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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
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: April
30, 2025
Item 1. Reports to Stockholders.
(a)
|
|
|
|
Edgar Lomax Value Fund
|
|
LOMAX
|
Semi-Annual Shareholder Report | April 30, 2025
|
This semi-annual shareholder report contains important information about the Edgar Lomax Value Fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.edgarlomax.com/documents. You can also request this information by contacting us at 1-866-205-0524.
|
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
Edgar Lomax Value Fund
|
$25
|
%
|
KEY FUND STATISTICS (as of April 30, 2025)
|
|
Net Assets
|
$91,296,291
|
Number of Holdings
|
53
|
Portfolio Turnover
|
35%
|
Visit https://www.edgarlomax.com/documents for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
|
|
Top 10 Issuers
|
(% of Net Assets)
|
CVS Health Corp.
|
5.1%
|
Verizon Communications, Inc.
|
5.0%
|
Johnson & Johnson
|
4.4%
|
Coca-Cola Co.
|
4.4%
|
Mondelez International, Inc. - Class A
|
4.3%
|
Merck & Co., Inc.
|
4.1%
|
AT&T, Inc.
|
3.9%
|
Invesco STIT-Treasury Portfolio - Institutional Class
|
3.6%
|
International Business Machines Corp.
|
3.6%
|
FedEx Corp.
|
3.4%
|
|
|
Top Sectors
|
(% of Net Assets)
|
Manufacturing
|
44.4%
|
Finance and Insurance
|
14.7%
|
Information
|
10.2%
|
Retail Trade
|
8.3%
|
Utilities
|
6.1%
|
Transportation and Warehousing
|
6.0%
|
Mining, Quarrying, and Oil and Gas Extraction
|
3.6%
|
Accommodation and Food Services
|
2.1%
|
Real Estate and Rental and Leasing
|
1.0%
|
Cash & Other
|
3.6%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.edgarlomax.com/documents.
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 Edgar Lomax Company documents not be householded, please contact Edgar Lomax Company at 1-866-205-0524, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Edgar Lomax Company or your financial intermediary.
Edgar Lomax Value Fund
|
PAGE 1
|
TSR-SAR-007989882 |
(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. |
|
|
Item 7.
Financial Statements and Financial Highlights for Open-End Investment Companies.
(a)
Edgar
Lomax Value Fund
Core Financial
Statements
April
30, 2025
TABLE OF CONTENTS
Edgar
Lomax Value Fund
Schedule
of Investments
April
30, 2025 (Unaudited)
|
|
|
|
|
|
|
COMMON
STOCKS - 95.3%
|
|
|
|
|
|
|
Beverage
and Tobacco Product Manufacturing - 4.9%
|
|
|
|
|
|
|
Altria
Group, Inc. |
|
|
3,850 |
|
|
$227,728
|
Coca-Cola
Co. |
|
|
55,150 |
|
|
4,001,132
|
PepsiCo,
Inc. |
|
|
1,900 |
|
|
257,602
|
|
|
|
|
|
|
4,486,462
|
Broadcasting
and Content
Providers
- 1.3%
|
|
|
|
|
|
|
Comcast
Corp. - Class A |
|
|
33,150 |
|
|
1,133,730
|
Chemical
Manufacturing - 12.1%
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
1,650 |
|
|
321,915
|
Amgen,
Inc. |
|
|
7,700 |
|
|
2,240,084
|
Bristol-Myers
Squibb Co. |
|
|
5,150 |
|
|
258,530
|
Dow,
Inc. |
|
|
7,250 |
|
|
221,778
|
Gilead
Sciences, Inc. |
|
|
13,450 |
|
|
1,432,963
|
Merck
& Co., Inc. |
|
|
44,300 |
|
|
3,774,360
|
Pfizer,
Inc. |
|
|
46,802 |
|
|
1,142,437
|
Procter
& Gamble Co. |
|
|
10,250 |
|
|
1,666,342
|
|
|
|
