

As filed with the Securities and Exchange Commission on [date]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07959
(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
Milwaukee, WI 53202
(Name and address of agent for service)
(626) 914-7363
Registrant’s telephone number, including area code
Date of fiscal year end: October 31, 2025
Date of reporting period:
Item 1. Reports to Stockholders.
(a)
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Semi-Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
Class I
|
$
|
|
* | Annualized |
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Top 10 Issuers
|
(%)
|
American Electric Power Co., Inc.
|
|
Transurban Group
|
|
Duke Energy Corp.
|
|
National Grid PLC
|
|
Xcel Energy, Inc.
|
|
Cheniere Energy, Inc.
|
|
Getlink SE
|
|
Norfolk Southern Corp.
|
|
CSX Corp.
|
|
Public Service Enterprise Group, Inc.
|
|
* | Expressed as a percentage of net assets. |
First Sentier Global Listed Infrastructure Fund | PAGE 1 | TSR-SAR-00770X386 |
First Sentier Global Listed Infrastructure Fund | PAGE 2 | TSR-SAR-00770X386 |
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||
Semi-Annual Shareholder Report |
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
Class I
|
$
|
|
* | Annualized |
Net Assets
|
$
|
Number of Holdings
|
|
Portfolio Turnover
|
|
Top 10 Issuers
|
(%)
|
CSX Corp.
|
|
Duke Energy Corp.
|
|
Norfolk Southern Corp.
|
|
American Electric Power Co., Inc.
|
|
Cheniere Energy, Inc.
|
|
American Tower Corp.
|
|
Xcel Energy, Inc.
|
|
ONEOK, Inc.
|
|
Exelon Corp.
|
|
Crown Castle, Inc.
|
|
* | Expressed as a percentage of net assets. |
First Sentier American Listed Infrastructure Fund | PAGE 1 | TSR-SAR-00770X329 |
First Sentier American Listed Infrastructure Fund | PAGE 2 | TSR-SAR-00770X329 |
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
COMMON
STOCKS - 94.2% |
|
|
|
|
||
Airport
Services - 9.4% |
|
|
|
|
||
Aeroports
de Paris SA |
|
|
15,490 |
|
|
$1,936,972
|
Beijing
Capital International Airport Co. Ltd. - Class H(a) |
|
|
3,568,000 |
|
|
1,286,236
|
Flughafen
Zurich AG |
|
|
14,317 |
|
|
3,607,636
|
Grupo
Aeroportuario del Pacifico SAB de CV - Class B |
|
|
173,420 |
|
|
3,514,119
|
Japan
Airport Terminal Co. Ltd. |
|
|
62,100 |
|
|
1,786,179
|
|
|
|
|
12,131,142
| ||
Construction
& Engineering - 1.9% |
|
|
|
|
||
Vinci
SA |
|
|
17,265 |
|
|
2,425,166
|
Electric
Utilities - 24.7% |
|
|
|
|
||
American
Electric Power Co., Inc. |
|
|
59,159 |
|
|
6,409,286
|
Duke
Energy Corp. |
|
|
49,718 |
|
|
6,066,590
|
Evergy,
Inc. |
|
|
49,786 |
|
|
3,440,213
|
Eversource
Energy |
|
|
55,765 |
|
|
3,316,902
|
Exelon
Corp. |
|
|
60,903 |
|
|
2,856,351
|
NextEra
Energy, Inc. |
|
|
19,816 |
|
|
1,325,294
|
PG&E
Corp. |
|
|
204,413 |
|
|
3,376,903
|
Xcel
Energy, Inc. |
|
|
73,963 |
|
|
5,229,184
|
|
|
|
|
32,020,723
| ||
Environmental
& Facilities Services - 1.1% |
|
|
|
|
||
GFL
Environmental, Inc. |
|
|
28,053 |
|
|
1,399,845
|
Gas
Utilities - 4.1% |
|
|
|
|
||
AltaGas
Ltd. |
|
|
46,000 |
|
|
1,361,381
|
ENN
Energy Holdings Ltd. |
|
|
252,000 |
|
|
1,989,384
|
UGI
Corp. |
|
|
60,770 |
|
|
1,992,648
|
|
|
|
|
5,343,413
| ||
Highways
& Railtracks - 14.7% |
|
|
|
|
||
Atlas
Arteria Ltd. |
|
|
834,415 |
|
|
2,763,877
|
CCR
SA |
|
|
1,207,200 |
|
|
2,867,423
|
Getlink
SE |
|
|
243,154 |
|
|
4,617,057
|
Promotora
y Operadora de Infraestructura SAB de CV |
|
|
210,687 |
|
|
2,357,464
|
Transurban
