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 811-07959
Advisors Series Trust
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 4th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(626) 914-7235
Registrant’s telephone number, including area code
Date of fiscal year end: September 30, 2024
Date of reporting period: September 30, 2024
Item 1. Reports to Stockholders.
| | |
| Scharf Fund | |
| Retail Class | LOGRX |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Scharf Fund for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/scharf-fund/. You can also request this information by contacting us at 1-866-5SCHARF.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Retail Class | $126 | 1.14% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended September 30, 2024, Scharf Fund Retail Class delivered a 21.80% return.
WHAT FACTORS INFLUENCED PERFORMANCE
The Value and Low Volatility factors, our two primary stock selection criteria have materially lagged broader equity markets with accelerating underperformance since the Covid pandemic started. Trillions of dollars in fiscal stimulus and highly accommodative monetary stimulus facilitated a market led by Momentum and Growth factors. We believe the historically high valuation spreads between growth/momentum value/low volatility will close when the fiscal party ends. Our strategy remains focused on ‘Quality’ and ‘Value’ – which means identifying undervalued companies with predictable earnings trading at compelling valuations relative to their trading history. We seek to buy stocks with 30% plus upside to their median high trading ranges and limited downside to their median lows if our investment thesis proves incorrect. We use this upside vs. downside calculation to create a stock’s Favorability Ratio. We believe this valuation support should provide downside protection while offering upside potential.
| |
Top Contributors |
| ↑ | Brookfield Corporation |
| ↑ | Fiserv, Inc. |
| ↑ | Oracle Corporation |
| |
Top Detractors |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | CVS Health Corporation |
| ↓ | Heineken NV |
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Scharf Fund | PAGE 1 | TSR-AR-00770X527 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(01/28/2015) |
Retail Class | 21.80 | 11.08 | 9.01 |
S&P 500 TR | 36.35 | 15.98 | 13.61 |
Russell 1000 Value Total Return | 27.76 | 10.69 | 9.40 |
Visit https://scharffunds.com/mutual-funds/scharf-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $448,274,346 |
Number of Holdings | 31 |
Net Advisory Fee | $2,926,686 |
Portfolio Turnover | 33% |
Visit https://scharffunds.com/mutual-funds/scharf-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)*
| |
Top 10 Issuers | (%) |
Fiserv, Inc. | 6.1% |
Brookfield Corp. | 5.6% |
McKesson Corp. | 5.5% |
Berkshire Hathaway, Inc. | 5.2% |
Comcast Corp. | 4.9% |
Microsoft Corp. | 4.7% |
Oracle Corp. | 4.6% |
Air Products and Chemicals, Inc. | 4.1% |
Centene Corp. | 4.1% |
Heineken N.V. | 3.8% |
| |
Top Sectors | (%) |
Financials | 29.4% |
Health Care | 18.5% |
Information Technology | 12.5% |
Industrials | 10.6% |
Consumer Discretionary | 6.7% |
Communication Services | 6.4% |
Materials | 4.1% |
Consumer Staples | 3.8% |
Real Estate | 3.4% |
Cash & Other | 4.6% |
| * | Expressed as a percentage of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://scharffunds.com/mutual-funds/scharf-fund/.
| Scharf Fund | PAGE 2 | TSR-AR-00770X527 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.
| Scharf Fund | PAGE 3 | TSR-AR-00770X527 |
983510740116861268913617146841807316092189072302997301123213322157081637618857245152072225202343639419109441259913790143411362118390163001865323832
| | |
| Scharf Fund | |
| Institutional Class | LOGIX |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Scharf Fund for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/scharf-fund/. You can also request this information by contacting us at 1-866-5SCHARF.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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 | $97 | 0.87% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended September 30, 2024, Scharf Fund Institutional Class delivered a 22.13% return.
WHAT FACTORS INFLUENCED PERFORMANCE
The Value and Low Volatility factors, our two primary stock selection criteria have materially lagged broader equity markets with accelerating underperformance since the Covid pandemic started. Trillions of dollars in fiscal stimulus and highly accommodative monetary stimulus facilitated a market led by Momentum and Growth factors. We believe the historically high valuation spreads between growth/momentum value/low volatility will close when the fiscal party ends. Our strategy remains focused on ‘Quality’ and ‘Value’ – which means identifying undervalued companies with predictable earnings trading at compelling valuations relative to their trading history. We seek to buy stocks with 30% plus upside to their median high trading ranges and limited downside to their median lows if our investment thesis proves incorrect. We use this upside vs. downside calculation to create a stock’s Favorability Ratio. We believe this valuation support should provide downside protection while offering upside potential.
| |
Top Contributors |
| ↑ | Brookfield Corporation |
| ↑ | Fiserv, Inc. |
| ↑ | Oracle Corporation |
| |
Top Detractors |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | CVS Health Corporation |
| ↓ | Heineken NV |
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Scharf Fund | PAGE 1 | TSR-AR-00768D384 |
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class | 22.13 | 11.39 | 9.34 |
S&P 500 TR | 36.35 | 15.98 | 13.38 |
Russell 1000 Value Total Return | 27.76 | 10.69 | 9.23 |
Visit https://scharffunds.com/mutual-funds/scharf-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $448,274,346 |
Number of Holdings | 31 |
Net Advisory Fee | $2,926,686 |
Portfolio Turnover | 33% |
Visit https://scharffunds.com/mutual-funds/scharf-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)*
| |
Top 10 Issuers | (%) |
Fiserv, Inc. | 6.1% |
Brookfield Corp. | 5.6% |
McKesson Corp. | 5.5% |
Berkshire Hathaway, Inc. | 5.2% |
Comcast Corp. | 4.9% |
Microsoft Corp. | 4.7% |
Oracle Corp. | 4.6% |
Air Products and Chemicals, Inc. | 4.1% |
Centene Corp. | 4.1% |
Heineken N.V. | 3.8% |
| |
Top Sectors | (%) |
Financials | 29.4% |
Health Care | 18.5% |
Information Technology | 12.5% |
Industrials | 10.6% |
Consumer Discretionary | 6.7% |
Communication Services | 6.4% |
Materials | 4.1% |
Consumer Staples | 3.8% |
Real Estate | 3.4% |
Cash & Other | 4.6% |
| * | Expressed as a percentage of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://scharffunds.com/mutual-funds/scharf-fund/.
| Scharf Fund | PAGE 2 | TSR-AR-00768D384 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.
| Scharf Fund | PAGE 3 | TSR-AR-00768D384 |
1000000101622511129981214322132276814234241539045189962116964631998864244128610000009938551147211136069916044061672655192604725039562116543257408335098021000000955763111055012784891399313145529313821631866085165404618928622418346
| | |
| Scharf Multi-Asset Opportunity Fund | |
| Retail Class | LOGBX |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Scharf Multi-Asset Opportunity Fund for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/. You can also request this information by contacting us at 1-866-5SCHARF.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
| | |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Retail Class | $131 | 1.20% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended September 30, 2024, Scharf Multi-Asset Opportunity Fund Retail Class delivered a 19.00% return.
WHAT FACTORS INFLUENCED PERFORMANCE
The Value and Low Volatility factors, our two primary stock selection criteria have materially lagged broader equity markets with accelerating underperformance since the Covid pandemic started. Trillions of dollars in fiscal stimulus and highly accommodative monetary stimulus facilitated a market led by Momentum and Growth factors. We believe the historically high valuation spreads between growth/momentum value/low volatility will close when the fiscal party ends. Our strategy remains focused on ‘Quality’ and ‘Value’ – which means identifying undervalued companies with predictable earnings trading at compelling valuations relative to their trading history. We seek to buy stocks with 30% plus upside to their median high trading ranges and limited downside to their median lows if our investment thesis proves incorrect. We use this upside vs. downside calculation to create a stock’s Favorability Ratio. We believe this valuation support should provide downside protection while offering upside potential.
| |
Top Contributors |
| ↑ | Brookfield Corporation |
| ↑ | Fiserv, Inc. |
| ↑ | Oracle Corporation |
| |
Top Detractors |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | CVS Health Corporation |
| ↓ | Heineken NV |
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Scharf Multi-Asset Opportunity Fund | PAGE 1 | TSR-AR-00770X451 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(01/21/2016) |
Retail Class | 19.00 | 8.77 | 8.46 |
S&P 500 TR | 36.35 | 15.98 | 15.89 |
Bloomberg US Aggregate Bond Index | 11.57 | 0.33 | 1.74 |
Visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $50,668,312 |
Number of Holdings | 73 |
Net Advisory Fee | $220,987 |
Portfolio Turnover | 27% |
Visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)*
| |
Top 10 Issuers | (%) |
United States Treasury Bill | 4.6% |
Fiserv, Inc. | 4.3% |
Brookfield Corp. | 4.1% |
McKesson Corp. | 3.9% |
Berkshire Hathaway, Inc. | 3.7% |
Comcast Corp. | 3.4% |
Microsoft Corp. | 3.4% |
Oracle Corp. | 3.3% |
United States Treasury Note/Bond | 3.0% |
Tennessee Valley Authority | 2.9% |
| |
Top Sectors | (%) |
Financials | 21.7% |
Health Care | 13.2% |
Government | 10.6% |
Information Technology | 9.3% |
Industrials | 7.4% |
Consumer Discretionary | 4.8% |
Communication Services | 4.5% |
Utilities | 3.7% |
Consumer Staples | 3.0% |
Cash & Other | 21.8% |
| * | Expressed as a percentage of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/.
| Scharf Multi-Asset Opportunity Fund | PAGE 2 | TSR-AR-00770X451 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.
| Scharf Multi-Asset Opportunity Fund | PAGE 3 | TSR-AR-00770X451 |
110331177012477133081446216802149981702420258117811397416477171781978025715217362643536044104841049210364114311223012120103511041811623
| | |
| Scharf Multi-Asset Opportunity Fund | |
| Institutional Class | LOGOX |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Scharf Multi-Asset Opportunity Fund for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/. You can also request this information by contacting us at 1-866-5SCHARF.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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 | $103 | 0.94% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended September 30, 2024, Scharf Multi-Asset Opportunity Fund Institutional Class delivered a 19.29% return.
