5 years ended
|
10 years ended
|
Since Inception
|
||||||
1 year ended
|
9/30/23
|
9/30/23
|
(12/2/97)
|
|||||
9/30/23
|
(Annualized)
|
(Annualized)
|
(Annualized)
|
|||||
Chase Growth Fund Class N (CHASX)
|
+15.77%
|
+6.09%
|
+10.12%
|
+7.84%
|
||||
S&P 500® Index
|
+21.62%
|
+9.92%
|
+11.91%
|
+7.90%
|
||||
Lipper Multi-Cap Growth Funds Index
|
+20.06%
|
+7.77%
|
+10.86%
|
+7.43%
|
5 years ended
|
10 years ended
|
Since Inception
|
||||||
1 year ended
|
9/30/23
|
9/30/23
|
(1/29/07)
|
|||||
9/30/23
|
(Annualized)
|
(Annualized)
|
(Annualized)
|
|||||
Chase Growth Fund Institutional Class (CHAIX)
|
+15.94%
|
+6.18%
|
+10.28%
|
+8.01%
|
||||
S&P 500® Index
|
+21.62%
|
+9.92%
|
+11.91%
|
+9.02%
|
||||
Lipper Multi-Cap Growth Funds Index
|
+20.06%
|
+7.77%
|
+10.86%
|
+8.94%
|
*
|
Chase Investment Counsel Corporation (the “Adviser”) has contractually agreed to waive a portion or all of its management fees and pay Fund expenses in order to limit Total
Annual Fund Operating Expenses (excluding AFFE, taxes, interest expenses, dividends on securities sold short, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses) to 0.99% of average daily
net assets of the Fund (the “Expense Cap”). The Expense Cap will remain in effect through at least January 27, 2024 and may be terminated only by the Trust’s Board of Trustees. The Adviser may request recoupment of previously waived fees and
paid expenses from the Fund for 36 months from the date they were waived or paid, subject to the Expense Cap.
|
September 30, 2023
|
CHASE GROWTH FUND STOCKS VS. S&P 500®
INDEX
|
Chase Growth Fund
|
% of Net Assets
|
||
1. Microsoft Corp.
|
5.3%
|
||
2. Alphabet, Inc.
|
4.7%
|
||
3. NVIDIA Corp.
|
4.4%
|
||
4. Amazon.com, Inc.
|
4.2%
|
||
5. Visa, Inc.
|
3.9%
|
||
6. Apple, Inc.
|
3.8%
|
||
7. Cisco Systems, Inc.
|
3.7%
|
||
8. Booking Holdings, Inc.
|
3.5%
|
||
9. Fiserv, Inc.
|
3.1%
|
||
10. Berkshire Hathaway, Inc.
|
3.0%
|
![]() |
|
|
![]() |
||
Peter W. Tuz, CFA, CFP®
|
Robert “Buck” C. Klintworth, CMT, CFP®
|
|
President & Director
|
Senior Vice President
|
Beginning
|
Ending
|
Expenses Paid
|
|||
Account Value
|
Account Value
|
During Period
|
|||
4/1/23
|
9/30/23
|
4/1/23 – 9/30/23*
|
|||
Chase Growth Fund (Class N)
|
|||||
Actual
|
$1,000.00
|
$1,024.10
|
$5.53
|
||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,019.60
|
$5.52
|
*
|
Expenses are equal to the annualized expense ratio of 0.99% for the period, multiplied by the average account value over the period, multiplied by 183 (days in most recent fiscal half-year) /
365 days to reflect the one-half year expense.
|
Beginning
|
Ending
|
Expenses Paid
|
|||
Account Value
|
Account Value
|
During Period
|
|||
4/1/23
|
9/30/23
|
4/1/23 – 9/30/23*
|
|||
Chase Growth Fund (Institutional Class)
|
|||||
Actual
|
$1,000.00
|
$1,025.60
|
$5.03
|
||
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,020.10
|
$5.01
|
*
|
Expenses are equal to the annualized expense ratio of 0.99% for the period, multiplied by the average account value over the period, multiplied by 183 (days in most recent fiscal half-year) /
365 days to reflect the one-half year expense.
|
One
|
Five
|
Ten
|
|
Average Annual Total Return as of Sept. 30, 2023
|
Year
|
Years
|
Years
|
Chase Growth Fund - Class N Shares
|
15.77%
|
6.09%
|
10.12%
|
Chase Growth Fund - Institutional Class
|
15.94%
|
6.18%
|
10.28%
|
S&P 500® Index
|
21.62%
|
9.92%
|
11.91%
|
Lipper Multi-Cap Growth Funds Index
|
20.06%
|
7.77%
|
10.86%
|
Shares
|
COMMON STOCKS – 98.1%
|
Value
|
|||||
Asset Management – 2.5%
|
|||||||
15,393
|
Ares Management Corp.
