# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0000898531-23-000026
**Filing Date:** 2023-1
**Character Count:** 136896
**Document Hash:** c3614fd8ec75f776f8df2794f729f8e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000026.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0000898531-23-000026

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**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:** 23517632

**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

### First Sentier Global Listed Infrastructure Fund (Series ID: S000056566)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000178944 | Class I      | FLIIX           |

### First Sentier American Listed Infrastructure Fund (Series ID: S000069943)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222774 | Class I      | FLIAX           |

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>

![](first_sentier-logo.jpg)

#### FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND

#### CLASS I (FLIIX)

#### FIRST SENTIER AMERICAN LISTED INFRASTRUCTURE FUND

#### CLASS I (FLIAX)

#### ANNUAL REPORT

#### October 31, 2022

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First Sentier Global Listed Infrastructure Fund

October 31, 2022

Dear Shareholder,

We are pleased to present the annual report for the First Sentier Global Listed Infrastructure Fund (NASDAQ: FLIIX), (the "Fund"); covering the fiscal period from November 1, 2021 to October 31, 2022.

The following table provides a summary of the Fund's performance over this period as of October 31, 2022, compared to the FTSE Global Core Infrastructure 50/50 Net Index, the Fund's benchmark index.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Period | Fund<br> (net of fees) | FTSE Global Core Infrastructure <br> 50/50 Index (Net TR) |
| &nbsp;&nbsp;&nbsp; 1 Year | -6.30% | -6.47% |
| &nbsp;&nbsp;&nbsp; 3 Years | 0.72% | 0.75% |
| &nbsp;&nbsp;&nbsp; 5 Years | 3.04% | 3.69% |
| &nbsp;&nbsp;&nbsp; Since Inception (2/28/2017) | 4.70% | 5.28% |

---

*Performance greater than one year is annualized. 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. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-888-898-5040. The gross expense ratio of the Fund is 1.30%.*

The Fund provides investors with exposure to a range of global listed infrastructure assets, including toll roads, airports, railroads, utilities and renewables, energy midstream (oil & natural gas pipelines & storage), mobile towers and data centers. These assets share common characteristics, like barriers to entry and pricing power, which can provide investors with inflation-protected income and steady capital growth.

Global listed infrastructure materially outperformed global equities during the fiscal period November 1, 2021 through October 31, 2022. The FTSE Global Core Infrastructure 50/50 Index (Net TR, USD) returned -6.47%, while the MSCI World Index (Net TR, USD) returned -18.48%.

This relative performance, during a period of considerable market turbulence, highlighted the ability of global listed infrastructure to provide most of the upside in rising equity markets, while offering some protection from falling ones.

Coming during a period when U.S. inflation exceeded 9% - the largest annual increase since December 1981 – this outcome also reflects global listed infrastructure's ability to outperform global equities when inflation is higher.

Russia's invasion of Ukraine in February 2022 saw western governments impose a swathe of financial and economic sanctions on Russia. While the portfolio has no direct exposure to Russia, we remain alert to potential implications for commodity and broader markets.

The best performing infrastructure sector during the year was Energy Midstream, as higher commodity prices drove increased demand for the services provided by these companies. U.S. Liquefied Natural Gas (LNG) exporter Cheniere Energy benefitted from increased global demand for natural gas, as European countries sought alternatives to Russian supply.

------

U.S. Utilities / Renewables held up well against a volatile market backdrop. Portfolio holdings including Sempra Energy, CenterPoint Energy and Xcel Energy were supported by investor demand for stable, defensive assets during the "risk-off" mood which characterised much of the period under review. The signing of the Inflation Reduction Act into law by President Biden in August 2022 also buoyed sentiment towards this space. The Act is expected to provide greater certainty of earnings growth for utilities over the long term, particularly those involved in the transition away from fossil fuels and towards renewables.

Toll Roads also performed relatively well, aided by traffic recovery and the appeal of inflation-linked tolling. Many toll roads have concession agreements that specify how prices can be increased, with an option to follow the inflation rate or an agreed percentage – whichever is higher.

