(a)

			S&P 500		Morningstar Large-Cap
		Fund	Value Index	S&P 500 Index	Value Category
	1-year	7.97%	3.25%	0.21%	2.23%
	5-year	9.82%	10.05%	13.66%	9.55%
	10-year	10.86%	11.49%	13.67%	10.68%
	15-year	7.08%	6.83%	9.28%	6.78%

*

Figures are from the Fund’s prospectus dated February 28, 2022.  The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that Net Annual Fund Operating Expenses do not exceed 0.70% (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) through at least February 28, 2023.  In addition, the Advisor has voluntarily agreed to waive a portion of its investment advisory fee contingent upon the Fund’s performance versus the S&P 500 Value Index.  While the Advisor may discontinue its voluntary waiver any time after February 28, 2023, it has no current intention of doing so.

Randall R. Eley	Thomas B. Murray
Chief Investment Officer	Portfolio Manager

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	11/1/21	4/30/22	11/1/21 – 4/30/22
Actual	$1,000.00	$1,020.90	$2.51
Hypothetical (5% return before expenses)	$1,000.00	$1,022.32	$2.51

*	Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 181 (days in most recent fiscal half-year)/365 days to reflect the one-half year expense.

Shares			COMMON STOCKS - 97.98%		Value
			Beverage and Tobacco Product Manufacturing - 5.05%
	3,850		Altria Group, Inc.		$	213,944
	69,650		Coca-Cola Co.			4,500,087
	3,300		PepsiCo, Inc.			566,643
						5,280,674
			Broadcasting (except Internet) - 0.10%
	5,757		Warner Bros. Discovery, Inc. (a)			104,490
			Building Material and Garden Equipment - 0.68%
	3,600		Lowe’s Cos., Inc.			711,828
			Chemical Manufacturing - 17.02%
	4,300		AbbVie, Inc.			631,584
	13,300		Amgen, Inc.			3,101,427
	9,400		Bristol-Myers Squibb Co.			707,538
	52,850		Dow, Inc.			3,514,525
	13,650		Gilead Sciences, Inc.			809,991
	10,500		Johnson & Johnson			1,894,830
	54,900		Merck & Co., Inc.			4,869,081
	46,252		Pfizer, Inc.			2,269,586
						17,798,562
			Computer and Electronic Product Manufacturing - 6.61%
	27,550		Cisco Systems, Inc.			1,349,399
	99,500		Intel Corp.			4,337,205
	11,700		Medtronic PLC - ADR			1,221,012
						6,907,616

Shares			COMMON STOCKS - 97.98%		Value
			Credit Intermediation and Related Activities - 8.55%
	2,500		American Express Co.		$	436,775
	39,200		Bank of America Corp.			1,398,656
	30,000		Bank of New York Mellon Corp.			1,261,800
	28,650		Capital One Financial Corp.			3,570,363
	9,650		Citigroup, Inc.			465,226
	3,700		JPMorgan Chase & Co.			441,632
	10,400		U.S. Bancorp			505,024
	19,600		Wells Fargo & Co.			855,148
						8,934,624
			Electrical Equipment, Appliance, and Component Manufacturing - 1.12%
	12,950		Emerson Electric Co.			1,167,831
			Food Manufacturing - 3.10%
	48,850		Kraft Heinz Co.			2,082,475
	17,900		Mondelez International, Inc. - Class A			1,154,192
						3,236,667
			General Merchandise Stores - 1.53%
	7,000		Target Corp.			1,600,550
			Health and Personal Care Stores - 8.78%
	50,800		CVS Health Corp.			4,883,404
	101,350		Walgreens Boots Alliance, Inc.			4,297,240
						9,180,644
			Insurance Carriers and Related Activities - 7.69%
	30,650		American International Group, Inc.			1,793,332
	76,450		MetLife, Inc.			5,021,236
	2,400		UnitedHealth Group, Inc.			1,220,520
						8,035,088
			Merchant Wholesalers, Durable Goods - 2.33%
	16,900		3M Co.			2,437,318