WHAT FACTORS INFLUENCED PERFORMANCE
The Value and Low Volatility factors, our two primary stock selection criteria have materially lagged broader equity markets with accelerating underperformance since the Covid pandemic started. Trillions of dollars in fiscal stimulus and highly accommodative monetary stimulus facilitated a market led by Momentum and Growth factors. We believe the historically high valuation spreads between growth/momentum value/low volatility will close when the fiscal party ends. Our strategy remains focused on ‘Quality’ and ‘Value’ – which means identifying undervalued companies with predictable earnings trading at compelling valuations relative to their trading history. We seek to buy stocks with 30% plus upside to their median high trading ranges and limited downside to their median lows if our investment thesis proves incorrect. We use this upside vs. downside calculation to create a stock’s Favorability Ratio. We believe this valuation support should provide downside protection while offering upside potential.
| |
Top Contributors |
| ↑ | Brookfield Corporation |
| ↑ | Fiserv, Inc. |
| ↑ | Oracle Corporation |
| |
Top Detractors |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | CVS Health Corporation |
| ↓ | Heineken NV |
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $5,000,000 chart reflects a hypothetical $5,000,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Scharf Multi-Asset Opportunity Fund | PAGE 1 | TSR-AR-00770X808 |
CUMULATIVE PERFORMANCE (Initial Investment of $5,000,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
Institutional Class | 19.29 | 9.06 | 7.43 |
S&P 500 TR | 36.35 | 15.98 | 13.38 |
Bloomberg US Aggregate Bond Index | 11.57 | 0.33 | 1.84 |
Visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $50,668,312 |
Number of Holdings | 73 |
Net Advisory Fee | $220,987 |
Portfolio Turnover | 27% |
Visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)*
| |
Top 10 Issuers | (%) |
United States Treasury Bill | 4.6% |
Fiserv, Inc. | 4.3% |
Brookfield Corp. | 4.1% |
McKesson Corp. | 3.9% |
Berkshire Hathaway, Inc. | 3.7% |
Comcast Corp. | 3.4% |
Microsoft Corp. | 3.4% |
Oracle Corp. | 3.3% |
United States Treasury Note/Bond | 3.0% |
Tennessee Valley Authority | 2.9% |
| |
Top Sectors | (%) |
Financials | 21.7% |
Health Care | 13.2% |
Government | 10.6% |
Information Technology | 9.3% |
Industrials | 7.4% |
Consumer Discretionary | 4.8% |
Communication Services | 4.5% |
Utilities | 3.7% |
Consumer Staples | 3.0% |
Cash & Other | 21.8% |
| * | Expressed as a percentage of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://scharffunds.com/mutual-funds/multi-asset-opportunity-fund/.
| Scharf Multi-Asset Opportunity Fund | PAGE 2 | TSR-AR-00770X808 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.
| Scharf Multi-Asset Opportunity Fund | PAGE 3 | TSR-AR-00770X808 |
50000005068836545810858369196205619663349772299158420155753796485790631023357550000004969274573605568034978022031836327796302341251978210582715128704131754901050000005147040541429754182235352334590340663157516259222534539953798456002211
| | |
| Scharf Global Opportunity Fund | |
| Institutional Class | WRLDX |
| Annual Shareholder Report | September 30, 2024 |
This annual shareholder report contains important information about the Scharf Global Opportunity Fund for the period of October 1, 2023, to September 30, 2024. You can find additional information about the Fund at https://scharffunds.com/mutual-funds/global-opportunity-fund/. You can also request this information by contacting us at 1-866-5SCHARF.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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 | $63 | 0.57% |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended September 30, 2024, Scharf Global Opportunity Fund delivered a 21.37% return.
WHAT FACTORS INFLUENCED PERFORMANCE
The Value and Low Volatility factors, our two primary stock selection criteria have materially lagged broader equity markets with accelerating underperformance since the Covid pandemic started. Trillions of dollars in fiscal stimulus and highly accommodative monetary stimulus facilitated a market led by Momentum and Growth factors. We believe the historically high valuation spreads between growth/momentum value/low volatility will close when the fiscal party ends. Our strategy remains focused on ‘Quality’ and ‘Value’ – which means identifying undervalued companies with predictable earnings trading at compelling valuations relative to their trading history. We seek to buy stocks with 30% plus upside to their median high trading ranges and limited downside to their median lows if our investment thesis proves incorrect. We use this upside vs. downside calculation to create a stock’s Favorability Ratio. We believe this valuation support should provide downside protection while offering upside potential.
| |
Top Contributors |
| ↑ | Brookfield Corporation |
| ↑ | Fiserv, Inc. |
| ↑ | Oracle Corporation |
| |
Top Detractors |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | CVS Health Corporation |
| ↓ | Heineken NV |
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
| Scharf Global Opportunity Fund | PAGE 1 | TSR-AR-00770X584 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception
(10/14/2014) |
Institutional Class | 21.37 | 10.05 | 9.60 |
MSCI ACWI Net Total Return Index (USD) | 31.76 | 12.19 | 9.96 |
Visit https://scharffunds.com/mutual-funds/global-opportunity-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $28,619,174 |
Number of Holdings | 33 |
Net Advisory Fee | $0 |
Portfolio Turnover | 32% |
Visit https://scharffunds.com/mutual-funds/global-opportunity-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)*
| |
Top 10 Issuers | (%) |
Brookfield Corp. | 6.9% |
Samsung Electronics Co. Ltd. | 5.0% |
Fiserv, Inc. | 4.9% |
Oracle Corp. | 4.6% |
Berkshire Hathaway, Inc. | 4.1% |
Centene Corp. | 4.1% |
Comcast Corp. | 4.1% |
Smith & Nephew PLC | 4.1% |
Compass Group PLC | 3.9% |
Markel Group, Inc. | 3.8% |
| |
Top Sectors | (%) |
Financials | 29.3% |
Health Care | 17.2% |
Information Technology | 11.9% |
Industrials | 11.4% |
Communication Services | 8.8% |
Consumer Discretionary | 7.6% |
Real Estate | 3.7% |
Consumer Staples | 3.6% |
Materials | 3.4% |
Cash & Other | 3.1% |
| * | Expressed as a percentage of net assets. |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://scharffunds.com/mutual-funds/global-opportunity-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Scharf Investments, LLC documents not be householded, please contact Scharf Investments, LLC at 1-866-5SCHARF, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Scharf Investments, LLC or your financial intermediary.
| Scharf Global Opportunity Fund | PAGE 2 | TSR-AR-00770X584 |
103751174613168147121543516684210771738220525249119796109671301214284144811599420382161711953525738
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Joe D. Redwine, Ms. Michele Rackey, Ms. Anne Kritzmire, and Mr. Craig Wainscott are the “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| | FYE 9/30/2024 | FYE 9/30/2023 |
| (a) Audit Fees | $55,500 | $55,200 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $10,800 | $10,800 |
| (d) All Other Fees | N/A | N/A |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| | FYE 9/30/2024 | FYE 9/30/2023 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) During the audit of the registrant’s financial statements, 100 percent of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 9/30/2024 | FYE 9/30/2023 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Schedules of Investments is included within the financial statements filed under Item 7 of this Form. |
| | |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Scharf Fund
Scharf Multi-Asset Opportunity Fund
Scharf Global Opportunity Fund
Core Financial Statements
September 30, 2024
TABLE OF CONTENTS
Scharf Fund
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 90.8%
|
Aerospace & Defense - 3.0%
| | | | | | |
Lockheed Martin Corp. | | | 22,721 | | | $13,281,788 |
Automobile Components - 1.7%
| | | | | | |
Gentex Corp. | | | 248,908 | | | 7,390,078 |
Beverages - 3.8%
| | | | | | |
Heineken N.V. | | | 193,624 | | | 17,165,042 |
Capital Markets - 8.3%
| | | | | | |
Brookfield Corp. | | | 474,522 | | | 25,220,844 |
CME Group, Inc. | | | 53,820 | | | 11,875,383 |
| | | | | | 37,096,227 |
Chemicals - 4.1%
| | | | | | |
Air Products and Chemicals, Inc. | | | 62,416 | | | 18,583,740 |
Commercial Services & Supplies - 0.7%
|
MillerKnoll, Inc. | | | 130,246 | | | 3,224,891 |
Entertainment - 1.5%
| | | | | | |
Walt Disney Co. | | | 70,077 | | | 6,740,707 |
Financial Services - 15.0%
| | | | | | |
Berkshire Hathaway, Inc. - Class B(a) | | | 51,002 | | | 23,474,181 |
Fiserv, Inc.(a) | | | 151,765 | | | 27,264,582 |
Visa, Inc. - Class A | | | 60,439 | | | 16,617,703 |
| | | | | | 67,356,466 |
Ground Transportation - 6.9%
| | | | | | |
U-Haul Holding Co. | | | 206,631 | | | 14,877,432 |
Union Pacific Corp. | | | 65,477 | | | 16,138,771 |
| | | | | | 31,016,203 |
Health Care Equipment & Supplies - 2.5%
|
Smith & Nephew PLC | | | 724,395 | | | 11,215,014 |
Health Care Providers & Services - 12.5%
|
Centene Corp.(a) | | | 243,690 | | | 18,344,983 |
CVS Health Corp. | | | 211,687 | | | 13,310,879 |
McKesson Corp. | | | 49,422 | | | 24,435,225 |
| | | | | | 56,091,087 |
Hotels, Restaurants & Leisure - 5.0%
| | | | | | |
Booking Holdings, Inc. | | | 2,240 | | | 9,435,149 |
Compass Group PLC | | | 398,697 | | | 12,760,948 |
| | | | | | 22,196,097 |
Insurance - 6.1%
| | | | | | |
Aon PLC - Class A | | | 29,515 | | | 10,211,895 |
Markel Group, Inc.(a) | | | 10,832 | | | 16,990,858 |
| | | | | | 27,202,753 |
| | | | | | | |
| | | | | | | |
Media - 4.9%
| | | | | | |
Comcast Corp. - Class A | | | 530,850 | | | $22,173,604 |
Oil, Gas & Consumable Fuels - 1.9%
| | | | | | |
Occidental Petroleum Corp. | | | 165,818 | | | 8,546,260 |
Personal Care Products - 0.0%(b)
| | | | | | |
Kenvue, Inc. | | | 1 | | | 23 |
Pharmaceuticals - 3.5%
| | | | | | |
Novartis AG - ADR | | | 137,327 | | | 15,795,351 |
Software - 9.4%
| | | | | | |
Microsoft Corp. | | | 49,327 | | | 21,225,408 |
Oracle Corp. | | | 121,939 | | | 20,778,406 |
| | | | | | 42,003,814 |
TOTAL COMMON STOCKS
(Cost $272,621,731) | | | | | | 407,079,145 |
REAL ESTATE INVESTMENT TRUSTS - 3.4%
|
Realty Income Corp. | | | 237,363 | | | 15,053,562 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $13,135,598) | | | | | | 15,053,562 |
PREFERRED STOCKS - 3.1%
|
Technology Hardware, Storage & Peripherals - 3.1%
| | | | | | |
Samsung Electronics Co. Ltd.