The interest rate-sensitive Towers / Data Centers and Water / Waste sectors underperformed. During the period under review, the U.S. 10-year bond yield increased from 1.6% to 4.0%. North American freight rail stocks also lagged, on concerns that higher interest rates may result in an economic slowdown.

#### Positioning
The Fund is managed using a disciplined, bottom-up investment process with equal emphasis on quality and valuation, which aims to identify mispricing. These sectors share common characteristics, like barriers to entry and pricing power, which can provide investors with inflation-protected income and strong capital growth over the medium-term.

Toll roads represent the portfolio's largest sector overweight, via positions in European, Asia Pacific and Latin American operators. The sector is set to benefit from inflation-linked toll increases, with year-on-year toll uplifts of between 5% and 7% likely for many developed market roads. We expect this will lead to healthy earnings growth; while higher tolls may reduce demand to a certain extent, they don't usually have a material impact on traffic volumes. We are alert to potential headwinds, such as an economic slowdown leading to a dip in truck traffic on longer distance roads; or lacklustre commuter traffic levels on some intra-city roads as the return-to-office trend settles. Overall, however, we expect toll roads to be strong performers in coming months as toll increases support earnings growth, and demand proves more resilient than expected by the market.

The portfolio has a small overweight exposure to Towers / Data Centres. Consumers and businesses alike continue to move activities onto digital platforms, underpinning growing demand for communication infrastructure assets. We expect to see the continued rollout of 5G mobile technology through the course of 2023, which will require tower leasing. In data centers, we expect users to seek IT efficiencies through a combination of colocation (facilities in which users operate their own data centre hardware) and cloud (the delivery of computing services, run from the cloud provider's data centre) services. While the revenue outlook remains robust, we are conscious that rising interest rates may be more of a headwind to earnings per share growth than in previous years.

A substantial part of the portfolio consists of Utilities / Renewables stocks. Decarbonisation, electrification and resiliency spend represent large and growing investment opportunities for these companies. These investments drive utilities' rate base growth, leading in turn to earnings growth. However, in the near term this growth is likely to be tempered by rising interest costs. There is also scope for greater regulatory and political risk. As higher energy prices push energy bills up, regulators and politicians may seek to offset this by setting lower allowed returns for utilities, or by introducing windfall taxes or price caps. Despite these headwinds, we still expect utilities to deliver reasonable earnings growth, underpinned by plentiful capital investment opportunities and aided by limited sensitivity to a weaker economic backdrop.

An underweight position has been maintained in the Energy Midstream sector, with exposure consisting of high conviction positions in companies that have secured long term contracts with reliable counterparties; or that are positioned to benefit from growth in U.S. LNG exports. We remain conscious of the structural headwinds that Net Zero initiatives may present to this sector in the longer term.

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#### Conclusion
Global listed infrastructure provides investors with exposure to essential services with strong pricing power, high barriers to entry, structural growth and predictable cash flows. These characteristics are likely to remain attractive to investors in 2023 if the global economic growth rate slows.

The First Sentier Global Listed Infrastructure team remains focused on bottom-up stock picking, seeking good quality companies trading at appealing relative valuations. We believe its mix of inflation protected income (the dividend yield from the asset class has typically ranged between 3% and 4%) and structural growth (the asset class has historically grown earnings by between 5% and 7% per annum, through the cycle) will continue to prove attractive to investors.

Sincerely,

The First Sentier Investors Management Team

#### Past performance is not a guarantee of future results.
**Mutual fund investing involves risk. Principal loss is possible. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conversation policies. The Fund invests in small- and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investing in emerging markets may entail special risks relating to potential economic, political or social instability and the risks of nationalization, confiscation or the imposition of restrictions on foreign investment. Investing in master limited partnerships ("MLPs") involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. Risks inherent in the structure of MLPs, include complex tax structure risks, limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. Some of the risks involved in investing in real estate investment trusts ("REITs") include a general decline in the value of real estate, fluctuations in rental income, changes in interest rates, increases in property taxes, increased operating costs, overbuilding, changes in zoning laws, and changes in consumer demand for real estate. Since the Fund's investments are comprised of companies in the same industry or group of industries, the Fund may be subject to greater volatility than a fund that invests in a wider variety of industries.**

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the schedule of investments in this report for complete Fund holdings.

