# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000898531-23-000032
**Filing Date:** 2023-1
**Character Count:** 94883
**Document Hash:** 2072df97d8f7ccac8c222b756f91b542
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000032.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0000898531-23-000032

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 23517806

**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

## Series and Classes Contracts Data

### Edgar Lomax Value Fund (Series ID: S000005075)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013862 | Investor Class | LOMAX           |

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

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>811-07959</u>**

**<u>Advisors Series Trust</u>**<br> (Exact name of registrant as specified in charter)

#### 615 East Michigan Street
**<u>Milwaukee, WI 53202</u>**<br> (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, 5<sup>th</sup> Floor
**<u>Milwaukee, WI 53202</u>**<br> (Name and address of agent for service)

<u>(626) 914-7363</u>

(Registrant's telephone number, including area code)

Date of fiscal year end: **<u>October 31, 2022</u>**

Date of reporting period: **<u>October 31, 2022</u>**

------

#### Item 1. Reports to Stockholders.

(a) <br>

![](edgar_lomax-logo.jpg)

### <br>

### Edgar Lomax Value Fund

#### Annual Report

#### For the year ended

#### October 31, 2022

------

#### EDGAR LOMAX VALUE FUND

Annual Report

October 31, 2022

Dear Fellow Shareholder:

As we look back at the Edgar Lomax Value Fund's (the "Fund") fiscal year, we are pleased to inform you that we could not have asked more of our stock holdings during the year ended October 31, 2022. **In fact, the past fiscal year was an exceptional one for our portfolio! The Fund significantly outperformed the indexes, gaining 0.78% while S&P 500 and S&P 500 Value suffered respective losses of -14.61% and -3.66%.** Following is a summary of average annual total returns through October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | S&P 500 |  | Morningstar Large Cap |
|  | <u>Fund</u> | <u>Value Index</u> | <u>S&P 500 Index</u> | <u>Value Category</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-year | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | -3.66% | -14.61% | -4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-year | &nbsp;&nbsp;&nbsp;&nbsp;7.74% | &nbsp;&nbsp;&nbsp;&nbsp;8.26% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;7.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-year | 10.58% | 10.91% | &nbsp;&nbsp;&nbsp;&nbsp;12.79% | 10.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15-year | &nbsp;&nbsp;&nbsp;&nbsp;6.80% | &nbsp;&nbsp;&nbsp;&nbsp;6.46% | &nbsp;&nbsp;&nbsp;&nbsp;8.48% | &nbsp;&nbsp;&nbsp;&nbsp;6.49% |

---

** 

<br> *Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 205-0524 or visiting www.edgarlomax.com. Before deducting fees that the Advisor contractually waived or expenses of the Fund that the Advisor absorbed, the gross expense ratio is 1.03%\*; however, after such waivers or absorptions, the Fund's maximum net expense ratio is 0.70%. Including the voluntary performance-based waiver arrangement, actual Total Annual Fund Operating Expenses (the net expenses that investors paid) were 0.50% for the fiscal year ended October 31, 2021.*

We feel that even after this past fiscal year's outperformance, the Fund's holdings continue to be positioned for strong future performance in comparison to the benchmarks. For example, the portfolio's price-to-earnings ratio of 13 remains below the S&P 500 Index and S&P 500 Value Index respective ratios of 21 and 19. Further, the Fund has demonstrated a significantly higher dividend yield of 3.0% (the Fund's subsidized and unsubsidized 30-day SEC Yields were 3.1% and 2.7%, respectively), compared to S&P 500 and S&P Value respective yields of 1.7% and 2.3%. As we have stated previously, while we do not expect this recent shift toward "value," and away from "growth," to occur in a straight line, we do believe you are witnessing just the early stage of value's longer-term reversal of relative performance.

__________________

\* Figures are from the Fund's prospectus dated February 28, 2022. The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that Net Annual Fund Operating Expenses do not exceed 0.70% (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) through at least February 27, 2023. In addition, the Advisor has voluntarily agreed to waive a portion of its investment advisory fee contingent upon the Fund's performance versus the S&P 500 Value Index. While the Advisor may discontinue its voluntary waiver any time after February 27, 2023, it has no current intention of doing so.

------

As was the case last fiscal year, the Energy Sector was the top performer through October 31—this year investors recognized that the combination of increases in demand and supply constraints benefited the sector with rising prices for petroleum products, with the Fund's Energy investments being up 67.3%. For the second year in a row Exxon and Chevron led the Fund's Energy holdings, up 77.3% and 62.9% respectively. Both companies continue to remain attractive, with low P/Es: 9 for Exxon and 10 for Chevron.