2.88%, | | | 363,260 | | | 14,139,278 |
TOTAL PREFERRED STOCKS
(Cost $10,398,107) | | | | | | 14,139,278 |
SHORT-TERM INVESTMENTS - 1.9%
|
Money Market Funds - 0.7%
| | | | | | |
First American Treasury Obligations Fund - Class Z, 4.75%(c) | | | 3,361,652 | | | 3,361,652 |
| | | Par | | | |
U.S. Treasury Bills - 1.2%
|
5.11%, 01/23/2025(d) | | | $5,000,000 | | | 4,930,162 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,283,495) | | | | | | 8,291,814 |
TOTAL INVESTMENTS - 99.2%
(Cost $304,438,931) | | | | | | 444,563,799 |
Other Assets in Excess of
Liabilities - 0.8% | | | | | | 3,710,547 |
TOTAL NET ASSETS - 100.0% | | | | | | $448,274,346 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Fund
Schedule of Investments
September 30, 2024(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
(a)
| Non-income producing security. |
(b)
| Represents less than 0.05% of net assets. |
(c)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
(d)
| The rate shown is the effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 63.6%
|
Aerospace & Defense - 2.0%
| | | | | | |
Lockheed Martin Corp. | | | 1,779 | | | $1,039,932 |
Automobile Components - 1.2%
| | | | | | |
Gentex Corp. | | | 19,774 | | | 587,090 |
Beverages - 2.7%
| | | | | | |
Heineken N.V. | | | 15,391 | | | 1,364,434 |
Capital Markets - 5.9%
| | | | | | |
Brookfield Corp. | | | 38,649 | | | 2,054,194 |
CME Group, Inc. | | | 4,275 | | | 943,279 |
| | | | | | 2,997,473 |
Chemicals - 2.9%
| | | | | | |
Air Products and Chemicals, Inc. | | | 4,964 | | | 1,477,981 |
Commercial Services & Supplies - 0.6%
|
MillerKnoll, Inc. | | | 12,217 | | | 302,493 |
Electric Utilities - 0.7%
| | | | | | |
Portland General Electric Co. | | | 7,969 | | | 381,715 |
Entertainment - 1.1%
| | | | | | |
Walt Disney Co. | | | 5,903 | | | 567,810 |
Financial Services - 10.7%
| | | | | | |
Berkshire Hathaway, Inc. - Class B(a) | | | 4,106 | | | 1,889,828 |
Fiserv, Inc.(a) | | | 12,197 | | | 2,191,191 |
Visa, Inc. - Class A | | | 4,869 | | | 1,338,731 |
| | | | | | 5,419,750 |
Ground Transportation - 4.8%
| | | | | | |
U-Haul Holding Co. | | | 16,642 | | | 1,198,224 |
Union Pacific Corp. | | | 4,999 | | | 1,232,154 |
| | | | | | 2,430,378 |
Health Care Equipment & Supplies - 1.9%
|
Smith & Nephew PLC | | | 61,040 | | | 945,016 |
Health Care Providers & Services - 8.8%
|
Centene Corp.(a) | | | 19,914 | | | 1,499,126 |
CVS Health Corp. | | | 16,301 | | | 1,025,007 |
McKesson Corp. | | | 3,963 | | | 1,959,386 |
| | | | | | 4,483,519 |
Hotels, Restaurants & Leisure - 3.3%
| | | | | | |
Booking Holdings, Inc. | | | 175 | | | 737,121 |
Compass Group PLC | | | 28,572 | | | 914,494 |
| | | | | | 1,651,615 |
Insurance - 4.4%
| | | | | | |
Aon PLC - Class A | | | 2,338 | | | 808,924 |
Markel Group, Inc.(a) | | | 891 | | | 1,397,605 |
| | | | | | 2,206,529 |
| | | | | | | |
| | | | | | | |
Media - 3.4%
| | | | | | |
Comcast Corp. - Class A | | | 41,412 | | | $1,729,779 |
Personal Care Products - 0.0%(b)
| | | | | | |
Kenvue, Inc. | | | 1 | | | 23 |
Pharmaceuticals - 2.5%
| | | | | | |
Novartis AG - ADR | | | 11,111 | | | 1,277,987 |
Software - 6.7%
| | | | | | |
Microsoft Corp. | | | 3,949 | | | 1,699,255 |
Oracle Corp. | | | 9,925 | | | 1,691,220 |
| | | | | | 3,390,475 |
TOTAL COMMON STOCKS
(Cost $20,783,361) | | | | | | 32,253,999 |
| | | | | | | |
| | | | | | | |
MUNICIPAL BONDS - 6.5%
|
California Health Facilities Financing Authority, Revenue Bonds, Persons with Developmental Disabilities, 7.88%, 02/01/2026 | | | $65,000 | | | 65,196 |
California Infrastructure & Economic Development Bank, 3.25%, 07/01/2026 (Obligor: Scripps Research Inst) | | | 130,000 | | | 128,223 |
City of New York, General Obligation, Build America Bonds
| | | | | | |
5.89%, 12/01/2024 | | | 175,000 | | | 175,143 |
5.42%, 03/01/2025 | | | 35,000 | | | 35,014 |
City of Pasadena CA, Series B, 4.63%, 05/01/2038 | | | 100,000 | | | 100,025 |
City of San Jose CA, 2.60%, 09/01/2027 | | | 175,000 | | | 169,369 |
City of Seattle WA Drainage & Wastewater Revenue, 5.55%, 11/01/2039 | | | 150,000 | | | 158,037 |
Lake of Elsinore California Improvement Bond Act 1915, 1.15%, 09/02/2025 | | | 150,000 | | | 145,500 |
Los Angeles Unified School District/CA, 5.72%, 05/01/2027 | | | 230,000 | | | 236,837 |
San Francisco City & County Airport Comm-San Francisco International Airport, 2.29%, 05/01/2028 | | | 180,000 | | | 169,920 |
San Jose Redevelopment Agency Successor Agency, 3.18%, 08/01/2026 | | | 250,000 | | | 246,781 |
State of California
| | | | | | |
3.38%, 04/01/2025 | | | 100,000 | | | 99,552 |
2.65%, 04/01/2026 | | | 200,000 | | | 196,354 |
2.38%, 10/01/2026 | | | 145,000 | | | 141,172 |
6.00%, 03/01/2030 | | | 200,000 | | | 219,784 |
7.50%, 04/01/2034 | | | 150,000 | | | 179,994 |
5.13%, 03/01/2038 | | | 150,000 | | | 154,074 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
MUNICIPAL BONDS - (Continued)
|
State of California, Build America Bonds, 4.99%, 04/01/2039 | | | $15,000 | | | $14,982 |
State of Georgia, School Construction Bonds, 4.35%, 02/01/2029 | | | 15,000 | | | 15,006 |
State of Mississippi,
4.51%, 11/01/2024 | | | 100,000 | | | 99,935 |
State of Oregon, 5.05%, 08/01/2043 | | | 300,000 | | | 307,844 |
Toledo City School District, General Obligation Bond, Taxable, 5.00%, 12/01/2024 | | | 225,000 | | | 225,267 |
TOTAL MUNICIPAL BONDS
(Cost $3,251,812) | | | | | | 3,284,009 |
| | | Shares | | | |
PREFERRED STOCKS - 5.7%
|
Closed-end Funds - 0.7%
| | | | | | |
GDL Fund Series C, 4.00%, 03/26/2025(c) | | | 6,900 | | | 343,116 |
Independent Power and Renewable Electricity Producers - 3.0%
| | | | | | |
Tennessee Valley Authority
| | | | | | |
Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 | | | 33,100 | | | 750,046 |
Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 | | | 32,700 | | | 749,484 |
| | | | | | 1,499,530 |
Technology Hardware, Storage & Peripherals - 2.0%
| | | | | | |
Samsung Electronics Co. Ltd. 2.88%, | | | 26,643 | | | 1,037,034 |
TOTAL PREFERRED STOCKS
(Cost $2,382,555) | | | | | | 2,879,680 |
| | | Par | | | |
CORPORATE BONDS - 5.4%
|
Beverages - 0.3%
| | | | | | |
Coca-Cola Consolidated, Inc., 3.80%, 11/25/2025 | | | $150,000 | | | 148,953 |
Beverages-Non-alcoholic - 0.2%
| | | | | | |
Coca-Cola Refreshments USA LLC, 6.75%, 09/15/2028 | | | 125,000 | | | 136,135 |
Broadline Retail - 0.3%
| | | | | | |
Amazon.com, Inc., 5.20%, 12/03/2025 | | | 150,000 | | | 151,761 |
Capital Markets - 0.7%
| | | | | | |
Charles Schwab Corp., 5.38% to 06/01/2025 then 5 yr. CMT Rate + 4.97%, Perpetual | | | 350,000 | | | 350,183 |
| | | | | | | |
| | | | | | | |
Cosmetics & Toiletries - 0.3%
| | | | | | |
Conopco, Inc., 7.25%, 12/15/2026 | | | $150,000 | | | $160,150 |
Diversified Banking Instruments - 1.7%
|
Goldman Sachs Group, Inc., 6.04% (3 mo. Term SOFR + 1.03%), Perpetual | | | 1,001,000 | | | 847,237 |
Finance-Investment Banking-Brokerages - 0.2%
| | | | | | |
JPMorgan Chase Financial Co. LLC, 5.00%, 09/16/2027 | | | 100,000 | | | 99,737 |
IT Services - 0.3%
| | | | | | |
International Business Machines Corp., 7.00%, 10/30/2025 | | | 150,000 | | | 154,289 |
Retail-Petroleum Prod - 1.1%
| | | | | | |
Murphy Oil USA, Inc., 5.63%, 05/01/2027 | | | 557,000 | | | 556,748 |
Technology Hardware, Storage & Peripherals - 0.3%
| | | | | | |
Apple, Inc., 0.70%, 02/08/2026 | | | 145,000 | | | 139,044 |
TOTAL CORPORATE BONDS
(Cost $2,653,726) | | | | | | 2,744,237 |
| | | Shares | | | |
EXCHANGE-TRADED FUNDS - 4.9%
|
iShares Silver Trust(a) | | | 35,295 | | | 1,002,731 |
SPDR Gold Shares(a) | | | 6,143 | | | 1,493,117 |
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,344,878) | | | | | | 2,495,848 |
| | | Par | | | |
U.S. TREASURY SECURITIES - 4.1%
|
United States Treasury Inflation Indexed Bonds, 1.75%, 01/15/2034 | | | $532,095 | | | 537,479 |
United States Treasury Note/Bond
| | | | | | |
5.00%, 10/31/2025 | | | 960,000 | | | 970,763 |
4.63%, 06/30/2026 | | | 540,000 | | | 548,311 |
TOTAL U.S. TREASURY SECURITIES
(Cost $2,020,672) | | | | | | 2,056,553 |
| | | Shares | | | |
REAL ESTATE INVESTMENT TRUSTS - 2.4%
|
Orion Office REIT, Inc. | | | 1 | | | 4 |
Realty Income Corp. | | | 19,188 | | | 1,216,903 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $1,117,112) | | | | | | 1,216,907 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
Schedule of Investments
September 30, 2024(Continued)
| | | | | | | |
SHORT-TERM INVESTMENTS - 5.4%
|
Money Market Funds - 0.9%
|
First American Treasury Obligations Fund - Class Z, 4.75%(d) | | | 434,001 | | | $434,001 |
| | | Par | | | |
U.S. Treasury Bills - 4.5%
|
5.11%, 10/31/2024(e) | | | $1,030,000 | | | 1,025,991 |
5.00%, 01/23/2025(e) | | | 1,300,000 | | | 1,281,842 |
| | | | | | 2,307,833 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,739,737) | | | | | | 2,741,834 |
TOTAL INVESTMENTS - 98.0%
(Cost $36,293,853) | | | | | | 49,673,067 |
Other Assets in Excess of
Liabilities - 2.0% | | | | | | 995,245 |
TOTAL NET ASSETS - 100.0% | | | | | | $50,668,312 |
| | | | | | | |
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
CMT - Constant Maturity Treasury Rate
NV - Naamloze Vennootschap
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate
REIT - Real Estate Investment Trust
(a)
| Non-income producing security. |
(b)
| Represents less than 0.05% of net assets. |
(c)
| Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2024. |