Group |
|
|
709,747 |
|
|
6,395,787
|
|
|
|
|
19,001,608
| ||
Independent
Power Producers & Energy Traders - 2.2% |
|
|
|
|
||
AES
Corp. |
|
|
51,496 |
|
|
514,960
|
RWE
AG |
|
|
60,871 |
|
|
2,363,871
|
|
|
|
|
2,878,831
| ||
Integrated
Telecommunication Services - 2.4% |
|
|
|
|
||
China
Tower Corp. Ltd. - Class H(b) |
|
|
1,119,716 |
|
|
1,621,883
|
Infrastrutture
Wireless Italiane SpA(b) |
|
|
131,090 |
|
|
1,565,495
|
|
|
|
|
3,187,378
| ||
|
|
|
|
|
|
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|
1 |
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|
Shares |
|
|
Value
|
COMMON
STOCKS - (Continued) | ||||||
Multi-Utilities
- 11.8% |
|
|
|
|
||
Dominion
Energy, Inc. |
|
|
66,023 |
|
|
$3,590,331
|
Hera
SpA |
|
|
393,872 |
|
|
1,864,679
|
National
Grid PLC |
|
|
406,245 |
|
|
5,863,754
|
Public
Service Enterprise Group, Inc. |
|
|
50,129 |
|
|
4,006,811
|
|
|
|
|
15,325,575
| ||
Oil
& Gas Storage & Transportation - 9.0% |
|
|
|
|
||
Cheniere
Energy, Inc. |
|
|
20,700 |
|
|
4,783,977
|
DT
Midstream, Inc. |
|
|
11,121 |
|
|
1,080,961
|
ONEOK,
Inc. |
|
|
47,110 |
|
|
3,870,558
|
Targa
Resources Corp. |
|
|
11,539 |
|
|
1,972,015
|
|
|
|
|
11,707,511
| ||
Rail
Transportation - 10.5% |
|
|
|
|
||
Canadian
Pacific Kansas City Ltd. |
|
|
47,500 |
|
|
3,450,004
|
CSX
Corp. |
|
|
146,993 |
|
|
4,126,093
|
Norfolk
Southern Corp. |
|
|
19,375 |
|
|
4,340,969
|
West
Japan Railway Co. |
|
|
78,700 |
|
|
1,655,533
|
|
|
|
|
13,572,599
| ||
Water
Utilities - 2.4% |
|
|
|
|
||
Severn
Trent PLC |
|
|
83,461 |
|
|
3,104,505
|
TOTAL
COMMON STOCKS
(Cost
$113,756,642) |
|
|
|
|
122,098,296
| |
REAL
ESTATE INVESTMENT TRUSTS - 6.3% |
|
|
|
|
||
Telecom
Tower REITs - 6.3% |
|
|
|
|
||
American
Tower Corp. |
|
|
12,464 |
|
|
2,809,510
|
Crown
Castle, Inc. |
|
|
24,874 |
|
|
2,630,674
|
SBA
Communications Corp. |
|
|
11,234 |
|
|
2,734,356
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$7,656,928) |
|
|
|
|
8,174,540
| |
TOTAL
INVESTMENTS - 100.5%
(Cost
$121,413,570) |
|
|
|
|
$130,272,836
| |
Liabilities
in Excess of Other Assets - (0.5)% |
|
|
|
|
(699,467)
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$129,573,369 | |
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $3,187,378
or 2.4% of the Fund’s net assets. |
|
2 |
|
|
|
|
|
|
|
|
United
States |
|
|
$70,474,586 |
|
|
54.4%
|
Australia |
|
|
9,159,664 |
|
|
7.1
|
France |
|
|
8,979,195 |
|
|
6.9
|
United
Kingdom |
|
|
8,968,260 |
|
|
6.9
|
Canada |
|
|
6,211,229 |
|
|
4.8
|
Mexico |
|
|
5,871,583 |
|
|
4.5
|
China |
|
|
4,897,503 |
|
|
3.8
|
Switzerland |
|
|
3,607,636 |
|
|
2.8
|
Japan |
|
|
3,441,712 |
|
|
2.7
|
Italy |
|
|
3,430,174 |
|
|
2.6
|
Brazil |
|
|
2,867,423 |
|
|
2.2
|
Germany |
|
|
2,363,871 |
|
|
1.8
|
Liabilities
in Excess of Other Assets |
|
|
(699,467) |
|
|
(0.5)
|
|
|
$
129,573,369 |
|
|
100.0% | |
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - 85.2% |
|
|
|
|
||
Electric
Utilities - 36.0%(a) |
|
|
|
|
||
American
Electric Power Co., Inc. |
|
|
1,970 |
|
|
$213,430
|
Duke
Energy Corp. |
|
|
1,830 |
|
|
223,297
|
Evergy,
Inc. |
|
|
1,965 |
|
|
135,781
|
Eversource
Energy |
|
|
1,805 |
|
|
107,361
|
Exelon
Corp. |
|
|
3,535 |
|
|
165,791
|
Hawaiian
Electric Industries, Inc.(b) |
|
|
3,421 |
|
|
35,921
|
NextEra
Energy, Inc. |
|
|
1,774 |
|
|
118,645
|
PG&E
Corp. |
|
|
7,238 |
|
|
119,572
|
Xcel
Energy, Inc. |
|
|
2,564 |
|
|
181,275
|
|
|
|
|
1,301,073
| ||
Environmental
