Form N-CSRS ADVISORS SERIES TRUST For: Sep 30

December 8, 2021 10:42 AM EST

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES




Investment Company Act file number 811-07959


Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202
(Name and address of agent for service)



(626) 914-7363
Registrant's telephone number, including area code



Date of fiscal year end: March 31, 2022



Date of reporting period:  September 30, 2021


Item 1. Reports to Stockholders.









Semi-Annual Report

September 30, 2021










AASGARD SMALL & MID-CAP FUND

EXPENSE EXAMPLE at September 30, 2021 (Unaudited)
Shareholders in mutual funds generally incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other fund expenses. The Aasgard Small & Mid-Cap Fund is a no-load mutual fund and has no shareholder transaction expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (4/1/21 – 9/30/21).
 
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. Although the Fund charges no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in the first line of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and will not help you determine the relative total costs of owning different funds, as they may charge transactional costs, such as sales charges (loads), redemption fees, or exchange fees.
3

AASGARD SMALL & MID-CAP FUND

EXPENSE EXAMPLE at September 30, 2021 (Unaudited), Continued
 
Beginning
Ending
Expenses Paid
 
Account Value
Account Value
During Period*
 
4/1/21
9/30/21
4/1/21 – 9/30/21
Actual
$1,000.00
$1,034.00
$5.10
Hypothetical (5% return
     
  before expenses)
$1,000.00
$1,020.05
$5.06

*
Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 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.
4

AASGARD SMALL & MID-CAP FUND

INDUSTRY ALLOCATION OF PORTFOLIO ASSETS at September 30, 2021 (Unaudited)






Percentages represent market value as a percentage of total investments.
5

AASGARD SMALL & MID-CAP FUND

SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited)
Shares
 
COMMON STOCKS – 90.70%
 
Value
 
   
Administrative and Support Services – 3.64%
     
 
10,045
 
Broadridge Financial Solutions, Inc.
 
$
1,673,899
 
 
7,575
 
Scotts Miracle-Gro Co.
   
1,108,677
 
           
2,782,576
 
               
     
Ambulatory Health Care Services – 2.05%
       
 
10,760
 
Quest Diagnostics, Inc.
   
1,563,536
 
               
     
Chemical Manufacturing – 1.70%
       
 
16,725
 
RPM International, Inc.
   
1,298,696
 
               
     
Computer and Electronic Product Manufacturing – 6.52%
       
 
4,080
 
Monolithic Power Systems, Inc.
   
1,977,494
 
 
18,085
 
NetApp, Inc.
   
1,623,310
 
 
12,690
 
Teradyne, Inc.
   
1,385,367
 
           
4,986,171
 
               
     
Construction of Buildings – 1.84%
       
 
36,035
 
KB Home
   
1,402,482
 
               
     
Credit Intermediation and Related Activities – 12.15%
       
 
37,085
 
Bank OZK
   
1,593,913
 
 
19,926
 
Commerce Bancshares, Inc.
   
1,388,444
 
 
68,195
 
Regions Financial Corp.
   
1,453,235
 
 
34,080
 
Synovus Financial Corp.
   
1,495,771
 
 
43,090
 
Washington Federal, Inc.
   
1,478,418
 
 
30,365
 
Zions Bancorp
   
1,879,290
 
           
9,289,071
 
               
     
Food Manufacturing – 3.55%
       
 
28,625
 
Campbell Soup Co.
   
1,196,811
 
 
64,310
 
Flowers Foods, Inc.
   
1,519,646
 
           
2,716,457
 
               
     
Funds, Trusts, and Other Financial Vehicles – 1.94%
       
 
9,555
 
Garmin Ltd. – ADR
   
1,485,420
 
               
     
Furniture and Home Furnishings Stores – 1.91%
       
 
8,220
 
Williams-Sonoma, Inc.
   
1,457,653
 
               
     
Heavy and Civil Engineering Construction – 1.95%
       
 
37,785
 
KBR, Inc.
   
1,488,729
 

The accompanying notes are an integral part of these financial statements.
6

AASGARD SMALL & MID-CAP FUND

SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited), Continued
Shares
 
COMMON STOCKS – 90.70%, Continued
 
Value
 
   
Insurance Carriers and Related Activities – 6.18%
     
 
11,320
 
Arthur J. Gallagher & Co.
 
