0001145549-23-027586.txt : 20230515
0001145549-23-027586.hdr.sgml : 20230515
20230515135634
ACCESSION NUMBER: 0001145549-23-027586
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20230228
FILED AS OF DATE: 20230515
DATE AS OF CHANGE: 20230515
EFFECTIVENESS DATE: 20230515
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ADVISORS SERIES TRUST
CENTRAL INDEX KEY: 0001027596
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07959
FILM NUMBER: 23920762
BUSINESS ADDRESS:
STREET 1: U.S BANCORP FUND SERVICES, LLC
STREET 2: 615 E MICHIGAN STREET
CITY: MILWAUKEE
STATE: WI
ZIP: 53202
BUSINESS PHONE: 414-765-5340
MAIL ADDRESS:
STREET 1: 615 E MICHIGAN STREET
STREET 2: MK-WI-LC2
CITY: MILWAUKEE
STATE: WI
ZIP: 53202
0001027596
S000000021
American Trust Allegiance Fund
C000000034
Investor Class
ATAFX
0001027596
S000044707
Pzena Mid Cap Value Fund
C000138961
Investor Class
PZVMX
C000138962
Institutional Class
PZIMX
0001027596
S000044708
Pzena Emerging Markets Value Fund
C000138963
Investor Class
PZVEX
C000138964
Institutional Class
PZIEX
0001027596
S000053713
Pzena Small Cap Value Fund
C000168873
Investor Class
PZVSX
C000168874
Institutional Class
PZISX
0001027596
S000062254
Pzena International Small Cap Value Fund
C000201595
Investor Class
PZVIX
C000201596
Institutional Class
PZIIX
0001027596
S000072390
Pzena International Value Fund
C000228587
Institutional
PZINX
C000228588
Investor
PZVNX
N-CEN
1
primary_doc.xml
X0404
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Advisors Series Trust
811-07959
0001027596
2549003Z0J6URS6I4Y63
615 East Michigan Street
3rd Floor
Milwaukee
53202
US-WI
US
18336121912
U.S. Bancorp Fund Services LLC
615 East Michigan Street
3rd Floor
Milwaukee
53202
18336121912
Fund Administrator Transfer Agent and Fund Accountant records
U.S. Bank National Association
1555 North RiverCenter Drive
Suite 302
Milwaukee
53212
18336121912
Custody records
Quasar Distributors LLC
111 East Kilbourn Avenue
Suite 2200
Milwaukee
53202
18662516920
Distributor and underwriter
American Trust Investment Advisors LLC
67 Etna Road
Suite 360
Lebanon
03766
6034486415
Investment Advisor ATAFX
Capital Advisors Inc.
2222 South Utica Place
Suite 300
Tulsa
74114
8662050523
Investment Advisor CIAOX
Chase Investment Counsel Corporation
350 Old Ivy Way
Suite 100
Charlottesville
22903
4342939104
Investment Advisor CHAIX
Davidson Investment Advisors Inc.
Davidson Building
8 Third Street North
Great Falls
59401
4067276111
Investment Advisor DFMIX
First Sentier Investors (US) LLC
10 East 53rd Street
21st Floor
New York
10022
2124979980
Investment Advisor FLIIX FLIAX
Fort Pitt Capital Group LLC
680 Andersen Drive
Foster Plaza Ten
Pittsburgh
15220
4129211822
Investment Advisor FPCGX
Huber Capital Management LLC
1700 East Walnut Avenue
Suite 460
El Segundo
90245
3102078400
Investment Advisor HULEX HUDEX HUSEX HUMEX
Logan Capital Management, Inc.
3843 West Chester Pike
Suite 150
Newtown Square
19073
2155691100
Investment Advisor LCLG
O'Shaughnessy Asset Management LLC
6 Suburban Avenue
Stamford
06901
2039753333
Investment Advisor OFVIX
Pacific Income Advisers, Inc.
2321 Rosecrans Avenue
Suite 1260
El Segundo
90245
3103931424
Investment Advisor PBBBX PMTGX PIASX PHYSX PIAMX
Poplar Forest Capital LLC
225 South Lake Avenue
Suite 950
Pasadena
91101
6263046000
Investment Advisor IPFPX IPFCX
Pzena Investment Management LLC
320 Park Avenue
8th Floor
New York
10022
2123551600
Investment Advisor PZIEX PZIMX PZISX PZIIX PZINX
Scharf Investments LLC
16450 Los Gatos Boulevard
Suite 207
Los Gatos
95032
8314296513
Investment Advisor LOGIX LOGOX WRLDX
Semper Capital Management L.P.
