Advisors Series Trust
01/10/2025 | Press release | Distributed by Public on 01/10/2025 05:28
Annual Report by Investment Company (Form N-CSR)
2024-10-24195025_EdgarLomaxValueFund_TF_TSRAnnual
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, 4th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(626) 914-7235
Registrant's telephone number, including area code
Date of fiscal year end: October 31, 2024
Date of reporting period: October 31, 2024
Item 1. Reports to Stockholders.
(a)
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Edgar Lomax Value Fund
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LOMAX
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Annual Shareholder Report | October 31, 2024
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This annual shareholder reportcontains important information about the Edgar Lomax Value Fund for the period of November 1, 2023, to October 31, 2024. 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.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Edgar Lomax Value Fund
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$57
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0.50%
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HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended October 31, 2024, the Fund gained 26.3% while the S&P 500 and S&P 500 Value Indexes returned 38.0% and 31.7%, respectively. The Fund invests all of its assets in Domestic Large-cap Value stocks. Below you will find a description of some of the factors that drove the performance of the benchmarks and the Fund.
WHAT FACTORS INFLUENCED PERFORMANCE
During the 12 months ended October 31, many investors reached the conclusion early on that the Federal Reserve was about to begin cutting interest rates meaningfully, and the Fed obliged them in September with a jumbo cut in the federal funds rate of 0.5% as large-cap investors continued to favor growthier names even within "value" universes. For an illustration of this phenomenon, please see the discussion under "PERFORMANCE" below.
POSITIONING
We are proud of our "traditional value" focus on finding businesses-as opposed to stocks-that have performed well (i.e., consistently earned satisfactory profits) over extended periods, and whose stock prices are cheap simply because others have overlooked them in favor of the latest "hot" issues. Thus, we are very comfortable with your portfolio's potential for future outperformance (with less downside risk), as evidenced by its dividend yield of 3.2% versus S&P 500 and S&P Value respective yields of 1.3% and 2.2%.
The market's periodic focus on varying investment styles in any given month or quarter does not change the solid fundamental foundation upon which the Fund's portfolio was built. For example, the Fund's holdings have relatively-stable earnings, modest debt levels and above-average dividend yields (with long histories of dividend payments), which we believe should benefit the Fund over the long term-particularly during the inevitable future recession, when defensive attributes become essential.
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Top Contributors
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↑
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International Business Machines Corp., Goldman Sachs Group, Inc., Bank of New York Mellon Corp.
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Top Detractors
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↓
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ConocoPhillips, CVS Health Corp., Walgreens Boots Alliance, Inc.
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PERFORMANCE
For much of the last fiscal year, investors continued to pursue what has become known as the "risk on" trade, buying the "Magnificent 7" in a frenzy. For an illustration of this during the year, we can look at the quarter ended July 31, where we saw how the market's narrow focus on a few mega-cap "growth" companies mostly continued and, generally, pulled "value" stocks with growthier features along with them. For example: the quarterly return for the S&P 500 Index was 10.1%, but the Magnificent 7 [Microsoft, Apple, Nvidia, Alphabet (Google), Amazon, Meta Platforms (Facebook) and Tesla] pushed the index up 5.1% with the other 493 stocks (also known as the "S&P 493") only contributing the remaining 5.0%. Meanwhile, the S&P 500 Value subindex rose 7.2% while the lower price-to-earnings more value-leaning stocks were up
| Edgar Lomax Value Fund | PAGE 1 | TSR-AR-007989882 |
6.2% as a group. In this environment, the Fund's portfolio gained 6.4% during the quarter. This narrow group of "growth" stocks drove the performance of the S&P 500 Index during year ended October 31, 2024.
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
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1 Year
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5 Year
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10 Year
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Edgar Lomax Value Fund
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26.30
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8.17
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8.50
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S&P 500 TR
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38.02
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15.27
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13.00
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S&P 500 Value (TR)
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31.70
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12.34
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10.47
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Visit https://www.edgarlomax.com/documentsfor more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of October 31, 2024)
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Net Assets
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$96,394,956
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Number of Holdings
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58
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Net Advisory Fee
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$52,448
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Portfolio Turnover
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30%
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Visit https://www.edgarlomax.com/documentsfor more recent performance information.