|
$
|
1,583,478
|
||||
Auto/Auto Parts – 1.5%
|
|||||||
1,050
|
O’Reilly Automotive, Inc. (a)
|
954,303
|
|||||
Biotechnology – 1.8%
|
|||||||
3,208
|
Vertex Pharmaceuticals, Inc. (a)
|
1,115,550
|
|||||
Brokerage – 2.2%
|
|||||||
16,073
|
Interactive Brokers Group, Inc. – Class A
|
1,391,279
|
|||||
Building – 4.0%
|
|||||||
7,135
|
Comfort Systems USA, Inc.
|
1,215,875
|
|||||
3,166
|
Martin Marietta Materials, Inc.
|
1,299,580
|
|||||
2,515,455
|
|||||||
Building Products – 3.6%
|
|||||||
6,623
|
Eagle Materials Inc.
|
1,102,862
|
|||||
5,443
|
EMCOR Group, Inc.
|
1,145,153
|
|||||
2,248,015
|
|||||||
Business Services – 1.5%
|
|||||||
17,911
|
CBIZ, Inc. (a)
|
929,581
|
|||||
Computer – Networking – 6.2%
|
|||||||
8,821
|
Arista Networks, Inc. (a)
|
1,622,446
|
|||||
42,531
|
Cisco Systems, Inc.
|
2,286,467
|
|||||
3,908,913
|
|||||||
Computer Hardware – 3.8%
|
|||||||
13,723
|
Apple, Inc.
|
2,349,515
|
|||||
Computer Software – 13.7%
|
|||||||
9,306
|
CrowdStrike Holdings, Inc. (a)
|
1,557,638
|
|||||
10,561
|
Microsoft Corp.
|
3,334,636
|
|||||
4,711
|
Salesforce, Inc. (a)
|
955,297
|
|||||
12,466
|
SAP SE – ADR
|
1,612,103
|
|||||
5,093
|
Workday, Inc. – Class A (a)
|
1,094,231
|
|||||
8,553,905
|
|||||||
Electrical Equipment – 2.1%
|
|||||||
34,873
|
Vertiv Holdings Co.
|
1,297,275
|
Shares
|
Value
|
||||||
Energy, Oil & Gas Exploration & Production – 1.7%
|
|||||||
17,398
|
Imperial Oil Ltd.
|
$
|
1,071,543
|
||||
Engineering/Construction – 2.4%
|
|||||||
8,003
|
Quanta Services, Inc.
|
1,497,121
|
|||||
Finance/Information Services – 9.7%
|
|||||||
16,887
|
Fiserv, Inc. (a)
|
1,907,555
|
|||||
6,496
|
FLEETCOR Technologies, Inc. (a)
|
1,658,689
|
|||||
10,709
|
Visa, Inc. – Class A
|
2,463,177
|
|||||
6,029,421
|
|||||||
Financial Services – Diversified – 4.6%
|
|||||||
5,329
|
Berkshire Hathaway, Inc. – Class B (a)
|
1,866,749
|
|||||
15,624
|
Loews Corp.
|
989,155
|
|||||
2,855,904
|
|||||||
Footwear – 2.1%
|
|||||||
2,540
|
Deckers Outdoor Corp. (a)
|
1,305,789
|
|||||
Health Care Distribution – 1.6%
|
|||||||
2,285
|
McKesson Corp.
|
993,632
|
|||||
Health Care Services – 1.7%
|
|||||||
4,341
|
Medpace Holdings, Inc. (a)
|
1,051,086
|
|||||
Insurance – Property/Casualty/Title – 1.8%
|
|||||||
13,797
|
Arch Capital Group Ltd. (a)
|
1,099,759
|
|||||
Internet Retail – 7.7%
|
|||||||
20,670
|
Amazon.com, Inc. (a)
|
2,627,571
|
|||||
714
|
Booking Holdings, Inc. (a)
|
2,201,940
|
|||||
4,829,511
|
|||||||
Internet Software & Services – 4.7%
|
|||||||
22,588
|
Alphabet, Inc. – Class A (a)
|
2,955,866
|
|||||
Machinery – 1.9%
|
|||||||
29,114
|
Flowserve Corp.
|
1,157,864
|
|||||
Medical System/Equipment – 1.5%
|
|||||||
10,623
|
Haemonetics Corp. (a)
|
951,608
|
Shares
|
Value
|
||||||
Retail – Discount – 3.7%
|
|||||||
8,168
|
Ross Stores, Inc.
|
$
|
922,576
|
||||
15,713
|
TJX Companies, Inc.
|
1,396,571
|
|||||
2,319,147
|
|||||||
Semiconductors – 6.1%
|
|||||||
1,313
|
Broadcom, Inc.
|
1,090,552
|
|||||
6,287
|
NVIDIA Corp.
|
2,734,782
|
|||||
3,825,334
|
|||||||
Shipping – 1.7%
|
|||||||
13,150
|
Kirby Corp. (a)
|
1,088,820
|
|||||
Steel – 2.3%
|
|||||||
31,320
|
Howmet Aerospace, Inc.