|
|
|
11,058,409
|
Computer
and Electronic Product Manufacturing - 9.1%
|
|
|
|
|
|
|
Cisco
Systems, Inc. |
|
|
37,050 |
|
|
2,138,896
|
International
Business Machines Corp. |
|
|
13,450 |
|
|
3,252,479
|
Medtronic
PLC |
|
|
19,550 |
|
|
1,657,058
|
Qualcomm,
Inc. |
|
|
8,300 |
|
|
1,232,218
|
|
|
|
|
|
|
8,280,651
|
Couriers
and Messengers - 4.7%
|
|
|
|
|
|
|
FedEx
Corp. |
|
|
14,700 |
|
|
3,091,851
|
United
Parcel Service, Inc. - Class B |
|
|
12,350 |
|
|
1,176,955
|
|
|
|
|
|
|
4,268,806
|
Credit
Intermediation and Related Activities - 9.9%
|
|
|
|
|
|
|
American
Express Co. |
|
|
2,500 |
|
|
666,025
|
Bank
of America Corp. |
|
|
31,300 |
|
|
1,248,244
|
Bank
of New York Mellon Corp. |
|
|
9,700 |
|
|
779,977
|
Capital
One Financial Corp. |
|
|
7,700 |
|
|
1,388,002
|
Citigroup,
Inc. |
|
|
37,250 |
|
|
2,547,155
|
JPMorgan
Chase & Co. |
|
|
5,750 |
|
|
1,406,565
|
U.S.
Bancorp |
|
|
6,050 |
|
|
244,057
|
Wells
Fargo & Co. |
|
|
10,550 |
|
|
749,155
|
|
|
|
|
|
|
9,029,180
|
Food
Manufacturing - 4.6%
|
|
|
|
|
|
|
Kraft
Heinz Co. |
|
|
9,450 |
|
|
274,995
|
Mondelez
International, Inc. - Class A |
|
|
58,050 |
|
|
3,954,946
|
|
|
|
|
|
|
4,229,941
|
Food
Services and Drinking Places - 2.1%
|
McDonald’s
Corp. |
|
|
5,900 |
|
|
1,885,935
|
General
Merchandise Stores - 3.2%
|
|
|
|
|
|
|
Target
Corp. |
|
|
30,350 |
|
|
2,934,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health
and Personal Care
Retailers
- 5.1%
|
|
|
|
|
|
|
CVS
Health Corp. |
|
|
70,150 |
|
|
$4,679,706
|
Insurance
Carriers and Related Activities - 1.4%
|
|
|
|
|
|
|
MetLife,
Inc. |
|
|
16,800 |
|
|
1,266,216
|
Leather
and Allied Product Manufacturing - 1.0%
|
|
|
|
|
|
|
NIKE,
Inc. - Class B |
|
|
16,800 |
|
|
947,520
|
Machinery
Manufacturing - 0.3%
|
|
|
|
|
|
|
Caterpillar,
Inc. |
|
|
850 |
|
|
262,880
|
Miscellaneous
Manufacturing - 6.1%
|
|
|
|
|
|
|
3M
Co. |
|
|
10,700 |
|
|
1,486,337
|
Johnson
& Johnson |
|
|
25,950 |
|
|
4,056,245
|
|
|
|
|
|
|
5,542,582
|
Petroleum
and Coal Products Manufacturing - 4.9%
|
|
|
|
|
|
|
Chevron
Corp. |
|
|
18,100 |
|
|
2,462,686
|
Exxon
Mobil Corp. |
|
|
19,150 |
|
|
2,022,815
|
|
|
|
|
|
|
4,485,501
|
Rail
Transportation - 1.3%
|
|
|
|
|
|
|
Union
Pacific Corp. |
|
|
5,600 |
|
|
1,207,696
|
Securities,
Commodity Contracts, and Other Financial Investments and Related Activities - 3.4%
|
|
|
|
|
|
|
Goldman
Sachs Group, Inc. |
|
|
1,300 |
|
|
711,815
|
Morgan
Stanley |
|
|
20,850 |
|
|
2,406,507
|
|
|
|
|
|
|
3,118,322
|
Support
Activities for Mining - 1.4%
|
|
|
|
|
|
|
ConocoPhillips |
|
|
14,500 |
|
|
1,292,240
|
Telecommunications
- 8.9%
|
|
|
|
|
|
|
AT&T,
Inc. |
|
|
129,050 |
|
|
3,574,685
|
Verizon
Communications, Inc. |
|
|
103,450 |
|
|
4,558,007
|
|
|
|
|
|
|
8,132,692
|
Transportation
Equipment Manufacturing - 3.5%
|
|
|
|
|
|
|
Ford
Motor Co. |
|
|
29,200 |
|
|
292,292
|
General
Dynamics Corp. |
|
|
8,400 |
|
|
2,285,808
|
General
Motors Co. |
|
|
13,900 |
|
|
628,836
|
|
|
|
|
|
|
3,206,936
|
Utilities
- 6.1%
|
|
|
|
|
|
|
Duke
Energy Corp. |
|
|
21,400 |
|
|
2,611,228
|
NextEra
Energy, Inc. |
|
|
18,100 |
|
|
1,210,528
|
Southern
Co. |
|
|
18,600 |
|
|
1,709,154
