Advisors Series Trust

01/08/2026 | Press release | Distributed by Public on 01/08/2026 10:21

Semi-Annual Report by Investment Company (Form N-CSRS)

As filed with the Securities and Exchange Commission on [date]

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/ Principal 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: April 30, 2026

Date of reporting period: October 31, 2025

Item 1. Reports to Stockholders.

(a)
Logan Capital Broad Innovative Growth ETF
LCLG(Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report  | October 31, 2025
This semi-annual shareholder reportcontains important information about the Logan Capital Broad Innovative Growth ETF for the period of May 1, 2025, to October 31, 2025. You can find additional information about the Fund at https://logancapitalfunds.com/regulatory-info. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Logan Capital Broad Innovative Growth ETF
$50
0.86%
* Annualized
KEY FUND STATISTICS (as of October 31, 2025)
Net Assets
$92,630,242
Number of Holdings
58
Net Advisory Fee
$272,668
Portfolio Turnover
3%
30-Day SEC Yield
-0.13%
30-Day SEC Yield Unsubsidized
-0.13%
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)*
Top 10 Issuers
(%)
AppLovin Corp.
6.1%
KLA Corp.
5.8%
Broadcom, Inc.
5.7%
Alphabet, Inc.
5.7%
Amphenol Corp.
5.4%
Netflix, Inc.
4.6%
Apple, Inc.
4.5%
Amazon.com, Inc.
4.2%
MasterCard, Inc.
3.9%
Meta Platforms, Inc.
3.7%
Top Sectors
(%)
Information Technology
37.7%
Consumer Discretionary
16.3%
Communication Services
16.0%
Industrials
14.4%
Financials
7.4%
Health Care
3.7%
Materials
1.6%
Consumer Staples
0.9%
Cash & Other
2.0%
* Expressed as a percentage of net assets.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://logancapitalfunds.com/regulatory-info.
Logan Capital Broad Innovative Growth ETF PAGE 1 TSR-SAR-00770X246
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 Logan Capital Management documents not be householded, please contact Logan Capital Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by  Logan Capital Management or your financial intermediary.
Logan Capital Broad Innovative Growth ETF PAGE 2 TSR-SAR-00770X246

(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 for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.
(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 
Logan Capital Broad Innovative Growth ETF
Core Financial Statements
October 31, 2025 (Unaudited)
TABLE OF CONTENT
 
 
 
 
 
 
Page
Schedule of Investments
 
 
1
Statement of Assets and Liabilities
 
 
3
Statement of Operations
 
 
4
Statements of Changes in Net Assets
 
 
5
Financial Highlights
 
 
6
Notes to Financial Statements
 
 
7
Additional Information
 
 
15
 
 
 
 

TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 98.0%
 
 
 
 
Capital Goods - 9.6%
 
 
 
 
Eaton Corp. PLC
 
 
1,105
 
 
$421,624
Fastenal Co.
 
 
42,572
 
 
1,751,838
General Electric Co.
 
 
3,060
 
 
945,387
Hubbell, Inc.
 
 
1,361
 
 
639,670
Lincoln Electric Holdings, Inc.
 
 
5,292
 
 
1,240,709
Nordson Corp.
 
 
2,812
 
 
652,243
Sterling Infrastructure, Inc.(a)
 
 
3,222
 
 
1,217,594
United Rentals, Inc.
 
 
2,307
 
 
2,009,812
 
 
 
 
8,878,877
Commercial & Professional
Services - 3.7%
 
 
Cintas Corp.
 
 
9,847
 
 
1,804,660
Copart, Inc.(a)
 
 
21,422
 
 
921,360
Insperity, Inc.
 
 
4,074
 
 
179,745
Paycom Software, Inc.
 
 
2,853
 
 
533,768
 
 
 
 
3,439,533
Consumer Discretionary Distribution & Retail - 12.7%
 
 
 
 
Amazon.com, Inc.(a)
 
 
15,916
 
 
3,887,006
Burlington Stores, Inc.(a)
 
 
4,876
 
 
1,334,025
Dick's Sporting Goods, Inc.
 
 
11,390
 
 
2,522,315
Home Depot, Inc.
 
 
1,702
 
 
646,062
Lithia Motors, Inc.
 
 
3,552
 
 
1,115,612
Pool Corp.
 