WHAT DID THE FUND INVEST IN? (as of October 31, 2024)
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Top 10 Issuers
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(% of net assets)
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FedEx Corp.
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4.9%
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Verizon Communications, Inc.
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4.6%
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International Business Machines Corp.
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4.5%
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Cisco Systems, Inc.
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3.8%
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Exxon Mobil Corp.
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3.6%
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Coca-Cola Co.
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3.5%
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Chevron Corp.
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3.3%
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CVS Health Corp.
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3.2%
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Invesco STIT-Treasury Portfolio - Institutional Class
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3.0%
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Bank of New York Mellon Corp.
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2.9%
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Top Sectors
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(% of net assets)
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Manufacturing
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44.9%
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Finance and Insurance
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18.6%
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Retail Trade
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8.0%
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Utilities
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6.6%
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Information
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6.2%
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Transportation and Warehousing
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5.4%
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Mining, Quarrying, and Oil and Gas Extraction
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4.9%
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Real Estate and Rental and Leasing
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2.4%
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Cash & Other
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3.0%
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| Edgar Lomax Value Fund | PAGE 2 | TSR-AR-007989882 |
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 3 | TSR-AR-007989882 |
(b) Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant's Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Joe D. Redwine, Ms. Michele Rackey, Ms. Anne Kritzmire and Mr. Craig Wainscott are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 10/31/2024 | FYE 10/31/2023 | |
| (a) Audit Fees | $17,400 | $17,400 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3,600 | $3,600 |
| (d) All Other Fees | N/A | N/A |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Tait, Weller, & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 10/31/2024 | FYE 10/31/2023 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) During the audit of the registrant's financial statements, 100 percent of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.-not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 10/31/2024 | FYE 10/31/2023 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
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) |
Edgar Lomax Value Fund
Core Financial Statements
October 31, 2024
Table of Contents
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Page
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Schedule of Investments
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1
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Statement of Assets and Liabilities
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3
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Statement of Operations
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4
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Statements of Changes in Net Assets
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5
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Financial Highlights
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6
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Notes to Financial Statements
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7
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Report of Independent Registered Public Accounting Firm
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12
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TABLE OF CONTENTS
Edgar Lomax Value Fund
Schedule of Investments
October 31, 2024
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Shares
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Value
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COMMON STOCKS - 94.5%
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Beverage and Tobacco Product Manufacturing - 3.7%
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Altria Group, Inc.
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3,850
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$209,671
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Coca-Cola Co.
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51,450
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3,360,199
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3,569,870
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Broadcasting and Content
Providers - 0.7%
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Comcast Corp. - Class A
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16,450
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718,371
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Building Material and Garden Equipment - 2.0%
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Home Depot, Inc.
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850
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334,688
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Lowe's Cos., Inc.
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6,000
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1,570,980
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1,905,668
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Chemical Manufacturing - 10.8%
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AbbVie, Inc.
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3,750
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764,512
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Amgen, Inc.
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8,350
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2,673,336
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Bristol-Myers Squibb Co.
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11,550
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644,144
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Dow, Inc.
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44,650
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2,204,817
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Gilead Sciences, Inc.
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7,350
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652,827
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Pfizer, Inc.
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85,102
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2,408,387
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Procter & Gamble Co.
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6,350
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1,048,893
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10,396,916
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Computer and Electronic Product Manufacturing - 14.0%
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Cisco Systems, Inc.
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66,050
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3,617,558
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Danaher Corp.
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4,050
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994,923
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International Business Machines Corp.
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21,050
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4,351,456
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Medtronic PLC
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18,450
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1,646,663
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Qualcomm, Inc.
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6,400
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1,041,728
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Texas Instruments, Inc.
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8,900
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1,808,124
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13,460,452
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Couriers and Messengers - 5.4%
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FedEx Corp.