|
|
|
|
|
|
|
5,530,910
|
TOTAL
COMMON STOCKS
(Cost
$82,501,552) |
|
|
|
|
|
86,981,160
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Edgar
Lomax Value Fund
Schedule
of Investments
April
30, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
REAL
ESTATE INVESTMENT TRUSTS - 1.0%
|
Real
Estate - 1.0%
|
|
|
|
|
|
|
American
Tower Corp. |
|
|
1,600 |
|
|
$360,656
|
Simon
Property Group, Inc. |
|
|
3,550 |
|
|
558,699
|
|
|
|
|
|
|
919,355
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$792,502) |
|
|
|
|
|
919,355
|
SHORT-TERM
INVESTMENT - 3.6%
|
Money
Market Fund - 3.6%
|
|
|
|
|
|
|
Invesco
STIT-Treasury Portfolio - Class Institutional, 4.23%(a) |
|
|
3,267,253 |
|
|
3,267,253
|
TOTAL
SHORT-TERM INVESTMENT
(Cost
$3,267,253) |
|
|
|
|
|
3,267,253
|
TOTAL
INVESTMENTS - 99.9%
(Cost
$86,561,307) |
|
|
|
|
|
91,167,768
|
Other
Assets in Excess of
Liabilities
- 0.1% |
|
|
|
|
|
128,523
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$91,296,291 |
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
(a)
|
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Edgar
Lomax Value Fund
STATEMENT
OF ASSETS AND LIABILITIES
at
April 30, 2025 (Unaudited)
|
|
|
|
ASSETS
|
|
|
|
Investments
in securities, at value (identified cost $86,561,307) |
|
|
$91,167,768
|
Cash |
|
|
3,421
|
Receivables
|
|
|
|
Fund
shares sold |
|
|
3,346
|
Dividends
and interest |
|
|
221,159
|
Prepaid
expenses |
|
|
14,705
|
Total
assets |
|
|
91,485,631
|
LIABILITIES
|
|
|
|
Payables
|
|
|
|
Fund
shares redeemed |
|
|
5,405
|
Administration
fees |
|
|
45,781
|
Advisory
fees (Note 4) |
|
|
77,472
|
Audit
fees |
|
|
10,292
|
Sub-transfer
agent expenses (Note 4) |
|
|
10,215
|
Fund
accounting fees |
|
|
9,297
|
Transfer
agent fees and expenses |
|
|
8,527
|
Trustee
fees and expenses |
|
|
6,476
|
Custody
fees |
|
|
5,757
|
Chief
Compliance Officer fee |
|
|
3,688
|
Legal
fees |
|
|
3,297
|
Shareholder
reporting |
|
|
3,133
|
Total
liabilities |
|
|
189,340
|
NET
ASSETS |
|
|
$91,296,291 |
CALCULATION
OF NET ASSET VALUE PER SHARE
|
|
|
|
Net
assets applicable to shares outstanding |
|
|
$91,296,291
|
Shares
issued and outstanding [unlimited number of shares (par value $0.01) authorized] |
|
|
6,196,735
|
Net
asset value, offering and redemption price per share |
|
|
$14.73
|
COMPONENTS
OF NET ASSETS
|
|
|
|
Paid-in
capital |
|
|
$81,886,928
|
Total
distributable earnings |
|
|
9,409,363
|
Net
assets |
|
|
$
91,296,291 |
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Edgar
Lomax Value Fund
STATEMENT
OF OPERATIONS
For
the six months ended April 30, 2025 (Unaudited)
|
|
|
|
INVESTMENT
INCOME
|
|
|
|
Dividends |
|
|
$1,535,088
|
Interest |
|
|
64,940
|
Total
investment income |
|
|
1,600,028
|
EXPENSES
|
|
|
|
Advisory
fees (Note 4) |
|
|
257,873
|
Administration
fees (Note 4) |
|
|
92,619
|
Sub-transfer
agent expenses (Note 4) |
|
|
30,201
|
Fund
accounting fees (Note 4) |
|
|
18,933
|
Transfer
agent fees and expenses (Note 4) |
|
|
13,121
|
Trustee
fees and expenses |
|
|
12,798
|
Registration
fees |
|
|
11,473
|
Audit
fees |
|
|
10,642
|
Custody
fees (Note 4) |
|
|
8,483
|
Chief
Compliance Officer fee (Note 4) |
