# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000894189-25-006213
**Filing Date:** 2025-8
**Character Count:** 39945
**Document Hash:** 41791dc32d4f254ef86038fb7794edb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006213.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000894189-25-006213

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287091
- **FILM NUMBER:** 251274515

**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

    

As filed with the U.S. Securities and Exchange Commission on August 28, 2025

**Registration No. 333-287091**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-14**

---

| |
|:---|
| Pre-Effective Amendment No. __ |
| Post-Effective Amendment No. 1 |

---

(Check appropriate box or boxes.)

**<u>ADVISORS SERIES TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, Including Area Code) (626) 914-7363

Jeffrey T. Rauman, President and Principal Executive Officer

Advisors Series Trust

c/o U.S. Bank Global Fund Services

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

Rachael L. Schwartz, Esq.

Sullivan & Worcester LLP

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

This filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1993, as amended.

This post-effective amendment No. 1 to the Registration Statement on Form N-14 of the Registrant is being filed solely to provide Exhibits (12)(a) and (12)(b) to Part C of the Registration Statement previously filed with the Commission on May 8, 2025.

Parts A and B of the Registration Statement filed with the Commission on May 8, 2025, and the definitive versions thereof filed with the SEC on <u>[June 10, 2025 pursuant to Rule 497](https://www.sec.gov/Archives/edgar/data/1027596/000089418925004411/scharfetfn-14.htm)</u> under the Securities Act are incorporated by reference herein.

    

------

**PART C**

**OTHER INFORMATION**

**Item 15. Indemnification**

Reference is made to Article VII of the Registrant's Agreement and Declaration of Trust, Article VI of Registrant's Amended and Restated By-Laws and Paragraph 7 of the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the U.S. Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

**Item 16. Exhibits**

---

| | | |
|:---|:---|:---|
| (1) |  | <u>[Amended and Restated Agreement and Declaration of Trust dated October 18, 2018, was previously filed with Post-Effective Amendment No. 866 to the Trust's Registration Statement on Form N-1A on January 23, 2019, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm)</u> |
| (2) |  | <u>[Amended and Restated By-Laws dated March 23, 2023, were previously filed with Post-Effective Amendment No. 1125 to the Trust's Registration Statement on Form N-1A on March 31, 2023, and are incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418923002339/bylawsfinalasof32423.htm)</u> |
| (3) |  | Not applicable. |
| (4) |  | <u>[Form of the Agreement and Plan of Reorganization was previously filed as an attachment to Part A of the N-14 as an appendix ("Appendix B") which was previously filed on Form N-14 on May 8, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/scharfetfn-14.htm)</u> |
| (5) |  | Instruments Defining Rights of Security Holders are incorporated by reference into the Trust's <u>[Amended and Restated Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1027596/000089418919000329/agreeanddec.htm)</u> and <u>[Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1027596/000089418923002339/bylawsfinalasof32423.htm)</u>. |
| (6) | (a) | <u>[Investment Advisory Agreement between the Trust and Scharf Investments, LLC](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/diiinvestmentadvisoryagree.htm)[was previously filed with Post-Effective Amendment No. 1177 to the Registration Statement on Form N-1A on August 5, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/diiinvestmentadvisoryagree.htm)</u> |
|  | (b) | <u>[Investment Sub-Advisory Agreement between between Scharf Investments, LLC, the Trust, and Tidal Investments LLC](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/diiiinvestmentsub-advisory.htm)[was previously filed with Post-Effective Amendment No. 1177 to the Registration Statement on Form N-1A on August 5, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/diiiinvestmentsub-advisory.htm)</u> |
| (7) | (a) | <u>[Form of Distribution Agreement was previously filed with Post-Effective Amendment No. 1064 to the Trust's Registration Statement on Form N-1A on December 23, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418921009107/ast-qdetfdaxnonxotcleanxfi.htm)</u> |
|  | (b) | <u>[Third Amendment to the ETF Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/eiithirdamendeddistributio.htm)[was previously filed with Post-Effective Amendment No. 1177 to the Registration Statement on Form N-1A on August 5, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/eiithirdamendeddistributio.htm)</u> |
|  | (c) | <u>[Form of Authorized Participant Agreement for Quasar Distributors, LLC was previously filed with Post-Effective Amendment No. 1064 to the Trust's Registration Statement on Form N-1A on December 23, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418921009107/astformofapagreementnon-or.htm)</u> |
| (8) |  | Not applicable. |
| (9) | (a) | <u>[Second Amended and Restated Custody Agreement was previously filed with Post-Effective Amendment No. 1064 to the Trust's Registration Statement on Form N-1A on December 23, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418921009107/astarcustodyagreement-vegt.htm)</u> |
|  | (b) | <u>[Amendment to the Advisor Series Trust Second Amended and Restated Custody Agreement (Scharf ETF and Scharf Global Opportunity ETF) was previously filed with Post-Effective Amendment No. 1177 to the Registration Statement on Form N-1A on August 5, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/gvamendmenttoastcustodyagr.htm)</u> |
| (10) | (a) | <u>[Rule 12b-1 Plan](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/miirule12b-1planxscharfetfs.htm)[was previously filed with Post-Effective Amendment No. 1177 to the Registration Statement on Form N-1A on August 5, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/miirule12b-1planxscharfetfs.htm)</u> |
|  | (b) | Rule 18f-3 Plan — Not Applicable. |