#### Current and future portfolio holdings are subject to risk.
The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights for this index are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalisation.

The MSCI World Index is designed to represent the performance of large- and mid-cap stocks across 23 developed markets. It covers approximately 85% of the free float-adjusted market capitalization in each country.

You cannot invest directly in an index.

------

Earnings per share (EPS) is calculated as a company's profit divided by the outstanding shares of its common stock. The resulting number serves as an indicator of a company's profitability. The higher a company's EPS, the more profitable it is considered to be.

Cash flow is defined as operating cash flows less maintenance capital expenditure.

Diversification does not guarantee a profit or protect from loss in a declining market.

Must be preceded or accompanied by a prospectus

Quasar Distributors, LLC, Distributor.

------

First Sentier American Listed Infrastructure Fund

October 31, 2022

Dear Shareholder,

We are pleased to present the annual report for the First Sentier American Listed Infrastructure Fund (NASDAQ: FLIAX), (the "Fund"); covering the fiscal period from November 1, 2021 to October 31, 2022.

The following table provides a summary of the Fund's performance over this period as of October 31, 2022, compared to the FTSE USA Core Infrastructure Capped Net Index, the Fund's benchmark index.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Period | Fund<br> (net of fees) | FTSE USA Core Infrastructure <br> Capped Index |
| &nbsp;&nbsp;&nbsp; 1 Year | -4.23% | -6.06% |
| &nbsp;&nbsp;&nbsp; Since Inception (12/29/2020) | 8.45% | 6.30% |

---

*Performance greater than one year is annualized. 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. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-888-898-5040. The gross expense ratio of the Fund is 6.45%.*

The First Sentier American Listed Infrastructure Fund is a United States-focused liquid real asset strategy. It seeks to provide investors with inflation protected income and solid capital growth, by investing in the shares of essential service infrastructure companies that own assets in the U.S. These companies include utilities and renewables, wireless towers, railroads, energy midstream (oil and natural gas pipelines & storage), waste management, data centers, toll roads and airports.

The Fund outperformed its index during the fiscal period November 1, 2021 through October 31, 2022. It returned -4.23% during the period under review, outperforming its benchmark index by +1.83% after fees.

Positioning within the utilities / renewables sector was the largest single positive driver of relative performance. The sector was buoyed by the signing into law in August 2022 of the Inflation Reduction Act. The Act includes a broad range of proposals in support of renewables and low carbon energy sources; notably a swathe of new or extended tax credits for wind and solar, battery storage, electric vehicles (EV), hydrogen, and nuclear power. This should provide additional certainty to the long-term growth outlook of key portfolio holdings including NextEra Energy and Xcel Energy. Sempra Energy gained on an increasingly positive outlook for U.S. Liquefied Natural Gas (LNG) exports as European nations sought alternatives to Russian supply. Sempra's assets include the Cameron LNG export facility, located on the Louisiana coast, in addition to fast-growing regulated utility businesses in Texas and California.

Stock selection in the energy midstream space also aided relative performance. U.S. LNG exporter Cheniere Energy outperformed as international demand for LNG increased. DT Midstream announced robust earnings, driven by a combination of organic growth and expansions to its existing pipeline systems, and raised its earnings guidance for the 2022 calendar year. Houston-based Targa Resources, which operates strategically located natural gas and natural gas liquids (NGLs) storage and transportation assets, also benefitted from a supportive operating environment. In October, the stock was added to the S&P500 index, reflecting improvements to its financial position and asset base over recent years.

------

Underweight exposure to the communications infrastructure space also aided relative returns. While structural growth in demand for mobile data continues to underpin steady earnings growth for these stocks, tower operators such as American Tower and Crown Castle are typically sensitive to the direction of interest rates. During the period under review, the U.S. 10-year bond yield increased from 1.6% to 4.0%.

On the negative side, the portfolio's railroads holdings detracted from relative performance. North American freight rail stocks including CSX Corp and Norfolk Southern lagged on the view that volumes may be affected if higher interest rates result in an economic slowdown; while labour costs are set to increase following a series of negotiations with unions over working conditions for railroad workers.