|
|
7,438
|
Legal
fees |
|
|
4,676
|
Reports
to shareholders |
|
|
3,576
|
Insurance
expense |
|
|
1,719
|
Other
expenses |
|
|
4,376
|
Total
expenses |
|
|
477,928
|
Less:
advisory fee waiver (Note 4) |
|
|
(243,498)
|
Net
expenses |
|
|
234,430
|
Net
investment income |
|
|
1,365,598
|
REALIZED
AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
|
|
|
|
Net
realized gain on investments |
|
|
4,026,959
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(5,947,747)
|
Net
realized and unrealized loss on investments |
|
|
(1,920,788)
|
Net
Decrease in Net Assets Resulting from Operations |
|
|
$(555,190) |
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Edgar
Lomax Value Fund
STATEMENTS
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM:
|
|
|
|
|
|
|
OPERATIONS
|
|
|
|
|
|
|
Net
investment income |
|
|
$1,365,598 |
|
|
$2,797,637
|
Net
realized gain on investments |
|
|
4,026,959 |
|
|
3,198,412
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(5,947,747) |
|
|
15,083,191
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(555,190) |
|
|
21,079,240
|
DISTRIBUTIONS
TO SHAREHOLDERS
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
(5,518,958) |
|
|
(4,101,129)
|
CAPITAL
SHARE TRANSACTIONS
|
|
|
|
|
|
|
Net
increase/(decrease) in net assets derived from net change in outstanding shares(a) |
|
|
975,483 |
|
|
(3,974,302)
|
Total
increase/(decrease) in net assets |
|
|
(5,098,665) |
|
|
13,003,809
|
NET
ASSETS
|
|
|
|
|
|
|
Beginning
of period |
|
|
96,394,956 |
|
|
83,391,147
|
End
of period |
|
|
$
91,296,291 |
|
|
$96,394,956 |
|
|
|
|
|
|
|
(a)
|
A summary of share
transactions is as follows: |
|
|
|
|
|
|
|
Shares
sold |
|
|
237,828 |
|
|
$3,553,762 |
|
|
280,934 |
|
|
$4,138,710
|
Shares
issued on reinvestments of distributions |
|
|
366,375 |
|
|
5,506,624 |
|
|
306,230 |
|
|
4,091,234
|
Shares
redeemed |
|
|
(536,929) |
|
|
(8,084,903) |
|
|
(843,346) |
|
|
(12,204,246)
|
Net
increase/(decrease) |
|
|
67,274 |
|
|
$975,483 |
|
|
(256,182) |
|
|
$(3,974,302) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
FINANCIAL
HIGHLIGHTS
For
a share outstanding throughout each period
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$15.73 |
|
|
$13.06 |
|
|
$14.58 |
|
|
$15.23 |
|
|
$11.96 |
|
|
$14.51
|
Income
from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
0.23 |
|
|
0.46 |
|
|
0.47 |
|
|
0.40 |
|
|
0.42 |
|
|
0.42
|
Net
realized and unrealized gain/(loss) on investments |
|
|
(0.32) |
|
|
2.86 |
|
|
(0.91) |
|
|
(0.28) |
|
|
4.43 |
|
|
(2.65)
|
Total
from investment operations |
|
|
(0.09) |
|
|
3.32 |
|
|
(0.44) |
|
|
0.12 |
|
|
4.85 |
|
|
(2.23)
|
Less
distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
net investment income |
|
|
(0.46) |
|
|
(0.47) |
|
|
(0.42) |
|
|
(0.40) |
|
|
(0.44) |
|
|
(0.32)
|
From
net realized gain on investments |
|
|
(0.45) |
|
|
(0.18) |
|
|
(0.66) |
|
|
(0.37) |
|
|
(1.14) |
|
|
—
|
Total
distributions |
|
|
(0.91) |
|
|
(0.65) |
|
|
(1.08) |
|
|
(0.77) |
|
|
(1.58) |
|
|
(0.32) |
Net
asset value, end of period |
|
|
$14.73 |
|
|
$15.73 |
|
|
$13.06 |
|
|
$14.58 |
|
|
$15.23 |
|
|
$11.96
|
Total
return |
|
|