---

------

---

| | | |
|:---|:---|:---|
| (11) |  | <u>[Opinion and Consent of Counsel was previously filed to the Trust's Registration Statement on Form N-14 on May 8, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/a11consentandopinionofcoun.htm)</u> |
| (12) | (a) | <u>[Opinion of Counsel (Scharf ETF), regarding certain tax matters](scharfglobalcreorgopinion4.htm)</u> **— Filed herewith**. |
|  | (b) | <u>[O](scharfglobalcreorgopinion4.htm)[pinion of Coun](scharfglobalcreorgopinion4.htm)[sel (Scharf Global Opp](scharfglobalcreorgopinion4.htm)[ortunity ETF](scharfglobalcreorgopinion4.htm)[),](scharfglobalcreorgopinion4.htm)[re](scharfglobalcreorgopinion4.htm)[garding certain ta](scharfglobalcreorgopinion4.htm)[x matters](scharfglobalcreorgopinion4.htm)</u> **— Filed herewith**. |
| (13) | (a) | <u>[Fund Servicing Agreement was previously filed with Post-Effective Amendment No. 1064 to the Trust's Registration Statement on Form N-1A on December 23, 2021, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418921009107/ast-fundservicesagreemento.htm)</u> |
|  | (b) | <u>[Amendment to the Advisor Series Trust Fund Servicing Agreement (Scharf ETF and Scharf Global Opportunity ETF)](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/hivamendmenttoastfundservi.htm)[was previously filed with Post-Effective Amendment No. 1177 to the Registration Statement on Form N-1A on August 5, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925005483/hivamendmenttoastfundservi.htm)</u> |
| (14) | (a) | <u>[Tait, Weller & Baker LLP Consent of Independent Registered Public Accounting Firm was previously filed to the Trust's Registration Statement on Form N-14 on May 8, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/a14ataitconsent-scharfetfs.htm)</u> |
|  | (b) | <u>[Cohen & Co. Consent of Independent Registered Public Accounting Firm relating to the special purpose schedules of investments and related notes of the separately managed account advised by Scharf Investments, LLC was previously filed to the Trust's Registration Statement on Form N-14 on May 8, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/a14bcohenspecialpurposecon.htm)</u> |
| (15) |  | Not applicable. |
| (16) |  | <u>[Power of Attorney dated May 6, 2025](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/a16poa2025-scharfnx14562025.htm)[,](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/a16poa2025-scharfnx14562025.htm)[was previously filed to the Trust's Registration Statement on Form N-14 on May 8, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/a16poa2025-scharfnx14562025.htm)</u> |
| (17) | (a) | <u>[Prospectus and Statement of Additional Information of the Scharf ETF (fka Scharf Guardian Kat ETF) and Scharf Global Opportunity ETF (fka Scharf Guardian Kat Global ETF) dated \[ \] was previously filed with the Trust's Post-Effective Amendment No. 1170 to its Registration Statement on Form N-1A with the SEC on April 7, 2025 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925002346/scharf485a.htm)</u> |
|  | (b) | <u>[Form of Proxy Card was previously filed to the Trust's Registration Statement on Form N-14 on May](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/scharfproxycard.htm)[8,](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/scharfproxycard.htm)[2](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/scharfproxycard.htm)[025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1027596/000089418925003717/scharfproxycard.htm)</u> |
|  | (c) | <u>[The Target Funds' Annual Report on Form N-CSR for the fiscal year ended September 30, 2024 was previously filed with the Trust's Form N-CSR on December 6, 2024 and is incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322824011044/sf-efp11485_ncsr.htm)</u> |
|  | (d) | <u>[The Target Funds' Semi-Annual Report on Form N-CSRS for the period year ended March 31, 2025 was previously filed with the Trust's Form N-CSRS.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1027596/000113322825006092/sfcfs-efp15930_ncsr.htm)</u> |