& Facilities Services - 1.0% |
|
|
|
|
||
GFL
Environmental, Inc. |
|
|
755 |
|
|
37,674
|
Gas
Utilities - 2.5% |
|
|
|
|
||
UGI
Corp. |
|
|
2,782 |
|
|
91,222
|
Independent
Power Producers & Energy Traders - 0.4% |
|
|
|
|
||
AES
Corp. |
|
|
1,444 |
|
|
14,440
|
Multi-Utilities
- 10.4% |
|
|
|
|
||
Black
Hills Corp. |
|
|
1,024 |
|
|
62,361
|
Dominion
Energy, Inc. |
|
|
2,420 |
|
|
131,600
|
National
Grid PLC - ADR |
|
|
795 |
|
|
58,035
|
Public
Service Enterprise Group, Inc. |
|
|
1,572 |
|
|
125,650
|
|
|
|
|
377,646
| ||
Oil
& Gas Storage & Transportation - 18.0% |
|
|
|
|
||
Cheniere
Energy, Inc. |
|
|
904 |
|
|
208,923
|
DT
Midstream, Inc. |
|
|
382 |
|
|
37,130
|
Kinder
Morgan, Inc. |
|
|
4,491 |
|
|
118,113
|
ONEOK,
Inc. |
|
|
2,074 |
|
|
170,400
|
Targa
Resources Corp. |
|
|
650 |
|
|
111,085
|
Williams
Cos., Inc. |
|
|
73 |
|
|
4,276
|
|
|
|
|
649,927
| ||
Rail
Transportation - 16.7% |
|
|
|
|
||
Canadian
Pacific Kansas City Ltd. |
|
|
256 |
|
|
18,552
|
CSX
Corp. |
|
|
8,048 |
|
|
225,908
|
Norfolk
Southern Corp. |
|
|
967 |
|
|
216,656
|
Union
Pacific Corp. |
|
|
654 |
|
|
141,042
|
|
|
|
|
602,158
| ||
Renewable
Electricity - 0.2% |
|
|
|
|
||
XPLR
Infrastructure LP |
|
|
665 |
|
|
5,480
|
TOTAL
COMMON STOCKS
(Cost
$2,948,490) |
|
|
|
|
3,079,620
| |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
REAL
ESTATE INVESTMENT TRUSTS - 12.6% |
|
|
|
|
||
Telecom
Tower REITs - 12.6% |
|
|
|
|
||
American
Tower Corp. |
|
|
884 |
|
|
$199,262
|
Crown
Castle, Inc. |
|
|
1,369 |
|
|
144,786
|
SBA
Communications Corp. |
|
|
455 |
|
|
110,747
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$412,906) |
|
|
|
|
454,795
| |
TOTAL
INVESTMENTS - 97.8%
(Cost
$3,361,396) |
|
|
|
|
$3,534,415
| |
Other
Assets in Excess of Liabilities - 2.2% |
|
|
|
|
79,881
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$3,614,296 | |
|
|
|
|
|
|
|
(a) |
To the extent that
the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments
that significantly affect those industries or sectors. |
(b) |
Non-income producing
security. |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
First Sentier
Global Listed
Infrastructure
Fund |
|
|
First Sentier
American
Listed
Infrastructure
Fund |
ASSETS |
|
|
|
|
||
Investments,
at value (cost $121,413,570 and $3,361,396, respectively) |
|
|
$130,272,836 |
|
|
$3,534,415
|
Cash |
|
|
2,127,984 |
|
|
44,309
|
Foreign
cash, at value (cost $353,304 and $148, respectively) |
|
|
353,707 |
|
|
147
|
Receivables |
|
|
|
|
||
Securities
sold |
|
|
168,064 |
|
|
74,099
|
Dividends
and interest |
|
|
89,848 |
|
|
2,333
|
Dividend
tax reclaim |
|
|
59,173 |
|
|
—
|
Due
from Adviser (Note 4) |
|
|
— |
|
|
18,763
|
Prepaid
expenses |
|
|
12,404 |
|
|
21,045
|
Total
assets |
|
|
133,084,016 |
|
|
3,695,111
|
LIABILITIES |
|
|
|
|
||
Payables |
|
|
|
|
||
Fund
shares redeemed |
|
|
3,410,340 |
|
|
—
|
Securities
purchased |
|
|
— |
|
|
56,070
|
Due
to Adviser |
|
|
59,575 |
|
|
—
|
Administration
and fund accounting fees |
|
|
6,034 |
|
|
7,708
|
Audit
fees |
|
|
10,062 |
|
|
10,063
|
Shareholder
servicing fees |
|
|
11,095 |
|
|
—
|
Transfer
agent fees and expenses |
|
|
2,735 |
|
|
1,488
|
Legal
fees |
|
|
934 |
|
|
1,048
|
Custody
fees |
|
|
7,153 |
|
|
3,250
|
Chief
Compliance Officer fee |
|
|
1,188 |
|
|
1,188
|
Other
accrued expenses |
|
|
1,531 |
|
|
—
|
Total
liabilities |
|
|
3,510,647 |
|
|
80,815
|
NET
ASSETS |
|
|
