SEC Notice of Application for Exemption for Advisors Series Trust

Content

March 19, 2026.

ACTION:

Notice.

Notice of an application under section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from section 15(a)
of the Act, as well as from certain disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items
22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the Securities Exchange Act of 1934, and sections
6-07(2)(a), (b), and (c) of Regulation S-X (“Disclosure Requirements”).

Summary of Application: The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with subadvisers
without shareholder approval and would grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.

Applicants: Advisors Series Trust and Scharf Investments, LLC.

Filing Dates: The application was filed on October 3, 2025, and amended on February 27, 2026.

Hearing or Notification of Hearing: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request
a hearing on any application by emailing the SEC's Secretary at Secretarys-Office@sec.gov and serving

  the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally
  or by mail, if a physical address is listed for the relevant Applicant below. The email should include the file number referenced
  above. Hearing requests should be received by the Commission by 5:30 p.m., Eastern time on April 13, 2026, and should be accompanied
  by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to
  rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability
  of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing
  may request notification by emailing the Commission's Secretary.

ADDRESSES:

The Commission: Secretarys-Office@sec.gov. Applicants: Rachael L. Schwartz, Esq., Sullivan & Worcester, LLP, rschwartz@sullivanlaw.com, with a copy to: Elaine E. Richards, Vice President and Secretary, Advisors Series Trust, elaine.richards@usbank.com.

FOR FURTHER INFORMATION CONTACT:

Rachel Loko, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:

For Applicants' representations, legal analysis, and conditions, please refer to Applicants' application, dated February 27,
2026, which may be obtained via the Commission's website by searching for the file number at the top of this document, or
for an Applicant using the Company name search field on the SEC's EDGAR system. The SEC's EDGAR system may be searched at https://www.sec.gov/search-filings. You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.

For the Commission, by the Division of Investment Management, under delegated authority.

Vanessa A. Countryman, Secretary. [FR Doc. 2026-05667 Filed 3-23-26; 8:45 am] BILLING CODE 8011-01-P

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