A common theme was on display for the two top detractors, Intel (down -39.0%) and Verizon (down -24.6%). Both companies were punished for disappointing earnings and down-beat forecasts for the near term. Intel announced lackluster results for the June quarter and its share price responded in kind. Continued supply-chain challenges and inflationary pressures hurt its bottom line, and the negative sentiment resulting from these macroeconomic issues dragged down performance for the chips industry as a whole. Similarly to Intel, Verizon was under pressure after reporting disappointing results for the second quarter. Despite wireless service revenue growth and higher wireless equipment revenue, it reported a net loss in wireless retail subscribers for the Consumer division as competition increased. Intel and Verizon now possess low P/Es of 9 and 8 respectively, which we believe make the shares a bargain to own in an investment portfolio with a long-term horizon.

Please note that the entire list of Fund investments is included in this report in a section called "Schedule of Investments."

Thank you, once again, for your confidence in our management of the Fund. We remain committed to handling your hard-earned money as carefully as we do our own.

Cordially,

---

| | |
|:---|:---|
| ![](randall_eley-signature.jpg) | ![](thomas_murray-signature.jpg) |
| Randall R. Eley | Thomas B. Murray |
| Chief Investment Officer | Portfolio Manager |

---

____________________

*Must be preceded or accompanied by a prospectus.*

**Mutual fund investing involves risk; principal loss is possible. "Value" investing as a strategy may be out of favor in the market for an extended period. Value stocks can perform differently from the market as a whole and from other types of stocks.**

Investment performance reflects expense waivers in effect. In the absence of such waivers, total return would be reduced.

The opinions expressed are those of The Edgar Lomax Company, the Fund's investment advisor, are subject to change, and forecasts made cannot be guaranteed. Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please see the Schedule of Investments in this report for current Fund holdings information.

The Price-to-Earnings (P/E) Ratio is calculated by dividing the current price of a stock by the company's trailing 12 months' earnings per share.

The Dividend Yield is calculated by dividing a company's per-share projected annual dividend payment by the company's stock price per share, as of October 31, 2022.

The S&P 500<sup>®</sup> Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy. The S&P 500 Value Index is a capitalization-weighted index of stocks in the S&P 500<sup>®</sup> Index which exhibit strong value characteristics. The Morningstar Large-Cap Value Category represents stocks of large cap companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. You cannot invest directly in an index.

------

Comparison of the change in value of a hypothetical $10,000 investment in the Edgar Lomax Value Fund vs.

the S&P 500<sup>®</sup> Index, the S&P 500<sup>®</sup> Value Index, and the Lipper Large-Cap Value Funds Index

![](elvf-linechart.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Average Annual Total Return:</u> |  |  |  |
|  | <u>One Year</u> | <u>Five Years<sup>1</sup></u> | <u>Ten Years<sup>1</sup></u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgar Lomax Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;7.74% | 10.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | -14.61% | 10.44% | 12.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Value Index | &nbsp;&nbsp;&nbsp;&nbsp;-3.66% | &nbsp;&nbsp;&nbsp;&nbsp;8.26% | 10.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lipper Large-Cap Value Funds Index | &nbsp;&nbsp;&nbsp;&nbsp;-7.74% | &nbsp;&nbsp;&nbsp;&nbsp;7.87% | 10.63% |

---

** 

<br> *Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 205-0524 or visiting www.edgarlomax.com.*

Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. Indices do not incur expenses and are not available for investment.

The S&P 500<sup>®</sup> Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy.

The S&P 500<sup>®</sup> Value Index is a market-value-weighted index of stocks in the S&P 500<sup>®</sup> Index which score highest based on an average of book-to-price ratio, sales-to-price ratio and earnings-to-price ratio, representing 50% of the total market value of the S&P 500<sup>®</sup> Index.

The Lipper Large-Cap Value Funds Index consists of the largest funds as tracked by Lipper, Inc. Large Cap Value Funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. Lipper rankings are based on total returns, including reinvestment of dividends and capital gains for the stated period; this calculation does not include sales charges.

<sup>1</sup> Average Annual Total Return represents the average annual change in account value over the period indicated.

------

#### EXPENSE EXAMPLE at October 31, 2022 (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 Edgar Lomax Value 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 (5/1/22 – 10/31/22).

#### 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During Period\*** |
|  | **<u>5/1/22</u>** | **<u>10/31/22</u>** | **<u>5/1/22 – 10/31/22</u>** |
| Actual | $1000.00 | $987.10 | $2.50 |
| Hypothetical (5% return before expenses) | $1000.00 | $1022.68 | $2.55 |

---

\* *Expenses are equal to the Fund's annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 184 (days in most recent fiscal half-year)/365 days to reflect the one-half year expense.*

------

#### EDGAR LOMAX VALUE FUND

#### INDUSTRY ALLOCATION OF PORTFOLIO ASSETS at October 31, 2022 (Unaudited)
![](elvf-piechart.jpg)

Percentages represent market value as a percentage of total investments.