 
945
 
 
252,372
RH(a)
 
 
862
 
 
148,686
Williams-Sonoma, Inc.
 
 
9,456
 
 
1,837,679
 
 
 
 
11,743,757
Consumer Durables & Apparel - 1.0%
 
 
 
 
Deckers Outdoor Corp.(a)
 
 
7,935
 
 
646,702
Lululemon Athletica, Inc.(a)
 
 
1,546
 
 
263,655
 
 
 
 
910,357
Consumer Services - 2.6%
 
 
 
 
Marriott International, Inc. - Class A
 
 
2,642
 
 
688,452
Starbucks Corp.
 
 
9,745
 
 
788,078
Texas Roadhouse, Inc.
 
 
5,841
 
 
955,471
 
 
 
 
2,432,001
Financial Services - 7.4%
 
 
 
 
Coinbase Global, Inc. - Class A(a)
 
 
4,373
 
 
1,503,350
KKR & Co., Inc.
 
 
3,192
 
 
377,709
LPL Financial Holdings, Inc.
 
 
2,079
 
 
784,427
MasterCard, Inc. - Class A
 
 
6,628
 
 
3,658,590
OneMain Holdings, Inc.
 
 
9,503
 
 
562,483
 
 
 
 
6,886,559
Food, Beverage & Tobacco - 0.9%
 
 
 
 
Monster Beverage Corp.(a)
 
 
12,565
 
 
839,719
Materials - 1.6%
 
 
 
 
Graphic Packaging Holding Co.
 
 
23,875
 
 
381,761
Sherwin-Williams Co.
 
 
3,118
 
 
1,075,523
 
 
 
 
1,457,284
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Media & Entertainment - 16.0%
 
 
 
 
Alphabet, Inc. - Class A
 
 
11,122
 
 
$3,127,395
Alphabet, Inc. - Class C
 
 
7,764
 
 
2,188,051
Electronic Arts, Inc.
 
 
6,145
 
 
1,229,369
Meta Platforms, Inc. - Class A
 
 
5,222
 
 
3,385,684
Netflix, Inc.(a)
 
 
3,840
 
 
4,296,422
Trade Desk, Inc. - Class A(a)
 
 
11,305
 
 
568,415
 
 
 
 
14,795,336
Pharmaceuticals, Biotechnology & Life Sciences - 3.7%
 
 
 
 
Agilent Technologies, Inc.
 
 
4,860
 
 
711,310
Mettler-Toledo International, Inc.(a)
 
 
1,002
 
 
1,419,122
Waters Corp.(a)
 
 
2,695
 
 
942,172
Zoetis, Inc.
 
 
2,541
 
 
366,133
 
 
 
 
3,438,737
Semiconductors & Semiconductor Equipment - 13.0%
 
 
 
 
Broadcom, Inc.
 
 
14,398
 
 
5,321,933
KLA Corp.
 
 
4,451
 
 
5,380,102
Micron Technology, Inc.
 
 
5,925
 
 
1,325,837
 
 
 
 
12,027,872
Software & Services - 6.8%
 
 
 
 
Accenture PLC - Class A
 
 
2,275
 
 
568,977
AppLovin Corp. - Class A(a)
 
 
8,905
 
 
5,675,424
 
 
 
 
6,244,401
Technology Hardware & Equipment - 17.9%
 
 
Amphenol Corp. - Class A
 
 
35,692
 
 
4,973,323
Apple, Inc.
 
 
15,437
 
 
4,173,702
Arista Networks, Inc.(a)
 
 
13,510
 
 
2,130,392
Celestica, Inc.(a)
 
 
2,910
 
 
1,002,437
Flex Ltd.(a)
 
 
38,528
 
 
2,408,771
Logitech International SA
 
 
6,583
 
 
793,646
Trimble, Inc.(a)
 
 
6,111
 
 
487,352
Zebra Technologies Corp. - Class A(a)
 
 
2,330
 
 
627,352
 
 
 
 
16,596,975
Transportation - 1.1%
 
 
 
 
Old Dominion Freight Line, Inc.
 