52 Vanderbilt Avenue
Suite 401
New York
10017
2126129050
Investment Advisor SEMMX SEMIX
Shenkman Capital Management Inc.
151 West 42nd Street
29th Floor
New York
10036
2128679090
Investment Advisor SFHIX SCFIX
The Edgar Lomax Company
5971 Kingstowne Village Parkway
Suite 240
Alexandria
22315
7037190026
Investment Advisor LOMAX
VegTech LLC
1842 Purdue Ave
Suite 103
Los Angeles
90025
14242378393
Investment Advisor EATV
Distribution Cognizant, LLC
288 Pearl Street
Suite 304
Monterey
93940
0000000000
Investment Advisor RVRB
N
N
N
N-1A
35
Y
David G Mertens
N/A
N
Joe D Redwine
N/A
N
Raymond B Woolson
N/A
N
Michele Rackey
N/A
N
Michael L Ceccato
N/A
615 E Michigan Street
Milwaukee
53202
XXXXXX
N
N
N
N
N
Quasar Distributors LLC
8-52323
000103848
N/A
N
N
Tait Weller and Baker LLP
00445
N/A
N
N
N
N
N
N
N
American Trust Allegiance Fund
S000000021
254900R3WRL243ZDLY37
N
1
0
0
N/A
N
N
N
N
N/A
N/A
N/A
Rule 12d1-1 (17 CFR 270.12d1-1)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
American Trust Investment Advisors LLC
801-60454
000114439
254900R3WRL243ZDLY37
N
U.S. Bancorp Fund Services LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
N
Intercontinental Exchange Inc.
5493000F4ZO33MV32P92
N
N
U.S. Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
N
U.S. Bancorp Fund Services LLC
N1GZ7BBF3NP8GI976H15
N
N
N
J.P. MORGAN SECURITIES LLC
8-35008
000000079
ZBUT11V806EZRVTWT807
13575.990000000000
13575.990000000000
0.000000000000
N
26089277.518000000000
Uncommitted
1300000.000000000000
N
N
N
N
Pzena Emerging Markets Value Fund
S000044708
254900LZU78524RJ7D30
N
2
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 12d1-1 (17 CFR 270.12d1-1)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Pzena Investment Management LLC
801-50838
000106847
6735QA45DYBXWQO11N07
N
U.S. Bancorp Fund Services LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
N
Intercontinental Exchange Inc.
5493000F4ZO33MV32P92
N
N
U.S. Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Pzena Investment Management LLC
6735QA45DYBXWQO11N07
NY
Y
N
N
U.S. Bancorp Fund Services LLC
N1GZ7BBF3NP8GI976H15
N
N
N
Pzena Financial Services LLC
8-69390
000169807
N/A
0.000000000000
Sanford C. Bernstein and Co. LLC
8-52942
000104474
549300I7JYZHT7D5CO04
104487.000000000000
Morgan Stanley and Co. Inc.
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
53243.000000000000
J.P. Morgan Securities LLC
8-35008
000000079
ZBUT11V806EZRVTWT807
41139.000000000000
Macquarie Capital Inc.
8-47198
000036368
549300670K07JRB5UQ40
38279.000000000000
Goldman Sachs and Co.
8-129
000000361
FOR8UP27PHTHYVLBNG30
36671.000000000000
Credit Agricole Securities (USA) Inc.
8-13753
000000190
549300WO2DKF0Q3YMV43
30503.000000000000
Hanwha Asset Management Ltd.
N/A
000288464
254900R4KZ2KSKRFU921
27702.000000000000
CLSA Americas LLC
8-69166
000165533
213800M2DXATWY7JMS07
26775.000000000000
Citigroup Global Markets Inc.
8-8177
000007059
MBNUM2BPBDO7JBLYG310
25326.000000000000
BTG Pactual US Capital LLC
8-68148
000149486
549300EUEDL5GKQW8U35
29184.000000000000
552423.000000000000
0.000000000000
Y
707109179.875000000000
Uncommitted
50000000.000000000000
N
N
N
N
Pzena Mid Cap Value Fund
S000044707
2549003EE5AP49SW9G08
N
2
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 12d1-1 (17 CFR 270.12d1-1)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Pzena Investment Management LLC
801-50838
000106847
6735QA45DYBXWQO11N07
N
U.S. Bancorp Fund Services LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
N
Intercontinental Exchange Inc.