#### Positioning
The Fund is actively managed using a disciplined, bottom-up investment process with equal emphasis on quality and valuation, which aims to identify mispricing.

The portfolio is overweight utilities / renewables. Decarbonisation, electrification and resiliency spend represent large and growing investment opportunities for these companies. These investments drive utilities' rate base growth, leading in turn to earnings growth. We are conscious that in the near term this growth is likely to be tempered by rising interest costs. There is also scope for greater regulatory and political risk. As higher energy prices push energy bills up, regulators and politicians may seek to offset this by setting lower allowed returns for utilities, or by introducing windfall taxes or price caps. Despite these headwinds, we still expect utilities to deliver reasonable earnings growth in 2023, underpinned by plentiful capital investment opportunities and aided by limited sensitivity to a weaker economic backdrop.

The portfolio now has a small overweight exposure to Towers / Data Centres. Consumers and businesses alike continue to move activities onto digital platforms, underpinning growing demand for communication infrastructure assets. We expect to see the continued rollout of 5G mobile technology through the course of 2023, which will require tower leasing. In data centers, we expect users to seek IT efficiencies through a combination of colocation (facilities in which users operate their own data centre hardware) and cloud (the delivery of computing services, run from the cloud provider's data centre) services. While the revenue outlook remains robust, we are conscious that rising interest rates may be more of a headwind to earnings per share growth than in previous years.

The portfolio has an underweight position to the energy midstream sector, as strong gains over the past 12 months have moved these stocks to lower positions within our investment process. We are also aware of the structural headwinds that Net Zero initiatives may present to this sector in the longer term. Exposure consisting of high conviction positions in companies that have secured long term contracts with reliable counterparties; or that are positioned to benefit from growth in U.S. LNG exports.

#### Conclusion
The outlook for American Listed Infrastructure is positive. The asset class is positioned to benefit from a number of substantial, long term structural growth drivers. We anticipate that utilities will be able to derive steady earnings growth over long time frames by investing capital expenditures in decarbonisation, electrification and resiliency spend. Growing data mobility and connectively requirements will support demand for cell towers, fiber, small cells and data centers. The need to reduce urban congestion, and a lack of public funds to improve transport infrastructure, is likely to benefit toll road operators. And the broader need to replace assets that are approaching – or have already exceeded – their intended life span is relevant to a range of infrastructure sub-sectors, most notably utilities, airports, and toll roads. In addition, strong pricing power can act as a hedge against inflation within the asset class.

We remain confident that American Listed Infrastructure is well positioned to navigate a potentially difficult environment of slower economic growth and higher inflation over the months ahead.

Sincerely,

The First Sentier Investors Management Team

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#### Past performance is not a guarantee of future results.

**Mutual fund investing involves risk. Principal loss is possible. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conversation policies. The Fund invests in small- and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. Investing in master limited partnerships ("MLPs") involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. Risks inherent in the structure of MLPs, include complex tax structure risks, limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates. Some of the risks involved in investing in real estate investment trusts ("REITs") include a general decline in the value of real estate, fluctuations in rental income, changes in interest rates, increases in property taxes, increased operating costs, overbuilding, changes in zoning laws, and changes in consumer demand for real estate. Since the Fund's investments are comprised of companies in the same industry or group of industries, the Fund may be subject to greater volatility than a fund that invests in a wider variety of industries.**

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Please see the schedule of investments in this report for complete Fund holdings.

#### Current and future portfolio holdings are subject to risk.
The FTSE USA Core Infrastructure Capped Net Index comprises the U.S. constituents of the FTSE Developed Core Infrastructure Index, which are capped to limit the exposure of particular infrastructure subsectors. Constituents are selected from the underlying index using FTSE Russell's definition of infrastructure.

Earnings per share (EPS) is calculated as a company's profit divided by the outstanding shares of its common stock. The resulting number serves as an indicator of a company's profitability. The higher a company's EPS, the more profitable it is considered to be.