------

#### EDGAR LOMAX VALUE FUND

#### SCHEDULE OF INVESTMENTS at October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **COMMON STOCKS - 95.33%** | **Value** |
| | **Beverage and Tobacco Product Manufacturing - 4.90%** | |
| 3850 | Altria Group, Inc. | $178139 |
| 69650 | Coca-Cola Co. | 4168553 |
| 3300 | PepsiCo, Inc. | 599214 |
|  |  | 4945906 |
|  | **Broadcasting (except Internet) - 0.07%** |  |
| 5757 | Warner Bros Discovery, Inc. (a) | 74841 |
|  | **Building Material and Garden Equipment - 0.70%** |  |
| 3600 | Lowe's Cos., Inc. | 701820 |
|  | **Chemical Manufacturing - 19.68%** |  |
| 4300 | AbbVie, Inc. | 629520 |
| 13300 | Amgen, Inc. | 3595655 |
| 9400 | Bristol-Myers Squibb Co. | 728218 |
| 52850 | Dow, Inc. | 2470209 |
| 13650 | Gilead Sciences, Inc. | 1070979 |
| 10500 | Johnson & Johnson | 1826685 |
| 54900 | Merck & Co., Inc. | 5555880 |
| 65752 | Pfizer, Inc. | 3060756 |
| 6900 | Procter & Gamble Co. | 929223 |
|  |  | 19867125 |
|  | **Computer and Electronic Product Manufacturing - 4.65%** |  |
| 27550 | Cisco Systems, Inc. | 1251597 |
| 85100 | Intel Corp. | 2419393 |
| 11700 | Medtronic PLC - ADR | 1021878 |
|  |  | 4692868 |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### SCHEDULE OF INVESTMENTS at October 31, 2022, continued

---

| | | |
|:---|:---|:---|
| **Shares** | **COMMON STOCKS - 95.33%** | **Value** |
| | **Credit Intermediation and Related Activities - 6.51%** | |
| 2500 | American Express Co. | $371125 |
| 39200 | Bank of America Corp. | 1412768 |
| 30000 | Bank of New York Mellon Corp. | 1263300 |
| 12050 | Capital One Financial Corp. | 1277541 |
| 9650 | Citigroup, Inc. | 442549 |
| 3700 | JPMorgan Chase & Co. | 465756 |
| 10400 | U.S. Bancorp | 441480 |
| 19600 | Wells Fargo & Co. | 901404 |
|  |  | 6575923 |
|  | **Electrical Equipment, Appliance, and** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;Component Manufacturing - 1.11%** |  |
| 12950 | Emerson Electric Co. | 1121470 |
|  | **Food Manufacturing - 2.95%** |  |
| 48850 | Kraft Heinz Co. | 1879259 |
| 17900 | Mondelez International, Inc. - Class A | 1100492 |
|  |  | 2979751 |
|  | **General Merchandise Stores - 1.14%** |  |
| 7000 | Target Corp. | 1149750 |
|  | **Health and Personal Care Stores - 8.43%** |  |
| 50800 | CVS Health Corp. | 4810760 |
| 101350 | Walgreens Boots Alliance, Inc. | 3699275 |
|  |  | 8510035 |
|  | **Insurance Carriers and Related Activities - 5.27%** |  |
| 30650 | American International Group, Inc. | 1747050 |
| 30550 | MetLife, Inc. | 2236565 |
| 2400 | UnitedHealth Group, Inc. | 1332360 |
|  |  | 5315975 |
|  | **Merchant Wholesalers, Durable Goods - 2.11%** |  |
| 16900 | 3M Co. | 2125851 |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### SCHEDULE OF INVESTMENTS at October 31, 2022, continued

---

| | | |
|:---|:---|:---|
| **Shares** | **COMMON STOCKS - 95.33%** | **Value** |
| | **Petroleum and Coal Products Manufacturing - 10.24%** | |
| 26400 | Chevron Corp. | $4775760 |
| 11350 | ConocoPhillips | 1431121 |
| 37250 | Exxon Mobil Corp. | 4127673 |
|  |  | 10334554 |
|  | **Professional, Scientific, and Technical Services - 3.07%** |  |
| 22400 | International Business Machines Corp. | 3097696 |
|  | **Rail Transportation - 0.93%** |  |
| 4750 | Union Pacific Corp. | 936415 |
|  | **Real Estate - 0.39%** |  |
| 3650 | Simon Property Group, Inc. | 397777 |
|  | **Securities, Commodity Contracts, and Other Financial Investments** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;and Related Activities - 3.79%** |  |
| 450 | BlackRock, Inc. | 290659 |
| 4600 | Goldman Sachs Group, Inc. | 1584746 |
| 23750 | Morgan Stanley | 1951538 |
|  |  | 3826943 |
|  | **Semiconductor and Other Electronic** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;Component Manufacturing - 1.44%** |  |
| 900 | Broadcom, Inc. | 423108 |
| 6400 | Texas Instruments, Inc. | 1028032 |
|  |  | 1451140 |
|  | **Telecommunications - 4.05%** |  |
| 23800 | AT&T, Inc. | 433874 |
| 97850 | Verizon Communications, Inc. | 3656655 |
|  |  | 4090529 |
|  | **Transportation Equipment Manufacturing - 7.04%** |  |
| 20000 | General Dynamics Corp. | 4996000 |
| 1600 | Lockheed Martin Corp. | 778688 |
| 14000 | Raytheon Technologies Corp. | 1327480 |
|  |  | 7102168 |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### SCHEDULE OF INVESTMENTS at October 31, 2022, continued