Shares			COMMON STOCKS - 97.98%		Value
			Petroleum and Coal Products Manufacturing - 8.03%
	26,400		Chevron Corp.		$	4,136,088
	11,350		ConocoPhillips			1,084,152
	37,250		Exxon Mobil Corp.			3,175,563
						8,395,803
			Professional, Scientific, and Technical Services - 2.83%
	22,400		International Business Machines Corp.			2,961,504
			Rail Transportation - 1.06%
	4,750		Union Pacific Corp.			1,112,877
			Real Estate - 0.41%
	3,650		Simon Property Group, Inc.			430,700
			Securities, Commodity Contracts, and Other Financial Investments
			and Related Activities - 3.44%
	450		BlackRock, Inc.			281,106
	4,600		Goldman Sachs Group, Inc.			1,405,254
	23,750		Morgan Stanley			1,914,012
						3,600,372
			Semiconductor and Other Electronic Component Manufacturing - 1.52%
	900		Broadcom, Inc.			498,951
	6,400		Texas Instruments, Inc.			1,089,600
						1,588,551
			Telecommunications - 4.76%
	23,800		AT&T, Inc.			448,868
	97,850		Verizon Communications, Inc.			4,530,455
						4,979,323
			Transportation Equipment Manufacturing - 6.46%
	20,000		General Dynamics Corp.			4,730,600
	1,600		Lockheed Martin Corp.			691,392
	14,000		Raytheon Technologies Corp.			1,328,740
						6,750,732

Shares			COMMON STOCKS - 97.98%		Value
			Utilities - 6.91%
	16,900		Constellation Energy Corp.		$	1,000,649
	12,500		Duke Energy Corp.			1,377,000
	53,400		Exelon Corp.			2,498,052
	32,050		Southern Co.			2,352,150
						7,227,851
			TOTAL COMMON STOCKS (Cost $95,823,217)			102,443,605
			MONEY MARKET FUND - 1.96%
	2,049,071		Invesco STIT-Treasury Portfolio - Institutional Class, 0.23% (b)			2,049,071
			TOTAL MONEY MARKET FUND (Cost $2,049,071)			2,049,071
			Total Investments in Securities (Cost $97,872,288) - 99.94%			104,492,676
			Other Assets in Excess of Liabilities - 0.06%			64,629
			TOTAL NET ASSETS - 100.00%		$	104,557,305

ADR	American Depository Receipt
PLC	Public Limited Company
(a)	Non-income producing security.
(b)	Rate shown is the 7-day annualized yield as of April 30, 2022.

ASSETS
Investments in securities, at value (identified cost $97,872,288)		$	104,492,676
Receivables
Fund shares sold			42,220
Dividends and interest			173,404
Return of capital			737
Prepaid expenses			12,495
Total assets			104,721,532
LIABILITIES
Payables
Fund shares redeemed			65,694
Administration fees			32,545
Audit fees			31,414
Transfer agent fees and expenses			9,221
Advisory fees (Note 4)			7,953
Fund accounting fees			6,313
Shareholder reporting			3,767
Custody fees			3,111
Chief Compliance Officer fee			2,438
Trustee fees and expenses			717
Legal fees			328
Accrued other expenses			726
Total liabilities			164,227
NET ASSETS		$	104,557,305
CALCULATION OF NET ASSET VALUE PER SHARE
Net assets applicable to shares outstanding		$	104,557,305
Shares issued and outstanding
[unlimited number of shares (par value $0.01) authorized]			7,078,575
Net asset value, offering and redemption price per share		$	14.77
COMPONENTS OF NET ASSETS
Paid-in capital		$	91,759,923
Total distributable earnings			12,797,382
Net assets		$	104,557,305