---

**Item 17. Undertakings**

(1)The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

(2)The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial bona fide offering of them.

------

**SIGNATURES**

As required by the Securities Act of 1933, as amended, this registration statement on Form N-14 has been signed on behalf of the Registrant, in the City of Milwaukee, State of Wisconsin, on August 28, 2025.

Advisors Series Trust

By: <u>/s/ Jeffrey T. Rauman</u>&nbsp;&nbsp;&nbsp;&nbsp;

Jeffrey T. Rauman

President and Principal Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| <u>David G. Mertens\*</u> | Trustee | August 28, 2025 |
| David G. Mertens |  |  |
| <u>Joe D. Redwine\*</u> | Trustee | August 28, 2025 |
| Joe D. Redwine |  |  |
| <u>Michele Rackey\*</u> | Trustee | August 28, 2025 |
| Michele Rackey |  |  |
| <u>Anne W. Kritzmire\*</u> | Trustee | August 28, 2025 |
| Anne W. Kritzmire |  |  |
| <u>Craig B. Wainscott\*</u> | Trustee | August 28, 2025 |
| Craig B. Wainscott |  |  |
| <u>/s/ Kevin Hayden</u> | Treasurer, Vice President and | August 28, 2025 |
| Kevin Hayden | Principal Financial Officer |  |
| <u>/s/ Jeffrey T. Rauman</u> | President and Principal Executive | August 28, 2025 |
| Jeffrey T. Rauman | Officer |  |
| \*By: <u>/s/ Jeffrey T. Rauman</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey T. Rauman<br>Attorney-In Fact pursuant to <br>Power of Attorney |  |  |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Number** |
| <u>[Opinion of Counsel (Scharf ETF), regarding certain tax matters](scharfcreorgopinion4917-03.htm)</u> | EX.12(a) |
| <u>[Opinion of Counsel (Scharf Global Opportunity ETF), regarding certain tax matters](scharfglobalcreorgopinion4.htm)</u> | EX.12(b) |

---

## Ex-12.(A)

![picture11.jpg](picture11.jpg)

August 22, 2025

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf ETF

615 East Michigan Street

Milwaukee, Wisconsin 53202

Re:&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisition of Assets of Scharf Fund</u> 

Ladies and Gentlemen:

You have asked for our opinion as to certain Federal income tax consequences of the transactions described below.

<u>Parties to the Transaction</u>

Scharf Fund (the "Target Fund") is a series of Advisors Series Trust, a Delaware statutory trust (the "Trust").

Scharf ETF (the "Acquiring Fund") is also series of the Trust.

<u>Description of Proposed Transaction</u>

In the proposed transactions (each, a "Reorganization"), the Acquiring Fund will acquire all of the assets of the Target Fund in exchange for shares of Acquiring Fund of equivalent value and the assumption of the liabilities of Target Fund. Target Fund will then liquidate and distribute all of the Acquiring Fund shares which it holds to its shareholders pro rata in proportion to their shareholdings in Target Fund, in complete redemption of all outstanding shares of Target Fund, and promptly thereafter will proceed to dissolve. Contemporaneously with the Reorganization, the Acquiring Fund will acquire certain assets from the Adviser's similarly managed separately managed accounts in exchange for shares of Acquiring Fund.