---

| | | |
|:---|:---|:---|
| **Shares** | **COMMON STOCKS - 95.33%** | **Value** |
| | **Utilities - 6.86%** | |
| 16900 | Constellation Energy Corp. | $1597726 |
| 12500 | Duke Energy Corp. | 1164750 |
| 53400 | Exelon Corp. | 2060706 |
| 32050 | Southern Co. | 2098634 |
|  |  | 6921816 |
|  | TOTAL COMMON STOCKS (Cost $92,542,437) | 96220353 |
|  | **MONEY MARKET FUND - 4.63%** |  |
| 4675572 | Invesco STIT-Treasury Portfolio - Institutional Class, 3.08% (b) | 4675572 |
|  | TOTAL MONEY MARKET FUND (Cost $4,675,572) | 4675572 |
|  | **Total Investments in Securities (Cost $97,218,009) - 99.96%** | 100895925 |
|  | **Other Assets in Excess of Liabilities - 0.04%** | 35482 |
|  | **TOTAL NET ASSETS - 100.00%** | $100931407 |

---

---

| | |
|:---|:---|
| ADR | American Depository Receipt |
| PLC | Public Limited Company |
| (a) | Non-income producing security. |
| (b) | Rate shown is the 7-day annualized yield as of October 31, 2022 |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### STATEMENT OF ASSETS AND LIABILITIES at October 31, 2022

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (identified cost $97,218,009) | $100895925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 49333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 197042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Advisor (Note 4) | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 101149150 |
| LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 105022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 49134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 17357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 9859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting | 5383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 3750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 217743 |
| NET ASSETS | $100931407 |
| CALCULATION OF NET ASSET VALUE PER SHARE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $100931407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[unlimited number of shares (par value $0.01) authorized] | 6921314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, offering and redemption price per share** | $14.58 |
| COMPONENTS OF NET ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $90536310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 10395097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $100931407 |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### STATEMENT OF OPERATIONS – For the year ended October 31, 2022

---

| | |
|:---|:---|
| INVESTMENT INCOME |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign taxes withheld of $1,106) | $3216218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 43453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3259671 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 563722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 4) | 193284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses (Note 4) | 103776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees (Note 4) | 38920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 24575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees (Note 4) | 19518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fee (Note 4) | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 13085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 10331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1021319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: advisory fee waiver (Note 4) | (508844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 512475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 2747196 |
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 5434606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (7607476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (2172870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting from Operations** | $574326 |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| OPERATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2747196 | $2775604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 5434606 | 3451834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments | (7607476) | 28872845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 574326 | 35100283 |
| DISTRIBUTIONS TO SHAREHOLDERS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5104318) | (11248220) |
| CAPITAL SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets derived from |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;net change in outstanding shares (a) | 4498559 | (8968551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase/(decrease) in net assets** | (31433) | 14883512 |
| NET ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 100962840 | 86079328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | $100931407 | $100962840 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended | Year Ended | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2022 | October 31, 2021 | October 31, 2021 |
|  | Shares | Paid-in Capital | Shares | Paid-in Capital |
| Shares sold | 1233138 | $18325298 | 1302996 | $17787735 |
| Shares issued on reinvestments of distributions | 349126 | 5097237 | 887808 | 11195257 |
| Shares redeemed | (1289676) | (18923976) | (2761539) | (37951543) |
| Net increase/(decrease) | 292588 | $4498559 | (570735) | $(8968551) |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### FINANCIAL HIGHLIGHTS

#### For a share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net asset value, beginning of year | $15.23 | $11.96 | $14.51 | $15.33 | $15.25 |
| Income from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.40 | 0.42 | 0.42 | 0.30 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;gain/(loss) on investments | (0.28) | 4.43 | (2.65) | 0.87 | 1.06 |
| Total from investment operations | 0.12 | 4.85 | (2.23) | 1.17 | 1.39 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.44) | (0.32) | (0.31) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gain on investments | (0.37) | (1.14) |  | (1.68) | (0.95) |
| Total distributions | (0.77) | (1.58) | (0.32) | (1.99) | (1.31) |
| Net asset value, end of year | $14.58 | $15.23 | $11.96 | $14.51 | $15.33 |
| **Total return** | 0.78% | 43.39% | -15.83% | 9.07% | 9.44% |
| **Ratios/supplemental data:** |  |  |  |  |  |
| Net assets, end of year (thousands) | $100931 | $100963 | $86079 | $119054 | $85308 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 1.00% | 0.98% | 1.01% | 0.96% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 0.50% | 0.50% | 0.54% | 0.70% | 0.70% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed | 2.18% | 2.27% | 2.52% | 2.10% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed | 2.68% | 2.75% | 2.99% | 2.36% | 2.16% |
| Portfolio turnover rate | 39.80% | 34.47% | 45.46% | 23.83% | 40.62% |