 
7,523
 
 
1,056,380
TOTAL COMMON STOCKS
(Cost $26,811,492)
 
 
 
 
90,747,788
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 2.1%
 
 
 
 
Fidelity Government Portfolio - Institutional Class, 4.01%(b)
 
 
1,938,604
 
 
1,938,604
TOTAL MONEY MARKET FUNDS
(Cost $1,938,604)
 
 
 
 
1,938,604
TOTAL INVESTMENTS - 100.1%
(Cost $28,750,096)
 
 
 
 
92,686,392
Liabilities in Excess of Other
Assets - (0.1)%
 
 
 
 
(56,150)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$92,630,242
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
SCHEDULE OF INVESTMENTS
October 31, 2025 (Unaudited)(Continued)
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized yield as of October 31, 2025.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2025 (Unaudited)
 
 
 
 
ASSETS:
 
 
Investments, at value
 
 
$92,686,392
Dividends receivable
 
 
31,384
Dividend tax reclaims receivable
 
 
3,013
Prepaid expenses and other assets
 
 
2,373
Total assets
 
 
92,723,162
LIABILITIES:
 
 
Payable to adviser
 
 
50,228
Payable for fund administration and accounting fees
 
 
12,854
Payable for audit fees
 
 
10,639
Payable for printing and mailing
 
 
9,254
Payable for directors' fees
 
 
4,422
Payable for compliance fees
 
 
2,562
Payable for legal fees
 
 
1,320
Payable for transfer agent fees and expenses
 
 
269
Payable for expenses and other liabilities
 
 
1,372
Total liabilities
 
 
92,920
NET ASSETS
 
 
$ 92,630,242
Net Assets Consists of:
 
 
Paid-in capital
 
 
​$26,384,448
Total distributable earnings
 
 
66,245,794
Total net assets
 
 
$ 92,630,242
Net assets
 
 
$92,630,242
Shares issued and outstanding(a)
 
 
1,449,096
Net asset value per share
 
 
$63.92
Cost:
 
 
Investments, at cost
 
 
$28,750,096
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
STATEMENT OF OPERATIONS
For the Period Ended October 31, 2025 (Unaudited)
 
 
 
 
INVESTMENT INCOME:
 
 
Dividend income (net of withholding taxes of $1,849)
 
 
$​306,537
Total investment income
 
 
306,537
EXPENSES:
 
 
Investment advisory fee
 
 
272,668
Fund administration and accounting fees
 
 
37,281
Trustees' fees
 
 
13,207
Audit fees
 
 
10,889
Compliance fees
 
 
7,562
Reports to shareholders
 
 
6,600
Legal fees
 
 
4,823
Custodian fees
 
 
3,423
Insurance expense
 
 
1,373
Transfer agent fees
 
 
192
Other expenses and fees
 
 
4,177
Total expenses
 
 
362,195
Net investment loss
 
 
(55,658)
REALIZED AND UNREALIZED GAIN
 
 
Net realized gain from:
 
 
Investments
 
 
3,511,767
Net realized gain
 
 
3,511,767
Net change in unrealized appreciation (depreciation) on:
 
 
Investments
 
 
19,079,162
Net change in unrealized appreciation (depreciation)
 
 
19,079,162
Net realized and unrealized gain
 
 
22,590,929
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 22,535,271
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended
April 30, 2025
OPERATIONS:
 
 
 
 
Net investment loss
 
 
$(55,658)
 
 
$(98,003)
Net realized gain
 
 
3,511,767
 
 
1,512,802
Net change in unrealized appreciation (depreciation)
 
 
19,079,162
 
 
6,324,260
Net increase in net assets from operations
 
 
22,535,271
 
 
7,739,059
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From earnings
 
 
-
 
 
(43,533)
Total distributions to shareholders
 
 
-
 
 
(43,533)
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold
 
 
4,960,777
 
 
2,910,450
Shares redeemed
 
 
(3,865,389)
 
 
(3,458,028)
Net increase (decrease) in net assets from capital transactions
 
 
1,095,388
 
 
(547,578)
Net increase in net assets
 
 
23,630,659
 
 
7,147,948
NET ASSETS:
 
 
 
 
Beginning of the period
 
 
68,999,583
 
 
61,851,635
End of the period
 
 
$ 92,630,242
 
 
$68,999,583
SHARES TRANSACTIONS
 
 
 
 
Shares sold
 
 
85,000
 
 
60,000
Shares redeemed
 
 
(65,000)
 
 
(70,000)
Total increase (decrease) in shares outstanding
 
 
20,000
 
 
(10,000)
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
 
 
 