4917-0359-4032, v.2

![picture21.jpg](picture21.jpg)

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf ETF

August 22, 2025

<u>Scope of Review and Assumptions</u>

In rendering our opinion, we have reviewed and relied upon the Form of Agreement and Plan of Reorganization between the Trust, with respect to the Acquiring Fund, and the Trust, with respect to each Target Fund (the "Reorganization Agreement"), which is Appendix B in a Prospectus/Proxy Statement dated May 8, 2025 (the "Prospectus") which describes the proposed transactions, and on the information provided in the Prospectus. We have relied, without independent verification, upon the factual statements made therein, and assume that there will be no change in material facts disclosed therein between the date of this opinion and the closing of the Reorganization. We further assume that the transaction will be carried out in accordance with the Reorganization Agreement.

<u>Representations</u>

Written representations have been made to us by the appropriate officers of Target Fund and Acquiring Fund, and we have without independent verification relied upon such representations in rendering our opinions.

<u>Discussion</u>

One of the prerequisites for a tax-free reorganization under the Internal Revenue Code is that the transaction represent a continuity of the business enterprise of the acquired entity. The Acquiring Fund has been newly formed in order to participate in the Reorganization, and has nominal assets and no operating history. Management of the Acquiring Fund has represented that it will continue the business of the Target Fund by using the assets of Acquiring Fund which it acquires in the Reorganization and the assets contemporaneously acquired from certain separately managed accounts in that business.

Typically, when a newly-formed corporation which has no material assets acquires all of the assets of an existing corporation, the reorganization qualifies as a reorganization described in Internal Revenue Code ("Code") section 368(a)(1)(F). One of the prerequisites of such a reorganization is that former shareholders of the acquired corporation must own all of the shares of the acquiring corporation, and in the same proportions. See Treasury Regulations section 1.368-2(m)(1)(ii). Because the Acquiring Fund will acquire assets of separately managed accounts in exchange for newly issued shares of the Acquiring Fund contemporaneously with the Reorganization, this prerequisite will not be satisfied. Accordingly, the tax free treatment of the Reorganization must be provided by Code section 368(a)(1)(C), as an acquisition of substantially all of the assets of one corporation by another corporation solely in exchange for voting stock of

4917-0359-4032, v.2

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf ETF

August 22, 2025

the acquiring corporation, followed by liquidation of the acquired corporation and distribution of acquiring corporation stock to shareholders of the acquired corporation in the liquidation.

<u>Opinions</u>

Based on and subject to the foregoing, and on our examination of the legal authority we have deemed to be relevant, we have the following opinions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The transfer of all of the assets of Target Fund in exchange for shares of Acquiring Fund and assumption by Acquiring Fund of the liabilities of Target Fund followed by the distribution of said Acquiring Fund shares pro rata to the shareholders of Target Fund in liquidation of Target Fund should constitute a "reorganization" within the meaning of § 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and Acquiring Fund and Target Fund should each be "a party to a reorganization" within the meaning of § 368(b) of the Code.

Assuming that the Reorganization is a "reorganization" within the meaning of § 368(a) of the Code, and that Acquiring Fund and Target Fund are each "a party to a reorganization" within the meaning of § 368(b) of the Code, we have the following opinions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by Acquiring Fund upon the receipt of the assets of Target Fund solely in exchange for Acquiring Fund shares and the assumption by Acquiring Fund of the liabilities of Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by Target Fund upon the transfer of its assets to Acquiring Fund in exchange for Acquiring Fund shares and the assumption by Acquiring Fund of the liabilities of Target Fund, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an Asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code; and no gain or loss will be recognized by Target Fund upon the distribution of such Acquiring Fund shares to the shareholders of Target Fund in exchange for their Target Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by the shareholders of Target Fund upon the exchange of their Target Fund shares for Acquiring Fund shares in liquidation of Target Fund (except with respect to cash received in lieu of fractional shares).

4917-0359-4032, v.2

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf ETF

August 22, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The aggregate tax basis of the Acquiring Fund shares received by each shareholder of Target Fund pursuant to the Reorganization (as adjusted for amounts allocable to cash received in lieu of any fractional shares) will be the same as the aggregate tax basis of the Target Fund shares held by such shareholder immediately prior to the Reorganization, and the holding period of the Acquiring Fund shares received by each shareholder of Target Fund will include the period during which the Target Fund shares exchanged therefor were held by such shareholder (provided the Target Fund shares were held as a capital asset on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The tax basis in the hands of the Acquiring Fund of each asset acquired by Acquiring Fund in the Reorganization will be the same as the tax basis of such asset in the hands of the Target Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; The holding period of each asset acquired by the Acquiring Fund in the Reorganization, other than an asset with respect to which gain or loss is required to be recognized by reason of the Reorganization, will include in each instance the period during which such asset was held by the Target Fund (except where the investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to such asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Acquiring Fund will succeed to and take into account the capital loss carryovers of Target Fund described in section 381(c) of the Code. The Acquiring Fund will take any such capital loss carryovers into account subject to the conditions and limitations specified in sections 381, 382, 383 and 384 of the Code and regulations thereunder.