−0.63% |
|
|
26.30% |
|
|
−3.62% |
|
|
0.78% |
|
|
43.39% |
|
|
−15.83%
|
Ratios/supplemental
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (thousands) |
|
|
$91,296 |
|
|
$96,395 |
|
|
$83,391 |
|
|
$100,931 |
|
|
$100,963 |
|
|
$86,079
|
Ratio
of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
fees waived and expenses absorbed |
|
|
1.02% |
|
|
0.99% |
|
|
1.01% |
|
|
1.00% |
|
|
0.98% |
|
|
1.01%
|
After
fees waived and expenses absorbed |
|
|
0.50% |
|
|
0.50% |
|
|
0.50% |
|
|
0.50% |
|
|
0.50% |
|
|
0.54%
|
Ratio
of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
fees waived and expenses absorbed |
|
|
2.39% |
|
|
2.54% |
|
|
2.66% |
|
|
2.18% |
|
|
2.27% |
|
|
2.52%
|
After
fees waived and expenses absorbed |
|
|
2.91% |
|
|
3.03% |
|
|
3.17% |
|
|
2.68% |
|
|
2.75% |
|
|
2.99%
|
Portfolio
turnover rate |
|
|
34.76% |
|
|
30.46% |
|
|
38.47% |
|
|
39.80% |
|
|
34.47% |
|
|
45.46% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
NOTES
TO FINANCIAL STATEMENTS
at
April 30, 2025 (Unaudited)
NOTE
1 – ORGANIZATION
The
Edgar Lomax Value Fund (the “Fund”) is 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 Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”)
Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.” The Fund’s investment
objective is to seek long-term capital growth while providing some income. The Fund began operations on December 12, 1997.
NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES
The
following is a summary of significant accounting policies consistently followed by the Fund. 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 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. |
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
NOTES
TO FINANCIAL STATEMENTS
at
April 30, 2025 (Unaudited)(Continued)
F.
|
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 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. |
NOTE
3 – SECURITIES VALUATION
The
Fund has 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 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. |
Following
is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value
on a recurring basis.
The
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 Fund’s investments are carried at fair value. Securities 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. 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.
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.
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.
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
NOTES
TO FINANCIAL STATEMENTS
at
April 30, 2025 (Unaudited)(Continued)
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 Fund’s securities as of April 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
|
$86,981,160 |
|
|
$ — |
|
|
$ — |
|
|
$86,981,160
|
Real
Estate Investment Trust |
|
|
919,355 |
|
|
— |
|
|
— |
|
|
919,355
|
Money
Market Fund |
|
|
3,267,253 |
|
|
— |
|
|
— |
|
|
3,267,253
|
Total
Investment in Securities |
|
|
$91,167,768 |
|
|
$— |
|
|
$— |
|
|
$91,167,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer
to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.
