Fiscal Year
|
|||
Performance
|
|||
S&P 500
|
10.14%
|
||
S&P 493, Excluding the Magnificent 7
|
2.30%
|
Note:
|
Statistics calculated
|
S&P Value
|
7.69%
|
using FactSet Data.
|
|
20% of S&P Value with highest yields (deep value)
|
-5.28%
|
S&P 500
|
Morningstar Large-Cap
|
|||
Fund
|
Value Index
|
S&P 500 Index
|
Value Category
|
|
1-year
|
-3.62%
|
7.69%
|
10.14%
|
0.63%
|
5-year
|
5.04%
|
9.23%
|
11.01%
|
7.08%
|
10-year
|
7.76%
|
8.98%
|
11.18%
|
7.63%
|
*
|
Figures are from the Fund’s prospectus dated February 28, 2023. The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that Net Annual Fund Operating Expenses do not
exceed 0.70% (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) through at least February 27, 2024. In addition, the Advisor has voluntarily agreed to waive a portion of its investment advisory fee
contingent upon the Fund’s performance versus the S&P 500 Value Index. While the Advisor may discontinue its voluntary waiver any time after February 27, 2024, it has no current intention of doing so.
|
1-Year Perf. from
|
6-Month Perf. from
|
|
Portfolio
|
6/30/99 thru 6/30/00
|
6/30/00 thru 12/31/00
|
Edgar Lomax Value Fund
|
-19.65%
|
24.65%
|
S&P 500
|
7.24%
|
-8.72%
|
S&P 500 Value
|
-5.11%
|
10.59%
|
![]() |
![]() |
Randall R. Eley
|
Thomas B. Murray
|
Chief Investment Officer
|
Portfolio Manager
|
Average Annual Total Return:
|
|||
|
One Year
|
Five Years1
|
Ten Years1
|
Edgar Lomax Value Fund
|
-3.62%
|
5.04%
|
7.76%
|
S&P 500® Index
|
10.14%
|
11.01%
|
11.18%
|
S&P 500® Value Index
|
7.69%
|
9.23%
|
8.98%
|
Lipper Large-Cap Value Funds Index
|
4.11%
|
7.88%
|
8.29%
|
1
|
Average Annual Total Return represents the average annual change in account value over the period indicated.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period*
|
|
5/1/23
|
10/31/23
|
5/1/23 – 10/31/23
|
|
Actual
|
$1,000.00
|
$ 960.30
|
$2.47
|
Hypothetical (5% return before expenses)
|
$1,000.00
|
$1,022.68
|
$2.55
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 184 (days in most recent fiscal half-year)/365 days
to reflect the one-half year expense.
|
Shares
|
COMMON STOCKS - 96.5%
|
Value
|
|||||
Beverage and Tobacco Product Manufacturing - 0.2%
|
|||||||
3,850
|
Altria Group, Inc.
|
$
|
154,654
|
||||
Broadcasting (except Internet) - 0.7%
|
|||||||
14,200
|
Comcast Corp. - Class A
|
586,318
|
|||||
Chemical Manufacturing - 15.6%
|
|||||||
3,100
|
AbbVie, Inc.
|
437,658
|
|||||
13,250
|
Amgen, Inc.
|
3,388,025
|
|||||
6,950
|
Bristol-Myers Squibb Co.
|
358,133
|
|||||
81,100
|
Dow, Inc.
|
3,920,374
|
|||||
5,800
|
Gilead Sciences, Inc.
|
455,532
|
|||||
16,350
|
Merck & Co., Inc.
|
1,679,145
|
|||||
56,252
|
Pfizer, Inc.
|
1,719,061
|
|||||
6,850
|
Procter & Gamble Co.
|
1,027,706
|
|||||
12,985,634
|
|||||||
Computer and Electronic Product Manufacturing - 16.1%
|
|||||||
875
|
Broadcom, Inc.
|
736,199
|
|||||
64,050
|
Cisco Systems, Inc.
|
3,338,926
|
|||||
90,550
|
Intel Corp.
|
3,305,075
|
|||||
14,400
|
International Business Machines Corp.
|
2,082,816
|
|||||
19,600
|
Medtronic PLC
|
1,382,976
|
|||||
9,300
|
Qualcomm, Inc.
|
1,013,607
|
|||||
11,300
|
Texas Instruments, Inc.