FTSE USA Core Infrastructure Capped Index

Must be preceded or accompanied by a prospectus

Quasar Distributors, LLC, Distributor

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**FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND**

**Comparison of the change in value of a $1,000,000 investment in the** 

**First Sentier Global Listed Infrastructure Fund - Class I vs. the FTSE Global Core**

**Infrastructure 50-50 Net Index**

****<br> ![](fsglif-linechart.jpg) <br>

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| | | | |
|:---|:---|:---|:---|
| **<u>Average Annual Total Return:</u>** | 1 Year | 5 Years | Since Inception<sup>1</sup> |
| **First Sentier Global Listed Infrastructure Fund - Class I** | -6.30% | 3.04% | 4.70% |
| **FTSE Global Core Infrastructure 50-50 Net Index** | -6.47% | 3.69% | 5.28% |

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| |
|:---|
| *Performance data quoted represents past performance; 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 1-888-898-5040.* |
| Returns reflect the reinvestment of dividends and capital gain 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 may pay on dividends, capital gain distributions, or redemption of Fund shares. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held for 30 days or less. If it did, total returns would be reduced. This chart does not imply any future performance. Indices do not incur expenses and are not available for investment. |
| The FTSE Global Core Infrastructure 50/50 Net Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights for this index are adjusted as part of the semi-annual review according to three broad industry sectors - 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalization. |
| <sup>1</sup> The Fund commenced operations on February 28, 2017. |

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**FIRST SENTIER AMERICAN LISTED INFRASTRUCTURE FUND**

**Comparison of the change in value of a $1,000,000 investment in the** 

**First Sentier American Listed Infrastructure Fund - Class I vs. the FTSE USA Core**

**Infrastructure Capped Index**

---

| | | |
|:---|:---|:---|
| **<u>Average Annual Total Return:</u>** | 1 Year | Since Inception<sup>1</sup> |
| **First Sentier American Listed Infrastructure Fund - Class I** | -4.23% | 8.45% |
| **FTSE USA Core Infrastructure Capped Index** | -6.06% | 6.30% |

---

---

| |
|:---|
| *Performance data quoted represents past performance; 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 1-888-898-5040.* |
| Returns reflect the reinvestment of dividends and capital gain 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 may pay on dividends, capital gain distributions, or redemption of Fund shares. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held for 30 days or less. If it did, total returns would be reduced. This chart does not imply any future performance. Indices do not incur expenses and are not available for investment. |
| The FTSE USA Core Infrastructure Capped Index comprises the U.S. constituents of the FTSE Developed Core Infrastructure Index, which are capped to limit the exposure of particular infrastructure subsectors. |
| <sup>1</sup> The Fund commenced operations on December 29, 2020. |

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| |
|:---|
| **First Sentier Global Listed Infrastructure Fund** |
| Sector Allocation of Portfolio Assets at October 31, 2022 (Unaudited) |

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![](fsglif-piechart.jpg)

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| |
|:---|
| Percentages represent market value as a percentage of total investments. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

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| |
|:---|
| **First Sentier Global Listed Infrastructure Fund** |
| Sector Allocation of Portfolio Assets at October 31, 2022 (Unaudited) |

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![](fsalif-piechart.jpg)

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| |
|:---|
| Percentages represent market value as a percentage of total investments. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

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| |
|:---|
| **First Sentier Global Listed Infrastructure Fund** |
| **Schedule of Investments** |
| **at October 31, 2022** |