(d)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
(e)
| The rate shown is the effective yield as of September 30, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Global Opportunity Fund
Schedule of Investments
September 30, 2024
| | | | | | | |
COMMON STOCKS - 88.2%
| | | | | | |
Aerospace & Defense - 1.9%
| | | | | | |
Airbus SE - ADR | | | 15,200 | | | $555,256 |
Beverages - 3.6%
| | | | | | |
Heineken Holding NV | | | 13,480 | | | 1,017,358 |
Building Products - 3.0%
| | | | | | |
Assa Abloy AB - Class B | | | 25,603 | | | 861,177 |
Capital Markets - 9.6%
| | | | | | |
Brookfield Corp. | | | 37,390 | | | 1,987,279 |
CME Group, Inc. | | | 3,420 | | | 754,623 |
| | | | | | 2,741,902 |
Chemicals - 3.4%
| | | | | | |
Air Products and Chemicals, Inc. | | | 3,227 | | | 960,807 |
Commercial Services & Supplies - 1.2%
| | | | | | |
MillerKnoll, Inc. | | | 14,355 | | | 355,430 |
Entertainment - 1.6%
| | | | | | |
Walt Disney Co. | | | 4,639 | | | 446,225 |
Financial Services - 12.3%
| | | | | | |
Berkshire Hathaway, Inc. - Class B(a) | | | 2,556 | | | 1,176,424 |
Fiserv, Inc.(a) | | | 7,826 | | | 1,405,941 |
Visa, Inc. - Class A | | | 3,428 | | | 942,529 |
| | | | | | 3,524,894 |
Ground Transportation - 5.3%
| | | | | | |
U-Haul Holding Co. | | | 10,837 | | | 780,264 |
Union Pacific Corp. | | | 2,954 | | | 728,102 |
| | | | | | 1,508,366 |
Health Care Equipment & Supplies - 4.1%
|
Smith & Nephew PLC | | | 75,455 | | | 1,168,187 |
Health Care Providers & Services - 9.8%
| | | | | | |
Centene Corp.(a) | | | 15,593 | | | 1,173,841 |
CVS Health Corp. | | | 12,795 | | | 804,549 |
McKesson Corp. | | | 1,678 | | | 829,637 |
| | | | | | 2,808,027 |
Hotels, Restaurants & Leisure - 5.7%
| | | | | | |
Booking Holdings, Inc. | | | 123 | | | 518,091 |
Compass Group PLC | | | 34,856 | | | 1,115,623 |
| | | | | | 1,633,714 |
Household Durables - 1.9%
| | | | | | |
Sony Corp. - ADR | | | 5,662 | | | 546,779 |
Insurance - 7.4%
| | | | | | |
AIA Group, Ltd. | | | 43,290 | | | 387,858 |
Aon PLC - Class A | | | 1,840 | | | 636,622 |
Markel Group, Inc.(a) | | | 695 | | | 1,090,163 |
| | | | | | 2,114,643 |
| | | | | | | |
| | | | | | | |
Interactive Media & Services - 3.1%
| | | | | | |
Baidu, Inc. - ADR(a) | | | 3,034 | | | $319,450 |
Tencent Holdings, Ltd. | | | 9,910 | | | 566,770 |
| | | | | | 886,220 |
Media - 4.1%
| | | | | | |
Comcast Corp. - Class A | | | 28,037 | | | 1,171,106 |
Pharmaceuticals - 3.3%
| | | | | | |
Novartis AG - ADR | | | 8,330 | | | 958,117 |
Software - 6.4%
| | | | | | |
Microsoft Corp. | | | 1,215 | | | 522,814 |
Oracle Corp. | | | 7,769 | | | 1,323,838 |
| | | | | | 1,846,652 |
Technology Hardware, Storage & Peripherals - 0.5%
| | | | | | |
Samsung Electronics Co. Ltd. | | | 2,760 | | | 129,800 |
TOTAL COMMON STOCKS
(Cost $17,787,186) | | | | | | 25,234,660 |
PREFERRED STOCKS - 5.0%
| | | | | | |
Technology Hardware, Storage & Peripherals - 5.0%
| | | | | | |
Samsung Electronics Co. Ltd. 2.88%, | | | 37,020 | | | 1,440,940 |
TOTAL PREFERRED STOCKS
(Cost $957,803) | | | | | | 1,440,940 |
REAL ESTATE INVESTMENT TRUSTS - 3.7%
|
Realty Income Corp. | | | 16,640 | | | 1,055,309 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $960,067) | | | | | | 1,055,309 |
SHORT-TERM INVESTMENTS - 3.1%
| | | | | | |
Money Market Funds - 3.1%
| | | | | | |
First American Treasury Obligations Fund - Class Z, 4.75%(b) | | | 890,497 | | | 890,497 |
TOTAL SHORT-TERM INVESTMENTS (Cost $890,497) | | | | | | 890,497 |
TOTAL INVESTMENTS - 100.0%
(Cost $20,595,553) | | | | | | 28,621,406 |
Liabilities in Excess of Other
Assets - (0.0)%(c) | | | | | | (2,232) |
TOTAL NET ASSETS - 100.0% | | | | | | $28,619,174 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Global Opportunity Fund
Schedule of Investments
September 30, 2024(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
AG - Aktiengesellschaft
AB - Aktiebolag
NV - Naamloze Vennootschap
PLC - Public Limited Company
SE - Societas Europaea
(a)
| Non-income producing security. |
(b)
| The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
(c)
| Represents less than 0.05% of net assets. |
Allocation of Portfolio Holdings by Country as of September 30, 2024
(% of Net Assets)
| | | | | | | |
United States | | | $17,566,812 | | | 61.3% |
United Kingdom | | | 2,283,810 | | | 8.0 |
Canada | | | 1,987,279 | | | 7.0 |
South Korea | | | 1,570,740 | | | 5.5 |
Netherlands | | | 1,017,358 | | | 3.6 |
Switzerland | | | 958,117 | | | 3.3 |
China | | | 886,220 | | | 3.1 |
Sweden | | | 861,177 | | | 3.0 |
France | | | 555,256 | | | 1.9 |
Japan | | | 546,779 | | | 1.9 |
Hong Kong | | | 387,858 | | | 1.4 |
Liabilities in Excess of Other Assets | | | (2,232) | | | (0.0)(a) |
| | | $28,619,174 | | | 100.0% |
| | | | | | | |
(a)
| Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
SCHARF FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
at September 30, 2024
| | | | | | | |
ASSETS
| | | | | | |
Investments in securities, at value (identified cost $304,438,931 and $36,293,853, respectively) | | | $444,563,799 | | | $49,673,067 |
Receivables:
| | | | | | |
Investments sold | | | 3,584,021 | | | 953,536 |
Fund shares issued | | | 60,879 | | | — |
Dividends and interest | | | 213,864 | | | 121,321 |
Dividend tax reclaim | | | 358,495 | | | 10,247 |
Prepaid expenses | | | 21,254 | | | 6,391 |
Total assets | | | 448,802,312 | | | 50,764,562 |
LIABILITIES
| | | | | | |
Payables:
| | | | | | |
Fund shares redeemed | | | 124,693 | | | — |
Advisory fees | | | 246,737 | | | 19,229 |
Administration and fund accounting fees | | | 35,725 | | | 10,802 |
Audit fees | | | 22,500 | | | 22,500 |
12b-1 distribution fees | | | 6,394 | | | 16,577 |
Chief Compliance Officer fee | | | 1,875 | | | 1,875 |
Custody fees | | | 3,805 | | | 2,337 |
Directors fees | | | 3,359 | | | 3,359 |
Shareholder reporting | | | — | | | 1,686 |
Shareholder servicing fees | | | 73,152 | | | 14,512 |
Transfer agent fees and expenses | | | 7,956 | | | 2,265 |
Accrued other expenses | | | 1,770 | | | 1,108 |
Total liabilities | | | 527,966 | | | 96,250 |
NET ASSETS | | | $ 448,274,346 | | | $50,668,312 |
CALCULATION OF NET ASSET VALUE PER SHARE
| | | | | | |
Institutional Shares
| | | | | | |
Net assets applicable to shares outstanding | | | $438,863,267 | | | $39,489,792 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 7,893,759 | | | 1,051,547 |
Net asset value, offering and redemption price per share | | | $55.60 | | | $37.55 |
Retail Shares
| | | | | | |
Net assets applicable to shares outstanding | | | $9,411,079 | | | $11,178,520 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 170,069 | | | 298,650 |
Net asset value, offering and redemption price per share | | | $55.34 | | | $37.43 |
COMPOSITION OF NET ASSETS
| | | | | | |
Paid-in capital | | | $291,260,057 | | | $35,033,108 |
Total distributable earnings | | | 157,014,289 | | | 15,635,204 |
Net assets | | | $448,274,346 | | | $50,668,312 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
SCHARF FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
at September 30, 2024
| | | | |
ASSETS
| | | |
Investments in securities, at value (identified cost $20,595,553) | | | $28,621,406 |
Receivables:
| | | |
Dividends and interest | | | 18,134 |
Dividend tax reclaim | | | 8,830 |
Due from Adviser (Note 4) | | | 645 |
Prepaid expenses | | | 14,263 |
Total assets | | | 28,663,278 |
LIABILITIES
| | | |
Payables:
| | | |
Audit fees | | | 21,000 |
Shareholder servicing fees | | | 5,473 |
Administration and fund accounting fees | | | 6,954 |
Chief Compliance Officer fee | | | 1,875 |
Custody fees | | | 2,568 |
Transfer agent fees and expenses | | | 1,128 |
Shareholder reporting | | | 1,538 |
Trustee fees and expenses | | | 3,359 |
Accrued other expenses | | | 209 |
Total liabilities | | | 44,104 |
NET ASSETS | | | $ 28,619,174 |
CALCULATION OF NET ASSET VALUE PER SHARE
| | | |
Institutional Shares
| | | |
Net assets applicable to shares outstanding | | | $28,619,174 |
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | | | 765,776 |
Net asset value, offering and redemption price per share | | | $37.37 |
COMPOSITION OF NET ASSETS
| | | |
Paid-in capital | | | $19,637,130 |
Total distributable earnings | | | 8,982,044 |
Net assets | | | $ 28,619,174 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Funds
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2024
| | | | | | | |
INVESTMENT INCOME
| | | | | | |
Income
| | | | | | |
Dividends (net of foreign tax withheld and issuance fees of $226,987 and $18,969, respectively) | | | $5,989,835 | | | $550,161 |
Interest | | | 821,984 | | | 530,962 |
Total income | | | 6,811,819 | | | 1,081,123 |
Expenses
| | | | | | |
Advisory fees (Note 4) | | | 3,299,373 | | | 317,556 |
Shareholder servicing fees - Institutional Class (Note 6) | | | 335,366 | | | 34,281 |
Shareholder servicing fees - Retail Class (Note 6) | | | 7,323 | | | 10,764 |
Administration and fund accounting fees (Note 4) | | | 179,960 | | | 62,510 |
Transfer agent fees and expenses (Note 4) | | | 49,116 | | | 14,359 |
Custody fees (Note 4) | | | 44,275 | | | 13,421 |
Registration fees | | | 37,907 | | | 30,475 |
Audit fees | | | 22,500 | | | 22,500 |
Reports to shareholders | | | 18,531 | | | 3,909 |
12b-1 distribution fees - Retail Class (Note 5) | | | 18,309 | | | 26,912 |
Trustee fees and expenses | | | 18,172 | | | 18,173 |
Miscellaneous expenses | | | 12,871 | | | 7,406 |