Period Ended
October 31, 2025
(Unaudited)
 
 
Year Ended April 30,
 
2025
 
 
2024
 
 
2023(g)
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$48.28
 
 
$42.98
 
 
$33.03
 
 
$32.16
 
 
$39.73
 
 
$26.31
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment loss
 
 
(0.04)
 
 
(0.07)
 
 
(0.02)
 
 
(0.01)(a)
 
 
(0.10)(a)
 
 
(0.15)(a)
Net realized and unrealized gain (loss) on investments(b)
 
 
15.68
 
 
5.40
 
 
10.36
 
 
1.49
 
 
(4.46)
 
 
15.45
Total from investment operations
 
 
15.64
 
 
5.33
 
 
10.34
 
 
1.48
 
 
(4.56)
 
 
15.30
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gains
 
 
-
 
 
(0.03)
 
 
(0.39)
 
 
(0.61)
 
 
(3.01)
 
 
(1.88)
Total distributions
 
 
-
 
 
(0.03)
 
 
(0.39)
 
 
(0.61)
 
 
(3.01)
 
 
(1.88)
Redemption fee per share
 
 
-(g)
 
 
-(g)
 
 
-(g)
 
 
0.00(a)(c)
 
 
0.00(a)(c)
 
 
0.00(a)(c)
Net asset value, end of period
 
 
$63.92
 
 
$48.28
 
 
$42.98
 
 
$33.03
 
 
$32.16
 
 
$39.73
Total return, at NAV(d)
 
 
32.39%
 
 
12.40%
 
 
31.37%
 
 
4.78%
 
 
−13.28%
 
 
59.01%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Net assets, end of period (in thousands)
 
 
$92,630
 
 
$69,000
 
 
$61,852
 
 
$48,361
 
 
$50,624
 
 
$40,964
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment(e)
 
 
0.86%
 
 
0.90%
 
 
0.96%
 
 
1.01%
 
 
1.03%
 
 
1.13%
After expense reimbursement/ recoupment(e)
 
 
0.86%
 
 
0.90%
 
 
0.96%
 
 
1.01%
 
 
1.10%
 
 
1.17%
Ratio of net investment loss to average net assets(e)
 
 
(0.13)%
 
 
(0.14)%
 
 
(0.05)%
 
 
(0.03)%
 
 
(0.25)%
 
 
(0.43)%
Portfolio turnover rate(d)(f)
 
 
3%
 
 
5%
 
 
8%
 
 
10%
 
 
13%
 
 
11%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Based on average shares outstanding
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
The Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization on August 5, 2022. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. Effective August 5, 2022, the Funds redemption fee was discontinued.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)
NOTE 1 - ORGANIZATION
The Logan Capital Broad Innovative Growth ETF (the "Fund") is a diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, 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 investment objective of the Fund is long-term capital appreciation. The Fund became effective on the close of business on August 5, 2022 and commenced operations on August 8, 2022. Costs incurred by the Fund in connection with the organization, registration and the initial public offering of shares were paid by Logan Capital Management, Inc. (the "Adviser"), the Fund's investment adviser.
The Fund is the accounting and performance survivor of the Logan Capital Large Cap Growth Fund (the "Target Fund"). The Fund became a series of the Trust on August 5, 2022, following a reorganization ("Reorganization"), pursuant to an Agreement and Plan of Reorganization, which resulted in the conversion of the Target Fund organized as a mutual fund to an ETF. The Fund was established as a "shell" fund organized solely in connection with the Reorganization for the purpose of acquiring the assets and liabilities of the Target Fund and continuing the operations of the Target Fund as an ETF. The Fund had no performance history prior to the Reorganization.
The Reorganization was accomplished by a tax-free exchange of 2,878,192 shares (with an exception for fractional mutual fund shares) of the Acquiring Fund for shares of the Target Fund of equivalent aggregate net asset value. At the close of business on August 5, 2022, the net assets of the Target Fund were $48,177,524. The total net assets of the Target Fund included $764,863 of accumulated realized gains and $27,049,044 of unrealized appreciation. Fees and expenses incurred to affect the Reorganization were borne by the Adviser. The Reorganization did not result in a material change to the Target Fund's investment portfolio as compared to the Fund. There are no material differences in accounting policies of the Target Fund as compared to the Fund. The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the acquisition of the Target Fund did not affect the Fund's portfolio turnover ratios.
Shares of the Fund are listed and traded on the NYSE Arca, Inc. ("the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 5,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased directly from or redeemed directly to the Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker- dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The Fund charges $300 for the standard fixed creation fee, payable to the Custodian. In addition, a variable fee may be charged on cash purchases, non-standard orders, or partial cash purchases of Creation Units of up to a maximum of 2% as a percentage of the total value of the Creation Units subject to the transaction. Variable fees received by the Fund are displayed in the Capital Share Transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with $0.01 par value per share.
 