---

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

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022
NOTE 1 – ORGANIZATION

The Edgar Lomax Value 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 Fund's investment objective is to seek long-term capital growth while providing some income. The Fund began operations on December 12, 1997.

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 has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. |
| C. | *Securities Transactions, Income and Distributions:* Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on a first-in, first-out basis. Interest income is recorded on an accrual basis. Dividend income, income and capital gain distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date. |
|  | Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means. |
|  | The Fund distributes substantially all net investment income, if any, and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. |
|  | The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment. |

---

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022, continued

---

| | |
|:---|:---|
| D. | *Reclassification of Capital Accounts*: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. |
|  | For the year ended October 31, 2022, the Fund made the following permanent tax adjustments on the Statement of Assets and Liabilities: |

---

---

| | |
|:---|:---|
| <u>Distributable Earnings</u> | <u>Paid-in Capital</u> |
| $(904760) | $904760 |

---

E. *Use of Estimates:* The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management
 to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results
 could differ from those estimates.

F. *Events Subsequent to the Fiscal Year End:* In preparing the financial statements as of October 31, 2022, management considered the impact of subsequent events for the
 potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Fund's financial statements.

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022, continued
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. Securities 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. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

*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.

*Accounting Pronouncements:* 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"). The Fund was required to implement and comply with Rule 18f-4 by August 19, 2022. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires 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 is not allowed to enter into derivatives transactions.

In December 2020, the SEC adopted a rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits 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 rescinded 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 is in compliance with Rule 2a-5, which had a compliance date of September 8, 2022.

Prior to the effectiveness of Rule 2a-5, the Board of Trustees ("Board") had delegated day-to-day valuation issues to a Valuation Committee of the Trust which was 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 was to value securities where current and reliable market quotations were not readily available, or the closing price did not represent fair value by following procedures approved by the Board.

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022, continued
These procedures considered many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee were subsequently reviewed and ratified by the Board. The Valuation Committee served through September 7, 2022. Effective September 8, 2022, the Board of Trustees approved The Edgar Lomax Company (the "Advisor") as the Fund's valuation designee under Rule 2a-5.

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.

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.

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 October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Finance and Insurance | $15718842 | $— | $— | $15718842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Information | 4165370 |  |  | 4165370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 51511647 |  |  | 51511647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Mining, Quarrying, and Oil and Gas Extraction | 1431121 |  |  | 1431121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Real Estate and Rental and Leasing | 397777 |  |  | 397777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Retail Trade | 15137365 |  |  | 15137365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Transportation and Warehousing | 936415 |  |  | 936415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 6921816 |  |  | 6921816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stocks** | 96220353 |  |  | 96220353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Money Market Fund** | 4675572 |  |  | 4675572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $100895925 | $— | $— | $100895925 |

---

Refer to the Fund's schedule of investments for a detailed break-out of common stocks by industry classification.

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Advisor provides the Fund with investment management services under an investment advisory agreement. The Advisor furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. Additionally, the Advisor has agreed to voluntarily waive a portion of

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022, continued
its management fee and pay certain Fund expenses such that "Total Annual Fund Operating Expenses" will decline to 0.50% for underperformance versus the S&P 500<sup>®</sup> Value Index during either the 3-year or 5-year period. While this voluntary management fee waiver can be discontinued at any time, the Advisor has no intention of doing so. For the year ended October 31, 2022, the Fund incurred $563,722 in advisory fees, of which the Advisor voluntarily waived $51,247 resulting in net advisory fees of $512,475 before expense limitation waivers. This excludes additional voluntarily waived expenses of $153,743.

The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) to 0.70% of average daily net assets. If the Advisor waives advisory fees under the arrangement described above, it has also agreed to absorb all expenses, other than advisory fees. For the year ended October 31, 2022, the Fund's aggregate annual operating expenses were reduced to 0.50% of the Fund's average daily net assets, including contractual expense limits. Any such reduction made by the Advisor in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, 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 towards 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 the Board's review and approval. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the year ended October 31, 2022, excluding amounts voluntarily waived, the Advisor reduced its fees and absorbed Fund expenses in the amount of $303,854; no amounts were reimbursed to the Advisor. The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | |
|:---|:---|
| <u>Expires</u> | Amount |
| 10/31/2023 | $322122 |
| 10/31/2024 | 284842 |
| 10/31/2025 | 303854 |
|  | $910818 |

---

Fund Services serves as the Fund's administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as the 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.

