Form N-CSRS ADVISORS SERIES TRUST For: Sep 30

Beginning

Ending

Expenses Paid

Account Value

Account Value

During Period*

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.

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

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

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.

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

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

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

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.

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.

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.

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.

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

March 2023

$

94,222

March 2024

132,598

September 2024

60,356

$

287,176

September 30, 2021

March 31, 2021

Ordinary income

$

284,683

$

479,038

Long-term capital gains

$

—

$

325,213

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.

•

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.

•

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.

•

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.

Date: 12/7/21

/s/ Jeffrey T. Rauman
Jeffrey T. Rauman

President/Chief Executive Officer/Principal Executive Officer

Date: 12/6/21

/s/ Cheryl L. King
Cheryl L. King

Vice President/Treasurer/Principal Financial Officer

Jeffrey T. Rauman

President/Chief Executive Officer/Principal Executive Officer

Advisors Series Trust

 

Cheryl L. King

Vice President/Treasurer/Principal Financial Officer

Advisors Series Trust

 

Dated: 12/7/21 

Dated: 12/6/21