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Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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 provisions are 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 concluded that there is no impact on the Fund's net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The 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 the basis of identified cost. 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 Fund's understanding of the applicable country's tax rules and rates.
The Fund distributes substantially all of its net investment income, if any, and net realized capital gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. 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 differ 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.
The Fund is charged for those expenses that are directly attributable to it, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a fund are typically allocated among the funds in the Trust proportionately based on allocation methods approved by the Board of Trustees (the "Board"). 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.
D.
REITs:The Fund is able to make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the Fund's distributions may also be designated as a return of capital.
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.
 
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TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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.
Events Subsequent to the Fiscal Period End:In preparing the financial statements as of October 31, 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 of 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:Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end funds and real estate investment trusts (REITs), 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.
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 Adviser as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Adviser, as Valuation Designee, is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
 
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TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
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. 
Foreign exchanges typically close before the time at which Fund share prices are calculated and may be closed altogether on some days when shares of the Fund are traded. Significant events affecting a foreign security may include, but are not limited to: corporate actions, earnings announcements, litigation or other events impacting a single issuer; governmental action that affects securities in one sector or country; natural disasters or armed conflicts affecting a country or region; or significant domestic or foreign market fluctuations. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Short-Term Debt 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.
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 fair valuation hierarchy of the Fund's securities as of October 31, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Common Stocks
 
 
$90,747,788
 
 
$-
 
 
$-
 
 
$90,747,788
Money Market Funds
 
 
1,938,604
 
 
-
 
 
-
 
 
1,938,604
Total Investments
 
 
$92,686,392
 
 
$-
 
 
$-
 
 
$92,686,392
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.
Accounting Pronouncements - In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). 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 Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser's Management Committee, consisting of the Chief Operating Officer and Chief Compliance Officer, using the information presented in the financial statements and financial highlights.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management does not expect this guidance to materially impact the financial statements.
NOTE 4 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Adviser provides the Fund with investment management services under an investment advisory agreement. The Adviser furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Adviser is entitled to a monthly fee at an annual rate of 0.65% based upon the average daily net assets of the Fund. For the six months ended October 31, 2025, the Fund incurred $272,668 in advisory fees. Advisory fees payable at October 31, 2025 for the Fund were $50,228.
The Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that the net annual operating expenses (excluding acquired fund fees and expenses, taxes, interest expense and dividends on securities sold short, and extraordinary expenses) do not exceed 0.99% of the average daily net assets. Prior to August 8, 2022, the net expenses were contractually limited to 1.14%. Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund
 
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TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the six months ended October 31, 2025, there were no expenses waived or recouped by the Adviser. At October 31, 2025, there were no cumulative expenses subject to recapture.
U.S. Bancorp Fund Services, LLC, 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 to Fund Services for administration and accounting, transfer agency, custody and compliance services for the six months ended October 31, 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.
NOTE 5 - DISTRIBUTION AGREEMENT AND PLAN
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan allows the payment of a monthly fee to the Distributor at an annual rate of up to 0.25% of the average net assets each year. The expenses covered by the Plan may include the cost in connection with the promotion and distribution of shares and the provision of personal services to shareholders, including, but not necessarily limited to, advertising, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders, and the printing and mailing of sales literature. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. For the six months ended October 31, 2025, the Fund did not accrue 12b-1 distribution fees.
NOTE 6 - SECURITIES TRANSACTIONS
For the six months ended October 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities and in-kind transactions, were as follows:
 
 
 
 
Purchases
 
 
Sales
$2,100,706
 
 
​$3,430,146
 
 
 