Accounting
Pronouncements: 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 the Fund’s net asset value (“NAV”). Pursuant
to Rule 2a-5 under the 1940 Act, the Board has designated the Fund’s investment advisor, The Edgar Lomax Company (“Advisor”),
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 Advisor,
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.
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU
2023-07”). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures
about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit
or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity’s
segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision
maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim
disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Fund operates as
a single segment entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Advisor,
who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
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 of the Fund’s
financial statements.
NOTE
4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The
Advisor provides the Fund with investment management services under an investment advisory agreement. The Advisor furnishes all investment
advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor
is entitled to a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. Additionally, the Advisor
has agreed to voluntarily waive a portion of its management fee and pay certain Fund expenses such that “Total Annual Fund Operating
Expenses” will decline to 0.50% for underperformance versus the S&P 500® Value Index during either the 3-year
or 5-year period. While this voluntary management fee waiver can be discontinued at any time, the Advisor has no intention of doing so.
For the six months ended April 30, 2025, the Fund incurred $257,873 in advisory fees, of which the Advisor voluntarily waived $23,443
resulting in net advisory fees of $234,430 before expense limitation waivers. This excludes additional voluntarily waived expenses of
$70,329.
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
NOTES
TO FINANCIAL STATEMENTS
at
April 30, 2025 (Unaudited)(Continued)
The
Fund is responsible for its own operating expenses. The Advisor has contractually agreed to reduce fees payable to it by the Fund and
to pay Fund operating expenses to the extent necessary to limit Total Annual Fund Operating Expenses (excluding acquired fund fees and
expenses, interest, taxes and extraordinary expenses) to 0.70% of average daily net assets. If the Advisor waives advisory fees under
the arrangement described above, it has also agreed to absorb all expenses, other than advisory fees. For the six months ended April 30,
2025, the Fund’s aggregate annual operating expenses were reduced to 0.50% of the Fund’s average daily net assets, including
contractual expense limits. Any such reduction made by the Advisor in its fees or payment of expenses which are the Fund’s obligation
are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, 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 Fund towards the operating
expenses for such fiscal year (taking into 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 the Board’s review and approval. Such reimbursement may not
be paid prior to the Fund’s payment of current ordinary operating expenses. For the six months ended April 30, 2025, excluding amounts
voluntarily waived, the Advisor reduced its fees and absorbed Fund expenses in the amount of $149,726; no amounts were reimbursed to the
Advisor. The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:
|
|
|
|
10/31/2025 |
|
|
$161,288
|
10/31/2026 |
|
|
301,984
|
10/31/2027 |
|
|
270,232
|
4/30/2028 |
|
|
149,726
|
|
|
|
$883,230 |
|
|
|
|
U.S.
Bancorp Fund Services, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s administrator,
fund accountant and transfer agent. U.S. Bank N.A. serves as the custodian (the “Custodian”) to the Fund. The Custodian is
an affiliate of Fund Services. Fund Services maintains the Fund’s books and records, calculates the Fund’s 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 and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Fund for administration and
accounting, transfer agency, custody and compliance services for the six months ended April 30, 2025 are disclosed in the Statement of
Operations.
Quasar
Distributors, LLC (“Quasar”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s
shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.
The
Fund has entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services
that would otherwise be executed by Fund Services. These sub-transfer agent services include pre-processing and quality control of new
accounts, maintaining detailed shareholder account records, shareholder correspondence, answering customer inquiries regarding account
status, and facilitating shareholder telephone transactions. The Fund expensed $30,201 of sub-transfer agent fees during the six months
ended April 30, 2025.
NOTE
5 – PURCHASES AND SALES OF SECURITIES
For
the six months ended April 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities,
were $32,145,657 and $35,722,673, respectively. There were no purchases or sales of long-term U.S. Government securities.