$129,573,369 |
|
|
$3,614,296
|
CALCULATION
OF NET ASSET VALUE PER SHARE |
|
|
|
|
||
Shares
issued and outstanding [unlimited number of shares (par value $0.01) authorized] |
|
|
11,068,467 |
|
|
354,617
|
Net
asset value, redemption price and offering price per share |
|
|
$11.71 |
|
|
$10.19
|
Components
of Net Assets |
|
|
|
|
||
Paid-in
capital |
|
|
$117,716,585 |
|
|
$3,378,672
|
Total
accumulated earnings |
|
|
11,856,784 |
|
|
235,624
|
Net
assets |
|
|
$129,573,369 |
|
|
$3,614,296 |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
First Sentier
Global Listed
Infrastructure
Fund |
|
|
First Sentier
American
Listed
Infrastructure
Fund |
NET
INVESTMENT INCOME |
|
|
|
|
||
Income |
|
|
|
|
||
Dividends
(net of foreign taxes withheld of $45,682 and $9, respectively) |
|
|
$
1,800,714 |
|
|
$47,835
|
Total
income |
|
|
1,800,714 |
|
|
47,835
|
Expenses |
|
|
|
|
||
Advisory
fees (Note 4) |
|
|
480,028 |
|
|
13,423
|
Administration
and fund accounting fees (Note 4) |
|
|
78,673 |
|
|
57,652
|
Shareholder
servicing fees (Note 5) |
|
|
64,004 |
|
|
—
|
Transfer
agent fees and expenses (Note 4) |
|
|
25,246 |
|
|
11,338
|
Custody
fees (Note 4) |
|
|
23,404 |
|
|
5,903
|
Trustee
fees and expenses |
|
|
13,385 |
|
|
13,467
|
Registration
fees |
|
|
12,348 |
|
|
9,993
|
Audit
fees |
|
|
10,413 |
|
|
10,413
|
Chief
Compliance Officer fees (Note 4) |
|
|
7,439 |
|
|
7,439
|
Legal
fees |
|
|
4,759 |
|
|
4,628
|
Miscellaneous |
|
|
4,369 |
|
|
4,275
|
Shareholder
reporting |
|
|
2,041 |
|
|
1,665
|
Insurance
expense |
|
|
1,841 |
|
|
1,266
|
Total
expenses before fee waiver and expense reimbursement |
|
|
727,950 |
|
|
141,462
|
Less:
advisory fees waived and expenses reimbursed by Adviser (Note 4) |
|
|
(119,914) |
|
|
(128,040)
|
Net
expenses |
|
|
608,036 |
|
|
13,422
|
Net
investment income |
|
|
1,192,678 |
|
|
34,413
|
REALIZED
AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY |
|
|
|
|
||
Net
realized gain/(loss) on transactions from: |
|
|
|
|
||
Investments |
|
|
3,555,135 |
|
|
127,499
|
Foreign
currency |
|
|
(8,517) |
|
|
69
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
||
Investments |
|
|
2,647,630 |
|
|
(162,590)
|
Foreign
currency |
|
|
13,424 |
|
|
(1)
|
Net
realized and unrealized gain/(loss) on investments and foreign currency |
|
|
6,207,672 |
|
|
(35,023)
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
$
7,400,350 |
|
|
$(610) |
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
April 30,
2025
(Unaudited) |
|
|
Year Ended
October 31,
2024 |
NET
INCREASE/(DECREASE) IN NET ASSETS FROM: |
|
|
|
|
||
OPERATIONS |
|
|
|
|
||
Net
investment income |
|
|
$1,192,678 |
|
|
$3,077,216
|
Net
realized gain/(loss) on transactions from: |
|
|
|
|
||
Investments |
|
|
3,555,135 |
|
|
3,099,879
|
Foreign
currency |
|
|
(8,517) |
|
|
(42,072)
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
||
Investments |
|
|
2,647,630 |
|
|
18,539,662
|
Foreign
currency |
|
|
13,424 |
|
|
(4,428)
|
Net
increase in net assets resulting from operations |
|
|
7,400,350 |
|
|
24,670,257
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
||
Net
dividends and distributions to shareholders |
|
|
(6,225,771) |
|
|
(2,689,587)
|
Total
dividends and distributions |
|
|
(6,225,771) |
|
|
(2,689,587)
|
CAPITAL
SHARE TRANSACTIONS |
|
|
|
|
||
Proceeds
from shares sold |
|
|
5,295,125 |
|
|
16,102,957
|
Proceeds
from shares issued in reinvestment of dividends |