|
1,448,550
|
|||||
Total Common Stocks (Cost $48,870,329)
|
61,328,224
|
||||||
MONEY MARKET FUND – 2.0%
|
|||||||
1,245,064
|
Invesco STIT Treasury Portfolio, Institutional Class, 5.26% (b)
|
1,245,064
|
|||||
Total Money Market Fund (Cost $1,245,064)
|
1,245,064
|
||||||
Total Investments (Cost $50,115,393) – 100.1%
|
62,573,288
|
||||||
Liabilities in Excess of Other Assets – (0.1)%
|
(67,870
|
)
|
|||||
Total Net Assets – 100.0%
|
$
|
62,505,418
|
ADR
|
American Depositary Receipt
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Rate shown represents the 7-day annualized yield as of September 30, 2023.
|
ASSETS
|
||||
Investments in securities, at value (identified cost $50,115,393)
|
$
|
62,573,288
|
||
Receivables
|
||||
Fund shares issued
|
350
|
|||
Dividends and interest
|
21,061
|
|||
Dividend tax reclaim
|
9,521
|
|||
Prepaid expenses
|
13,959
|
|||
Total assets
|
62,618,179
|
|||
LIABILITIES
|
||||
Payables
|
||||
Due to Adviser
|
26,683
|
|||
Fund shares redeemed
|
20,007
|
|||
Audit fees
|
22,500
|
|||
Shareholder servicing fees
|
2,948
|
|||
Administration and fund accounting fees
|
17,488
|
|||
Transfer agent fees and expenses
|
11,028
|
|||
Custody fees
|
1,920
|
|||
Legal fees
|
2,263
|
|||
Chief Compliance Officer fee
|
2,500
|
|||
Printing and mailing expense
|
4,107
|
|||
Trustee fees and expenses
|
53
|
|||
Accrued expenses
|
1,264
|
|||
Total liabilities
|
112,761
|
|||
NET ASSETS
|
$
|
62,505,418
|
Class N Shares
|
||||
Net assets applicable to shares outstanding
|
$
|
31,044,036
|
||
Shares issued and outstanding [unlimited number of shares
|
||||
(par value $0.01) authorized]
|
2,701,702
|
|||
Net asset value, offering and redemption price per share(1)
|
$
|
11.49
|
||
Institutional Class Shares
|
||||
Net assets applicable to shares outstanding
|
$
|
31,461,382
|
||
Shares issued and outstanding [unlimited number of shares
|
||||
(par value $0.01) authorized]
|
2,537,762
|
|||
Net asset value, offering and redemption price per share(1)
|
$
|
12.40
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
46,617,604
|
||
Total distributable earnings
|
15,887,814
|
|||
Net assets
|
$
|
62,505,418
|
(1)
|
A redemption fee of 2.00% is assessed against shares redeemed within 60 days of purchase. |
INVESTMENT INCOME
|
||||
Income
|
||||
Dividends (net of foreign tax and issuance fees withheld of $16,031)
|
$
|
439,890
|
||
Interest
|
92,887
|
|||
Total income
|
532,777
|
|||
Expenses
|
||||
Advisory fees (Note 4)
|
474,672
|
|||
Administration and fund accounting fees (Note 4)
|
104,774
|
|||
Transfer agent fees and expenses (Note 4)
|
68,257
|
|||
Shareholder servicing fees – Class N Shares (Note 5)
|
33,996
|
|||
Registration fees
|
33,180
|
|||
Audit fees
|
22,500
|
|||
Trustees fees and expenses
|
16,822
|
|||
Chief Compliance Officer fee (Note 4)
|
15,000
|
|||
Custody fees (Note 4)
|
12,997
|
|||
Printing and mailing expense
|
12,889
|
|||
Legal fees
|
8,485
|
|||
Insurance expense
|
2,917
|
|||
Miscellaneous
|
9,660
|
|||
Total expenses
|
816,149
|
|||
Less: fees waived by Adviser (Note 4)
|
(155,587
|
)
|
||
Net expenses
|
660,562
|
|||
Net investment loss
|
(127,785
|
)
|
||
REALIZED AND UNREALIZED GAIN ON
|
||||
INVESTMENTS AND FOREIGN CURRENCY
|
||||
Net realized gain from:
|
||||
Investments
|
3,582,716
|
|||
Foreign currency
|
25
|
|||
Net change in unrealized appreciation/(depreciation) on:
|
||||
Investments
|
5,670,825
|
|||
Foreign currency
|
2
|
|||
Net realized and unrealized gain on investments and foreign currency
|
9,253,568
|
|||
Net Increase in Net Assets Resulting from Operations
|
$
|
9,125,783
|
Year Ended
|
Year Ended
|
|||||||
Sept. 30, 2023
|
Sept. 30, 2022
|
|||||||
NET INCREASE/(DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment income/(loss)
|
$
|
(127,785
|
)
|
$
|
113,949
|
|||
Net realized gain from:
|
||||||||
Investments
|
3,582,716
|
4,445,105
|
||||||
Foreign currency
|
25
|
386
|
||||||
Net change in unrealized appreciation/(depreciation) on:
|
||||||||
Investments
|
5,670,825
|
(17,625,199
|
)
|
|||||
Foreign currency
|
2
|
(22
|
)
|
|||||
Net increase/(decrease) in net assets
|
||||||||
resulting from operations
|
9,125,783
|
(13,065,781
|
)
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
Class N Shares
|
(1,585,558
|
)
|
(7,384,748
|
)
|
||||
Institutional Class Shares
|
(1,432,158
|
)
|
(6,419,507
|
)
|
||||
Total distributions to shareholders
|
(3,017,716
|
)
|
(13,804,255
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase/(decrease) in net assets derived
|
||||||||
from net change in outstanding shares (a)
|
(2,386,116
|
)
|
5,771,034
|
|||||
Total increase/(decrease) in net assets
|
3,721,951
|
(21,099,002
|
)
|
|||||
NET ASSETS
|
||||||||
Beginning of year
|
58,783,467
|
79,882,469
|
||||||
End of year
|
$
|
62,505,418
|
$
|
58,783,467
|
Class N Shares
|
||||||||||||||||
Year Ended
Sept. 30, 2023
|
Year Ended
Sept. 30, 2022
|
|||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
|||||||||||||
Shares sold
|
70,589
|
$
|
792,498
|
119,097
|
$
|
1,580,582
|
||||||||||
Shares issued on reinvestments
|
||||||||||||||||
of distributions
|
138,150
|
1,486,491
|
506,876
|
6,934,064
|
||||||||||||
Shares redeemed*
|
(427,542
|
)
|
(4,821,747
|
)
|
(426,424
|
)
|
(5,517,038
|
)
|
||||||||
Net increase/(decrease)
|
(218,803
|
)
|
$
|
(2,542,758
|
)
|
199,549
|
$
|
2,997,608
|
||||||||
* Net of redemption fees of
|
$
|
393
|
$
|
269
|
Institutional Class Shares
|
||||||||||||||||
Year Ended
Sept. 30, 2023
|
Year Ended
Sept. 30, 2022
|
|||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
|||||||||||||
Shares sold
|
118,321
|
$
|
1,395,497
|
92,566
|
$
|
1,326,081
|
||||||||||
Shares issued on reinvestments
|
||||||||||||||||
of distributions
|
113,377
|
1,315,172
|
397,076
|
5,829,080
|
||||||||||||
Shares redeemed*
|
(211,869
|
)
|
(2,554,027
|
)
|
(319,202
|
)
|
(4,381,735
|
)
|
||||||||
Net increase
|
19,829
|
$
|
156,642
|
170,440
|
$
|
2,773,426
|
||||||||||
* Net of redemption fees of
|
$
|
385
|
$
|
248
|
Class N Shares
|
||||||||||||||||||||
Year Ended September 30,
|
||||||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||||
Net asset value, beginning of year
|
$
|
10.45
|
$
|
15.33
|
$
|
13.21
|
$
|
13.01
|
$
|
14.66
|
||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income/(loss)(1)
|
(0.03
|
)
|
0.01
|
(0.03
|
)
|
(0.05
|
)
|
(0.05
|
)
|
|||||||||||
Net realized and unrealized gain/(loss)
|
||||||||||||||||||||
on investments and foreign currency
|
1.64
|
(2.12
|
)
|
3.21
|
1.66
|
(0.18
|
)
|
|||||||||||||
Total from investment operations
|
1.61
|
(2.11
|
)
|
3.18
|
1.61
|
(0.23
|
)
|
|||||||||||||
Less distributions:
|
||||||||||||||||||||
From net realized gain on investments
|
(0.57
|
)
|
(2.77
|
)
|
(1.06
|
)
|
(1.41
|
)
|
(1.42
|
)
|
||||||||||
Total distributions
|
(0.57
|
)
|
(2.77
|
)
|
(1.06
|
)
|
(1.41
|
)
|
(1.42
|
)
|
||||||||||
Paid-in capital from redemption fees(1)(2)
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||||||||||
Net asset value, end of year
|
$
|
11.49
|
$
|
10.45
|
$
|
15.33
|
$
|
13.21
|
$
|
13.01
|
||||||||||
Total return
|
15.77
|
%
|
-18.05
|
%
|
25.25
|
%
|
13.45
|
%
|
-0.32
|
%
|
||||||||||
Ratios/supplemental data:
|
||||||||||||||||||||
Net assets, end of year (thousands)
|
$
|
31,044
|
$
|
30,523
|
$
|
41,715
|
$
|
37,914
|
$
|
32,593
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before fee waiver
|
1.35
|
%
|
1.27
|
%
|
1.26
|
%
|
1.29
|
%
|
1.23
|
%
|
||||||||||
After fee waiver
|
1.10
|
%
|
1.09
|
%
|
1.14
|
%
|
1.25
|
%
|
1.23
|
%
|
||||||||||
Ratio of net investment income/(loss)
|
||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||
Before fee waiver
|
(0.50
|
%)
|
(0.07
|
%)
|
(0.32
|
%)
|
(0.47
|
%)
|
(0.37
|
%)
|
||||||||||
After fee waiver
|
(0.25
|
%)
|
0.11
|
%
|
(0.20
|
%)
|
(0.43
|
%)
|
(0.37
|
%)
|
||||||||||
Portfolio turnover rate
|
121.88
|
%
|
122.57
|
%
|
94.19
|
%
|
145.44
|
%
|
106.29
|
%
|
(1)
|
Based on average shares outstanding.