INVESTMENT INCOME
Dividends (Net of foreign taxes withheld of $1,106)		$	1,549,741
Interest			494
Total investment income			1,550,235
EXPENSES
Advisory fees (Note 4)			283,786
Administration fees (Note 4)			95,353
Transfer agent fees and expenses (Note 4)			45,154
Fund accounting fees (Note 4)			19,188
Registration fees			12,544
Audit fees			10,414
Custody fees (Note 4)			10,202
Chief Compliance Officer fee (Note 4)			7,438
Trustee fees and expenses			6,684
Reports to shareholders			4,163
Legal fees			3,858
Other expenses			3,193
Insurance expense			1,771
Total expenses			503,748
Less: advisory fee waiver (Note 4)			(245,761	)
Net expenses			257,987
Net investment income			1,292,248
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on investments			5,444,607
Net change in unrealized appreciation/(depreciation) on investments			(4,665,004	)
Net realized and unrealized gain on investments			779,603
Net Increase in Net Assets Resulting from Operations		$	2,071,851

		Six Months Ended
		April 30, 2022				Year Ended
		(Unaudited)				October 31, 2021
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income		$	1,292,248			$	2,775,604
Net realized gain on investments			5,444,607				3,451,834
Net change in unrealized appreciation/(depreciation) on investments			(4,665,004	)			28,872,845
Net increase in net assets resulting from operations			2,071,851				35,100,283
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions to shareholders			(5,104,318	)			(11,248,220	)
CAPITAL SHARE TRANSACTIONS
Net increase/(decrease) in net assets derived from
net change in outstanding shares (a)			6,626,932				(8,968,551	)
Total increase in net assets			3,594,465				14,883,512
NET ASSETS
Beginning of period			100,962,840				86,079,328
End of period		$	104,557,305			$	100,962,840

		Six Months Ended
		April 30, 2022								Year Ended
		(Unaudited)								October 31, 2021
		Shares				Paid-in Capital				Shares				Paid-in Capital
Shares sold			772,252			$	11,633,920				1,302,996			$	17,787,735
Shares issued on reinvestments of distributions			349,126				5,097,237				887,808				11,195,257
Shares redeemed			(671,529	)			(10,104,225	)			(2,761,539	)			(37,951,543	)
Net increase/(decrease)			449,849			$	6,626,932				(570,735	)		$	(8,968,551	)

		Six Months Ended
		April 30, 2022				Year Ended October 31,
		(Unaudited)				2021				2020				2019				2018				2017
Net asset value, beginning of period		$	15.23			$	11.96			$	14.51			$	15.33			$	15.25			$	13.00
Income from investment operations:
Net investment income			0.19				0.42				0.42				0.30				0.33				0.36
Net realized and unrealized
gain/(loss) on investments			0.12				4.43				(2.65	)			0.87				1.06				2.25
Total from investment operations			0.31				4.85				(2.23	)			1.17				1.39				2.61
Less distributions:
From net investment income			(0.40	)			(0.44	)			(0.32	)			(0.31	)			(0.36	)			(0.29	)
From net realized gain on investments			(0.37	)			(1.14	)			—				(1.68	)			(0.95	)			(0.07	)
Total distributions			(0.77	)			(1.58	)			(0.32	)			(1.99	)			(1.31	)			(0.36	)
Net asset value, end of period		$	14.77			$	15.23			$	11.96			$	14.51			$	15.33			$	15.25
Total return			2.09	%‡			43.39	%			-15.83	%			9.07	%			9.44	%			20.43	%
Ratios/supplemental data:
Net assets, end of period (thousands)		$	104,557			$	100,963			$	86,079			$	119,054			$	85,308			$	81,873
Ratio of expenses to average net assets:
Before fees waived and
expenses absorbed			0.98	%†			0.98	%			1.01	%			0.96	%			1.00	%			1.06	%
After fees waived and
expenses absorbed			0.50	%†			0.50	%			0.54	%			0.70	%			0.70	%			0.50	%
Ratio of net investment income
to average net assets:
Before fees waived and
expenses absorbed			2.03	%†			2.27	%			2.52	%			2.10	%			1.86	%			1.90	%
After fees waived and
expenses absorbed			2.51	%†			2.75	%			2.99	%			2.36	%			2.16	%			2.46	%
Portfolio turnover rate			33.68	%‡			34.47	%			45.46	%			23.83	%			40.62	%			37.01	%

†	Annualized.
‡	Not annualized.