|
|
6,172,693 |
|
|
2,665,393
|
Cost
of shares redeemed |
|
|
(10,751,503) |
|
|
(15,739,135)
|
Net
increase in net assets resulting from capital share transactions |
|
|
716,315 |
|
|
3,029,215
|
Total
increase in net assets |
|
|
1,890,894 |
|
|
25,009,885
|
NET
ASSETS |
|
|
|
|
||
Beginning
of period |
|
|
127,682,475 |
|
|
102,672,590
|
End
of period |
|
|
$
129,573,369 |
|
|
$127,682,475
|
CHANGES
IN SHARES OUTSTANDING |
|
|
|
|
||
Shares
sold |
|
|
493,487 |
|
|
1,512,024
|
Shares
issued in reinvestment of dividends |
|
|
557,606 |
|
|
258,776
|
Shares
redeemed |
|
|
(933,211) |
|
|
(1,435,294)
|
Net
increase in shares outstanding |
|
|
117,882 |
|
|
335,506 |
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
April 30,
2025
(Unaudited) |
|
|
Year Ended
October 31,
2024 |
NET
INCREASE/(DECREASE) IN NET ASSETS FROM: |
|
|
|
|
||
OPERATIONS |
|
|
|
|
||
Net
investment income |
|
|
$34,413 |
|
|
$70,323
|
Net
realized gain on transactions from: |
|
|
|
|
||
Investments |
|
|
127,499 |
|
|
143,130
|
Foreign
currency |
|
|
69 |
|
|
155
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
||
Investments |
|
|
(162,590) |
|
|
555,417
|
Foreign
currency |
|
|
(1) |
|
|
9
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(610) |
|
|
769,034
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|
|
|
||
Net
dividends and distributions to shareholders |
|
|
(206,460) |
|
|
(80,594)
|
Total
dividends and distributions |
|
|
(206,460) |
|
|
(80,594)
|
CAPITAL
SHARE TRANSACTIONS |
|
|
|
|
||
Proceeds
from shares sold |
|
|
24,950 |
|
|
400,644
|
Proceeds
from shares issued in reinvestment of dividends |
|
|
153,548 |
|
|
65,880
|
Cost
of shares redeemed |
|
|
(30) |
|
|
(54,422)
|
Net
increase in net assets resulting from capital share transactions |
|
|
178,468 |
|
|
412,102
|
Total
increase/(decrease) in net assets |
|
|
(28,602) |
|
|
1,100,542
|
NET
ASSETS |
|
|
|
|
||
Beginning
of period |
|
|
3,642,898 |
|
|
2,542,356
|
End
of period |
|
|
$
3,614,296 |
|
|
$3,642,898
|
CHANGES
IN SHARES OUTSTANDING |
|
|
|
|
||
Shares
sold |
|
|
2,533 |
|
|
37,925
|
Shares
issued in reinvestment of dividends |
|
|
15,039 |
|
|
7,256
|
Shares
redeemed |
|
|
(3) |
|
|
(5,915)
|
Net
increase in shares outstanding |
|
|
17,569 |
|
|
39,266 |
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
Six Months
Ended
April 30,
2025
(Unaudited) |
|
|
Year Ended
October 31, | ||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||
Net
asset value, beginning of period |
|
|
$11.66 |
|
|
$9.67 |
|
|
$10.49 |
|
|
$11.93 |
|
|
$10.24 |
|
|
$11.56
|
Income
from investment operations: |
|
|
|
|
|
|
|
|
|
|
||||||||
Net
investment income |
|
|
0.11 |
|
|
0.29 |
|
|
0.24 |
|
|
0.19 |
|
|
0.19 |
|
|
0.13
|
Net
realized and unrealized gain/(loss) on investments and foreign currency |
|
|
0.51 |
|
|
1.96 |
|
|
(0.55) |
|
|
(0.90) |
|
|
1.77 |
|
|
(1.10)
|
Total
from investment operations |
|
|
0.62 |
|
|
2.25 |
|
|
(0.31) |
|
|
(0.71) |
|
|
1.96 |
|
|
(0.97)
|
Less
dividends and distributions: |
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends
from net investment income |
|
|
(0.28) |
|
|
(0.26) |
|
|
(0.18) |
|
|
(0.21) |
|
|
(0.13) |
|
|
(0.16)
|
Distributions
from net realized gains |
|
|
(0.29) |
|
|
— |
|
|
(0.33) |
|
|
(0.52) |
|
|
(0.14) |
|
|
(0.19)
|
Total
dividends and distributions |
|
|
(0.57) |
|
|
(0.26) |
|
|
(0.51) |
|
|
(0.73) |
|
|
(0.27) |
|
|