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17,100
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4,682,835
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United Parcel Service, Inc. - Class B
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3,750
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502,725
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5,185,560
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Credit Intermediation and Related Activities - 12.6%
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American Express Co.
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7,200
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1,944,576
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Bank of New York Mellon Corp.
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37,100
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2,795,856
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Capital One Financial Corp.
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5,500
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895,345
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Citigroup, Inc.
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37,550
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2,409,583
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JPMorgan Chase & Co.
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7,650
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1,697,688
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U.S. Bancorp
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13,650
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659,432
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Wells Fargo & Co.
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27,250
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1,769,070
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12,171,550
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Food Manufacturing - 2.3%
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Kraft Heinz Co.
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41,150
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1,376,879
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Mondelez International, Inc. - Class A - Class A
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12,850
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879,968
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2,256,847
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Shares
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Value
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General Merchandise Stores - 2.1%
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Target Corp.
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4,150
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$622,666
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Walmart, Inc.
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17,700
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1,450,515
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2,073,181
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Health and Personal Care
Retailers - 3.9%
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CVS Health Corp.
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54,150
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3,057,309
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Walgreens Boots Alliance, Inc.
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71,150
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673,079
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3,730,388
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Insurance Carriers and Related Activities - 2.1%
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American International Group, Inc.
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4,600
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349,048
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MetLife, Inc.
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8,900
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697,938
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UnitedHealth Group, Inc.
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1,750
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987,875
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2,034,861
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Machinery Manufacturing - 2.8%
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Caterpillar, Inc.
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4,550
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1,711,710
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General Electric Co.
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5,700
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979,146
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2,690,856
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Miscellaneous Manufacturing - 2.8%
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3M Co.
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5,400
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693,738
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Johnson & Johnson
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11,850
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1,894,341
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Solventum Corp.(a)
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1,350
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97,983
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2,686,062
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Petroleum and Coal Products Manufacturing - 6.9%
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Chevron Corp.
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21,400
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3,184,748
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Exxon Mobil Corp.
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29,950
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3,497,561
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6,682,309
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Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.8%
|
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Goldman Sachs Group, Inc.
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5,000
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2,588,950
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Morgan Stanley
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9,650
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1,121,813
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3,710,763
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Support Activities for Mining - 1.3%
|
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ConocoPhillips
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11,100
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1,215,894
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Telecommunications - 5.4%
|
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AT&T, Inc.
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35,250
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794,535
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Verizon Communications, Inc.
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105,050
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4,425,756
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5,220,291
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Transportation Equipment Manufacturing - 5.3%
|
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Ford Motor Co.
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158,600
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1,631,994
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General Dynamics Corp.
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7,200
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2,099,592
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RTX Corp.
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11,050
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1,336,940
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|
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5,068,526
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Utilities - 6.6%
|
|
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Duke Energy Corp.
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8,900
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1,025,903
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Exelon Corp.
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67,750
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2,662,575
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The accompanying notes are an integral part of these financial statements.
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1
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TABLE OF CONTENTS
Edgar Lomax Value Fund
Schedule of Investments
October 31, 2024(Continued)
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Shares
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Value
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COMMON STOCKS - (Continued)
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||||||
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Utilities - (Continued)
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GE Vernova, Inc.(a)
|
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1,425
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|
$429,865
|
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NextEra Energy, Inc.
|
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14,100
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|
|
1,117,425
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Southern Co.
|
|
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12,300
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|
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1,119,669
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6,355,437
|
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TOTAL COMMON STOCKS
(Cost $81,102,159)
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91,133,802
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REAL ESTATE INVESTMENT TRUST - 2.4%
|
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Simon Property Group, Inc.