|
1,604,713
|
|||||
13,464,312
|
|||||||
Couriers and Messengers - 7.0%
|
|||||||
22,750
|
FedEx Corp.
|
5,462,275
|
|||||
2,800
|
United Parcel Service, Inc. - Class B
|
395,500
|
|||||
5,857,775
|
|||||||
Credit Intermediation and Related Activities - 7.0%
|
|||||||
9,950
|
American Express Co.
|
1,452,999
|
|||||
10,900
|
Bank of New York Mellon Corp.
|
463,250
|
|||||
11,050
|
Citigroup, Inc.
|
436,364
|
|||||
19,900
|
JPMorgan Chase & Co.
|
2,767,294
|
|||||
11,500
|
U.S. Bancorp
|
366,620
|
Shares
|
COMMON STOCKS - 96.5%
|
Value
|
|||||
Credit Intermediation and Related Activities - 7.0%, continued
|
|||||||
8,300
|
Wells Fargo & Co.
|
$
|
330,091
|
||||
5,816,618
|
|||||||
Fabricated Metal Product Manufacturing - 2.8%
|
|||||||
26,100
|
Emerson Electric Co.
|
2,322,117
|
|||||
Food Manufacturing - 0.5%
|
|||||||
12,250
|
Kraft Heinz Co.
|
385,385
|
|||||
Health and Personal Care Retailers - 5.8%
|
|||||||
33,000
|
CVS Health Corp.
|
2,277,330
|
|||||
121,800
|
Walgreens Boots Alliance, Inc.
|
2,567,544
|
|||||
4,844,874
|
|||||||
Insurance Carriers and Related Activities - 2.9%
|
|||||||
23,350
|
American International Group, Inc.
|
1,431,588
|
|||||
1,900
|
UnitedHealth Group, Inc.
|
1,017,564
|
|||||
2,449,152
|
|||||||
Machinery Manufacturing - 1.7%
|
|||||||
6,200
|
Caterpillar, Inc.
|
1,401,510
|
|||||
Miscellaneous Manufacturing - 3.4%
|
|||||||
22,200
|
3M Co.
|
2,019,090
|
|||||
5,750
|
Johnson & Johnson
|
852,955
|
|||||
2,872,045
|
|||||||
Petroleum and Coal Products Manufacturing - 7.0%
|
|||||||
25,050
|
Chevron Corp.
|
3,650,537
|
|||||
21,000
|
Exxon Mobil Corp.
|
2,222,850
|
|||||
5,873,387
|
|||||||
Securities, Commodity Contracts, and Other
|
|||||||
Financial Investments and Related Activities - 3.1%
|
|||||||
6,200
|
Goldman Sachs Group, Inc.
|
1,882,382
|
|||||
9,700
|
Morgan Stanley
|
686,954
|
|||||
2,569,336
|
|||||||
Support Activities for Mining - 2.2%
|
|||||||
15,400
|
ConocoPhillips
|
1,829,520
|
Shares
|
COMMON STOCKS - 96.5%
|
Value
|
|||||
Telecommunications - 5.3%
|
|||||||
45,650
|
AT&T, Inc.
|
$
|
703,010
|
||||
106,850
|
Verizon Communications, Inc.
|
3,753,641
|
|||||
4,456,651
|
|||||||
Transportation Equipment Manufacturing - 7.3%
|
|||||||
42,750
|
Ford Motor Co.
|
416,813
|
|||||
16,350
|
General Dynamics Corp.
|
3,945,419
|
|||||
4,750
|
Honeywell International, Inc.
|
870,485
|
|||||
10,050
|
Raytheon Technologies Corp.
|
817,969
|
|||||
6,050,686
|
|||||||
Utilities - 7.9%
|
|||||||
28,800
|
Duke Energy Corp.
|
2,560,032
|
|||||
56,800
|
Exelon Corp.
|
2,211,792
|
|||||
26,300
|
Southern Co.
|
1,769,990
|
|||||
6,541,814
|
|||||||
TOTAL COMMON STOCKS (Cost $85,031,957)
|
80,461,788
|
||||||
REIT —0.6%
|
|||||||
Real Estate - 0.6%
|
|||||||
4,200
|
Simon Property Group, Inc.