$
1,682,718
 
 
30,050
 
Brown & Brown, Inc.
   
1,666,273
 
 
13,735
 
RLI Corp.
   
1,377,208
 
           
4,726,199
 
               
     
Machinery Manufacturing – 5.68%
       
 
21,660
 
Graco, Inc.
   
1,515,550
 
 
6,980
 
IDEX Corp.
   
1,444,511
 
 
14,160
 
Toro Co.
   
1,379,326
 
           
4,339,387
 
               
     
Merchant Wholesalers, Durable Goods – 5.66%
       
 
17,925
 
MSC Industrial Direct Co., Inc. – Class A
   
1,437,406
 
 
3,470
 
Pool Corp.
   
1,507,403
 
 
5,230
 
Watsco, Inc.
   
1,383,962
 
           
4,328,771
 
               
     
Merchant Wholesalers, Nondurable Goods – 1.53%
       
 
23,670
 
Cardinal Health, Inc.
   
1,170,718
 
               
     
Miscellaneous Manufacturing – 4.38%
       
 
12,000
 
Hill-Rom Holdings, Inc.
   
1,800,000
 
 
7,575
 
STERIS plc – ADR
   
1,547,421
 
           
3,347,421
 
               
     
Miscellaneous Store Retailers – 2.25%
       
 
8,500
 
Tractor Supply Co.
   
1,722,185
 
               
     
Oil and Gas Extraction – 2.62%
       
 
22,995
 
Cimarex Energy Co.
   
2,005,164
 
               
     
Professional, Scientific, and Technical Services – 3.94%
       
 
18,750
 
Booz Allen Hamilton Holding Corp.
   
1,487,812
 
 
18,260
 
MAXIMUS, Inc.
   
1,519,232
 
           
3,007,044
 
               
     
Publishing Industries (Except Internet) – 1.76%
       
 
19,405
 
SS&C Technologies Holdings, Inc.
   
1,346,707
 
               
     
Rental and Leasing Services – 1.73%
       
 
18,390
 
McGrath RentCorp
   
1,323,161
 
               
     
Securities, Commodity Contracts, and Other Financial
       
     
  Investments and Related Activities – 2.44%
       
 
9,655
 
Nasdaq, Inc.
   
1,863,608
 

The accompanying notes are an integral part of these financial statements.
7

AASGARD SMALL & MID-CAP FUND

SCHEDULE OF INVESTMENTS at September 30, 2021 (Unaudited), Continued
Shares
 
COMMON STOCKS – 90.70%, Continued
 
Value
 
   
Sporting Goods, Hobby, and
     
   
  Musical Instrument Stores – 1.70%
     
 
33,400
 
Camping World Holdings, Inc. – Class A
 
$
1,298,258
 
               
     
Support Activities for Transportation – 4.13%
       
 
14,965
 
Expeditors International of Washington, Inc.
   
1,782,780
 
 
8,235
 
J.B. Hunt Transport Services, Inc.
   
1,377,057
 
           
3,159,837
 
               
     
Transportation Equipment Manufacturing – 3.45%
       
 
10,495
 
Polaris, Inc.
   
1,255,832
 
 
11,265
 
Thor Industries, Inc.
   
1,382,891
 
           
2,638,723
 
               
     
Utilities – 4.28%
       
 
28,060
 
Alliant Energy Corp.
   
1,570,799
 
 
29,275
 
ONEOK, Inc.
   
1,697,657
 
           
3,268,456
 
               
     
Wood Product Manufacturing – 1.72%
       
 
15,365
 
Owens Corning
   
1,313,708
 
     
TOTAL COMMON STOCKS (Cost $53,560,805)
   
69,330,138
 
               
     
REITS – 8.24%
       
 
10,380
 
CoreSite Realty Corp.
   
1,438,045
 
 
32,740
 
CubeSmart
   
1,586,253
 
 
33,520
 
Duke Realty Corp.
   
1,604,602
 
 
42,455
 
STAG Industrial, Inc.
   