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---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| | **COMMON STOCKS: 91.10%** | |
| | **Airport Services - 8.91%** | |
| 28038 | Aena SME SA\*^ | $3295348 |
| 10462 | Flughafen Zurich AG\*^ | 1623035 |
| 81980 | Grupo Aeroportuario del Sureste SAB de CV - Class B^ | 1923900 |
|  |  | 6842283 |
|  | **Construction & Engineering - 2.20%** |  |
| 18307 | VINCI SA^ | 1684921 |
|  | **Electric Utilities - 31.00%** |  |
| 27835 | Alliant Energy Corp. | 1452152 |
| 51800 | Emera, Inc.^ | 1919758 |
| 24260 | Entergy Corp. | 2599216 |
| 33158 | Evergy, Inc. | 2026949 |
| 53752 | FirstEnergy Corp. | 2026988 |
| 62571 | NextEra Energy, Inc. | 4849252 |
| 5588 | Orsted A/S | 461042 |
| 16217 | Pinnacle West Capital Corp. | 1089945 |
| 90435 | PPL Corp. | 2395623 |
| 124804 | SSE plc^ | 2230362 |
| 42301 | Xcel Energy, Inc. | 2754218 |
|  |  | 23805505 |
|  | **Environmental & Facilities Services - 0.73%** |  |
| 4196 | Republic Services, Inc. | 556474 |
|  | **Gas Utilities - 2.75%** |  |
| 149400 | China Gas Holdings Ltd.^ | 132590 |
| 84900 | ENN Energy Holdings Ltd.^ | 844080 |
| 49965 | Rubis SCA^ | 1134672 |
|  |  | 2111342 |
|  | **Highways & Railtracks - 14.29%** |  |
| 444999 | Atlas Arteria Ltd.^ | 1873351 |
| 337300 | CCR SA^ | 850841 |
| 41187 | Getlink S.E.^ | 651764 |
| 1166000 | Jiangsu Expressway Co. Ltd. - Class H^ | 822428 |
| 139897 | Promotora y Operadora de Infraestructura SAB de CV^ | 1052352 |
| 674043 | Transurban Group^ | 5717890 |
|  |  | 10968626 |
|  | **Integrated Telecommunication Services - 1.10%** |  |
| 96046 | Infrastrutture Wireless Italiane SpA^ | 847718 |
|  | **Multi-Utilities - 13.51%** |  |
| 15912 | Avista Corp. | 652869 |
| 78106 | CenterPoint Energy, Inc. | 2234613 |
| 55645 | Dominion Energy, Inc. | 3893481 |
| 176705 | Hera SpA^ | 421032 |
| 21027 | Sempra Energy | 3173815 |
|  |  | 10375810 |
|  | **Oil & Gas Storage & Transportation - 8.74%** |  |
| 11407 | Cheniere Energy, Inc. | 2012309 |
| 27964 | DT Midstream, Inc. | 1669451 |
| 48200 | Pembina Pipeline Corp.^ | 1591394 |
| 21061 | Targa Resources Corp. | 1439941 |
|  |  | 6713095 |

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| |
|:---|
| **First Sentier Global Listed Infrastructure Fund** |
| **Schedule of Investments (continued)** |
| **at October 31, 2022** |

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| | | |
|:---|:---|:---|
| **Shares**  |  | **Value**  |
|  | **Railroads - 7.30%** |  |
| 584298 | Aurizon Holdings Ltd.^ | $1354037 |
| 80850 | CSX Corp. | 2349501 |
| 8328 | Norfolk Southern Corp. | 1899367 |
|  |  | 5602905 |
|  | **Water Utilities - 0.57%** |  |
| 696000 | Guangdong Investment Ltd.^ | 438812 |
|  | TOTAL COMMON STOCKS (Cost $74,304,710) | 69947491 |
|  | **REITs: 6.70%** |  |
|  | **Real Estate - 6.70%** |  |
| 14575 | American Tower Corp. | 3019794 |
| 14505 | Crown Castle International Corp. | 1932936 |
| 712 | SBA Communications Corp. | 192169 |
|  | TOTAL REITs (Cost $5,565,264) | 5144899 |
|  | Total Investments in Securities (Cost $79,869,974): 97.80% | **75092390** |
|  | Other Assets in Excess of Liabilities: 2.20% | **1689644** |
|  | Net Assets: 100.00% | $**76782034** |

---

---

| | |
|:---|:---|
|  | \* Non-income producing security. |
|  | ^ Foreign issuer. |
| AG | Aktiengesellschaft is the German term for a public limited company. |
| A/S | Aktieselskab is the Danish term for a stock-based corporation. |
| Ltd. | Company is incorporated and shareholders have limited liability. |
| plc | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. |
| REIT | Real Estate Investment Trust |
| SA | An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability. |
| SAB de CV | Sociedad Anonima de Capital Variable which is the most formal business structure in Mexico. |
| SpA | Società per Azioni is the Italian term for a limited share company. |
| SCA | Societe en commandite par actions is the French term for a limited share company. |
| S.E. | Company is a European company. |