|
461,538
|
|||||
TOTAL REIT (Cost $420,352)
|
461,538
|
||||||
MONEY MARKET FUND - 3.0%
|
|||||||
2,520,099
|
Invesco STIT-Treasury Portfolio, Institutional Class, 5.27% (a)
|
2,520,099
|
|||||
TOTAL MONEY MARKET FUND (Cost $2,520,099)
|
2,520,099
|
||||||
Total Investments (Cost $87,972,408) - 100.1%
|
83,443,425
|
||||||
Liabilities in Excess of Other Assets - (0.1)%
|
(52,278
|
)
|
|||||
Total Net Assets - 100.00%
|
$
|
83,391,147
|
PLC
|
Public Limited Company
|
REIT
|
Real Estate Investment Trust
|
(a)
|
Rate shown represents the 7-day annualized yield as of October 31, 2023.
|
ASSETS
|
||||
Investments in securities, at value (identified cost $87,972,408)
|
$
|
83,443,425
|
||
Receivables
|
||||
Fund shares sold
|
2,811
|
|||
Dividends and interest
|
201,314
|
|||
Due from Advisor (Note 4)
|
2,215
|
|||
Prepaid expenses
|
5,241
|
|||
Total assets
|
83,655,006
|
|||
LIABILITIES
|
||||
Payables
|
||||
Fund shares redeemed
|
136,848
|
|||
Administration fees
|
44,960
|
|||
Transfer agent fees and expenses
|
27,601
|
|||
Audit fees
|
21,000
|
|||
Fund accounting fees
|
9,629
|
|||
Shareholder reporting
|
6,241
|
|||
Chief Compliance Officer fee
|
3,750
|
|||
Custody fees
|
3,586
|
|||
Legal fees
|
2,880
|
|||
Trustee fees and expenses
|
4,766
|
|||
Accrued other expenses
|
2,598
|
|||
Total liabilities
|
263,859
|
|||
NET ASSETS
|
$
|
83,391,147
|
||
CALCULATION OF NET ASSET VALUE PER SHARE
|
||||
Net assets applicable to shares outstanding
|
$
|
83,391,147
|
||
Shares issued and outstanding
|
||||
[unlimited number of shares (par value $0.01) authorized]
|
6,385,643
|
|||
Net asset value, offering and redemption price per share
|
$
|
13.06
|
||
COMPONENTS OF NET ASSETS
|
||||
Paid-in capital
|
$
|
84,469,538
|
||
Total accumulated deficit
|
(1,078,391
|
)
|
||
Net assets
|
$
|
83,391,147
|
INVESTMENT INCOME
|
||||
Dividends (net of foreign taxes withheld of $737)
|
$
|
3,371,320
|
||
Interest
|
163,449
|
|||
Total investment income
|
3,534,769
|
|||
EXPENSES
|
||||
Advisory fees (Note 4)
|
528,957
|
|||
Administration fees (Note 4)
|
182,361
|
|||
Transfer agent fees and expenses (Note 4)
|
101,710
|
|||
Fund accounting fees (Note 4)
|
37,850
|
|||
Registration fees
|
23,139
|
|||
Audit fees
|
21,000
|
|||
Custody fees (Note 4)
|
20,094
|
|||
Trustee fees and expenses
|
18,655
|
|||
Chief Compliance Officer fee (Note 4)
|
15,001
|
|||
Reports to shareholders
|
10,562
|
|||
Legal fees
|
7,677
|
|||
Insurance expense
|
3,364
|
|||
Other expenses
|
4,832
|
|||
Total expenses
|
975,202
|
|||
Less: advisory fee waiver (Note 4)
|
(494,332
|
)
|
||
Net expenses
|
480,870
|
|||
Net investment income
|
3,053,899
|
|||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
|
||||
Net realized gain on investments
|
1,843,461
|
|||
Net change in unrealized appreciation/(depreciation) on investments
|
(8,206,899
|
)
|
||
Net realized and unrealized loss on investments
|
(6,363,438
|
)
|
||
Net Decrease in Net Assets Resulting from Operations
|
$
|
(3,309,539
|
)
|
Year Ended
|
Year Ended
|
|||||||
October 31, 2023
|
October 31, 2022
|
|||||||
INCREASE/(DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment income
|
$
|
3,053,899
|
$
|
2,747,196
|
||||
Net realized gain on investments
|
1,843,461
|
5,434,606
|
||||||
Net change in unrealized appreciation/(depreciation) on investments
|
(8,206,899
|
)
|
(7,607,476
|
)
|