1,666,359
 
     
TOTAL REITS (Cost $4,904,323)
   
6,295,259
 
               
     
MONEY MARKET FUND – 1.05%
       
 
801,363
 
Fidelity Investments Money Market Funds –
       
     
  Government Portfolio – Class I, 0.01% (a)
   
801,363
 
     
TOTAL MONEY MARKET FUND (Cost $801,363)
   
801,363
 
     
TOTAL INVESTMENTS IN SECURITIES
       
     
  (Cost $59,266,491) – 99.99%
   
76,426,760
 
     
Other Assets in Excess of Liabilities – 0.01%
   
8,712
 
     
NET ASSETS – 100.00%
 
$
76,435,472
 

ADR –
 
American Depository Receipt
REIT –
 
Real Estate Investment Trust
(a)
 
Rate shown is the 7-day annualized yield as of September 30, 2021.

The accompanying notes are an integral part of these financial statements.
8

AASGARD SMALL & MID-CAP FUND

STATEMENT OF ASSETS AND LIABILITIES at September 30, 2021 (Unaudited)
ASSETS
     
Investments in securities, at value
     
  (identified cost $59,266,491)
 
$
76,426,760
 
Receivables:
       
Dividends and interest
   
76,937
 
Dividend tax reclaim
   
341
 
Prepaid expenses
   
14,180
 
Total assets
   
76,518,218
 
         
LIABILITIES
       
Payables:
       
Advisory fees
   
44,535
 
Administration and fund accounting fees
   
15,779
 
Audit fees
   
10,477
 
Transfer agent fees and expenses
   
4,276
 
Chief Compliance Officer fee
   
2,521
 
Shareholder reporting
   
1,919
 
Custody fees
   
165
 
Legal fees
   
74
 
Accrued other expenses
   
3,000
 
Total liabilities
   
82,746
 
         
NET ASSETS
 
$
76,435,472
 
         
CALCULATION OF NET ASSET VALUE PER SHARE
       
Net assets applicable to shares outstanding
 
$
76,435,472
 
Shares issued and outstanding [unlimited
       
  number of shares (par value $0.01) authorized]
   
4,669,388
 
Net asset value, offering and redemption price per share
 
$
16.37
 
         
COMPOSITION OF NET ASSETS
       
Paid-in capital
 
$
53,666,207
 
Total distributable earnings
   
22,769,265
 
Net assets
 
$
76,435,472
 
 
The accompanying notes are an integral part of these financial statements.
9

AASGARD SMALL & MID-CAP FUND

STATEMENT OF OPERATIONS For the Six Months Ended September 30, 2021 (Unaudited)
INVESTMENT INCOME
     
Income
     
Dividends (net of foreign tax withheld of $758)
 
$
691,281
 
Interest
   
32
 
Total income
   
691,313
 
Expenses
       
Advisory fees (Note 4)
   
333,883
 
Administration and fund accounting fees (Note 4)
   
50,898
 
Transfer agent fees and expenses (Note 4)
   
14,485
 
Registration fees
   
12,607
 
Audit fees
   
10,477
 
Trustee fees and expenses
   
7,568
 
Chief Compliance Officer fee (Note 4)
   
7,520
 
Reports to shareholders
   
4,269
 
Legal fees
   
3,936
 
Custody fees (Note 4)
   
3,454
 
Miscellaneous expenses
   
2,490
 
Insurance expense
   
1,518
 
Interest expense (Note 6)
   
54
 
Total expenses
   
453,159
 
Less: advisory fee waiver (Note 4)
   
(60,356
)
Net expenses
   
392,803
 
Net investment income
   
298,510
 
         
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
       
Net realized gain on investments
   
4,984,796
 
Net change in unrealized appreciation/(depreciation)
       
  on investments
   
(2,711,761
)
Net realized and unrealized gain on investments
   
2,273,035
 
Net Increase in Net Asset
       
 Resulting from Operations
 
$
2,571,545
 

The accompanying notes are an integral part of these financial statements.
10

AASGARD SMALL & MID-CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS
   
Six Months Ended
       
   
September 30, 2021
   
Year Ended
 
   
(Unaudited)
   
March 31, 2021
 
INCREASE/(DECREASE) IN NET ASSETS FROM:
           
OPERATIONS
           
Net investment income
 
$
298,510
   
$
502,127
 
Net realized gain on investments
   
4,984,796
     
587,328
 
Net change in unrealized appreciation/
               
  (depreciation) on investments
   
(2,711,761
)
   