Chief Compliance Officer fee (Note 4) | | | 11,199 | | | 11,198 |
Insurance expense | | | 9,552 | | | 3,732 |
Legal fees | | | 6,574 | | | 6,574 |
Interest expense (Note 7) | | | 1,087 | | | 23 |
Total expenses | | | 4,072,115 | | | 583,793 |
Less: advisory fee waiver (Note 4) | | | (372,687) | | | (96,569) |
Net expenses | | | 3,699,428 | | | 487,224 |
Net investment income | | | 3,112,391 | | | 593,899 |
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY
| | | | | | |
Net realized gain on:
| | | | | | |
Investments | | | 24,716,308 | | | 2,702,970 |
Foreign currency | | | 18,034 | | | 661 |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 54,827,068 | | | 5,293,989 |
Foreign currency | | | 1,364 | | | 240 |
Net realized and unrealized gain on investments and foreign currency | | | 79,562,774 | | | 7,997,860 |
Net Increase in Net Assets Resulting from Operations | | | $ 82,675,165 | | | $8,591,759 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Funds
STATEMENTS OF OPERATIONS
For the Year Ended September 30, 2024
| | | | |
INVESTMENT INCOME
| | | |
Income
| | | |
Dividends (net of foreign tax withheld and issuance fees of $24,235) | | | $404,483 |
Interest | | | 44,855 |
Total income | | | 449,338 |
Expenses
| | | |
Advisory fees (Note 4) | | | 187,940 |
Administration and fund accounting fees (Note 4) | | | 41,065 |
Audit fees | | | 21,000 |
Registration fees | | | 18,787 |
Trustee fees and expenses | | | 18,172 |
Custody fees (Note 4) | | | 13,769 |
Shareholder servicing fees - Institutional Class (Note 6) | | | 13,424 |
Chief Compliance Officer fee (Note 4) | | | 11,199 |
Transfer agent fees and expenses (Note 4) | | | 8,619 |
Miscellaneous expenses | | | 8,116 |
Legal fees | | | 6,374 |
Reports to shareholders | | | 3,694 |
Insurance expense | | | 3,380 |
Interest expense (Note 7) | | | 1,601 |
Total expenses | | | 357,140 |
Less: advisory fee waiver and expense reimbursement (Note 4) | | | (204,103) |
Net expenses | | | 153,037 |
Net investment income | | | 296,301 |
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
| | | |
Net realized gain/(loss) on:
| | | |
Investments | | | 727,598 |
Foreign currency | | | (1,063) |
Net change in unrealized appreciation/(depreciation) on:
| | | |
Investments | | | 4,184,271 |
Foreign currency | | | 241 |
Net realized and unrealized gain on investments and foreign currency | | | 4,911,047 |
Net Increase in Net Assets Resulting from Operations | | | $ 5,207,348 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Fund
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE/(DECREASE) IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $3,112,391 | | | $2,932,501 |
Net realized gain/(loss) from:
| | | | | | |
Investments | | | 24,716,308 | | | 28,510,148 |
Foreign currency | | | 18,034 | | | (13,637) |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 54,827,068 | | | 32,706,978 |
Foreign currency | | | 1,364 | | | 18,886 |
Net increase in net assets resulting from operations | | | 82,675,165 | | | 64,154,876 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders - Institutional Class shares | | | (33,598,363) | | | (19,726,638) |
Net dividends and distributions to shareholders - Retail Class shares | | | (538,833) | | | (269,886) |
Total distributions to shareholders | | | (34,137,196) | | | (19,996,524) |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net increase/(decrease) in net assets derived from net change in outstanding shares(a) | | | 11,914,049 | | | (17,918,948) |
Total Increase in Net Assets | | | 60,452,018 | | | 26,239,404 |
NET ASSETS
| | | | | | |
Beginning of year | | | 387,822,328 | | | 361,582,924 |
End of year | | | $ 448,274,346 | | | $387,822,328 |
| | | | | | | |
(a)
| A summary of share transactions is as follows: |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Fund
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
Institutional Class
| | | | |
Shares sold | | | 1,194,954 | | | $62,261,804 | | | 850,977 | | | $41,201,237 |
Shares issued on reinvestments of distributions | | | 685,340 | | | 33,259,569 | | | 413,212 | | | 19,615,179 |
Shares redeemed* | | | (1,662,785) | | | (85,966,325) | | | (1,609,151) | | | (78,812,272) |
Net increase/(decrease) | | | 217,509 | | | $9,555,048 | | | (344,962) | | | $(17,995,856) |
* Net of redemption fees of^ | | | | | | $13 | | | | | | $812 |
| | | | | | | | | | | | | |
Retail Class
| | | | |
Shares sold | | | 68,690 | | | $3,602,854 | | | 25,502 | | | $1,231,141 |
Shares issued on reinvestments of distributions | | | 11,131 | | | 538,833 | | | 5,312 | | | 251,594 |
Shares redeemed* | | | (34,757) | | | (1,782,686) | | | (28,770) | | | (1,405,827) |
Net increase | | | 45,064 | | | $2,359,001 | | | 2,044 | | | $76,908 |
* Net of redemption fees of^ | | | | | | $— | | | | | | $13 |
| | | | | | | | | | | | | |
^
| Prior to January 28, 2024, a redemption fee of 2.00% was assessed against shares redeemed within 60 days of purchase. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE/(DECREASE) IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $593,899 | | | $550,628 |
Net realized gain from:
| | | | | | |
Investments | | | 2,702,970 | | | 3,084,207 |
Foreign currency | | | 661 | | | 2,174 |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 5,293,989 | | | 2,580,005 |
Foreign currency | | | 240 | | | 718 |
Net increase in net assets resulting from operations | | | 8,591,759 | | | 6,217,732 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders - Institutional Class | | | (3,119,907) | | | (1,304,574) |
Net dividends and distributions to shareholders - Retail Class | | | (843,003) | | | (315,956) |
Total distributions to shareholders | | | (3,962,910) | | | (1,620,530) |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net decrease in net assets derived from net change in outstanding shares(a) | | | (1,054,382) | | | (4,312,035) |
Total increase in net assets | | | 3,574,467 | | | 285,167 |
NET ASSETS
| | | | | | |
Beginning of year | | | 47,093,845 | | | 46,808,678 |
End of year | | | $ 50,668,312 | | | $47,093,845 |
| | | | | | | |
(a)
| A summary of share transactions is as follows: |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
Institutional Class
| | | | |
Shares sold | | | 44,637 | | | $1,568,138 | | | 17,419 | | | $589,736 |
Shares issued on reinvestments of distributions | | | 91,274 | | | 3,026,633 | | | 39,023 | | | 1,290,490 |
Shares redeemed | | | (154,215) | | | (5,398,267) | | | (166,843) | | | (5,552,746) |
Net decrease | | | (18,304) | | | $(803,496) | | | (110,401) | | | $(3,672,520) |
| | | | | | | | | | | | | |
Retail Class
| | | | |
Shares sold | | | 459 | | | $15,592 | | | 2,066 | | | $68,767 |
Shares issued on reinvestments of distributions | | | 25,453 | | | 843,003 | | | 9,566 | | | 315,956 |
Shares redeemed | | | (31,755) | | | (1,109,481) | | | (30,402) | | | (1,024,238) |
Net decrease | | | (5,843) | | | $(250,886) | | | (18,770) | | | $(639,515) |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Global Opportunity Fund
STATEMENTS OF CHANGES IN NET ASSETS
| | | | |
INCREASE/(DECREASE) IN NET ASSETS FROM:
| | | | | | |
OPERATIONS
| | | | | | |
Net investment income | | | $296,301 | | | $275,346 |
Net realized gain/(loss) from:
| | | | | | |
Investments | | | 727,598 | | | 237,000 |
Foreign currency | | | (1,063) | | | (1,834) |
Net change in unrealized appreciation/(depreciation) on:
| | | | | | |
Investments | | | 4,184,271 | | | 3,249,709 |
Foreign currency | | | 241 | | | 945 |
Net increase in net assets resulting from operations | | | 5,207,348 | | | 3,761,166 |
DISTRIBUTIONS TO SHAREHOLDERS
| | | | | | |
Net dividends and distributions to shareholders | | | (656,740) | | | (258,154) |
Total distributions to shareholders | | | (656,740) | | | (258,154) |
CAPITAL SHARE TRANSACTIONS
| | | | | | |
Net increase/(decrease) in net assets derived from net change in outstanding
shares (a) | | | (1,997,329) | | | 1,628,984 |
Total increase in net assets | | | 2,553,279 | | | 5,131,996 |
NET ASSETS
| | | | | | |
Beginning of year | | | 26,065,895 | | | 20,933,899 |
End of year | | | $ 28,619,174 | | | $26,065,895 |
| | | | | | | |
(a)
| A summary of share transactions is as follows: |
| | | | |
Shares sold | | | 55,762 | | | $1,859,797 | | | 85,620 | | | $2,707,814 |
Shares issued on reinvestments of distributions | | | 15,701 | | | 513,719 | | | 5,860 | | | 180,553 |
Shares redeemed* | | | (130,262) | | | (4,370,845) | | | (40,505) | | | (1,259,383) |
Net increase/(decrease) | | | (58,799) | | | $(1,997,329) | | | 50,975 | | | $1,628,984 |
*Net of redemption fees of^ | | | | | | $— | | | | | | $568 |
| | | | | | | | | | | | | |
^
| Prior to January 28, 2024, a redemption fee of 2.00% was assessed against shares redeemed within 15 days of purchase. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Fund
FINANCIAL HIGHLIGHTS
Institutional Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $49.72 | | | $44.40 | | | $54.78 | | | $46.02 | | | $46.21 |
Income from investment operations:
| |
Net investment income^ | | | 0.38 | | | 0.36 | | | 0.29 | | | 0.39 | | | 0.34 |
Net realized and unrealized gain/(loss) on investments and foreign currency | | | 9.97 | | | 7.44 | | | (5.26) | | | 10.14 | | | 3.35 |
Total from investment operations | | | 10.35 | | | 7.80 | | | (4.97) | | | 10.53 | | | 3.69 |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.40) | | | (0.31) | | | (0.38) | | | (0.37) | | | (0.24) |