||||
Net increase/(decrease) in net assets resulting from operations
|
(3,309,539
|
)
|
574,326
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
Total distributions to shareholders
|
(7,462,478
|
)
|
(5,104,318
|
)
|
||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase/(decrease) in net assets derived
|
||||||||
from net change in outstanding shares (a)
|
(6,768,243
|
)
|
4,498,559
|
|||||
Total decrease in net assets
|
(17,540,260
|
)
|
(31,433
|
)
|
||||
NET ASSETS
|
||||||||
Beginning of year
|
100,931,407
|
100,962,840
|
||||||
End of year
|
$
|
83,391,147
|
$
|
100,931,407
|
(a)
|
A summary of share transactions is as follows:
|
Year Ended
|
Year Ended
|
||||||||||||||||
October 31, 2023
|
October 31, 2022
|
||||||||||||||||
Shares
|
Paid-in Capital
|
Shares
|
Paid-in Capital
|
||||||||||||||
Shares sold
|
508,510
|
$
|
7,107,510
|
1,233,138
|
$
|
18,325,298
|
|||||||||||
Shares issued on reinvestments of distributions
|
526,189
|
7,440,312
|
349,126
|
5,097,237
|
|||||||||||||
Shares redeemed
|
(1,570,370
|
)
|
(21,316,065
|
)
|
(1,289,676
|
)
|
(18,923,976
|
)
|
|||||||||
Net increase/(decrease)
|
(535,671
|
)
|
$
|
(6,768,243
|
)
|
292,588
|
$
|
4,498,559
|
Year Ended October 31,
|
||||||||||||||||||||
2023
|
2022
|
2021
|
2020
|
2019
|
||||||||||||||||
Net asset value, beginning of year
|
$
|
14.58
|
$
|
15.23
|
$
|
11.96
|
$
|
14.51
|
$
|
15.33
|
||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.47
|
0.40
|
0.42
|
0.42
|
0.30
|
|||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||
gain/(loss) on investments
|
(0.91
|
)
|
(0.28
|
)
|
4.43
|
(2.65
|
)
|
0.87
|
||||||||||||
Total from investment operations
|
(0.44
|
)
|
0.12
|
4.85
|
(2.23
|
)
|
1.17
|
|||||||||||||
Less distributions:
|
||||||||||||||||||||
From net investment income
|
(0.42
|
)
|
(0.40
|
)
|
(0.44
|
)
|
(0.32
|
)
|
(0.31
|
)
|
||||||||||
From net realized gain on investments
|
(0.66
|
)
|
(0.37
|
)
|
(1.14
|
)
|
—
|
(1.68
|
)
|
|||||||||||
Total distributions
|
(1.08
|
)
|
(0.77
|
)
|
(1.58
|
)
|
(0.32
|
)
|
(1.99
|
)
|
||||||||||
Net asset value, end of year
|
$
|
13.06
|
$
|
14.58
|
$
|
15.23
|
$
|
11.96
|
$
|
14.51
|
||||||||||
Total return
|
-3.62
|
%
|
0.78
|
%
|
43.39
|
%
|
-15.83
|
%
|
9.07
|
%
|
||||||||||
Ratios/supplemental data:
|
||||||||||||||||||||
Net assets, end of year (thousands)
|
$
|
83,391
|
$
|
100,931
|
$
|
100,963
|
$
|
86,079
|
$
|
119,054
|
||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before fees waived and expenses absorbed
|
1.01
|
%
|
1.00
|
%
|
0.98
|
%
|
1.01
|
%
|
0.96
|
%
|
||||||||||
After fees waived and expenses absorbed
|
0.50
|
%
|
0.50
|
%
|
0.50
|
%
|
0.54
|
%
|
0.70
|
%
|
||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before fees waived and expenses absorbed
|
2.66
|
%
|
2.18
|
%
|
2.27
|
%
|
2.52
|
%
|
2.10
|
%
|
||||||||||
After fees waived and expenses absorbed
|
3.17
|
%
|
2.68
|
%
|
2.75
|
%
|
2.99
|
%
|
2.36
|
%
|
||||||||||
Portfolio turnover rate
|
38.47
|
%
|
39.80
|
%
|
34.47
|
%
|
45.46
|
%
|
23.83
|
%
|
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, 2023, the Fund made the following permanent tax adjustments on the Statement of Assets and Liabilities:
|
Distributable Earnings
|
Paid-in Capital
|
||
$(701,471)
|
$701,471
|
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, 2023, 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.