The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the year ended October 30, 2022 are disclosed in the Statement of Operations.

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022, continued
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.

The Fund has entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services that would otherwise be executed by Fund Services. These sub-transfer agent services include pre-processing and quality control of new accounts, maintaining detailed shareholder account records, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The Fund expensed $78,940 of sub-transfer agent fees during the year ended October 31, 2022. These fees are included in the transfer agent fees and expenses amount as disclosed in the Statement of Operations.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2022, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $39,719,361 and $39,203,760, respectively. There were no purchases or sales of long-term U.S. Government securities.

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the year ended October 31, 2022 and the year ended October 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2865150 | $3122164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 2239168 | 8126056 |

---

As of October 31, 2022, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of investments (a) | $97459937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized appreciation | 14831902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross tax unrealized depreciation | (11395914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tax unrealized appreciation (a) | 3435988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | 2383305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gain | 4575804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 6959109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated earnings/(losses) | $10395097 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The difference between book-basis and tax-basis net unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

------

#### EDGAR LOMAX VALUE FUND

#### NOTES TO FINANCIAL STATEMENTS at October 31, 2022, continued
NOTE 7 – OTHER TAX INFORMATION

The Fund declared the payment of a distribution to be paid, on December 12, 2022, to shareholders of record on December 9, 2022 as follows:

---

| | |
|:---|:---|
|  | Long-Term |
| <u>Income</u> | <u>Capital Gains</u> |
| $0.41572039 | $0.65898 |

---

NOTE 8 – 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 October 31, 2022, no shareholder owned more than 25% of the outstanding shares of the Fund.

NOTE 9 – TRUSTEES AND OFFICERS

Mr. Joe Redwine became the Audit Chairman of the Board effective January 1, 2022. Ms. Michele Rackey was approved by the Board as an Independent Trustee effective January 1, 2023. Mr. Kevin Hayden was approved by the Board as Vice President, Treasurer and Ms. Cheryl King was approved as Assistant Treasurer effective January 1, 2023.

------

#### EDGAR LOMAX VALUE FUND

#### REPORT OF INDEPENDENT PUBLIC ACCOUNTING FIRM

#### To the Board of Trustees Advisors Series Trust and

#### Shareholders of Edgar Lomax Value Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Edgar Lomax Value Fund (the "Fund"), a series of Advisors Series Trust (the "Trust"), including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more funds in the trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

#### TAIT, WELLER & BAKER LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Philadelphia, Pennsylvania

#### December 30, 2022

------

#### EDGAR LOMAX VALUE FUND

#### NOTICE TO SHAREHOLDERS at October 31, 2022 (Unaudited)
For the year ended October 31, 2022, the Fund designated $2,865,150 as ordinary income and designated $2,239,168 as long-term capital gains for purposes of the dividends paid deduction.

For the year ended October 31, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from net investment income designated as qualified dividend income was 100%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended October 31, 2022 was 100%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gains under Internal Revenue Section 871(k)(2)(C) for the year ended October 31, 2022 was 6.52%.

#### 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 1-866-205-0524 or on the U.S. Securities and Exchange Commission's 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 1-866-205-0524. 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 1-866-205-0524.

#### HOUSEHOLDING (Unaudited)
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 1-866-205-0524 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.

------

#### EDGAR LOMAX VALUE FUND

#### STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)
The Fund has adopted a liquidity risk management program (the "program"). The Board has designated a committee at the Advisor to serve as the administrator of the program. The Advisor's committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the committee.

Under the program, the Advisor's committee manages the Fund's liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund's investments, limiting the amount of the Fund's illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The committee's process of determining the degree of liquidity of the Fund's investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the committee regarding the operation and effectiveness of the program for the period July 1, 2021 through June 30, 2022. No significant liquidity events impacting the Fund were noted in the report. In addition, the committee provided its assessment that the program had been effective in managing the Fund's liquidity risk.