|
(2)
|
Amount is less than $0.01 per share.
|
Institutional Class Shares
|
||||||||||||||||||||
Year Ended September 30,
|
||||||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||||
Net asset value, beginning of year
|
$
|
11.22
|
$
|
16.26
|
$
|
13.94
|
$
|
13.64
|
$
|
15.29
|
||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income/(loss)(1)
|
(0.02
|
)
|
0.03
|
(0.01
|
)
|
(0.04
|
)
|
(0.04
|
)
|
|||||||||||
Net realized and unrealized gain/(loss)
|
||||||||||||||||||||
on investments and foreign currency
|
1.77
|
(2.30
|
)
|
3.39
|
1.75
|
(0.19
|
)
|
|||||||||||||
Total from investment operations
|
1.75
|
(2.27
|
)
|
3.38
|
1.71
|
(0.23
|
)
|
|||||||||||||
Less distributions:
|
||||||||||||||||||||
From net realized gain on investments
|
(0.57
|
)
|
(2.77
|
)
|
(1.06
|
)
|
(1.41
|
)
|
(1.42
|
)
|
||||||||||
Total distributions
|
(0.57
|
)
|
(2.77
|
)
|
(1.06
|
)
|
(1.41
|
)
|
(1.42
|
)
|
||||||||||
Paid-in capital from redemption fees(1)(2)
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||||||||||
Net asset value, end of year
|
$
|
12.40
|
$
|
11.22
|
$
|
16.26
|
$
|
13.94
|
$
|
13.64
|
||||||||||
Total return
|
15.94
|
%
|
-17.99
|
%
|
25.36
|
%
|
13.57
|
%
|
-0.30
|
%
|
||||||||||
Ratios/supplemental data:
|
||||||||||||||||||||
Net assets, end of year (thousands)
|
$
|
31,461
|
$
|
28,260
|
$
|
38,167
|
$
|
31,991
|
$
|
36,312
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before fee waiver
|
1.24
|
%
|
1.17
|
%
|
1.16
|
%
|
1.18
|
%
|
1.15
|
%
|
||||||||||
After fee waiver
|
0.99
|
%
|
0.99
|
%
|
1.04
|
%
|
1.14
|
%
|
1.15
|
%
|
||||||||||
Ratio of net investment income/(loss)
|
||||||||||||||||||||
to average net assets:
|
||||||||||||||||||||
Before fee waiver
|
(0.40
|
%)
|
0.03
|
%
|
(0.21
|
%)
|
(0.34
|
%)
|
(0.29
|
%)
|
||||||||||
After fee waiver
|
(0.15
|
%)
|
0.21
|
%
|
(0.09
|
%)
|
(0.30
|
%)
|
(0.29
|
%)
|
||||||||||
Portfolio turnover rate
|
121.88
|
%
|
122.57
|
%
|
94.19
|
%
|
145.44
|
%
|
106.29
|
%
|
(1)
|
Based on average shares outstanding.
|
(2)
|
Amount is less than $0.01 per share.
|
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 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 their 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.
|
|
Investment income, expenses (other than those specific to the class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of the Fund
based upon their relative net assets on the date income is earned or expensed and realized and unrealized gains and losses are incurred.
|
||
The Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory, custody and transfer agent fees. Common expenses of the Trust are typically
allocated among the funds in the Trust based on the fund’s respective net assets, or by other equitable means.
|
||
The Fund distributes substantially all 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 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 September 30, 2023, the Fund made the following permanent tax adjustments on the statement of assets and liabilities:
|
Total Distributable Earnings
|
Paid-in Capital
|
||
$(24,970)
|
$24,970
|
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.
|
Redemption Fees: The Fund charges a 2% redemption fee to shareholders who redeem shares held for 60 days or less. Such fees are retained by the Fund and
accounted for as an addition to paid-in capital. Redemption fees retained are disclosed in the statements of changes.
|
|
G.
|
REITs: The Fund can make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds
available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. The 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.
|
|
H.