	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 Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.
		The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The tax returns of the Fund’s prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
	C.	Securities Transactions, Income and Distributions: Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on a first-in, first-out basis. Interest income is recorded on an accrual basis. Dividend income, income and capital gain distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date.
		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 Fund distributes substantially all net investment income, if any, and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.
		The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

	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.
	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.	Events Subsequent to the Fiscal Period End: In preparing the financial statements as of April 30, 2022, management considered the impact of subsequent events for the potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Fund’s financial statements.

	Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

			Level 1				Level 2				Level 3				Total
	Common Stocks
	Finance and Insurance		$	16,999,722			$	—			$	—			$	16,999,722
	Information			5,083,813				—				—				5,083,813
	Management of Companies and Enterprises			3,570,363				—				—				3,570,363
	Manufacturing			51,305,018				—				—				51,305,018
	Mining, Quarrying, and Oil and Gas Extraction			1,084,152				—				—				1,084,152
	Real Estate and Rental and Leasing			430,700				—				—				430,700
	Retail Trade			15,629,110				—				—				15,629,110
	Transportation and Warehousing			1,112,877				—				—				1,112,877
	Utilities			7,227,850				—				—				7,227,850
	Total Common Stocks			102,443,605				—				—				102,443,605
	Money Market Fund			2,049,071				—				—				2,049,071
	Total Investments in Securities		$	104,492,676			$	—			$	—			$	104,492,676

	Expires		Amount
	10/31/2022		$	152,691
	10/31/2023			322,112
	10/31/2024			284,842
	4/30/2025			142,566
			$	902,211

			Six Months Ended				Year Ended
			April 30, 2022				October 31, 2021
	Ordinary income		$	2,866,361			$	3,122,164
	Long-term capital gains			2,237,957				8,126,056

	Cost of investments (a)		$	89,732,297
	Gross tax unrealized appreciation			14,922,890
	Gross tax unrealized depreciation			(3,832,222	)
	Net tax unrealized appreciation (a)			11,090,668
	Undistributed ordinary income			2,501,259
	Undistributed long-term capital gain			2,237,922
	Total distributable earnings			4,739,181
	Total accumulated earnings/(losses)		$	15,829,849

(a)

The difference between book-basis and tax-basis net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

	1.	THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BE PROVIDED BY THE ADVISOR UNDER THE ADVISORY AGREEMENT. The Board considered the nature, extent and quality of the Advisor’s overall services provided to the Fund, as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Advisor involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Advisor, including information regarding its compliance program, its chief compliance officer and the Advisor’s compliance record, as well as the Advisor’s cybersecurity program, liquidity risk management program, business continuity plan, and risk management process. Additionally, the Board considered how the Advisor’s business continuity plan has operated throughout the COVID-19 pandemic. The Board further considered the prior relationship between the Advisor and the Trust, as well as the Board’s knowledge of the Advisor’s operations, and noted that during the course of the prior year they had met with certain personnel of the Advisor by videoconference to discuss the Fund’s performance and investment outlook as well as various marketing and compliance topics. The Board concluded that the Advisor had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.
	2.	THE FUND’S HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCE OF THE ADVISOR. In assessing the quality of the portfolio management delivered by the Advisor, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2021, on both an absolute basis and  a relative basis in comparison to its peer funds utilizing Morningstar classifications, appropriate securities market benchmarks, a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the Board to assist it in its 15(c) review (the “Cohort”), and the Advisor’s similarly managed accounts. While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing performance against the comparative Morningstar peer group universe, the Board took into account that the investment objectives and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the