5493000F4ZO33MV32P92
N
N
U.S. Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Pzena Investment Management LLC
6735QA45DYBXWQO11N07
NY
Y
N
N
U.S. Bancorp Fund Services LLC
N1GZ7BBF3NP8GI976H15
N
N
N
Pzena Financial Services LLC
8-69390
000169807
N/A
0.000000000000
Goldman Sachs and Co.
8-129
000000361
FOR8UP27PHTHYVLBNG30
11609.000000000000
Sanford C. Bernstein and Co. LLC
8-52942
000104474
549300I7JYZHT7D5CO04
10499.000000000000
Cantor Fitzgerald and Co.
8-201
000000134
5493004J7H4GCPG6OB62
6603.000000000000
Wells Fargo Securities LLC
8-65876
000126292
VYVVCKR63DVZZN70PB21
4874.000000000000
National Financial Services LLC
8-26740
000013041
549300JRHF1MHHWUAW04
4293.000000000000
Keefe Bruyette & Woods Inc.
8-10888
000000481
549300OM47DQV01G4854
3173.000000000000
BMO Nesbitt Burns Securities Ltd.
8-50538
000044057
54JEJPF5RL5INKZRDO43
2559.000000000000
Jefferies and Co. Inc.
8-15074
000002347
58PU97L1C0WSRCWADL48
1961.000000000000
Raymond James Financial Services LLC
8-17983
000052021
RGUZHJ05YTITL6D76949
1790.000000000000
Robert W. Baird and Co. Inc.
8-497
000008158
549300772UJAHRD6LO53
1663.000000000000
58846.000000000000
0.000000000000
Y
126291164.705000000000
Uncommitted
50000000.000000000000
N
N
N
Pzena Small Cap Value Fund
S000053713
2549006B3IRHSO48X667
N
2
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 12d1-1 (17 CFR 270.12d1-1)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Pzena Investment Management LLC
801-50838
000106847
6735QA45DYBXWQO11N07
N
U.S. Bancorp Fund Services LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
N
Intercontinental Exchange Inc.
5493000F4ZO33MV32P92
N
N
U.S. Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Pzena Investment Management LLC
6735QA45DYBXWQO11N07
NY
Y
N
N
U.S. Bancorp Fund Services LLC
N1GZ7BBF3NP8GI976H15
N
N
N
Pzena Financial Services LLC
8-69390
000169807
N/A
0.000000000000
Sanford C. Bernstein and Co. LLC
8-52942
000104474
549300I7JYZHT7D5CO04
16521.000000000000
Goldman Sachs and Co.
8-129
000000361
FOR8UP27PHTHYVLBNG30
10100.000000000000
BMO Nesbitt Burns Securities Ltd.
8-50538
000044057
54JEJPF5RL5INKZRDO43
7672.000000000000
Robert W. Baird and Co. Inc.
8-497
000008158
549300772UJAHRD6LO53
6803.000000000000
Keefe Bruyette & Woods Inc.
8-10888
000000481
549300OM47DQV01G4854
5071.000000000000
Cantor Fitzgerald and Co.
8-201
000000134
5493004J7H4GCPG6OB62
4330.000000000000
Raymond James Financial Services LLC
8-17983
000052021
RGUZHJ05YTITL6D76949
3247.000000000000
Morgan Stanley and Co. Inc.
8-15869
000008209
9R7GPTSO7KV3UQJZQ078
2787.000000000000
Wells Fargo Securities LLC
8-65876
000126292
VYVVCKR63DVZZN70PB21
2461.000000000000
Merrill Lynch Inc.
8-33359
000016139
549300PMHS66E71I2D34
1866.000000000000
67387.000000000000
Sanford C. Bernstein and Co. LLC
8-52942
000104474
549300I7JYZHT7D5CO04
19579.000000000000
19579.000000000000
Y
103194995.200000000000
Uncommitted
50000000.000000000000
N
N
N
Pzena International Small Cap Value Fund
S000062254
549300BXMZAGJHSNR496
N
2
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 12d1-1 (17 CFR 270.12d1-1)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Pzena Investment Management LLC
801-50838
000106847
6735QA45DYBXWQO11N07
N
U.S. Bancorp Fund Services LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
N
Intercontinental Exchange Inc.