From net realized gain on investments | | | (4.07) | | | (2.17) | | | (5.03) | | | (1.40) | | | (3.64) |
Total distributions | | | (4.47) | | | (2.48) | | | (5.41) | | | (1.77) | | | (3.88) |
Paid-in capital from redemption fees^#+ | | | 0.00 | | | 0.00 | | | 0.00 | | | 0.00 | | | 0.00 |
Net asset value, end of year | | | $55.60 | | | $49.72 | | | $44.40 | | | $54.78 | | | $46.02 |
Total return | | | 22.13% | | | 17.83% | | | −10.69% | | | 23.43% | | | 8.12% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $438,863 | | | $381,635 | | | $356,162 | | | $328,886 | | | $282,746 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 0.96% | | | 0.95% | | | 0.94% | | | 0.94% | | | 1.00% |
After fee waivers | | | 0.87% | | | 0.86% | | | 0.86% | | | 0.86% | | | 0.90% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 0.65% | | | 0.65% | | | 0.48% | | | 0.66% | | | 0.68% |
After fee waivers | | | 0.74% | | | 0.74% | | | 0.56% | | | 0.74% | | | 0.78% |
Portfolio turnover rate | | | 32.94 % | | | 35.49% | | | 22.66% | | | 29.21% | | | 52.15% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
#
| Amount is less than $0.01. |
+
| The Fund stopped collecting a redemption fee on January 28, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Fund
FINANCIAL HIGHLIGHTS
Retail Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $49.50 | | | $44.09 | | | $54.44 | | | $45.74 | | | $45.95 |
Income from investment operations:
| |
Net investment income^ | | | 0.23 | | | 0.23 | | | 0.15 | | | 0.24 | | | 0.22 |
Net realized and unrealized gain/(loss) on investments and foreign currency | | | 9.94 | | | 7.38 | | | (5.25) | | | 10.09 | | | 3.33 |
Total from investment operations | | | 10.17 | | | 7.61 | | | (5.10) | | | 10.33 | | | 3.55 |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.26) | | | (0.03) | | | (0.22) | | | (0.23) | | | (0.12) |
From net realized gain on investments | | | (4.07) | | | (2.17) | | | (5.03) | | | (1.40) | | | (3.64) |
Total distributions | | | (4.33) | | | (2.20) | | | (5.25) | | | (1.63) | | | (3.76) |
Paid-in capital from redemption fees+ | | | — | | | 0.00^# | | | 0.00^# | | | 0.00^# | | | 0.00^# |
Net asset value, end of year | | | $55.34 | | | $49.50 | | | $44.09 | | | $54.44 | | | $45.74 |
Total return | | | 21.80% | | | 17.49% | | | −10.96% | | | 23.08% | | | 7.83% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $9,411 | | | $6,187 | | | $5,421 | | | $71,730 | | | $66,531 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 1.23% | | | 1.23% | | | 1.22% | | | 1.22% | | | 1.29% |
After fee waivers | | | 1.14% | | | 1.14% | | | 1.14% | | | 1.14% | | | 1.19% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 0.36% | | | 0.39% | | | 0.20% | | | 0.38% | | | 0.39% |
After fee waivers | | | 0.45% | | | 0.48% | | | 0.28% | | | 0.46% | | | 0.49% |
Portfolio turnover rate | | | 32.94% | | | 35.49% | | | 22.66% | | | 29.21% | | | 52.15% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
#
| Amount is less than $0.01. |
+
| The Fund stopped collecting a redemption fee on January 28, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
FINANCIAL HIGHLIGHTS
Institutional Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $34.29 | | | $31.16 | | | $38.14 | | | $34.01 | | | $33.55 |
Income from investment operations:
| |
Net investment income^ | | | 0.45 | | | 0.40 | | | 0.19 | | | 0.28 | | | 0.33 |
Net realized and unrealized gain/(loss) on investments and foreign currency | | | 5.77 | | | 3.86 | | | (3.69) | | | 5.18 | | | 2.60 |
Total from investment operations | | | 6.22 | | | 4.26 | | | (3.50) | | | 5.46 | | | 2.93 |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.45) | | | (0.22) | | | (0.30) | | | (0.31) | | | (0.43) |
From net realized gain on investments | | | (2.51) | | | (0.91) | | | (3.18) | | | (1.02) | | | (2.04) |
Total distributions | | | (2.96) | | | (1.13) | | | (3.48) | | | (1.33) | | | (2.47) |
Paid-in capital from redemption fees+ | | | — | | | — | | | 0.00^# | | | — | | | — |
Net asset value, end of year | | | $37.55 | | | $34.29 | | | $31.16 | | | $38.14 | | | $34.01 |
Total return | | | 19.29% | | | 13.81% | | | −10.48% | | | 16.46% | | | 8.99% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $39,490 | | | $36,686 | | | $36,772 | | | $43,738 | | | $40,450 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 1.14% | | | 1.23% | | | 1.43% | | | 1.46% | | | 1.47% |
After fee waivers | | | 0.94% | | | 0.95% | | | 0.97% | | | 0.97% | | | 0.96% |
Ratio of net investment income to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 1.07% | | | 0.91% | | | 0.08% | | | 0.28% | | | 0.50% |
After fee waivers | | | 1.27% | | | 1.19% | | | 0.54% | | | 0.77% | | | 1.01% |
Portfolio turnover rate | | | 26.87% | | | 28.37% | | | 20.53% | | | 28.67% | | | 48.02% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
#
| Amount is less than $0.01. |
+
| The Fund stopped collecting a redemption fee on January 28, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Multi-Asset Opportunity Fund
FINANCIAL HIGHLIGHTS
Retail Class
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $34.18 | | | $31.05 | | | $38.02 | | | $33.91 | | | $33.47 |
Income from investment operations:
| |
Net investment income^ | | | 0.36 | | | 0.31 | | | 0.09 | | | 0.19 | | | 0.24 |
Net realized and unrealized gain/(loss) on investments and foreign currency | | | 5.76 | | | 3.85 | | | (3.68) | | | 5.17 | | | 2.59 |
Total from investment operations | | | 6.12 | | | 4.16 | | | (3.59) | | | 5.36 | | | 2.83 |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.36) | | | (0.12) | | | (0.20) | | | (0.23) | | | (0.35) |
From net realized gain on investments | | | (2.51) | | | (0.91) | | | (3.18) | | | (1.02) | | | (2.04) |
Total distributions | | | (2.87) | | | (1.03) | | | (3.38) | | | (1.25) | | | (2.39) |
Paid-in capital from redemption fees+ | | | — | | | — | | | 0.00^# | | | — | | | 0.00^# |
Net asset value, end of year | | | $37.43 | | | $34.18 | | | $31.05 | | | $38.02 | | | $33.91 |
Total return | | | 19.00% | | | 13.51% | | | −10.74% | | | 16.18% | | | 8.68% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $11,178 | | | $10,408 | | | $10,037 | | | $6,805 | | | $7,359 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers | | | 1.40% | | | 1.49% | | | 1.69% | | | 1.72% | | | 1.74% |
After fee waivers | | | 1.20% | | | 1.21% | | | 1.23% | | | 1.23% | | | 1.23% |
Ratio of net investment income/(loss) to average net assets: | | | | | | | | | | | | | | | |
Before fee waivers | | | 0.82% | | | 0.65% | | | (0.20)% | | | 0.03% | | | 0.23% |
After fee waivers | | | 1.02% | | | 0.93% | | | 0.26% | | | 0.52% | | | 0.74% |
Portfolio turnover rate | | | 26.87% | | | 28.37% | | | 20.53% | | | 28.67% | | | 48.02% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
#
| Amount is less than $0.01. |
+
| The Fund stopped collecting a redemption fee on January 28, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Global Opportunity Fund
FINANCIAL HIGHLIGHTS
Institutional Class*
For a share outstanding throughout each year
| | | | |
Net asset value, beginning of year | | | $31.61 | | | $27.06 | | | $36.25 | | | $29.32 | | | $29.98 |
Income from investment operations:
| |
Net investment income | | | 0.38^ | | | 0.35^ | | | 0.32^ | | | 0.31 | | | 0.28 |
Net realized and unrealized gain/(loss) on investments and foreign currency | | | 6.25 | | | 4.53 | | | (5.98) | | | 7.31 | | | 2.22 |
Total from investment operations | | | 6.63 | | | 4.88 | | | (5.66) | | | 7.62 | | | 2.50 |
Less distributions:
| | | | | | | | | | | | | | | |
From net investment income | | | (0.41) | | | (0.33) | | | (0.30) | | | (0.23) | | | (0.41) |
From net realized gain on investments | | | (0.46) | | | — | | | (3.23) | | | (0.46) | | | (2.75) |
Total distributions | | | (0.87) | | | (0.33) | | | (3.53) | | | (0.69) | | | (3.16) |
Paid-in capital from redemption fees+ | | | — | | | 0.00^# | | | 0.00^# | | | — | | | — |
Net asset value, end of year | | | $37.37 | | | $31.61 | | | $27.06 | | | $36.25 | | | $29.32 |
Total return | | | 21.37% | | | 18.08% | | | (17.53)% | | | 26.33% | | | 8.09% |
Ratios/supplemental data:
| | | | | | | | | | | | | | | |
Net assets, end of year (thousands) | | | $28,619 | | | $26,066 | | | $20,934 | | | $25,643 | | | $18,706 |
Ratio of expenses to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers and expense reimbursement | | | 1.33% | | | 1.44% | | | 1.66% | | | 1.84% | | | 1.99% |
After fee waivers and expense reimbursement | | | 0.57% | | | 0.59% | | | 0.65% | | | 0.76% | | | 0.70% |
Ratio of net investment income/(loss) to average net assets:
| | | | | | | | | | | | | | | |
Before fee waivers and expense reimbursement | | | 0.34% | | | 0.25% | | | (0.06)% | | | (0.16)% | | | (0.42)% |
After fee waivers and expense reimbursement | | | 1.10% | | | 1.10% | | | 0.95% | | | 0.92% | | | 0.87% |
Portfolio turnover rate | | | 31.87% | | | 34.13% | | | 29.86% | | | 37.42% | | | 60.69% |
| | | | | | | | | | | | | | | | |
^
| Based on average shares outstanding. |
#
| Amount is less than $0.01. |
+
| The Fund stopped collecting a redemption fee on January 28, 2024. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024
NOTE 1 – ORGANIZATION
The Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund, (each a “Fund” and collectively, the “Funds”) are each a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.