		peer universe. When reviewing the Fund’s performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.
		The Board noted that the Fund underperformed the average of its Morningstar peer group and Cohort for the one-, three-, and five-year periods and outperformed for the ten-year period ended June 30, 2021.
		The Board reviewed the performance of the Fund against broad-based securities market benchmarks noting that it had underperformed each for the one-, three-, five-, and ten-year periods ended June 30, 2021.
		The Board also considered any differences in performance between the Advisor’s separately managed accounts and the performance of the Fund, noting that the Fund underperformed the similarly managed composite for the one-, three-, five-, and ten-year periods ended June 30, 2021.
	3.	THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISOR AND THE STRUCTURE OF THE ADVISOR’S FEE UNDER THE ADVISORY AGREEMENT. In considering the advisory fee and total expenses of the Fund, the Board reviewed comparisons to the Morningstar peer funds, the Cohort, and the Advisor’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements for the Fund. When reviewing fees charged to other separately managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts.
		The Board noted that the Advisor had contractually agreed to limit the annual expense ratio for the Fund to no more than 0.70%, excluding certain operating expenses and class-level expenses (the “Expense Cap”). Additionally, the Board noted that the Advisor had voluntarily agreed to waive a portion of its advisory fees in the event, at the end of any month, the Fund’s trailing three-year and/or five-year average annual total return was less than that of a specific index. The Board noted that the Fund’s total net expense ratio was below the average and median of both its Morningstar peer group and its Cohort. The Board also considered that the contractual management fee was in line with the Morningstar peer group median, slightly below the Morningstar peer group average, and below the Cohort median and average. The Board considered the advisory fee waivers and the reimbursement of Fund expenses necessary to maintain the Expense Cap.
		The Board also considered the services the Advisor provided to its separately managed account clients, comparing the fees charged for those management services to the management fees charged to the Fund. The Board found that the management fees charged to the Fund were in some cases higher than the fees charged to the Advisor’s similarly managed account clients due to the increased services provided to the Fund.
		The Board determined that it would continue to monitor the appropriateness of the advisory fee for the Fund and concluded that, at this time, the fee to be paid to the Advisor was fair and reasonable.

	4.	ECONOMIES OF SCALE. The Board also considered whether economies of scale were being realized by the Advisor that should be shared with shareholders. The Board further noted that the Advisor has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does not exceed the specified Expense Cap. The Board noted that at current asset levels, it did not appear that there were additional significant economies of scale being realized by the Advisor that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances changed and assuming asset levels continue to increase.
	5.	THE PROFITS TO BE REALIZED BY THE ADVISOR AND ITS AFFILIATES FROM THEIR RELATIONSHIP WITH THE FUND. The Board reviewed the Advisor’s financial information and took into account both the direct benefits and the indirect benefits to the Advisor from advising the Fund. The Board considered the profitability to the Advisor from its relationship with the Fund and considered any additional material benefits derived by the Advisor from its relationship with the Fund, such as “soft dollar” benefits that may be received in exchange for Fund brokerage. The Board also considered that the Fund does not charge Rule 12b-1 fees. After such review, the Board determined that the profitability to the Advisor with respect to the Advisory Agreement was not excessive, and that the Advisor had maintained adequate resources and profit levels to support the services it provides to the Fund.

Date:	7/5/2022		/s/ Jeffrey T. Rauman
			Jeffrey T. Rauman President/Chief Executive Officer/Principal Executive Officer

Date:	7/6/2022		/s/ Cheryl L. King
			Cheryl L. King Vice President/Treasurer/Principal Financial Officer

/s/ Jeffrey T. Rauman Jeffrey T. Rauman President/Chief Executive Officer/Principal Executive Officer Advisors Series Trust	/s/ Cheryl L. King Cheryl L. King Vice President/Treasurer/Principal Financial Officer Advisors Series Trust
Dated:   7/5/2022	Dated:   7/6/2022