------

#### EDGAR LOMAX VALUE FUND

#### INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited)
This chart provides information about the Trustees and Officers who oversee the Fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  | **Term of** |  | **in Fund** | **Other** |
|  | **Position** | **Office and** |  | **Complex** | **Directorships** |
| **Name, Address** | **Held with** | **Length of** | **Principal Occupation** | **Overseen** | **Held During** |
| **<u>and Age</u>** | **<u>the Trust</u>** | **<u>Time Served\*</u>** | **<u>During Past Five Years</u>** | **<u>by Trustee<sup>(2)</sup></u>** | **<u>Past Five Years<sup>(3)</sup></u>** |
| **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** |
| David G. Mertens | Trustee | Indefinite | Partner and Head of Business | 1 | Trustee, Advisors |
| (age 62) |  | term; since | Development Ballast Equity |  | Series Trust (for |
| 615 E. Michigan Street |  | March 2017. | Management, LLC (a privately- |  | series not affiliated |
| Milwaukee, WI 53202 |  |  | held investment advisory firm) |  | with the Fund). |
|  |  |  | (February 2019 to present); |  |  |
|  |  |  | Managing Director and Vice |  |  |
|  |  |  | President, Jensen Investment |  |  |
|  |  |  | Management, Inc. (a privately- |  |  |
|  |  |  | held investment advisory |  |  |
|  |  |  | firm) (2002 to 2017). |  |  |
| Joe D. Redwine | Trustee | Indefinite | Retired; formerly Manager, | 1 | Trustee, Advisors |
| (age 75) |  | term; since | President, CEO, U.S. Bancorp |  | Series Trust (for |
| 615 E. Michigan Street |  | September | Fund Services, LLC and its |  | series not affiliated |
| Milwaukee, WI 53202 |  | 2008. | predecessors (May 1991 to July 2017). |  | with the Fund). |

---

------

#### EDGAR LOMAX VALUE FUND

#### INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  | **Term of** |  | **in Fund** | **Other** |
|  | **Position** | **Office and** |  | **Complex** | **Directorships** |
| **Name, Address** | **Held with** | **Length of** | **Principal Occupation** | **Overseen** | **Held During** |
| **<u>and Age</u>** | **<u>the Trust</u>** | **<u>Time Served\*</u>** | **<u>During Past Five Years</u>** | **<u>by Trustee<sup>(2)</sup></u>** | **<u>Past Five Years<sup>(3)</sup></u>** |
| Raymond B. Woolson | Chairman | Indefinite | President, Apogee Group, Inc. | 1 | Trustee, Advisors |
| (age 63) | of the | term; since | (financial consulting firm) |  | Series Trust (for |
| 615 E. Michigan Street | Board | January 2020. | (1998 to present). |  | series not affiliated |
| Milwaukee, WI 53202 |  |  |  |  | with the Fund); |
|  | Trustee | Indefinite |  |  | Independent |
|  |  | term; since |  |  | Trustee, |
|  |  | January 2016. |  |  | DoubleLine Funds |
|  |  |  |  |  | Trust (an open-end |
|  |  |  |  |  | investment |
|  |  |  |  |  | company |
|  |  |  |  |  | with 20 portfolios), |
|  |  |  |  |  | DoubleLine |
|  |  |  |  |  | Opportunistic |
|  |  |  |  |  | Credit Fund, |
|  |  |  |  |  | DoubleLine |
|  |  |  |  |  | Selective Credit |
|  |  |  |  |  | Fund and |
|  |  |  |  |  | DoubleLine |
|  |  |  |  |  | Income Solutions |
|  |  |  |  |  | Fund, from 2010 to |
|  |  |  |  |  | present. |

---

------

#### EDGAR LOMAX VALUE FUND

#### INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), continued

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address** | **Position Held** | **Term of Office and** | **Principal Occupation** |
| **<u>and Age</u>** | **<u>with the Trust</u>** | **<u>Length of Time Served</u>** | **<u>During Past Five Years</u>** |
| **Officers** |  |  |  |
| Jeffrey T. Rauman | President, Chief | Indefinite term; since | Senior Vice President, Compliance and |
| (age 53) | Executive Officer | December 2018. | Administration, U.S. Bank Global Fund Services |
| 615 E. Michigan Street | and Principal |  | (February 1996 to present). |
| Milwaukee, WI 53202 | Executive Officer |  |  |
| Cheryl L. King | Vice President, | Indefinite term; since | Vice President, Compliance and Administration, |
| (age 61) | Treasurer and | December 2007. | U.S. Bank Global Fund Services |
| 615 E. Michigan Street | Principal |  | (October 1998 to present). |
| Milwaukee, WI 53202 | Financial Officer |  |  |
| Kevin J. Hayden | Assistant | Indefinite term; since | Vice President, Compliance and Administration, |
| (age 51) | Treasurer | September 2013. | U.S. Bank Global Fund Services |
| 615 E. Michigan Street |  |  | (June 2005 to present). |
| Milwaukee, WI 53202 |  |  |  |
| Richard R. Conner | Assistant | Indefinite term; since | Assistant Vice President, Compliance and |
| (age 40) | Treasurer | December 2018. | Administration, U.S. Bank Global Fund Services |
| 615 E. Michigan Street |  |  | (July 2010 to present). |
| Milwaukee, WI 53202 |  |  |  |
| Michael L. Ceccato | Vice President, | Indefinite term; since | Senior Vice President, U.S. Bank Global Fund |
| (age 65) | Chief Compliance | September 2009. | Services and Vice President, U.S. Bank N.A. |
| 615 E. Michigan Street | Officer and |  | (February 2008 to present). |
| Milwaukee, WI 53202 | AML Officer |  |  |
| Elaine E. Richards, Esq. | Vice President | Indefinite term; since | Senior Vice President, U.S. Bank Global Fund |
| (age 54) | and Secretary | September 2019. | Services (July 2007 to present). |
| 2020 East Financial Way, |  |  |  |
| Suite 100 |  |  |  |
| Glendora, CA 91741 |  |  |  |