The investment objective of the Scharf Fund and the Scharf Global Opportunity Fund is to seek long-term capital appreciation. The investment objective of the Scharf Multi-Asset Opportunity Fund is to seek long-term capital appreciation and income. The Scharf Fund Institutional Class and Retail Class commenced operations on December 30, 2011, and January 28, 2015, respectively. The Scharf Multi-Asset Opportunity Fund Institutional Class and Retail Class commenced operations on December 31, 2012, and January 21, 2016, respectively. The Scharf Global Opportunity Fund commenced operations on October 14, 2014.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America.
A.
| Security Valuation: All investments in securities are recorded at their estimated fair value, as described in Note 3. |
B.
| Federal Income Taxes: It is the Funds’ policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required. |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The tax returns of the Funds prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds’ net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
C.
| Securities Transactions, Income and Distributions: Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are calculated on the basis of specified cost. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method, except for premiums on certain callable debt securities that are amortized to the earliest call date. Dividend income, income and capital gain distributions from underlying funds and distributions to shareholders are recorded on the ex–dividend date. Withholding taxes on foreign dividends have been provided for in accordance with each Fund's understanding of the applicable country’s tax rules and rates. |
Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of each Fund based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.
Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets. Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund’s respective net assets, or by other equitable means.
The Funds distribute substantially all net investment income, if any, and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
The amounts of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.
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. |
For the year ended September 30, 2024, the Funds made the following permanent tax adjustments on the statements of assets and liabilities:
| | | | | | | |
Scharf Fund | | | $(2,430,158) | | | $2,430,158 |
Scharf Multi-Asset Opportunity Fund | | | (216,021) | | | 216,021 |
Scharf Global Opportunity Fund | | | (132,761) | | | 132,761 |
| | | | | | | |
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. |
F.
| Redemption Fees: Effective January 28, 2024, the Funds’ redemption fee has been eliminated. Prior to January 28, 2024, the Scharf Fund charged a 2.00% redemption fee to shareholders who redeemed shares held for 60 days or less, and the Scharf Multi-Asset Opportunity Fund and the Scharf Global Opportunity Fund each charged a 2.00% redemption fee to shareholders who redeemed shares held for 15 days or less. Such fees were retained by the Funds and accounted for as an addition to paid-in capital. Redemption fees retained are disclosed in the statements of changes. |
G.
| Foreign Currency: Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated to U.S. dollar amounts on the respective dates of such transactions. |
The Funds do not isolate those portions of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
H.
| Accounting Pronouncements: In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the Fund’s financial statements. |
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. The Funds have implemented these requirements as of the compliance date of July 24, 2024.
I.
| Events Subsequent to the Fiscal Year End: In preparing the financial statements as of September 30, 2024, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Funds’ financial statements. |
NOTE 3 – SECURITIES VALUATION
The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
Following is a description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis.
Each Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).
Equity Securities: The Funds’ investments are carried at fair value. Equity securities, including common stocks, preferred stocks and exchange-traded funds that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by a recognized independent pricing agent. To the extent, these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.
Fixed Income Securities: Debt securities, such as corporate bonds, asset-backed securities, municipal bonds, and U.S. government agency issues are valued at market on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These securities will generally be classified in level 2 of the fair value hierarchy.
Short-Term Securities: Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
Restricted Securities: The Funds may invest in securities that are subject to legal or contractual restrictions on resale (“restricted securities”). Restricted securities may be resold in transactions that are exempt from registration under the Federal securities law. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. The sale or other disposition of these securities may involve additional expenses and the prompt sale of these securities at an acceptable price may be difficult. At September 30, 2024, the Scharf Multi-Asset Opportunity Fund held securities issued pursuant to Rule 144A under the Securities Act of 1933. There were no other restricted investments held by the Funds at September 30, 2024.
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 each Fund’s net asset value (“NAV”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Funds’ investment adviser, Scharf Investments, LLC (“Adviser”), as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board’s oversight. The Adviser, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ securities as of September 30, 2024:
Scharf Fund
| | | | | | | | | | | | | |
Common Stocks | | | $407,079,145 | | | $— | | | $ — | | | $407,079,145 |
Real Estate Investment Trusts | | | 15,053,562 | | | — | | | — | | | 15,053,562 |
Preferred Stock | | | 14,139,278 | | | — | | | — | | | 14,139,278 |
Money Market Funds | | | 3,361,652 | | | — | | | — | | | 3,361,652 |
U.S. Treasury Bills | | | — | | | 4,930,162 | | | — | | | 4,930,162 |
Total Investments in Securities | | | $439,633,637 | | | $4,930,162 | | | $— | | | $444,563,799 |
| | | | | | | | | | | | | |
Scharf Multi-Asset Opportunity Fund
| | | | | | | | | | | | | |
Common Stocks | | | $32,253,999 | | | $— | | | $ — | | | $32,253,999 |
Municipal Bonds | | | — | | | 3,284,009 | | | — | | | 3,284,009 |
Preferred Stocks | | | 2,879,680 | | | — | | | — | | | 2,879,680 |
Corporate Bonds | | | — | | | 2,744,237 | | | — | | | 2,744,237 |
Exchange-Traded Funds | | | 2,495,848 | | | — | | | — | | | 2,495,848 |
| | | | | | | | | | | | | |
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
Scharf Multi-Asset Opportunity Fund (Continued)
| | | | | | | | | | | | | |
U.S. Treasury Securities | | | $— | | | $2,056,553 | | | $— | | | $2,056,553 |
Real Estate Investment Trusts | | | 1,216,907 | | | — | | | — | | | 1,216,907 |
Money Market Funds | | | 434,001 | | | — | | | — | | | 434,001 |
U.S. Treasury Bills | | | — | | | 2,307,833 | | | — | | | 2,307,833 |
Total Investments in Securities | | | $39,280,435 | | | $10,392,632 | | | $ — | | | $49,673,067 |
| | | | | | | | | | | | | |
Scharf Global Opportunity Fund
| | | | | | | | | | | | | |
Common Stocks | | | $25,234,660 | | | $ — | | | $ — | | | $25,234,660 |
Preferred Stocks | | | 1,440,940 | | | — | | | — | | | 1,440,940 |
Real Estate Investment Trusts | | | 1,055,309 | | | — | | | — | | | 1,055,309 |
Money Market Fund | | | 890,497 | | | — | | | — | | | 890,497 |
Total Investments | | | $28,621,406 | | | $— | | | $— | | | $28,621,406 |
| | | | | | | | | | | | | |
Refer to the Funds’ schedule of investments for a detailed break-out of securities by industry classification.
NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Funds have an investment advisory agreement with the Adviser pursuant to which the Adviser is responsible for providing investment management services to the Funds. The Adviser furnishes all investment advice, office space and facilities, and provides most of the personnel needed by each Fund. As compensation for its services, the Adviser is entitled to a fee, computed daily and payable monthly. The Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund pay fees calculated at an annual rate of 0.78%, 0.65%, and 0.70%, respectively, based upon the average daily net assets of each Fund. For the year ended September 30, 2024, the advisory fees incurred by the Funds are disclosed in the statements of operations.
The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Funds and to pay Fund operating expenses (excluding class specific expenses such as the 0.25% 12b-1 fees applied to the Retail Class and 0.10% shareholder servicing fees applied to both the Institutional Class and Retail Class, acquired fund fees and expenses, interest expense, dividends on securities sold short, taxes and extraordinary expenses) to the extent necessary to limit the Fund’s aggregate annual operating expenses as follows:
| | | | |
Scharf Fund | | | 0.79% |
Scharf Multi-Asset Opportunity Fund | | | 0.85% |
Scharf Global Opportunity Fund | | | 0.52% |
| | | | |
Percent of average daily net assets of each Fund.
Any such reduction made by the Adviser in its fees or payment of expenses which are the Funds’ obligation are subject to reimbursement by the Funds to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Funds toward the operating expenses for such fiscal year (taking into the account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment: or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Funds’ payment of current ordinary operating expenses. For the year ended September 30, 2024, the Adviser reduced its fees in the amount of $372,687, $96,569, and $204,103, for the Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund, respectively.
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
No amounts were recouped by the Adviser. The expense limitation for the Funds will remain in effect through at least January 27, 2025. The Expense Caps may be terminated only by the Board of the Trust. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:
| | | | | | | |
9/30/25 | | | $338,354 | | | 9/30/25 | | | $245,090 | | | 9/30/25 | | | $262,343 |
9/30/26 | | | 345,233 | | | 9/30/26 | | | 134,869 | | | 9/30/26 | | | 212,097 |
9/30/27 | | | 372,687 | | | 9/30/27 | | | 96,569 | | | 9/30/27 | | | 204,103 |
| | | $1,056,274 | | | | | | $476,528 | | | | | | $678,543 |
| | | | | | | | | | | | | | | | |
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) serves as the Funds’ administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds’ books and records, calculates the Funds’ NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board. The officers of the Trust including the Chief Compliance Officer are employees of Fund Services. Fees paid by the Funds for these services for the year ended September 30, 2024, are disclosed in the statements of operations.