|
Events Subsequent to the Fiscal Year End: In preparing the financial statements as of September 30, 2023, management considered the impact of subsequent
events for potential recognition or disclosure in the financial statements. Refer to Note 12 for information on a subsequent event regarding changes to the Board of Trustees.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
Level 2 –
|
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the
identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant
would use in valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||
Common Stocks
|
|||||||||||||||||
Communication Services
|
$
|
2,955,866
|
$
|
—
|
$
|
—
|
$
|
2,955,866
|
|||||||||
Consumer Discretionary
|
9,408,749
|
—
|
—
|
9,408,749
|
|||||||||||||
Energy
|
1,071,543
|
—
|
—
|
1,071,543
|
|||||||||||||
Financials
|
12,959,841
|
—
|
—
|
12,959,841
|
|||||||||||||
Health Care
|
4,111,877
|
—
|
—
|
4,111,877
|
|||||||||||||
Industrials
|
9,780,240
|
—
|
—
|
9,780,240
|
|||||||||||||
Materials
|
2,402,442
|
—
|
—
|
2,402,442
|
|||||||||||||
Technology
|
18,637,666
|
—
|
—
|
18,637,666
|
|||||||||||||
Total Common Stocks
|
61,328,224
|
—
|
—
|
61,328,224
|
|||||||||||||
Money Market Fund
|
1,245,064
|
—
|
—
|
1,245,064
|
|||||||||||||
Total Investments
|
$
|
62,573,288
|
$
|
—
|
$
|
—
|
$
|
62,573,288
|
Expiration
|
Amount
|
||||
9/30/24
|
$
|
91,200
|
|||
9/30/25
|
130,664
|
||||
9/30/26
|
155,587
|
||||
$
|
377,451
|
Year Ended
|
Year Ended
|
||
September 30, 2023
|
September 30, 2022
|
||
Ordinary income
|
$ —
|
$ 3,295,309
|
|
Long-term capital gains
|
3,017,716
|
10,508,946
|
Cost of investments (a)
|
$
|
50,115,393
|
|||
Gross unrealized appreciation
|
12,932,025
|
||||
Gross unrealized depreciation
|
(474,130
|
)
|
|||
Net unrealized appreciation (a)
|
12,457,895
|
||||
Net unrealized depreciation on currency
|
(20
|
)
|
|||
Undistributed ordinary income
|
—
|
||||
Undistributed long-term capital gains
|
3,429,939
|
||||
Total distributable earnings
|
3,429,939
|
||||
Total accumulated earnings/(losses)
|
$
|
15,887,814
|
(a)
|
The book-basis and tax-basis net unrealized appreciation is the same.
|
•
|
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); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases;
terrorism; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and
|
months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to
business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery
from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising
government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed
sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.
|
||
•
|
Medium-Cap Companies Risk – Investing in securities of medium-capitalization companies may involve greater volatility than investing in larger companies
because medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies.
|
|
•
|
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.
|
|
•
|
Small-Cap Companies Risk – Investments in smaller or unseasoned companies involve much greater risk than investments in larger, more established
companies due to smaller companies being more likely to experience unexpected fluctuations in prices. This is due to the higher degree of uncertainty in a small-cap company’s growth prospects, the lower degree of liquidity in the market for
small-cap stocks, and the greater sensitivity of small-cap companies to changing economic conditions.
|
|
•
|
Depositary Receipt Risk – Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional
risks. Investments in foreign securities may involve financial, economic or political risks not ordinarily associated with the securities of U.S. issuers. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies,
and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. When the Fund invests in depositary receipts as
|
a substitute for an investment directly in the underlying foreign shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with
that of the underlying foreign shares.
|
||
•
|
Foreign Securities Risk – Foreign securities are subject to special risks in addition to those of issuers located in the U.S. Foreign securities can be
more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which could affect the
Fund’s investments.
|
Shareholder
|
Percent of Shares Held
|
||
Charles Schwab & Co.
|
32.44%
|
TAIT, WELLER & BAKER LLP
|
Number of
|
||||||
Term of
|
Portfolios
|
|||||
Office
|
in Fund
|
Other
|
||||
Position
|
and Length
|
Complex
|
Directorships
|
|||
Name, Address
|
Held with
|
of Time
|
Principal Occupation
|
Overseen by
|
Held During
|
|
and Age
|
the Trust(4)
|
Served*
|
During Past Five Years
|
Trustee(2)
|
Past Five Years(3)
|
|
Independent Trustees(1)
|
||||||
David G. Mertens
|
Trustee
|
Indefinite
|
Partner and Head of Business
|
1
|
Trustee, Advisors
|
|
(age 63)
|
term; since
|
Development, QSV Equity
|
Series Trust
|
|||
615 E. Michigan Street
|
March 2017.
|
Investors, LLC, (formerly
|
(for series not
|
|||
Milwaukee, WI 53202
|
known as Ballast Equity
|
affiliated with
|
||||
Management, LLC) (a privately-
|
the Fund).