 
There were no purchases or sales of long-term U.S. Government securities. For the six months ended October 31, 2025, in-kind transactions associated with creations and redemptions were $4,765,637 and $3,956,310, respectively.
During the six months ended October 31, 2025, the Fund realized net capital gains of $3,584,071 resulting from in-kind redemptions in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable or deductible to the Fund, and are not distributed to shareholders, they have been reclassified from distributable earnings to paid-in capital.
NOTE 7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the six months ended October 31, 2025, and the year ended April 30, 2025, was as follows:
 
 
 
 
 
 
 
 
 
Six Months Ended
October 31, 2025
 
 
Year Ended
April 30, 2025
Long-Term Capital Gains
 
 
$-
 
 
$-
Ordinary Income
 
 
-
 
 
43,533
 
 
 
 
 
 
 
 
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TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
As of April 30, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:
 
 
 
 
Cost of investments(a)
 
 
$24,478,067
Gross unrealized appreciation
 
 
45,784,391
Gross unrealized depreciation
 
 
(1,201,595)
Net unrealized appreciation (a)
 
 
44,582,796
Undistributed long-term capital gains
 
 
-
Total distributable earnings
 
 
-
Other accumulated gains/(losses)
 
 
(872,274)
Total accumulated earnings/(losses)
 
 
$43,710,522
 
 
 
 
(a)
The book-basis and tax-basis net unrealized appreciation and cost is attributable primarily to wash sales.
At April 30, 2025, the Fund deferred, on a tax basis, ordinary late year losses of $45,440.
At April 30, 2025, the Fund had tax capital losses which may be carried over to offset future gains. Such losses expire as follows:
 
 
 
 
 
 
 
Short-Term Indefinite
 
 
Long-Term Indefinite
 
 
Total
$340,557
 
 
$486,277
 
 
$826,834
 
 
 
 
 
 
 
NOTE 8 - PRINCIPAL RISKS
Below are summaries of some, but not all, of the principal risks of investing in the Fund, each of which could adversely affect the Fund's net asset value and total return. The Fund's most recent prospectus provides additional information regarding these and other risks of investing in the Fund.
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. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.
Equity Securities Risk. The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions.
Sector Emphasis Risk.The securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if securities of companies in such a sector comprised a lesser portion of the Fund's portfolio.
Information Technology Sector Risk. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid
 
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TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.
ETF Risks. The Fund is an ETF, and, as a result of an ETF's structure, it is exposed to the following risks:
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.
Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.
Trading. Although Shares are listed for trading on NYSE Arca, Inc. (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares.
Management Risk. The Fund is an actively managed portfolio. The Adviser's management practices and investment strategies might not produce the desired results. The Adviser may be incorrect in its assessment of a stock's appreciation potential.
Large-Cap Companies Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.
Growth Style Investment Risk. Growth stocks can perform differently from the market as a whole and from other types of stocks. While growth stocks may react differently to issuer, political, market and economic developments than the market as a whole and other types of stocks by rising or falling in price in certain environments, growth stocks also tend to be sensitive to changes in the earnings of their underlying companies and more volatile than other types of stocks, particularly over the short term.
Foreign Securities Risk. Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: (1) internal and external political and economic developments - e.g., the political, economic and social policies and structures of some foreign countries may be less stable and more volatile than those in the U.S. or some foreign countries may be subject to trading restrictions or economic sanctions; (2) trading practices - e.g., government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; (3) availability of information - e.g., foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; (4) limited markets - e.g., the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and (5) currency exchange rate fluctuations and policies.
 
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TABLE OF CONTENTS

Logan Capital Broad Innovative Growth ETF
NOTES TO FINANCIAL STATEMENTS
October 31, 2025 (Unaudited)(Continued)
Emerging Markets Risk.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.
Depositary Receipt Risk.The Fund's equity investments may take the form of sponsored or unsponsored depositary receipts. Holders of unsponsored depositary receipts generally bear all the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of the deposited securities.
Initial Public Offering Risk.The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk.
 
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TABLE OF CONTENTS

LOGAN CAPITAL BROAD INNOVATIVE GROWTH ETF
ADDITIONAL INFORMATION
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.
Not applicable as the investment advisory contract was not approved during the last six months of the year.
 
15
 
(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.

Not applicable as the investment advisory contract was not approved during the last six months of the year.

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, as amended, (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(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.

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)).

(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.

(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 1/7/2026

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 1/7/2026
By (Signature and Title)* /s/ Kevin J. Hayden
Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer
Date 1/7/2026

* Print the name and title of each signing officer under his or her signature.

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