(0.35)
|
Net
asset value, end of period |
|
|
$11.71 |
|
|
$11.66 |
|
|
$9.67 |
|
|
$10.49 |
|
|
$11.93 |
|
|
$10.24
|
Total
return |
|
|
5.64%
+ |
|
|
23.64% |
|
|
−3.51% |
|
|
−6.30% |
|
|
19.36% |
|
|
−8.62%
|
Supplemental
data and ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||
Net
assets, end of period (thousands) |
|
|
$129,573 |
|
|
$127,682 |
|
|
$102,673 |
|
|
$76,782 |
|
|
$70,588 |
|
|
$56,463
|
Ratio
of net expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
fee waivers and expense reimbursement |
|
|
1.14%
++ |
|
|
1.13% |
|
|
1.17% |
|
|
1.24% |
|
|
1.30% |
|
|
1.50%
|
After
fee waivers and expense reimbursement |
|
|
0.95%
++ |
|
|
0.95% |
|
|
0.95% |
|
|
0.95% |
|
|
0.95% |
|
|
0.94%
|
Ratio
of net investment income to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before
fee waivers and expense reimbursement |
|
|
1.67%
++ |
|
|
2.39% |
|
|
2.15% |
|
|
1.49% |
|
|
1.34% |
|
|
1.05%
|
After
fee waivers and expense reimbursement |
|
|
1.86%
++ |
|
|
2.57% |
|
|
2.37% |
|
|
1.78% |
|
|
1.69% |
|
|
1.61%
|
Portfolio
turnover rate |
|
|
34.59%
+ |
|
|
64.63% |
|
|
41.43% |
|
|
43.81% |
|
|
56.09% |
|
|
61.67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
Six Months
Ended
April 30,
2025
(Unaudited) |
|
|
Year Ended
October 31, |
|
|
December 29,
2020* through
October 31,
2021 | ||||||
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
| |||||
Net
asset value, beginning of period |
|
|
$10.81 |
|
|
$8.54 |
|
|
$10.95 |
|
|
$12.12 |
|
|
$10.00
|
Income
from investment operations: |
|
|
|
|
|
|
|
|
|||||||
Net
investment income |
|
|
0.10 |
|
|
0.21 |
|
|
0.18 |
|
|
0.23 |
|
|
0.09
|
Net
realized and unrealized gain/(loss) on investments and foreign currency |
|
|
(0.11) |
|
|
2.33 |
|
|
(0.69) |
|
|
(0.70) |
|
|
2.03
|
Total
from investment operations |
|
|
(0.01) |
|
|
2.54 |
|
|
(0.51) |
|
|
(0.47) |
|
|
2.12
|
Less
dividends and distributions: |
|
|
|
|
|
|
|
|
|||||||
Dividends
from net investment income |
|
|
(0.21) |
|
|
(0.19) |
|
|
(0.24) |
|
|
(0.14) |
|
|
—
|
Distributions
from net realized gains |
|
|
(0.40) |
|
|
(0.08) |
|
|
(1.66) |
|
|
(0.56) |
|
|
—
|
Total
dividends and distributions |
|
|
(0.61) |
|
|
(0.27) |
|
|
(1.90) |
|
|
(0.70) |
|
|
—
|
Net
asset value, end of period |
|
|
$10.19 |
|
|
$
10.81 |
|
|
$8.54 |
|
|
$10.95 |
|
|
$12.12
|
Total
return |
|
|
−0.08%
+ |
|
|
30.35% |
|
|
−6.83% |
|
|
−4.23% |
|
|
21.20%
+ |
Supplemental
data and ratios: |
|
|
|
|
|
|
|
|
|
|
|||||
Net
assets, end of period (thousands) |
|
|
$3,614 |
|
|
$
3,643 |
|
|
$2,542 |
|
|
$2,173 |
|
|
$5,469
|
Ratio
of net expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
fee waivers and expense reimbursement |
|
|
7.90%
++ |
|
|
8.80% |
|
|
10.15% |
|
|
6.67% |
|
|
6.45%
++ |
After
fee waivers and expense reimbursement |
|
|
0.75%
++ |
|
|
0.75% |
|
|
0.75% |
|
|
0.75% |
|
|
0.75%
++ |
Ratio
of net investment income/(loss) to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
Before
fee waivers and expense reimbursement |
|
|
(5.23%)
++ |
|
|
(5.68%) |
|
|
(7.37%) |
|
|
(4.44%) |
|
|
(4.36%)
++ |
After
fee waivers and expense reimbursement |
|
|
1.92%
++ |
|
|
2.37% |
|
|
2.03% |
|
|
1.48% |
|
|
1.34%
++ |
Portfolio
turnover rate |
|
|
38.49%
+ |
|
|
82.30% |
|
|
78.02% |
|
|
73.76% |
|
|
58.21%
+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
Not annualized. |
++ |
Annualized. |
* |
Commencement of operations.