|
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
|
||||||||||||||||
Finance and Insurance
|
$
|
10,835,106
|
$
|
—
|
$
|
—
|
$
|
10,835,106
|
||||||||
Information
|
5,042,969
|
—
|
—
|
5,042,969
|
||||||||||||
Manufacturing
|
45,509,730
|
—
|
—
|
45,509,730
|
||||||||||||
Mining, Quarrying, and Oil and Gas Extraction
|
1,829,520
|
—
|
—
|
1,829,520
|
||||||||||||
Retail Trade
|
4,844,874
|
—
|
—
|
4,844,874
|
||||||||||||
Transportation and Warehousing
|
5,857,775
|
—
|
—
|
5,857,775
|
||||||||||||
Utilities
|
6,541,814
|
—
|
—
|
6,541,814
|
||||||||||||
Total Common Stocks
|
80,461,788
|
—
|
—
|
80,461,788
|
||||||||||||
REIT
|
461,538
|
—
|
—
|
461,538
|
||||||||||||
Money Market Fund
|
2,520,099
|
—
|
—
|
2,520,099
|
||||||||||||
Total Investments in Securities
|
$
|
83,443,425
|
$
|
—
|
$
|
—
|
$
|
83,443,425
|
Expires
|
Amount
|
||||
10/31/2024
|
$
|
284,842
|
|||
10/31/2025
|
303,854
|
||||
10/31/2026
|
301,984
|
||||
$
|
890,680
|
Year Ended
|
Year Ended
|
|||||||
October 31, 2023
|
October 31, 2022
|
|||||||
Ordinary income
|
$
|
2,886,669
|
$
|
2,865,150
|
||||
Long-term capital gains
|
4,575,809
|
2,239,168
|
Cost of investments (a)
|
$
|
88,202,400
|
||
Gross tax unrealized appreciation
|
8,173,263
|
|||
Gross tax unrealized depreciation
|
(12,932,238
|
)
|
||
Net tax unrealized depreciation (a)
|
(4,758,975
|
)
|
||
Undistributed ordinary income
|
2,550,535
|
|||
Undistributed long-term capital gain
|
1,130,049
|
|||
Total distributable earnings
|
3,680,584
|
|||
Total accumulated earnings/(losses)
|
$
|
(1,078,391
|
)
|
(a)
|
The difference between book-basis and tax-basis net unrealized depreciation is attributable primarily to the tax deferral of losses on wash sales.
|
Ordinary Income
|
Long-Term Capital Gains
|
||
$0.47092250
|
$0.17912
|
Number of
|
|||||
Portfolios
|
|||||
Term of
|
in Fund
|
Other
|
|||
Position
|
Office and
|
Complex
|
Directorships
|
||
Name, Address
|
Held with
|
Length of
|
Principal Occupation
|
Overseen
|
Held During
|
and Age
|
the Trust
|
Time Served*
|
During Past Five Years
|
by Trustee(2)
|
Past Five Years(3)
|
Independent Trustees(1)
|
|||||
David G. Mertens
|
Chairman
|
Indefinite
|
Partner and Head of Business
|
1
|
Trustee, Advisors
|
(age 63)
|
of the
|
term; since
|
Development, QSV Equity
|
Series Trust (for
|
|
615 E. Michigan Street
|
Board
|
October 2023.
|
Investors, LLC, (formerly known
|
series not affiliated
|
|
Milwaukee, WI 53202
|
as Ballast Equity Management,
|
with the Fund).
|
|||
Trustee
|
Indefinite
|
LLC) (a privately-held investment
|
|||
term; since
|
advisory firm) (February 2019 to
|
||||
March 2017.
|
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 (for
|
||
615 E. Michigan Street
|
September
|
Fund Services, LLC, and its
|
series not affiliated
|
||
Milwaukee, WI 53202
|
2008.
|
predecessors, (May 1991
|
with the Fund).
|
||
to July 2017).