The foregoing opinions are based on the Code as in effect on the date hereof and administrative and judicial interpretations of it. No assurance can be given that the Code will not change or that such interpretations will not be revised or amended adversely, possibly with retroactive effect. This opinion letter is delivered to you in satisfaction of the requirements of Section 8.5 of the Reorganization Agreement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement on Form N-14 relating to the Reorganization and to the use of our name and any reference to our firm in such Registration Statement or in the prospectus/proxy statement constituting a part thereof. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

4917-0359-4032, v.2

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf ETF

August 22, 2025

Very truly yours,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Sullivan & Worcester LLP

SULLIVAN & WORCESTER LLP

4917-0359-4032, v.2

## Ex-12.(B)

![picture1.jpg](picture1.jpg)

August 22, 2025

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity ETF

615 East Michigan Street

Milwaukee, Wisconsin 53202

Re:&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisition of Assets of Scharf Global Opportunity Fund</u> 

Ladies and Gentlemen:

You have asked for our opinion as to certain Federal income tax consequences of the transactions described below.

<u>Parties to the Transaction</u>

Scharf Global Opportunity Fund (the "Target Fund") is a series of Advisors Series Trust, a Delaware statutory trust (the "Trust").

Scharf Global Opportunity ETF (the "Acquiring Fund") is also series of the Trust.

<u>Description of Proposed Transaction</u>

In the proposed transactions (each, a "Reorganization"), the Acquiring Fund will acquire all of the assets of the Target Fund in exchange for shares of Acquiring Fund of equivalent value and the assumption of the liabilities of Target Fund. Target Fund will then liquidate and distribute all of the Acquiring Fund shares which it holds to its shareholders pro rata in proportion to their shareholdings in Target Fund, in complete redemption of all outstanding shares of Target Fund, and promptly thereafter will proceed to dissolve. Contemporaneously with the Reorganization, the Acquiring Fund will acquire certain assets from the Adviser's similarly managed separately managed accounts in exchange for shares of Acquiring Fund.

4938-6197-9745, v.1

![picture2.jpg](picture2.jpg)

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity ETF

August 22, 2025

<u>Scope of Review and Assumptions</u>

In rendering our opinion, we have reviewed and relied upon the Form of Agreement and Plan of Reorganization between the Trust, with respect to the Acquiring Fund, and the Trust, with respect to each Target Fund (the "Reorganization Agreement"), which is Appendix B in a Prospectus/Proxy Statement dated May 8, 2025 (the "Prospectus") which describes the proposed transactions, and on the information provided in the Prospectus. We have relied, without independent verification, upon the factual statements made therein, and assume that there will be no change in material facts disclosed therein between the date of this opinion and the closing of the Reorganization. We further assume that the transaction will be carried out in accordance with the Reorganization Agreement.

<u>Representations</u>

Written representations have been made to us by the appropriate officers of Target Fund and Acquiring Fund, and we have without independent verification relied upon such representations in rendering our opinions.

<u>Discussion</u>

One of the prerequisites for a tax-free reorganization under the Internal Revenue Code is that the transaction represent a continuity of the business enterprise of the acquired entity. The Acquiring Fund has been newly formed in order to participate in the Reorganization, and has nominal assets and no operating history. Management of the Acquiring Fund has represented that it will continue the business of the Target Fund by using the assets of Acquiring Fund which it acquires in the Reorganization and the assets contemporaneously acquired from certain separately managed accounts in that business.