---

------

#### EDGAR LOMAX VALUE FUND

#### INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), continued

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address** | **Position Held** | **Term of Office and** | **Principal Occupation** |
| **<u>and Age</u>** | **<u>with the Trust</u>** | **<u>Length of Time Served</u>** | **<u>During Past Five Years</u>** |
| Ryan Charles | Assistant | Indefinite term; since | Assistant Vice President, U.S. Bank Global Fund |
| (age 44) | Secretary | January 2022. | Services (May 2021 to present); Chief Legal Officer |
| 2020 East Financial Way, |  |  | and Secretary Davis Selected Advisers, L.P. |
| Suite 100 |  |  | (2004 to 2021). |
| Glendora, CA 91741 |  |  |  |

---

\* The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs ("Retiring Trustee"). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such Retiring Trustee's term and on the length of a one-time extension of up to three additional years.

(1) The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

(2) As of October 31, 2022, the Trust was comprised of 34 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.

(3) "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, "public companies") or other investment companies registered under the 1940 Act.

The Statement of Additional Information includes additional information about the Fund's Trustees and Officers and is available, without charge, upon request by calling 1-866-205-0524.

------

#### EDGAR LOMAX VALUE FUND

#### 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.

------

<br>(This Page Intentionally Left Blank.)

------

#### Advisor
The Edgar Lomax Company

5971 Kingstowne Village Parkway, Suite 240

Alexandria, VA 22315

www.edgarlomax.com

#### Distributor
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

#### Custodian
U.S. Bank N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

#### Transfer Agent
U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

1-866-205-0524

#### Independent Registered

#### Public Accounting Firm
Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

#### Legal Counsel
Sullivan & Worcester LLP

1633 Broadway, 32nd Floor

New York, NY 10019

This report is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. To obtain a free prospectus please call 1-866-205-0524.

------

(b) Not applicable

#### Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

#### Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Joe D. Redwine is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant including the review of federal income tax returns, review of federal excise tax returns, review of state tax returns, if any, and assistance with calculation of required income, capital gain and excise distributions. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
|  | FYE 10/31/2022 | FYE 10/31/2021 |
| (a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17400 |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3600 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u> Non-Audit Related Fees </u> <u> FYE 10/31/2022 </u> <u> FYE 10/31/2021 </u> <br> Registrant N/A N/A <br> <u> Registrant's Investment Adviser </u> <u> N/A </u> <u> N/A </u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

#### Item 5. Audit Committee of Listed Registrants.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.* Filed herewith.](elvf-ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](elvf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](elvf-ex99cert906.htm)

------

#### SIGNATURES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Advisors Series Trust</u> 

By (Signature and Title)\* <u>/s/ Jeffrey T. Rauman</u> 

Jeffrey T. Rauman, President/Chief Executive

Officer/Principal Executive Officer

Date <u>1/5/2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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)\* <u>/s/ Jeffrey T. Rauman</u> 

Jeffrey T. Rauman, President/Chief Executive

Officer/Principal Executive Officer

Date <u>1/5/2023</u>

By (Signature and Title)\* <u>/s/ Kevin J. Hayden</u>

Kevin J. Hayden, Vice President/Treasurer/Principal

Financial Officer

Date <u>1/6/2023</u><u> </u>

## Ex-99.Code

#### ADVISORS SERIES TRUST

#### Code of Ethics

#### For Principal Executive Officer & Principal Financial Officer

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Advisors Series Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST AND ETHICAL CONDUCT.

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

#### Adopted by the Board of Trustees on March 18, 2010

## Ex-99.Cert

#### CERTIFICATIONS

I, Jeffrey T. Rauman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: <u>1/5/2023</u> | <u>/s/ Jeffrey T. Rauman</u> |
|  | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal<br> Executive Officer |

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I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;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):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: <u>1/6/2023</u> | <u>/s/ Kevin J. Hayden</u> |
|  | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer |

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## Exhibit 99.906

#### 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 year ended October 31, 2022 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.

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| | |
|:---|:---|
| <u>/s/ Jeffrey T. Rauman</u><br> Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust<br>| <u>/s/ Kevin J. Hayden</u><br> Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer<br> Advisors Series Trust<br>|
| Dated: <u>1/5/2023</u>  | Dated: <u>1/6/2023</u> |

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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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