26,119,084
 
Net increase in net assets
               
  resulting from operations
   
2,571,545
     
27,208,539
 
                 
DISTRIBUTIONS TO SHAREHOLDERS
               
Net dividends and distributions
               
  to shareholders
   
(284,683
)
   
(804,251
)
Total distributions to shareholders
   
(284,683
)
   
(804,251
)
                 
CAPITAL SHARE TRANSACTIONS
               
Net increase/(decrease) in net assets
               
  derived from net change in
               
  outstanding shares (a)
   
(1,016,734
)
   
5,057,007
 
Total increase in net assets
   
1,270,128
     
31,461,295
 
                 
NET ASSETS
               
Beginning of period
   
75,165,344
     
43,704,049
 
End of period
 
$
76,435,472
   
$
75,165,344
 

(a)
A summary of share transactions is as follows:

     
Six Months Ended
             
     
September 30, 2021
   
Year Ended
 
     
(Unaudited)
   
March 31, 2021
 
 
Shares sold
   
174,853
   
$
2,879,175
     
787,261
   
$
10,675,703
 
 
Shares issued
                               
 
  on reinvestments
                               
 
  of distributions
   
17,492
     
284,683
     
60,839
     
804,251
 
 
Shares redeemed
   
(252,540
)
   
(4,180,592
)
   
(493,006
)
   
(6,422,947
)
 
Net increase/(decrease)
   
(60,195
)
 
$
(1,016,734
)
   
355,094
   
$
5,057,007
 

The accompanying notes are an integral part of these financial statements.
11

AASGARD SMALL & MID-CAP FUND

FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
   
For the
                               
   
Six Months
                               
   
Ended
                               
   
September 30,
                               
   
2021
   
Year Ended March 31,
 
   
(Unaudited)
   
2021
   
2020
   
2019
   
2018
     
2017
*
Net asset value,
                                     
  beginning of period
 
$
15.89
   
$
9.99
   
$
12.82
   
$
12.66
   
$
11.67
   
$
10.00
 
Income from
                                               
  investment operations:
                                               
Net investment income
   
0.06
     
0.11
     
0.13
     
0.12
     
0.14
     
0.20
 
Net realized and unrealized
                                               
  gain/(loss) on investments
   
0.48
     
5.97
     
(2.82
)
   
0.44
     
1.32
     
1.66
 
Total from
                                               
  investment operations
   
0.54
     
6.08
     
(2.69
)
   
0.56
     
1.46
     
1.86
 
                                                 
Less distributions:
                                               
From net investment income
   
(0.06
)
   
(0.11
)
   
(0.13
)
   
(0.12
)
   
(0.14
)
   
(0.19
)
From net realized
                                               
  gain on investments
   
     
(0.07
)
   
(0.01
)
   
(0.28
)
   
(0.33
)
   
 
Total distributions
   
(0.06
)
   
(0.18
)
   
(0.14
)
   
(0.40
)
   
(0.47
)
   
(0.19
)
Net asset value, end of period
 
$
16.37
   
$
15.89
   
$
9.99
   
$
12.82
   
$
12.66
   
$
11.67
 
                                                 
Total return
   
3.40
%‡
   
61.23
%
   
-21.14
%
   
4.69
%
   
12.54
%
   
18.79
%
                                                 
Ratios/supplemental data:
                                               
Net assets, end of
                                               
  period (thousands)
 
$
76,435
   
$
75,165
   
$
43,704
   
$
55,046
   
$
37,384
   
$
29,354
 
                                                 
Ratio of expenses to
                                               
  average net assets:
                                               
Before advisory fee waiver and
                                               
  expense recoupment
   
1.15
%†
   
1.23
%
   
1.24
%
   
1.24
%
   
1.42
%
   
1.54
%
After advisory fee waiver and
                                               
  expense recoupment
   
1.00
%†
   
1.00
%
   
1.08
%
   
1.25
%
   
1.25
%
   
1.25
%
Ratio of net investment income
                                               
  to average net assets:
                                               
Before advisory fee waiver and
                                               
  expense recoupment
   
0.61
%†
   
0.62
%
   
0.83
%
   
0.95
%
   
0.93
%
   
1.67
%
After advisory fee waiver and
                                               
  expense recoupment
   
0.76
%†
   
0.85
%
   
0.99
%
   
0.94
%
   
1.10
%
   
1.96
%
Portfolio turnover rate
   
21.61
%‡
   
70.47
%
   
46.85
%
   
63.38
%
   
53.19
%
   
41.73
%

*
Commencement of operations on April 1, 2016.
Annualized.
Not annualized.