Typically, when a newly-formed corporation which has no material assets acquires all of the assets of an existing corporation, the reorganization qualifies as a reorganization described in Internal Revenue Code ("Code") section 368(a)(1)(F). One of the prerequisites of such a reorganization is that former shareholders of the acquired corporation must own all of the shares of the acquiring corporation, and in the same proportions. See Treasury Regulations section 1.368-2(m)(1)(ii). Because the Acquiring Fund will acquire assets of separately managed accounts in exchange for newly issued shares of the Acquiring Fund contemporaneously with the Reorganization, this prerequisite will not be satisfied. Accordingly, the tax free treatment of the Reorganization must be provided by Code section 368(a)(1)(C), as an acquisition of substantially all of the assets of one corporation by another corporation solely in exchange for voting stock of

4938-6197-9745, v.1

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity ETF

August 22, 2025

the acquiring corporation, followed by liquidation of the acquired corporation and distribution of acquiring corporation stock to shareholders of the acquired corporation in the liquidation.

<u>Opinions</u>

Based on and subject to the foregoing, and on our examination of the legal authority we have deemed to be relevant, we have the following opinions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The transfer of all of the assets of Target Fund in exchange for shares of Acquiring Fund and assumption by Acquiring Fund of the liabilities of Target Fund followed by the distribution of said Acquiring Fund shares pro rata to the shareholders of Target Fund in liquidation of Target Fund should constitute a "reorganization" within the meaning of § 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and Acquiring Fund and Target Fund should each be "a party to a reorganization" within the meaning of § 368(b) of the Code.

Assuming that the Reorganization is a "reorganization" within the meaning of § 368(a) of the Code, and that Acquiring Fund and Target Fund are each "a party to a reorganization" within the meaning of § 368(b) of the Code, we have the following opinions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by Acquiring Fund upon the receipt of the assets of Target Fund solely in exchange for Acquiring Fund shares and the assumption by Acquiring Fund of the liabilities of Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by Target Fund upon the transfer of its assets to Acquiring Fund in exchange for Acquiring Fund shares and the assumption by Acquiring Fund of the liabilities of Target Fund, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an Asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code; and no gain or loss will be recognized by Target Fund upon the distribution of such Acquiring Fund shares to the shareholders of Target Fund in exchange for their Target Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;No gain or loss will be recognized by the shareholders of Target Fund upon the exchange of their Target Fund shares for Acquiring Fund shares in liquidation of Target Fund (except with respect to cash received in lieu of fractional shares).

4938-6197-9745, v.1

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity ETF

August 22, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The aggregate tax basis of the Acquiring Fund shares received by each shareholder of Target Fund pursuant to the Reorganization (as adjusted for amounts allocable to cash received in lieu of any fractional shares) will be the same as the aggregate tax basis of the Target Fund shares held by such shareholder immediately prior to the Reorganization, and the holding period of the Acquiring Fund shares received by each shareholder of Target Fund will include the period during which the Target Fund shares exchanged therefor were held by such shareholder (provided the Target Fund shares were held as a capital asset on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The tax basis in the hands of the Acquiring Fund of each asset acquired by Acquiring Fund in the Reorganization will be the same as the tax basis of such asset in the hands of the Target Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; The holding period of each asset acquired by the Acquiring Fund in the Reorganization, other than an asset with respect to which gain or loss is required to be recognized by reason of the Reorganization, will include in each instance the period during which such asset was held by the Target Fund (except where the investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to such asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Acquiring Fund will succeed to and take into account the capital loss carryovers of Target Fund described in section 381(c) of the Code. The Acquiring Fund will take any such capital loss carryovers into account subject to the conditions and limitations specified in sections 381, 382, 383 and 384 of the Code and regulations thereunder.

The foregoing opinions are based on the Code as in effect on the date hereof and administrative and judicial interpretations of it. No assurance can be given that the Code will not change or that such interpretations will not be revised or amended adversely, possibly with retroactive effect. This opinion letter is delivered to you in satisfaction of the requirements of Section 8.5 of the Reorganization Agreement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement on Form N-14 relating to the Reorganization and to the use of our name and any reference to our firm in such Registration Statement or in the prospectus/proxy statement constituting a part thereof. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

4938-6197-9745, v.1

------

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity Fund

Advisors Series Trust, a Delaware statutory trust,

&nbsp;&nbsp;&nbsp;&nbsp;on behalf of Scharf Global Opportunity ETF

August 22, 2025

Very truly yours,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Sullivan & Worcester LLP

SULLIVAN & WORCESTER LLP

4938-6197-9745, v.1