|
|||||
held investment advisory firm)
|
||||||
(February 2019 to present);
|
||||||
Managing Director and Vice
|
||||||
President, Jensen Investment
|
||||||
Management, Inc. (a privately-
|
||||||
held investment advisory firm)
|
||||||
(2002 to 2017).
|
||||||
Joe D. Redwine
|
Trustee
|
Indefinite
|
Retired; formerly Manager,
|
1
|
Trustee, Advisors
|
|
(age 76)
|
term; since
|
President, CEO, U.S. Bancorp
|
Series Trust
|
|||
615 E. Michigan Street
|
September
|
Fund Services, LLC, and its
|
(for series not
|
|||
Milwaukee, WI 53202
|
2008.
|
predecessors, (May 1991 to
|
affiliated with
|
|||
July 2017).
|
the Fund).
|
Number of
|
||||||
Term of
|
Portfolios
|
|||||
Office
|
in Fund
|
Other
|
||||
Position
|
and Length
|
Complex
|
Directorships
|
|||
Name, Address
|
Held with
|
of Time
|
Principal Occupation
|
Overseen by
|
Held During
|
|
and Age
|
the Trust(4)
|
Served*
|
During Past Five Years
|
Trustee(2)
|
Past Five Years(3)
|
|
Independent Trustees(1)
|
||||||
Raymond B. Woolson
|
Chairman
|
Indefinite
|
President, Apogee Group, Inc.
|
1
|
Trustee, Advisors
|
|
(age 64)
|
of the
|
term; since
|
(financial consulting firm)
|
Series Trust
|
||
615 E. Michigan Street
|
Board
|
January 2020.
|
(1998 to present).
|
(for series not
|
||
Milwaukee, WI 53202
|
affiliated with
|
|||||
Trustee
|
Indefinite
|
the Fund);
|
||||
term; since
|
Independent
|
|||||
January 2016.
|
Trustee,
|
|||||
DoubleLine
|
||||||
Funds Trust (an
|
||||||
open-end
|
||||||
investment
|
||||||
company with
|
||||||
19 portfolios),
|
||||||
DoubleLine
|
||||||
Opportunistic
|
||||||
Credit Fund,
|
||||||
DoubleLine
|
||||||
Income Solutions
|
||||||
Fund, and
|
||||||
DoubleLine Yield
|
||||||
Opportunities
|
||||||
Fund from 2010
|
||||||
to present;
|
||||||
Independent
|
||||||
Trustee,
|
||||||
DoubleLine ETF
|
||||||
Trust (an open-
|
||||||
end investment
|
||||||
company with
|
||||||
2 portfolios) from
|
||||||
March 2022
|
||||||
to present.
|
||||||
Michele Rackey
|
Trustee
|
Indefinite
|
Chief Executive Officer,
|
1
|
Trustee, Advisors
|
|
(age 64)
|
term; since
|
Government Employees Benefit
|
Series Trust
|
|||
615 E. Michigan Street
|
January 2023.
|
Association (GEBA) (benefits and
|
(for series not
|
|||
Milwaukee, WI 53202
|
wealth management organization)
|
affiliated with
|
||||
(2004 to 2020); Board Member,
|
the Fund).
|
|||||
Association Business Services Inc.
|
||||||
(ABSI) (for-profit subsidiary of the
|
||||||
American Society of Association
|
||||||
Executives) (2019 to 2020).
|
||||||
Term of
|
|||
Position
|
Office and
|
||
Name, Address
|
Held with
|
Length of
|
Principal Occupation
|
and Age
|
the Trust
|
Time Served
|
During Past Five Years
|
Officers
|
|||
Jeffrey T. Rauman
|
President,
|
Indefinite
|
Senior Vice President, Compliance and Administration,
|
(age 54)
|
Chief
|
term; since
|
U.S. Bank Global Fund Services (February 1996 to present).
|
615 E. Michigan Street
|
Executive
|
December
|
|
Milwaukee, WI 53202
|
Officer and
|
2018.
|
|
Principal
|
|||
Executive
|
|||
Officer
|
|||
Kevin J. Hayden
|
Vice
|
Indefinite
|
Vice President, Compliance and Administration,
|
(age 52)
|
President,
|
term; since
|
U.S. Bank Global Fund Services (June 2005 to present).
|
615 E. Michigan Street
|
Treasurer and
|
January
|
|
Milwaukee, WI 53202
|
Principal
|
2023.
|
|
Financial
|
|||
Officer
|
|||
Cheryl L. King
|
Assistant
|
Indefinite
|
Vice President, Compliance and Administration,
|
(age 62)
|
Treasurer
|
term; since
|
U.S. Bank Global Fund Services (October 1998 to present).
|
615 E. Michigan Street
|
January
|
||
Milwaukee, WI 53202
|
2023.
|
||
Richard R. Conner
|
Assistant
|
Indefinite
|
Assistant Vice President, Compliance and Administration,
|
(age 41)
|
Treasurer
|
term; since
|
U.S. Bank Global Fund Services (July 2010 to present).