The accompanying notes are an integral part of these financial statements.
12

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited)
NOTE 1 – ORGANIZATION
 
The Aasgard Small & Mid-Cap Fund (the “Fund”) is a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company.  The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. The investment objective of the Fund is to seek a combination of dividend income and capital appreciation, with a secondary focus on lower than market volatility. The Fund commenced operations on April 1, 2016.
 
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America.
 
A.
Security Valuation: All investments in securities are recorded at their estimated fair value, as described in note 3.
   
B.
Federal Income Taxes: It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income or excise tax provision is required.
   
 
The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The tax returns of the Fund’s prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and 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 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.
13

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
 
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 a fund’s respective net assets, or by other equitable means.
   
 
The Fund distributes substantially all net investment income, if any, quarterly 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.
   
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.
REITs: The Fund may invest 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 REIT’s 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.
   
G.
Events Subsequent to the Fiscal Period End:  In preparing the financial statements as of September 30, 2021, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements. Refer to Note 10 for more information about subsequent events.
14

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
NOTE 3 – SECURITIES VALUATION
 
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:
 
 
Level 1 –
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
     
 
Level 2 –
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
     
 
Level 3 –
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
 
The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).
 
Equity Securities: The Fund’s investments are carried at fair value. Equity securities, including common stocks, real estate investment trusts, and closed-end funds, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices.  Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”).  If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices.  Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price.
15

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.
 
Short-Term Securities: Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices.  To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
 
The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of representatives from the Fund’s administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”). The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.
 
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.
16

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Fund’s securities as of September 30, 2021:
 
Common Stocks
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Administrative Support,
                       
  Waste Management
 
$
2,782,576
   
$
   
$
   
$
2,782,576
 
Construction
   
2,891,211
     
     
     
2,891,211
 
Finance and Insurance
   
17,364,299
     
     
     
17,364,299
 
Health Care and Social Assistance
   
1,563,536
     
     
     
1,563,536
 
Information
   
1,346,707
     
     
     
1,346,707
 
Manufacturing
   
20,640,562
     
     
     
20,640,562
 
Mining, Quarrying, and
                               
  Oil and Gas Extraction
   
2,005,164
     
     
     
2,005,164
 
Professional, Scientific,
                               
  and Technical Services
   
3,007,044
     
     
     
3,007,044
 
Real Estate and Rental and Leasing
   
1,323,161
     
     
     
1,323,161
 
Retail Trade
   
4,478,096
     
     
     
4,478,096
 
Transportation and Warehousing
   
3,159,837
     
     
     
3,159,837
 
Utilities
   
3,268,456
     
     
     
3,268,456
 
Wholesale Trade
   
5,499,489
     
     
     
5,499,489
 
Total Common Stocks
   
69,330,138
     
     
     
69,330,138
 
REITs
   
6,295,259
     
     
     
6,295,259
 
Money Market Fund
   
801,363
     
     
     
801,363
 
Total Investments in Securities
 
$
76,426,760
   
$
   
$
   
$
76,426,760
 

Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification.
 
In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”).  Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.  The Fund does not currently enter into derivatives transactions.  Management is currently evaluating the potential impact of Rule 18f-4 on the Fund.
 
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”).  Rule 2a-5 establishes requirements for
17

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
determining fair value in good faith for purposes of the 1940 Act.  Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions.  Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security.  In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments.  The Fund will be required to comply with the rules by September 8, 2022.  Management is currently assessing the potential impact of the new rules on the Fund’s financial statements.
 
The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.
 
NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
 
The Fund has an investment advisory agreement with Coldstream Capital Management, Inc. (the “Advisor”) pursuant to which the Advisor is responsible for providing investment management services to the Fund.  The Advisor furnishes all investment advice, office space and facilities, and provides most of the personnel needed by the Fund.  As compensation for its services, the Advisor is entitled to a fee, computed daily and payable monthly.  The Fund pays fees calculated at an annual rate of 0.85% based upon the average daily net assets of the Fund.  For the six months ended September 30, 2021, the advisory fees incurred by the Fund are disclosed in the statement of operations.
 