|
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|
13,550
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|
|
2,291,576
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TOTAL REAL ESTATE INVESTMENT TRUST
(Cost $1,769,011)
|
|
|
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2,291,576
|
|
|
SHORT-TERM INVESTMENT - 3.0%
|
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Money Market Fund - 3.0%
|
|
|
|
|
||
|
Invesco STIT-Treasury Portfolio - Class Institutional, 4.75%(b)
|
|
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2,887,543
|
|
|
2,887,543
|
|
TOTAL SHORT-TERM INVESTMENT
(Cost $2,887,543)
|
|
|
|
|
2,887,543
|
|
|
TOTAL INVESTMENTS - 99.9%
(Cost $85,758,713)
|
|
|
|
|
96,312,921
|
|
|
Other Assets in Excess of
Liabilities - 0.1%
|
|
|
|
|
82,035
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$96,394,956
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown represents the 7-day annualized effective yield as of October 31, 2024.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
Edgar Lomax Value Fund
STATEMENT OF ASSETS AND LIABILITIES
at October 31, 2024
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Investments in securities, at value (identified cost $85,758,713)
|
|
|
$96,312,921
|
|
Receivables
|
|
|
|
|
Fund shares sold
|
|
|
13,048
|
|
Dividends and interest
|
|
|
215,275
|
|
Prepaid expenses
|
|
|
5,417
|
|
Total assets
|
|
|
96,546,661
|
|
LIABILITIES
|
|
|
|
|
Payables
|
|
|
|
|
Fund shares redeemed
|
|
|
23,249
|
|
Administration fees
|
|
|
45,340
|
|
Audit fees
|
|
|
21,000
|
|
Sub-transfer agent expenses (Note 4)
|
|
|
13,915
|
|
Fund accounting fees
|
|
|
9,399
|
|
Shareholder reporting
|
|
|
8,216
|
|
Trustee fees and expenses
|
|
|
7,765
|
|
Advisory fees (Note 4)
|
|
|
7,151
|
|
Transfer agent fees and expenses
|
|
|
6,873
|
|
Chief Compliance Officer fee
|
|
|
3,750
|
|
Custody fees
|
|
|
2,863
|
|
Legal fees
|
|
|
1,874
|
|
Accrued other expenses
|
|
|
310
|
|
Total liabilities
|
|
|
151,705
|
|
NET ASSETS
|
|
|
$ 96,394,956
|
|
CALCULATION OF NET ASSET VALUE PER SHARE
|
|
|
|
|
Net assets applicable to shares outstanding
|
|
|
$96,394,956
|
|
Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized]
|
|
|
6,129,461
|
|
Net asset value, offering and redemption price per share
|
|
|
$15.73
|
|
COMPONENTS OF NET ASSETS
|
|
|
|
|
Paid-in capital
|
|
|
$80,911,445
|
|
Total distributable earnings
|
|
|
15,483,511
|
|
Net assets
|
|
|
$ 96,394,956
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
Edgar Lomax Value Fund
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2024
|
|
|
|
|
|
INVESTMENT INCOME
|
|
|
|
|
Dividends
|
|
|
$3,119,356
|
|
Interest
|
|
|
139,252
|
|
Total investment income
|
|
|
3,258,608
|
|
EXPENSES
|
|
|
|
|
Advisory fees (Note 4)
|
|
|
507,068
|
|
Administration fees (Note 4)
|
|
|
174,858
|
|
Sub-transfer agent expenses (Note 4)
|
|
|
52,465
|
|
Fund accounting fees (Note 4)
|
|
|
37,061
|
|
Transfer agent fees and expenses (Note 4)
|
|
|
26,633
|
|
Registration fees
|
|
|
22,595
|
|
Audit fees
|
|
|
21,000
|
|
Trustee fees and expenses
|
|
|
18,526
|
|
Custody fees (Note 4)
|
|
|
16,147
|
|
Chief Compliance Officer fee (Note 4)
|
|
|
15,000
|
|
Legal fees
|
|
|
8,184
|
|
Reports to shareholders
|
|
|
8,013
|
|
Insurance expense
|
|
|
4,570
|
|
Other expenses
|
|
|
3,471
|
|
Total expenses
|
|
|
915,591
|
|
Less: advisory fee waiver (Note 4)
|
|
|
(454,620)
|
|
Net expenses
|
|
|
460,971
|
|
Net investment income
|
|
|
2,797,637
|
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
|
|
|
|
Net realized gain on investments
|
|
|
3,198,412
|
|
Net change in unrealized appreciation/(depreciation) on investments
|
|
|
15,083,191
|
|
Net realized and unrealized gain on investments