|
615 E. Michigan Street
|
December
|
||
Milwaukee, WI 53202
|
2018.
|
||
Joseph R. Kolinsky
|
Vice
|
Indefinite
|
Vice President, U.S. Bank Global Fund Services
|
(age 52)
|
President,
|
term; since
|
(May 2023 to present); Chief Compliance Officer,
|
2020 E. Financial Way,
|
Chief
|
July
|
Chandler Asset Management, Inc. (2020 to 2022); Director,
|
Suite 100
|
Compliance
|
2023.
|
Corporate Compliance, Pacific Life Insurance Company
|
Glendora, CA 91741
|
Officer and
|
(2018 to 2019).
|
|
AML Officer
|
|||
Elaine E. Richards
|
Vice
|
Indefinite
|
Senior Vice President, U.S. Bank Global Fund Services
|
(age 55)
|
President
|
term; since
|
(July 2007 to present).
|
2020 E. Financial Way,
|
and Secretary
|
September
|
|
Suite 100
|
2019.
|
||
Glendora, CA 91741
|
Term of
|
|||
Position
|
Office and
|
||
Name, Address
|
Held with
|
Length of
|
Principal Occupation
|
and Age
|
the Trust
|
Time Served
|
During Past Five Years
|
Officers
|
|||
Lillian A. Kabakali
|
Assistant
|
Indefinite
|
Vice President, U.S. Bank Global Fund Services
|
(age 42)
|
Secretary
|
term; since
|
(April 2023 to present); Vice President, Compliance, Guggenheim
|
2020 E. Financial Way,
|
July
|
Partners Investment Management Holdings, LLC (April 2019 to
|
|
Suite 100
|
2023.
|
April 2023); Senior Associate, Compliance, Guggenheim
|
|
Glendora, CA 91741
|
Partners Investment Management Holdings, LLC
|
||
(January 2018 to April 2019).
|
*
|
The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later
than the last day of the calendar year in which his or her 75th birthday occurs (“Retiring Trustee”). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such
Retiring Trustee’s term and on the length of a one-time extension of up to three additional years. At a meeting held December 7-8, 2022, by vote of the majority of Trustees (not including Mr. Redwine), Mr. Redwine’s term as Trustee was
extended for three additional years to expire December 31, 2025.
|
(1)
|
The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
|
(2)
|
As of September 30, 2023, the Trust was comprised of 34 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not hold
itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
|
(3)
|
“Other Directorships Held” includes only directorship of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934 Act, as amended, (that is, “public
companies”) or other investment companies registered under the 1940 Act.
|
(4)
|
Effective October 18, 2023, Mr. Ray Woolson retired from his service as Trustee and Chairman of the Board of Trustees of the Trust (the “Board”) to attend to health-related matters. At the
recommendation of the Nominating and Governance Committee, on October 24, 2023, the Board appointed Mr. David Mertens as the successor Chairman of the Board, and Ms. Michele Rackey was appointed as Chairman of the Nominating and Governance
Committee of the Board.
|
•
|
Information we receive about you on applications or other forms;
|
•
|
Information you give us orally; and/or
|
•
|
Information about your transactions with us or others.
|
FYE 9/30/2023
|
FYE 9/30/2022
|
|
Audit Fees
|
$18,900
|
$18,900
|
Audit-Related Fees
|
N/A
|
N/A
|
Tax Fees
|
$3,600
|
$3,600
|
All Other Fees
|
N/A
|
N/A
|
FYE 9/30/2023
|
FYE 9/30/2022
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 9/30/2023
|
FYE 9/30/2022
|
Registrant
|
N/A
|
N/A
|
Registrant’s Investment Adviser
|
N/A
|
N/A
|
(a)
|
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
|
(b)
|
Not Applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable.
|
(a)
|
The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/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 has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
1.
|
HONEST AND ETHICAL CONDUCT.
|
2.
|
FINANCIAL RECORDS AND REPORTING
|
3.
|
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
|
4.
|
COMPLIANCE WITH THIS CODE OF ETHICS
|
5.
|
AMENDMENT AND WAIVER
|
1.
|
I have reviewed this report on Form N-CSR of Advisors Series Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 12/6/2023
|
/s/ Jeffrey T. Rauman
Jeffrey T. Rauman President/Chief Executive Officer/Principal Executive Officer |
1.
|
I have reviewed this report on Form N-CSR of Advisors Series Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 12/8/2023
|
/s/ Kevin J. Hayden
Kevin J. Hayden Vice President/Treasurer/Principal Financial Officer
|
/s/ Jeffrey T. Rauman
Jeffrey T. Rauman
President/Chief Executive Officer/Principal Executive Officer
Advisors Series Trust
|
/s/ Kevin J. Hayden
Kevin J. Hayden
Vice President/Treasurer/Principal Financial Officer
Advisors Series Trust
|
Dated: 12/6/2023
|
Dated: 12/8/2023
|
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