The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to waive a portion or all of its management fees and pay Fund expenses in order to ensure that the total annual operating expenses (excluding acquired fund fees and expenses, interest expense, taxes and extraordinary expenses) do not exceed 1.00% of the Fund’s average daily net assets. The Advisor may request recoupment of previously waived fees and paid expenses in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund
18

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement.  Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses.  For the six months ended September 30, 2021, the Advisor reduced its fees and absorbed Fund expenses in the amount of $60,356. The expense limitation will remain in effect through at least July 29, 2022 and may be terminated only by the Trust’s Board of Trustees. The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:
 
 
Expiration
 
Amount
 
 
March 2023
 
$
94,222
 
 
March 2024
   
132,598
 
 
September 2024
   
60,356
 
     
$
287,176
 

Fund Services serves as the Fund’s administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Fund. The Custodian is an affiliate of Fund Services. Fund Services maintains the Fund’s books and records, calculates the Fund’s NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the six months ended September 30, 2021, are disclosed in the statement of operations.
 
Quasar Distributors, LLC (“Quasar”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. Quasar is a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC (“Foreside”).  On July 7, 2021, Foreside announced that it had entered into a definitive purchase and sale agreement with Genstar Capital (“Genstar”) such that Genstar would acquire a majority stake in Foreside.  The Board approved continuing the distribution agreement with Quasar at the close of the transaction which occurred on September 30, 2021.
19

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
NOTE 5 – PURCHASES AND SALES OF SECURITIES
 
For the six months ended September 30, 2021, the cost of purchases and the proceeds from sales of securities (excluding short-term securities) were $16,717,050 and $17,772,391, respectively. There were no purchases and sales of U.S. government securities during the six months ended September 30, 2021.
 
NOTE 6 – LINE OF CREDIT
 
The Fund has a secured line of credit in the amount of $3,000,000.  This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions.  The credit facility is with the Fund’s custodian, U.S. Bank N.A.  During the six months ended September 30, 2021, the Fund drew on its line of credit. The Fund had an outstanding average daily balance of $9,585, paid a weighted average interest rate of 3.25% and incurred interest expense of $54. The maximum borrowing by the Fund during the six months ended September 30, 2021 was $345,000, which occurred on September 1, 2021. At September 30, 2021 the Fund had no outstanding loan amounts.
 
NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
 
The distributions paid by the Fund during the six months ended September 30, 2021 and the year ended March 31, 2021, were characterized as follows:
 
   
September 30, 2021
   
March 31, 2021
 
Ordinary income
 
$
284,683
   
$
479,038
 
Long-term capital gains
 
$
   
$
325,213
 

As of March 31, 2021, the most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:
 
Cost of investments (a)
 
$
55,156,123
 
Gross tax unrealized appreciation
   
20,259,306
 
Gross tax unrealized depreciation
   
(387,276
)
Net tax unrealized appreciation (a)
   
19,872,030
 
Undistributed ordinary income
   
23,089
 
Undistributed long-term capital gain
   
587,284
 
Total distributable earnings
   
610,373
 
Other accumulated gains/(losses)
   
 
Total accumulated earnings/(losses)
 
$
20,482,403
 

(a)
The book-basis and tax-basis net unrealized appreciation and cost are the same.
20

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
NOTE 8 – PRINCIPAL RISKS
 
Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Fund’s net asset value and total return. The Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies and principal risks.
 
Small- and Medium-Sized Companies Risk – Small- and medium-sized companies often have less predictable earnings, more limited product lines, markets, distribution channels or financial resources and the management of such companies may be dependent upon one or few key people. The market movements of equity securities of small- and medium-sized companies may be more abrupt and volatile than the market movements of equity securities of larger, more established companies or the stock market in general and small-sized companies in particular, are generally less liquid than the equity securities of larger companies.
   
Market and Regulatory Risk – Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Fund’s performance. Market events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. The Fund’s investments may decline in value due to factors affecting individual issuers (such as the results of supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural, environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.
   
Equity Securities Risk – The price of equity securities may rise or fall because of economic or political changes, or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions.
21

AASGARD SMALL & MID-CAP FUND

NOTES TO FINANCIAL STATEMENTS at September 30, 2021 (Unaudited), Continued
Investment Style Risk – The Fund’s investments in dividend-paying common stocks may cause the Fund to underperform funds that do not limit their investments to dividend-paying common stocks during periods when dividend-paying stocks underperform other types of stocks. In addition, if stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be affected.
   
