levels but indicated they would continue to monitor economies of scale in the future as circumstances changed
 and assuming asset levels increased.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Fund. 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 Fund.
 The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional material benefits
 derived by the Adviser from its relationship with the Fund, including "soft dollar" benefits that may be received by the Adviser
 in exchange for Fund brokerage. The Board also considered that the Fund does not charge a Rule 12b-1 fee. After such review, the Board
 determined that the profitability level to the Adviser with respect to the Advisory Agreement was reasonable. The Board also considered
 the financial condition of the Adviser and the resources available to it and determined the Adviser had maintained adequate profit levels
 to support the services it provides to the Fund.

16<br>

------

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

**Chase GROWTH FUND** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

No single factor was determinative of the Board's decision to approve the continuance of the Advisory Agreement, 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 Fund. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement for the Fund would be in the best interests of the Fund and its shareholders.

17<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.](csar-efp24439_ex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](csar-efp24439_ex99906cert.htm)

**SIGNATURES**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Advisors
 Series Trust

---

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

---

Date <u>6/04/2026</u>

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

---

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

---

Date <u>6/04/2026</u>

---

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

---

Date <u>6/04/2026</u>

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Jeffrey T. Rauman, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/04/2026 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | President/Chief Executive Officer/Principal Executive Officer |
|  |  | Advisors Series Trust |

---

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

I, Kevin J. Hayden, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/04/2026 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | Vice President/Treasurer/Principal Financial Officer |
|  |  | Advisors Series Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

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

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

---

| | |
|:---|:---|
| /s/ Jeffrey T. Rauman | /s/ Kevin J. Hayden |
| Jeffrey T. Rauman | Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer | Vice President/Treasurer/Principal Financial Officer |
| Advisors Series Trust | Advisors Series Trust |

---

Dated: <u>6/04/2026</u> Dated: <u>6/04/2026</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.