|
|
|
18,281,603
|
|
Net Increase in Net Assets Resulting from Operations
|
|
|
$21,079,240
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
Edgar Lomax Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|||
|
|
|
Year Ended October 31,
|
||||
|
|
2024
|
|
|
2023
|
||
|
INCREASE/(DECREASE)IN NET ASSETS FROM:
|
|
|
|
|
||
|
OPERATIONS
|
|
|
|
|
||
|
Net investment income
|
|
|
$2,797,637
|
|
|
$3,053,899
|
|
Net realized gain on investments
|
|
|
3,198,412
|
|
|
1,843,461
|
|
Net change in unrealized appreciation/(depreciation) on investments
|
|
|
15,083,191
|
|
|
(8,206,899)
|
|
Net increase/(decrease) in net assets resulting from operations
|
|
|
21,079,240
|
|
|
(3,309,539)
|
|
DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
|
|
||
|
Total distributions to shareholders
|
|
|
(4,101,129)
|
|
|
(7,462,478)
|
|
CAPITAL SHARE TRANSACTIONS
|
|
|
|
|
||
|
Net decrease in net assets derived from net change in outstanding shares(a)
|
|
|
(3,974,302)
|
|
|
(6,768,243)
|
|
Total increase/(decrease) in net assets
|
|
|
13,003,809
|
|
|
(17,540,260)
|
|
NET ASSETS
|
|
|
|
|
||
|
Beginning of year
|
|
|
83,391,147
|
|
|
100,931,407
|
|
End of year
|
|
|
$ 96,394,956
|
|
|
$83,391,147
|
|
|
|
|
|
|
|
|
|
(a)
|
A summary of share transactions is as follows:
|
|
|
|
|
|
|||||||||
|
|
|
Year Ended October 31,
|
||||||||||
|
|
2024
|
|
|
2023
|
||||||||
|
|
Shares
|
|
|
Paid-in Capital
|
|
|
Shares
|
|
|
Paid-in Capital
|
||
|
Shares sold
|
|
|
280,934
|
|
|
$4,138,710
|
|
|
508,510
|
|
|
$7,107,510
|
|
Shares issued on reinvestments of distributions
|
|
|
306,230
|
|
|
4,091,234
|
|
|
526,189
|
|
|
7,440,312
|
|
Shares redeemed
|
|
|
(843,346)
|
|
|
(12,204,246)
|
|
|
(1,570,370)
|
|
|
(21,316,065)
|
|
Net decrease
|
|
|
(256,182)
|
|
|
$(3,974,302)
|
|
|
(535,671)
|
|
|
$(6,768,243)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
EDGAR LOMAX VALUE FUND
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
|
|
|
|
|
||||||||||||
|
|
|
Year Ended October 31,
|
|||||||||||||
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
Net asset value, beginning of year
|
|
|
$13.06
|
|
|
$14.58
|
|
|
$15.23
|
|
|
$11.96
|
|
|
$14.51
|
|
INCOME FROM INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
0.46
|
|
|
0.47
|
|
|
0.40
|
|
|
0.42
|
|
|
0.42
|
|
Net realized and unrealized gain/(loss) on investments
|
|
|
2.86
|
|
|
(0.91)
|
|
|
(0.28)
|
|
|
4.43
|
|
|
(2.65)
|
|
Total from investment operations
|
|
|
3.32
|
|
|
(0.44)
|
|
|
0.12
|
|
|
4.85
|
|
|
(2.23)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
From net investment income
|
|
|
(0.47)
|
|
|
(0.42)
|
|
|
(0.40)
|
|
|
(0.44)
|
|
|
(0.32)
|
|
From net realized gain on investments
|
|
|
(0.18)
|
|
|
(0.66)
|
|
|
(0.37)
|
|
|
(1.14)
|
|
|
-
|
|
Total distributions
|
|
|
(0.65)
|
|
|
(1.08)
|
|
|
(0.77)
|
|
|
(1.58)
|
|
|
(0.32)
|
|
Net asset value, end of year
|
|
|
$15.73
|
|
|
$13.06
|
|
|
$14.58
|
|
|
$15.23
|
|
|
$11.96
|
|
Total return
|
|
|
26.30%
|
|
|
−3.62%
|
|
|
0.78%
|
|
|
43.39%
|
|
|
−15.83%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of year (thousands)
|
|
|
$96,395
|
|
|
$83,391
|
|
|
$100,931
|
|
|
$100,963
|
|
|
$86,079
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Before fees waived and expenses absorbed
|
|
|
0.99%
|
|
|
1.01%
|
|
|
1.00%
|
|
|
0.98%
|
|
|
1.01%
|
|
After fees waived and expenses absorbed
|
|
|
0.50%
|
|
|
0.50%
|
|
|
0.50%
|
|
|
0.50%
|
|
|
0.54%
|
|
Ratio of net investment income to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before fees waived and expenses absorbed
|
|
|
2.54%
|
|
|
2.66%
|
|
|
2.18%
|
|
|
2.27%
|
|
|
2.52%
|
|
After fees waived and expenses absorbed
|
|
|
3.03%
|
|
|
3.17%
|
|
|
2.68%
|
|
|
2.75%
|
|
|
2.99%
|
|