Growth Stock Risk – Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.
   
Management Risk – If the Advisor’s investment strategies do not produce the expected results, the value of the Fund may decrease.
   
Real Estate Investment Trust (REIT) Risk – Investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. REITs have their own expenses, and the Fund will bear a proportionate share of those expenses. In addition, the value of an individual REIT’s securities can decline if the REIT fails to continue qualifying for special tax treatment.
 
NOTE 9 – CONTROL OWNERSHIP
 
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of September 30, 2021, National Financial Services LLC and Charles Schwab & Co., Inc., for the benefit of their customers, owned 48.33% and 37.26%, respectively, of the outstanding shares of the Fund.
 
NOTE 10 – SUBSEQUENT EVENTS
 
Coldstream Capital Management, Inc., the Advisor to the Fund, has recommended, and the Board of Trustees of Advisors Series Trust has approved, the liquidation and termination of the Fund. The decision was made to exit the fund business and offer this strategy solely through separate accounts, which will reduce expenses for investors continuing in the strategy. The liquidation is expected to occur after the close of business on January 14, 2022.
22

AASGARD SMALL & MID-CAP FUND

NOTICE TO SHAREHOLDERS at September 30, 2021 (Unaudited)
How to Obtain a Copy of the Fund’s Proxy Voting Policies
 
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling (877) 476-1909 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
 
How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30
 
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (877) 476-1909.  Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.
 
Quarterly Filings on Form N-PORT
 
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at http://www.sec.gov. Information included in the Fund’s Form N-PORT is also available by calling (877) 476-1909.
23

AASGARD SMALL & MID-CAP FUND

HOUSEHOLDING
In an effort to decrease costs, the Fund will reduce the number of duplicate prospectuses, supplements, and certain other shareholder documents that you receive by sending only one copy of each to those addresses shown by two or more accounts. Please call the Fund's transfer agent toll free at (877) 476-1909 to request individual copies of these documents. The Fund will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.
24

PRIVACY NOTICE


The Fund collects non-public information about you from the following sources:
 
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.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund.  We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities.  We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.
 
In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.
 
25







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Investment Advisor
Coldstream Capital Management, Inc.
One – 100th Avenue NE, Suite 102
Bellevue, Washington 98004

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street  Suite 2900
Philadelphia, Pennsylvania 19102

Legal Counsel
Sullivan & Worcester LLP
1633 Broadway, 32nd Floor
New York, New York 10019

Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212

Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, Wisconsin 53202
(877) 476-1909

Distributor
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202



 

 
This report is intended for shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus.  For a current prospectus please call (877) 476-1909. Statements and other information herein are dated and are subject to change.


(b) Not Applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

(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.

Item 6. Investments.

(a)
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b)
Not Applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.


(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Advisors Series Trust 

By (Signature and Title)*  /s/ Jeffrey T. Rauman
  Jeffrey T. Rauman, President/Chief Executive
  Officer/Principal Executive Officer

Date   12/7/21 


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*  /s/ Jeffrey T. Rauman
  Jeffrey T. Rauman, President/Chief Executive
  Officer/Principal Executive Officer

Date   12/7/21
 

By (Signature and Title)*  /s/ Cheryl L. King 
  Cheryl L. King, Vice President/Treasurer/Principal
  Financial Officer

Date   12/6/21 

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

I, Jeffrey T. Rauman, certify that:

 
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: 12/7/21
/s/ Jeffrey T. Rauman
Jeffrey T. Rauman
President/Chief Executive Officer/Principal Executive Officer


CERTIFICATIONS

I, Cheryl L. King, certify that:

 
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: 12/6/21
/s/ Cheryl L. King
Cheryl L. King
Vice President/Treasurer/Principal Financial Officer


Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended September 30, 2021 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.


/s/ Jeffrey T. Rauman
Jeffrey T. Rauman
President/Chief Executive Officer/Principal Executive Officer
Advisors Series Trust
 
/s/ Cheryl L. King 
Cheryl L. King
Vice President/Treasurer/Principal Financial Officer
Advisors Series Trust
 
Dated: 12/7/21 
Dated: 12/6/21 


This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.



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