5493000F4ZO33MV32P92
N
N
U.S. Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Pzena Investment Management LLC
6735QA45DYBXWQO11N07
NY
Y
N
N
U.S. Bancorp Fund Services LLC
N1GZ7BBF3NP8GI976H15
N
N
N
Pzena Financial Services LLC
8-69390
000169807
N/A
0.000000000000
Sanford C. Bernstein and Co. LLC
8-52942
000104474
549300I7JYZHT7D5CO04
1319.000000000000
Raymond James Financial Services LLC
8-17983
000052021
RGUZHJ05YTITL6D76949
515.000000000000
BMO Capital Markets Corp.
8-34344
000016686
RUC0QBLBRPRCU4W1NE59
495.000000000000
Mizuho Securities USA LLC
8-37710
000019647
7TK5RJIZDFROZCA6XF66
320.000000000000
Jefferies and Co. Inc.
8-15074
000002347
58PU97L1C0WSRCWADL48
171.000000000000
Wall Street Access
8-25936
000010012
549300Z0MOT47D6OQV22
159.000000000000
Exane Inc.
8-49569
000041784
6SDWK6FV8H98XAGSYS75
137.000000000000
HSBC Investments Bank PLC
8-41562
000019585
CYYGQCGNHMHPSMRL3R97
134.000000000000
J.P. Morgan Securities LLC
8-35008
000000079
ZBUT11V806EZRVTWT807
116.000000000000
Cowen and Co. LLC
8-22522
000007616
549300WR155U7DVMIW58
110.000000000000
4282.000000000000
0.000000000000
Y
14641191.130000000000
Uncommitted
50000000.000000000000
N
N
N
N
Pzena International Value Fund
S000072390
549300EBN213J14C4P93
N
2
0
0
N/A
N
N
Y
N
N/A
N/A
N/A
Rule 12d1-1 (17 CFR 270.12d1-1)
Rule 32a-4 (17 CFR 270.32a-4)
Y
Y
Y
N
Pzena Investment Management LLC
801-50838
000106847
6735QA45DYBXWQO11N07
N
U.S. Bancorp Fund Services LLC
85-11357
N1GZ7BBF3NP8GI976H15
N
N
N
Intercontinental Exchange Inc.
5493000F4ZO33MV32P92
N
N
U.S. Bank National Association
6BYL5QZYBDK8S7L73M02
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Pzena Investment Management LLC
6735QA45DYBXWQO11N07
NY
Y
N
N
U.S. Bancorp Fund Services LLC
N1GZ7BBF3NP8GI976H15
N
N
N
Pzena Financial Services LLC
8-69390
000169807
N/A
0.000000000000
Sanford C. Bernstein and Co. LLC
8-52942
000104474
549300I7JYZHT7D5CO04
6526.000000000000
Cowen and Co. LLC
8-22522
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549300WR155U7DVMIW58
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Mizuho Securities USA LLC
8-37710
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Exane Inc.
8-49569
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6SDWK6FV8H98XAGSYS75
1647.000000000000
Morgan Stanley and Co. Inc.
8-15869
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9R7GPTSO7KV3UQJZQ078
1319.000000000000
J.P. Morgan Securities LLC
8-35008
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ZBUT11V806EZRVTWT807
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BNP Paribas Securities Corp.
8-32682
000753835
RCNB6OTYUAMMP879YW96
514.000000000000
Jefferies and Co. Inc.
8-15074
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58PU97L1C0WSRCWADL48
441.000000000000
Citigroup Global Markets Inc.
8-8177
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377.000000000000
Instinet LLC
8-23669
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549300MGMN3RKMU8FT57
368.000000000000
18476.000000000000
0.000000000000
Y
31767391.600000000000
Uncommitted
50000000.000000000000
N
N
N
N
true
INTERNAL CONTROL RPT
2
ast-22823ncen.htm
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
Advisors Series Trust
Milwaukee, Wisconsin 53202
In planning and performing our audits of the financial statements of Pzena Mid Cap Value Fund, Pzena Emerging Markets Value Fund, Pzena Small Cap Value Fund, Pzena International Small Cap Value Fund, Pzena International Value Fund, and American Trust Allegiance Fund (the “Funds”), each a series of Advisors Series Trust for the year ended February 28, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of February 28, 2023.
This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Advisors Series Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ Tait, Weller & Baker LLP
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
April 28, 2023