|
|
11 |
|
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. |
C. |
Security Transactions,
Income, Expenses and Distributions: Security transactions are accounted for on the trade date. Realized gains and losses on securities
sold are calculated on the basis of specific lot identification. Interest income is recorded on an accrual basis. Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance
with the Funds’ understanding of the applicable country’s tax rules and rates. |
D. |
Foreign Securities:
The Global Listed Fund may invest up to 75% of its net assets in securities of foreign companies, including but not limited to depositary
receipts. Foreign economies may differ from the U.S. economy and individual foreign companies may differ from domestic companies in the
same industry. |
|
12 |
|
E. |
REITs:
The Funds have made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders
based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits
resulting in the excess portion of such dividends being designated as a return of capital. The Funds intend to include the gross dividends
from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the Funds’ distributions may also
be designated as a return of capital. |
F. |
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. |
G. |
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. |
H. |
Events Subsequent
to the Fiscal Period End: In preparing the financial statements as of April 30, 2025, 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. |
I. |
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 has determined that there was no significant impact of these amendments
on the Funds’ financial statements. |
|
13 |
|
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 each 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. |
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Assets: |
|
|
|
|
|
|
|
|
||||
Common
Stocks |
|
|
$77,250,282 |
|
|
$44,848,014 |
|
|
$— |
|
|
$122,098,296
|
Real
Estate Investment Trusts |
|
|
8,174,540 |
|
|
— |
|
|
— |
|
|
8,174,540
|
Total
Assets |
|
|
$85,424,822 |
|
|
$44,848,014 |
|
|
$— |
|
|
$130,272,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Assets: |
|
|
|
|
|
|
|
|
||||
Common
Stocks |
|
|
$3,079,620 |
|
|
$— |
|
|
$— |
|
|
$3,079,620
|
Real
Estate Investment Trusts |
|
|
454,795 |
|
|
— |
|
|
— |
|
|
454,795
|
Total
Assets |
|
|
$3,534,415 |
|
|
$— |
|
|
$— |
|
|
$3,534,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
Global
Listed Fund |
|
|
0.85%
|
American
Listed Fund |
|
|
0.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2025 |
|
|
10/31/2026 |
|
|
10/31/2027 |
|
|
4/30/2028 |
|
|
Total |
Global
Listed Fund |
|
|
$108,106 |
|
|
$213,175 |
|
|
$208,447 |
|
|
$119,914 |
|
|
$649,642
|
American
Listed Fund |
|
|
120,361 |
|
|
236,102 |
|
|
239,112 |
|
|
128,040 |
|
|
723,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
Cost of Purchases |
|
|
Proceeds
from Sales |
Global
Listed Fund |
|
|
$44,392,542 |
|
|
$47,586,666
|
American
Listed Fund |
|
|
1,386,162 |
|
|
1,390,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
Listed Fund |
|
|
April 30,
2025 |
|
|
October 31,
2024 |
Ordinary
income |
|
|
$3,032,706 |
|
|
$2,689,587
|
Long-term
capital gains |
|
|
3,193,065 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Listed Fund |
|
|
April 30,
2025 |
|
|
October 31,
2024 |
Ordinary
income |
|
|
$69,984 |
|
|
$55,334
|
Long-term
capital gains |
|
|
136,476 |
|
|
25,260 |
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
Global Listed
Fund |
|
|
American
Listed Fund |
Cost
of investments(a) |
|
|
$122,209,391 |
|
|
$3,323,398
|
Gross
unrealized appreciation |
|
|
$12,824,496 |
|
|
$381,118
|
Gross
unrealized depreciation |
|
|
(7,687,714) |
|
|
(128,876)
|
Net
unrealized appreciation(a) |
|
|
5,136,782 |
|
|
252,242
|
Net
unrealized depreciation on foreign currency |
|
|
(7,270)
|
|
|
(1)
|
Undistributed
ordinary income |
|
|
3,014,244 |
|
|
144,966
|
Undistributed
long-term capital gain |
|
|
2,538,449
|
|
|
45,487
|
Total
distributable earnings |
|
|
5,552,693 |
|
|
190,453
|
Other
accumulated earnings/(losses) |
|
|
— |
|
|
—
|
Total
accumulated earnings/(losses) |
|
|
$10,682,205 |
|
|
$442,694 |
|
|
|
|
|
|
|
(a) |
The difference
between book-basis and tax-basis cost and net unrealized depreciation is attributable primarily to wash sales and partnerships. |
• |
General Market
Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities
in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market
or other asset classes due to a number of factors, including: inflation (or expectations for inflation); deflation (or expectations for
deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions
and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition,
the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental
disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. 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. |
• |
Infrastructure
Companies Risk (Both Funds). Infrastructure companies may be subject to a variety of factors that may adversely affect their business
or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental
and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties
concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Some of the specific
risks that infrastructure companies may be particularly affected by, or subject to, include the following: regulatory risk, technology
risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer
risk, interest rate risk, inflation risk and financing risk. |
|
18 |
|
• |
Concentration
Risk (Both Funds). Since the securities of companies in the same industry or group of industries will comprise a significant portion
of each Fund’s portfolio, the Funds will be more significantly impacted by adverse developments in such industries than a fund that
invests in a wider variety of industries. |
• |
Emerging Markets
Risk (Global Listed Fund). Emerging markets are markets of countries in the initial stages of industrialization and generally have
low per capita income. In addition to the risks of foreign securities in general, emerging markets are generally more volatile,
have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries
and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than those of more
developed countries. |
• |
Stapled Securities
Risk (Both Funds). A stapled security is comprised of two different securities—a unit of a trust and a share of a company—that
are “stapled” together and treated as a unit at all times, including for transfer or trading.