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
NOTES
TO FINANCIAL STATEMENTS
at
April 30, 2025 (Unaudited)(Continued)
NOTE
6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The
tax character of distributions paid during the six months ended April 30, 2025, and the year ended October 31, 2024 was as follows:
|
|
|
|
|
|
|
Ordinary
income |
|
|
$2,776,995 |
|
|
$2,971,058
|
Long-term
capital gains |
|
|
2,741,963 |
|
|
1,130,071 |
|
|
|
|
|
|
|
As
of October 31, 2024, the Fund’s most recently completed fiscal year end, the components of accumulated earnings/(losses) on
a tax basis were as follows:
|
|
|
|
Cost
of investments(a) |
|
|
$85,948,466
|
Gross
tax unrealized appreciation |
|
|
17,627,264
|
Gross
tax unrealized depreciation |
|
|
(7,262,809)
|
Net
tax unrealized appreciation(a) |
|
|
10,364,455
|
Undistributed
ordinary income |
|
|
2,377,114
|
Undistributed
long-term capital gain |
|
|
2,741,942
|
Total
distributable earnings |
|
|
5,119,056
|
Total
accumulated earnings/(losses) |
|
|
$15,483,511 |
|
|
|
|
(a)
|
The difference
between book-basis and tax-basis net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales. |
NOTE
7 – 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 April 30, 2025, The Edgar Lomax Company owned 29.69% of the outstanding
shares of the Fund.
NOTE
8 – OFFICERS
Ms. Lillian
Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed
Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary
of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.
TABLE OF CONTENTS
Edgar
Lomax Value Fund
Approval
of Investment Advisory Agreement (Unaudited)
At
meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent
Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, the continuance
of the investment advisory agreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”)
and The Edgar Lomax Company (the “Advisor”) on behalf of the Edgar Lomax Value Fund (the “Fund”). At both meetings,
the Board received and reviewed substantial information regarding the Fund, the Advisor and the services provided by the Advisor to the
Fund under the Advisory Agreement. This information, together with the information provided to the Board throughout the course of the
year, formed the primary (but not exclusive) basis for the Board’s determinations. Below is a summary of the factors considered
by the Board and the conclusions that formed the basis for the Board’s approval of the continuance of the Advisory Agreement:
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, valuation procedures, business continuity plan, and risk management process. 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 to discuss the Fund’s performance
and investment outlook as well as various compliance topics and marketing/distribution. 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, 2024, 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 objective 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 over the one-, three- and five-year periods and outperformed
for the ten-year period, all periods ended June 30, 2024. The Board further noted that the Fund outperformed the average of its Cohort
for the one-year period and underperformed for the three-, five-, and ten-year period, all periods ended June 30, 2024.
The
Board reviewed the performance of the Fund against broad-based securities market benchmarks noting that it had underperformed its primary
benchmark, secondary benchmark, and tertiary benchmark for the one-, three-, five-, and ten-year periods ended June 30, 2024.
The
Board also noted that the Fund outperformed the similarly managed composite for the one-, three- and five-year periods and underperformed
for the ten-year period, all periods ended June 30, 2024.
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 |
TABLE OF CONTENTS
Edgar
Lomax Value Fund
Approval
of Investment Advisory Agreement (Unaudited)(Continued)
comparisons
to 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 (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 considered that the contractual management fee and the Fund’s net
expense ratio were 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. |
No
single factor was determinative of the Board’s decision to approve the continuance of the Advisory Agreement for the Fund, but rather
the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors
in their totality, the Trustees determined that the advisory arrangement with the Advisor, including the advisory fees, was fair and reasonable
to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the continuance of the Advisory Agreement
for the Fund would be in the best interest of the Fund and its shareholders.
TABLE OF CONTENTS
EDGAR
LOMAX VALUE FUND
ADDITIONAL
INFORMATION (Unaudited)
The
below information is required disclosure from Form N-CSR
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.
Refer
to information provided within financial statements.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer
to information provided within financial statements.
|
(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.
(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 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 to open-end investment companies.
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