|
|||||
Michele Rackey
|
Trustee
|
Indefinite
|
Chief Executive Officer,
|
1
|
Trustee, Advisors
|
(age 64)
|
term; since
|
Government Employees Benefit
|
Series Trust (for
|
||
615 E. Michigan Street
|
January 2023.
|
Association (GEBA) (benefits and
|
series not affiliated
|
||
Milwaukee, WI 53202
|
wealth management organization)
|
with the Fund).
|
|||
(2004 to 2020); Board Member,
|
|||||
Association Business Services Inc.
|
|||||
(ABSI) (for-profit subsidiary of the
|
|||||
American Society of Association
|
|||||
Executives) (2019 to 2020).
|
Name, Address
|
Position Held
|
Term of Office and
|
Principal Occupation
|
and Age
|
with the Trust
|
Length of Time Served
|
During Past Five Years
|
Officers
|
|||
Jeffrey T. Rauman
|
President, Chief
|
Indefinite term; since
|
Senior Vice President, Compliance and
|
(age 54)
|
Executive Officer
|
December 2018.
|
Administration, U.S. Bank Global Fund Services
|
615 E. Michigan Street
|
and Principal
|
(February 1996 to present).
|
|
Milwaukee, WI 53202
|
Executive Officer
|
||
Kevin J. Hayden
|
Vice President,
|
Indefinite term; since
|
Vice President, Compliance and Administration,
|
(age 52)
|
Treasurer and
|
January 2023.
|
U.S. Bank Global Fund Services
|
615 E. Michigan Street
|
Principal
|
(June 2005 to present).
|
|
Milwaukee, WI 53202
|
Financial Officer
|
||
Cheryl L. King
|
Assistant
|
Indefinite term; since
|
Vice President, Compliance and Administration,
|
(age 62)
|
Treasurer
|
January 2023.
|
U.S. Bank Global Fund Services
|
615 E. Michigan Street
|
(October 1998 to present).
|
||
Milwaukee, WI 53202
|
|||
Richard R. Conner
|
Assistant
|
Indefinite term; since
|
Assistant Vice President, Compliance and
|
(age 41)
|
Treasurer
|
December 2018.
|
Administration, U.S. Bank Global Fund Services
|
615 E. Michigan Street
|
(July 2010 to present).
|
||
Milwaukee, WI 53202
|
|||
Joseph R. Kolinsky
|
Vice President,
|
Indefinite term; since
|
Vice President, U.S. Bank Global Fund Services
|
(age 52)
|
Chief Compliance
|
July 2023.
|
(May 2023 to present); Chief Compliance Officer,
|
2020 E. Financial Way,
|
Officer and
|
Chandler Asset Management, Inc. (2020 to 2022);
|
|
Suite 100
|
AML Officer
|
Director, Corporate Compliance, Pacific Life
|
|
Glendora, CA 91741
|
Insurance Company (2018 to 2019).
|
||
Elaine E. Richards
|
Vice President
|
Indefinite term; since
|
Senior Vice President, U.S. Bank Global Fund
|
(age 55)
|
and Secretary
|
September 2019.
|
Services (July 2007 to present).
|
2020 E. Financial Way,
|
|||
Suite 100
|
|||
Glendora, CA 91741
|
Name, Address
|
Position Held
|
Term of Office and
|
Principal Occupation
|
and Age
|
with the Trust
|
Length of Time Served
|
During Past Five Years
|
Lillian A. Kabakali
|
Assistant
|
Indefinite term; since
|
Vice President, U.S. Bank Global Fund Services
|
(age 42)
|
Secretary
|
July 2023.
|
(April 2023 to present); Vice President,
|
2020 E. Financial Way,
|
Compliance, Guggenheim Partners Investment
|
||
Suite 100
|
Management Holdings, LLC (April 2019 to
|
||
Glendora, CA 91741
|
April 2023); Senior Associate, Compliance,
|
||
Guggenheim 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 October 31, 2023, the Trust was comprised of 34 active portfolios managed by unaffiliated investment advisors. 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 advisor 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.
|
•
|
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 10/31/2023
|
FYE 10/31/2022
|
|
(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
|
FYE 10/31/2023
|
FYE 10/31/2022
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 10/31/2023
|
FYE 10/31/2022
|
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 have materially affected, or are 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: 1/4/2024
|
/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:
|
1/5/2024
|
/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: 1/4/2024
|
Dated: 1/5/2024
|
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