The characteristics and value of a stapled security are influenced by both underlying securities. The listing of stapled securities
on a domestic or foreign exchange does not guarantee a liquid market for stapled securities. |
• |
Real Estate
Investment Trust (REIT) Risk (Both Funds). Investments in REITs will be subject to the risks associated with the direct ownership
of real estate and annual compliance with tax rules applicable to REITs. Risks commonly associated with the direct ownership of real estate
include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related
to general or local economic conditions. In addition, REITs have their own expenses, and the Funds will bear a proportionate share of
those expenses. |
• |
Limited Partnership
and Master Limited Partnerships Risk (Global Listed Fund). Investments in securities (units) of partnerships, including Master
Limited Partnerships (“MLPs”), involve risks that differ from an investment in common stock. Holders of the units
of limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. Certain
tax risks are associated with an investment in units of limited partnerships. In addition, conflicts of interest may exist
between common unit holders, subordinated unit holders and the general partner of a limited partnership, including a conflict arising
as a result of incentive distribution payments. In addition, investments in certain investment vehicles, such as limited partnerships
and MLPs, may be illiquid. Such partnership investments may also not provide daily pricing information to their investors, which
will require the Fund to employ fair value procedures to value its holdings in such investments. |
• |
Non-Diversification
Risk (American Listed Fund). To the extent that the Fund invests its assets in fewer securities, the Fund is subject to a greater
risk of loss if any of those securities become permanently impaired than a fund that invests more widely. |
|
19 |
|
|
|
|
|
|
|
|
Fund |
|
|
Shareholder
|
|
|
Percent of
Shares Held
|
Global
Listed Fund |
|
|
Capinco, c/o
U.S. Bank N.A. |
|
|
97.84%
|
American
Listed Fund |
|
|
Randy Paas IRA,
c/o U.S. Bank N.A. |
|
|
63.99% |
|
|
Maril & Co.,
c/o Reliance Trust Company |
|
|
25.07% | |
|
|
|
|
|
|
|
|
20 |
|
|
21 |
|
1. |
The
nature, extent and quality of the services provided and to be provided by the Advisers under the Advisory Agreements. The Board
considered the nature, extent and quality of the Advisers’ overall services provided to the Funds, as well as their specific responsibilities
in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities
of the portfolio managers, as well as the responsibilities of other key personnel of the Advisers involved in the day-to-day activities
of the Funds. The Board also considered the resources and compliance structure of the Advisers, including information regarding the Advisers’
compliance program, chief compliance officer and the Advisers’ compliance record, as well as the Advisers’ cybersecurity program,
liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board further considered
the prior relationship between the Advisers and the Trust, as well as the Board’s knowledge of the Advisers’ operations, and
noted that during the course of the prior year they had met with certain personnel of the Advisers in person to discuss the Funds’
performance and investment outlook as well as various compliance topics and fund marketing/distribution. The Board concluded that the
Advisers had the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing
their duties under the Advisory Agreements and that they were satisfied with the nature, overall quality and extent of such management
services. |
2. |
The Funds’ historical performance
and the overall performance of the Advisers. In assessing the quality of the portfolio management delivered
by the Advisers, the Board reviewed the short-term and long-term performance of the Funds as of June 30, 2024, on both an absolute
basis and a relative basis in comparison to their peer funds utilizing a Morningstar classification, an appropriate securities market
benchmark, 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 Advisers’ similarly managed accounts, if applicable.
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 Funds, as well as each Fund’s level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing
each Fund’s performance against a broad market benchmark, the Board took into account the differences in portfolio construction
between the Fund and such benchmark 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. |
|
22 |
|
3. |
The costs of the services to be
provided by the Advisers and the structure of the Advisers’ fees under the Advisory Agreements. In
considering the advisory and sub-advisory fees and total expenses of the Funds, the Board reviewed comparisons to the applicable Morningstar
peer group, the Cohort, and the Advisers’ similarly managed accounts for other types of clients, as well as all expense waivers
and reimbursements for the Funds. 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 those accounts that might be germane to the difference, if any, in the fees charged
to such accounts. |
4. |
Economies
of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
The Board further noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Funds
do not exceed the specified Expense Caps. The Board noted that at current asset levels for each Fund, it did not appear that there were
additional significant economies of scale being realized by the Adviser 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
Advisers and their affiliates from their relationship with the Funds. The Board reviewed the Advisers’
financial information and took into account both the direct benefits and the indirect benefits to the Advisers from advising the Funds.
The Board considered the profitability to the Advisers from its relationship with the Funds and considered any additional material benefits
derived by the |
|
23 |
|
|
24 |
|
(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.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
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 Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(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.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(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.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(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.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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 |
Date | 7/7/2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Jeffrey T. Rauman | ||
Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |
Date | 7/7/2025 |
By (Signature and Title)* | /s/ Kevin J. Hayden | ||
Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |
Date | 7/7/2025 |
* Print the name and title of each signing officer under his or her signature.