Portfolio turnover rate
|
|
|
30.46%
|
|
|
38.47%
|
|
|
39.80%
|
|
|
34.47%
|
|
|
45.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
Edgar Lomax Value Fund
Notes to Financial Statements
at October 31, 2024
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.
|
For the year ended October 31, 2024, the Fund made the following permanent tax adjustments on the Statement of Assets and Liabilities:
|
|
|
|
|
|
Distributable Earnings
|
|
|
Paid-in Capital
|
|
$(416,209)
|
|
|
$416,209
|
|
|
|
|
|
|
|
|
7
|
|
|
TABLE OF CONTENTS
Edgar Lomax Value Fund
Notes to Financial Statements
at October 31, 2024(Continued)
|
E.
|
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.
|
|
F.
|
Events Subsequent to the Fiscal Year End: In preparing the financial statements as of October 31, 2024, 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.
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
|
|
|
8
|
|
|
TABLE OF CONTENTS
Edgar Lomax Value Fund
Notes to Financial Statements
at October 31, 2024(Continued)
("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.
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.
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 October 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks
|
|
|
$91,133,802
|
|
|
$ -
|
|
|
$ -
|
|
|
$91,133,802
|
|
Real Estate Investment Trust
|
|
|
2,291,576
|
|
|
-
|
|
|
-
|
|
|
2,291,576
|
|
Money Market Fund
|
|
|
2,887,543
|
|
|
-
|
|
|
-
|
|
|
2,887,543
|
|
Total Investments
|
|
|
$96,312,921
|
|
|
$-
|
|
|
$-
|
|
|
$96,312,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification.
In October 2022, the Securities and Exchange Commission (the "SEC") adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. The Fund has implemented these requirements as of the compliance date of July 24, 2024.
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 is currently evaluating the impact of these amendments on 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 year ended October 31, 2024, the Fund incurred $507,068 in advisory fees, of which the Advisor voluntarily waived $46,097 resulting in net advisory fees of $460,971 before expense limitation waivers. This excludes additional voluntarily waived expenses of $138,291.
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 year ended October 31, 2024, the Fund's aggregate annual operating expenses were reduced to 0.50% of the Fund's average daily net assets, including contractual expense
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TABLE OF CONTENTS
Edgar Lomax Value Fund
Notes to Financial Statements
at October 31, 2024(Continued)
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 year ended October 31, 2024, excluding amounts voluntarily waived, the Advisor reduced its fees and absorbed Fund expenses in the amount of $270,232; no amounts were reimbursed to the Advisor. The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:
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Expires
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Amount
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10/31/2025
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$303,854
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10/31/2026
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301,984
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10/31/2027
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270,232
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$876,070
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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 year ended October 31, 2024 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 $52,465 of sub-transfer agent fees during the year ended October 31, 2024.