Quasar Distributors, LLC (“Quasar”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.
NOTE 5 – 12B-1 DISTRIBUTION FEES
The Retail Class of the Scharf Fund and the Scharf Multi-Asset Opportunity Fund have adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”). The Plan permits each class to pay for distribution and related expenses up to an annual rate of 0.25% of its average daily net assets. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the year ended September 30, 2024, the 12b-1 fees accrued by each Fund’s Retail Class are disclosed in the statements of operations.
NOTE 6 – SHAREHOLDER SERVICING FEE
The Funds have entered into a Shareholder Servicing Agreement (the “Agreement”) with the Adviser, under which the Funds may pay servicing fees up to an annual rate of 0.10% of the average daily net assets of each Fund. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. For the year ended September 30, 2024, the shareholder servicing fees accrued by the Funds are disclosed in the statements of operations.
NOTE 7 – LINES OF CREDIT
The Scharf Fund, Scharf Multi-Asset Opportunity Fund, and Scharf Global Opportunity Fund have secured lines of credit in the amount of $20,000,000, $5,000,000, and $2,200,000, respectively. Borrowing on the line of credit for the Scharf Fund and the Scharf Multi-Opportunity Fund is limited to 33.33% of unencumbered assets. Borrowing on the line of credit for the Scharf Global Opportunity Fund is limited to the lower of 15% of portfolio market value or 33.33%
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
of unencumbered assets. These lines of credit are intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, U.S. Bank N.A. During the year ended September 30, 2024, Scharf Fund, Scharf Multi-Asset Opportunity Fund and Scharf Global Opportunity Fund each drew upon their lines of credit.
The Scharf Fund utilized the line on one day, had an outstanding average balance of $4,602,000, a weighted average interest rate of 8.50%, incurred interest expense of $1,087, and had a maximum amount outstanding of $4,602,000 on December 13, 2023. The Scharf Multi-Asset Opportunity Fund utilized the line on one day, had an outstanding average balance of $97,000, a weighted average interest rate of 8.50%, incurred interest expense of $23, and had a maximum amount outstanding of $97,000 on December 13, 2023. The Scharf Global Opportunity Fund utilized the line on five days, had an outstanding average balance of $1,356,000, a weighted average interest rate of 8.50%, incurred interest expense of $1,601, and had a maximum amount outstanding of $2,130,000 for the period December 8, 2023 through December 10, 2023.
At September 30, 2024, the Funds had no outstanding loan amounts.
NOTE 8 – PURCHASES AND SALES OF SECURITIES
For the year ended September 30, 2024, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:
| | | | | | | |
Scharf Fund | | | $134,253,362 | | | $160,041,715 |
Scharf Multi-Asset Opportunity Fund | | | 11,956,866 | | | 15,205,128 |
Scharf Global Opportunity Fund | | | 8,313,891 | | | 11,343,281 |
| | | | | | | |
The Funds made no purchases or sales of U.S. government securities during the year ended September 30, 2024.
NOTE 9 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
As of September 30, 2024, the components of accumulated earnings/(losses) on a tax basis were as follows
| | | | | | | | | | |
Cost of investments(a) | | | $306,748,638 | | | $36,386,063 | | | $20,686,762 |
Gross unrealized appreciation | | | 144,489,311 | | | 13,691,187 | | | 8,177,090 |
Gross unrealized depreciation | | | (6,674,150) | | | (404,183) | | | (242,446) |
Net unrealized appreciation(a) | | | 137,815,161 | | | 13,287,004 | | | 7,934,644 |
Net unrealized appreciation on foreign currency | | | 1,172 | | | 86 | | | 129 |
Undistributed ordinary income | | | 2,475,683 | | | 445,792 | | | 217,298 |
Undistributed long-term capital gains | | | 16,722,273 | | | 1,844,334 | | | 584,373 |
Total distributable earnings | | | 19,197,956 | | | 2,290,126 | | | 801,671 |
Other accumulated gains/(losses) | | | — | | | 57,988 | | | 245,600 |
Total accumulated earnings/(losses) | | | $157,014,289 | | | $15,635,204 | | | $8,982,044 |
| | | | | | | | | | |
(a)
| The difference between book-basis and tax-basis cost and unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales, tax adjustments related to partnerships, tax equalization and transfer in-kind. |
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
The tax character of distributions paid during the years ended September 30, 2024 and September 30, 2023 was as follows:
| | | | | | | |
Scharf Fund | | | $3,037,333 | | | $31,099,863 | | | $2,449,143 | | | $17,547,381 |
Scharf Multi-Asset Opportunity Fund | | | 583,831 | | | 3,379,079 | | | 289,803 | | | 1,330,727 |
Scharf Global Opportunity Fund | | | 319,928 | | | 336,812 | | | 258,154 | | | — |
| | | | | | | | | | | | | |
The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended September 30, 2024.
NOTE 10 – CONTROL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2024, each Fund’s percentage of control ownership positions greater than 25% are as follows:
| | | | |
Scharf Fund
| | | |
National Financial Services LLC | | | 33.75% |
Morgan Stanley Smith Barney LLC | | | 30.16% |
Scharf Multi-Asset Opportunity Fund
| | | |
Charles Schwab & Co., Inc. | | | 80.96% |
Scharf Global Opportunity Fund
| | | |
Charles Schwab & Co., Inc. | | | 53.08% |
| | | | |
NOTE 11 – OFFICERS
Effective June 6, 2024, Ms. Cheryl King retired from her service as Assistant Treasurer of the Trust.
NOTE 12 – PRINCIPAL RISKS
Below is a summary of some, but not all, of the principal risks of investing in the Funds, each of which may adversely affect a Fund’s net asset value and total return. The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
| • | Foreign and Emerging Market Securities Risk. The Fund may invest a portion (or all, with respect to the Global Opportunity Fund) of its total assets in securities of foreign issuers. Securities of foreign issuers may be denominated in U.S. dollars or in currencies other than U.S. dollars. Investments in securities of foreign issuers present certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include fluctuations in foreign currency exchange rates, political, economic or legal developments (including war or other instability, expropriation of assets, nationalization and confiscatory taxation), the imposition of foreign exchange limitations (including currency blockage), withholding taxes on income or capital transactions or other restrictions, higher transaction costs (including higher brokerage, custodial and settlement costs and currency conversion costs) and possible difficulty in enforcing contractual obligations or taking judicial action. Securities of foreign issuers may not be as liquid and may be more volatile than comparable securities of domestic issuers. |
| • | Investment Style Risk. Stocks with relatively low valuations may perform differently from the market as a whole and from other types of stocks. At times when these securities are out of favor, the Fund may |
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
underperform funds that follow different investing styles. Investing in such undervalued securities involves risks that such securities may never reach their expected market value, either because the market fails to recognize a security’s intrinsic worth or the expected value is overestimated. Such securities may decline in value even though they are already undervalued.
| • | Small- and Medium-Sized Company Risk. The securities of smaller or medium-sized companies may be subject to more abrupt or erratic market movements than securities of larger-sized companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger companies. Thus, to the extent the Fund invests in smaller or medium-sized companies, the Fund may be subject to greater investment risk than that assumed through investment in the equity securities of larger-sized companies. |
| • | Special Situations Risk. Investments in special situations may involve greater risks when compared to the Fund’s other strategies due to a variety of factors. Mergers, reorganizations, liquidations, or recapitalizations may not be completed on the terms originally contemplated, or may fail. Expected developments may not occur in a timely manner, or at all. Transactions may take longer than originally anticipated, resulting in lower annualized returns than contemplated at the time of investment. Furthermore, failure to anticipate changes in the circumstances affecting these types of investments may result in permanent loss of capital, where the Fund may be unable to recoup some or all of its investment, producing a loss for the Fund. In addition, investments in special situation companies may be illiquid and difficult to value, which will require the Fund to employ fair value procedures to value its holdings in such investments. |
| • | 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 a Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. |
NOTE 13 – REPORT OF THE FUNDS’ SPECIAL SHAREHOLDER MEETING (Unaudited)
At the board meeting held on June 27, 2024, the Board of Trustees (the “Board”) nominated two new Independent Trustees, Anne Kritzmire and Craig Wainscott, as well as one current Independent Trustee, Michele Rackey for election and appointment by shareholders of the Trust. At a special shareholder meeting held on August 27, 2024, shareholders voted to elect and appoint the three nominees as Independent Trustees to the Board. The vote results were as follows:
| | | | |
610,254,146.13 | | | 422,548,104.53 | | | 69.24% |
| | | | | | | |
(1)
| To approve the election of three Trustees to serve until his or her successor is elected and qualified. |
TABLE OF CONTENTS
Scharf Funds
NOTES TO FINANCIAL STATEMENTS
at September 30, 2024(Continued)
| | | | | | | |
(1) Craig Wainscott | | | 420,753,222.93 | | | 99.58% | | | 68.95% | | | 1,794,881.60 | | | 0.42% | | | 0.29% |
(2) Anne Kritzmire | | | 420,814,806.36 | | | 99.59% | | | 68.96% | | | 1,733,298.17 | | | 0.41% | | | 0.28% |
(3) Michele Rackey | | | 419,476,647.18 | | | 99.27% | | | 68.74% | | | 3,071,457.36 | | | 0.73% | | | 0.50% |
| | | | | | | | | | | | | | | | | | | |
Forty percent of the shares of the Trust entitled to vote, present in person or represented by proxy, constitutes a quorum.
The nominees will be elected as Trustees of the Trust if they receive a plurality of the votes cast by all shares of the Trust to be voted in the aggregate.
TABLE OF CONTENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees Advisors Series Trust and
Shareholders of: Scharf Funds
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Scharf Fund, the Scharf Multi-Asset Opportunity Fund, and the Scharf Global Opportunity Fund (the “Funds”), each a series of Advisors Series Trust (the “Trust”), including the schedules of investments, as of September 30, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2003.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
November 27, 2024
(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.
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.
See Item 7(a).
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/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, as amended, (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. |
| (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(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.
(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.
(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.
| (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. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | (Registrant) | Advisors Series Trust | |
| | By (Signature and Title)* | /s/ Jeffrey T. Rauman | |
| | | Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer | |
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 | |
| | By (Signature and Title)* | /s/ Kevin J. Hayden | |
| | | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer | |
* Print the name and title of each signing officer under his or her signature.