NOTE 5 - PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2024, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $27,269,673 and $33,048,870, respectively. There were no purchases or sales of long-term U.S. Government securities.
NOTE 6 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid during the years ended October 31, 2024, and October 31, 2023 was as follows:
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Year Ended October 31,
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2024
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2023
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Ordinary income
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$2,971,058
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$2,886,669
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Long-term capital gains
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1,130,071
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4,575,809
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10
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TABLE OF CONTENTS
Edgar Lomax Value Fund
Notes to Financial Statements
at October 31, 2024(Continued)
As of October 31, 2024, the components of accumulated earnings/(losses) on a tax basis were as follows:
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Cost of investments(a)
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$85,948,466
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Gross tax unrealized appreciation
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17,627,264
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Gross tax unrealized depreciation
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(7,262,809)
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Net tax unrealized appreciation(a)
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10,364,455
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Undistributed ordinary income
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2,377,114
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Undistributed long-term capital gain
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2,741,942
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Total distributable earnings
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5,119,056
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Total accumulated earnings/(losses)
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$15,483,511
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(a)
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The difference between book-basis and tax-basis net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.
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NOTE 7 - OTHER TAX INFORMATION
The Fund declared the payment of a distribution to be paid, on December 10, 2024, to shareholders of record on December 9, 2024 as follows:
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Ordinary Income
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Long-Term Capital Gains
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$0.45775456
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$0.45198
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NOTE 8 - 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 October 31, 2024, The Edgar Lomax Company owned 28.31% of the outstanding shares of the Fund.
NOTE 9 - REPORT OF THE FUND'S SPECIAL SHAREHOLDER MEETING (UNAUDITED)
At the board meeting held on June 27, 2024, the Board of Trustees (the "Board") nominated two new Independent Trustees, Anne Kritzmire and Craig Wainscott, as well as one current Independent Trustee, Michele Rackey for election and appointment by shareholders of the Trust. At a special shareholder meeting held on August 27, 2024, shareholders voted to elect and appoint the three nominees as Independent Trustees to the Board. The vote results were as follows:
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Outstanding Shares
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Total Shares Voted(1)
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610,254,146.13
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422,548,104.53
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69.24%
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(1)
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To approve the election of three Trustees to serve until his or her successor is elected and qualified.
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FOR(2)
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WITHHOLD
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Shares Voted
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% of Voted
Shares
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% of Outstanding
Shares
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Shares Voted
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% of Voted
Shares
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% of Outstanding
Shares
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(01) Craig Wainscott
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420,753,222.93
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99.58%
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68.95%
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1,794,881.60
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0.42%
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0.29%
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(02) Anne Kritzmire
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420,814,806.36
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99.59%
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68.96%
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1,733,298.17
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0.41%
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0.28%
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(03) Michele Rackey
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419,476,647.18
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99.27%
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68.74%
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3,071,457.36
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0.73%
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0.50%
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(1)
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Quorum:
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Forty percent of the shares of the Trust entitled to vote, present in person or represented by proxy, constitutes a quorum.
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(2)
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Vote Required:
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The nominees will be elected as Trustees of the Trust if they receive a plurality of the votes cast by all shares of the Trust to be voted in the aggregate.
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TABLE OF CONTENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees
Advisors Series Trust and
Shareholders of
Edgar Lomax Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Edgar Lomax Value Fund (the "Fund"), a series of Advisors Series Trust (the "Trust"), including the schedule of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more funds in the trust since 2003.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
December 30, 2024
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12
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| (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.
See Item 7(a).
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.
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. Filed herewith. |
(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.
(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 CFR249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 | ||
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Jeffrey T. Rauman, President/Chief Executive Officer/Principal Executive Officer |
| Date | 1/7/25 |
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 |
| Date | 1/7/25 |
| By (Signature and Title)* | /s/ Kevin J. Hayden | ||
| Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |
| Date | 1/7/25 |
* Print the name and title of each signing officer under his or her signature.