---

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.<br>

---

| | |
|:---|:---|
| **<u>Country Allocation</u>** | **<u>Country Allocation</u>** |
| <u>Country</u> | <u>% of Net Assets</u> |
| United States | 59.79% |
| Australia | 11.65% |
| Canada | 4.57% |
| France | 4.52% |
| Spain | 4.29% |
| Mexico | 3.88% |
| China | 2.92% |
| United Kingdom | 2.91% |
| Switzerland | 2.11% |
| Italy | 1.65% |
| Brazil | 1.11% |
| Denmark | <u>0.60%</u> |
|  | <u>100.00%</u> |

---

------

---

| | | |
|:---|:---|:---|
| **First Sentier American Listed Infrastructure Fund** | **First Sentier American Listed Infrastructure Fund** | **First Sentier American Listed Infrastructure Fund** |
| **Schedule of Investments** | **Schedule of Investments** | |
| **at October 31, 2022** | **at October 31, 2022** | |
| **Shares** |  | **Value** |
| | **COMMON STOCKS: 83.35%** | |
| | **Electric Utilities - 33.96%** | |
| 1003 | Alliant Energy Corp. | $52326 |
| 59 | Duke Energy Corp. | 5498 |
| 200 | Emera, Inc.^ | 7412 |
| 767 | Entergy Corp. | 82176 |
| 983 | Evergy, Inc. | 60091 |
| 1612 | FirstEnergy Corp. | 60788 |
| 2480 | NextEra Energy, Inc. | 192200 |
| 1037 | OGE Energy Corp. | 37985 |
| 2606 | PG&E Corp. | 38908 |
| 464 | Pinnacle West Capital Corp. | 31185 |
| 3038 | PPL Corp. | 80477 |
| 81 | Southern Co. | 5304 |
| 1287 | Xcel Energy, Inc. | 83797 |
|  |  | 738147 |
|  | **Environmental & Facilities Services - 0.51%** |  |
| 83 | Republic Services, Inc. | 11007 |
|  | **Gas Utilities - 1.91%** |  |
| 2300 | Altagas Ltd.^ | 41481 |
|  | **Multi-Utilities - 15.55%** |  |
| 484 | Avista Corp. | 19858 |
| 2310 | CenterPoint Energy, Inc. | 66089 |
| 1767 | Dominion Energy, Inc. | 123637 |
| 242 | DTE Energy Co. | 27131 |
| 670 | Sempra Energy | 101130 |
|  |  | 337845 |
|  | **Oil & Gas Storage & Transportation - 11.68%** |  |
| 543 | Cheniere Energy, Inc. | 95791 |
| 935 | DT Midstream, Inc. | 55819 |
| 853 | Targa Resources Corp. | 58320 |
| 1000 | TC Energy Corp.^ | 43924 |
|  |  | 253854 |
|  | **Railroads - 19.74%** |  |
| 4831 | CSX Corp. | 140389 |
| 549 | Norfolk Southern Corp. | 125210 |
| 829 | Union Pacific Corp. | 163429 |
|  |  | 429028 |
|  | TOTAL COMMON STOCKS (Cost $1,774,525) | 1811362 |
|  | **REITs: 16.03%** |  |
|  | **Real Estate - 16.03%** |  |
| 1009 | American Tower Corp. | 209055 |
| 665 | Crown Castle International Corp. | 88618 |
| 188 | SBA Communications Corp. | 50741 |
|  | TOTAL REITs (Cost $401,182) | 348414 |
|  | Total Investments in Securities (Cost $2,175,707): 99.38% | **2159776** |
|  | Other Assets in Excess of Liabilities: 0.62% | **13409** |
|  | Net Assets: 100.00% | $**2173185** |
|  | ^ Foreign issuer. |  |

---

---

| |
|:---|
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| |
|:---|
| **First Sentier Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **at October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | First Sentier <br> Global Listed <br> Infrastructure Fund | First Sentier <br> American Listed <br> Infrastructure Fund |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $79,869,974 and $2,175,707, respectively) | $75092390 | $2159776 |
| &nbsp;&nbsp;&nbsp; Cash | 1793854 | 20554 |
| &nbsp;&nbsp;&nbsp; Foreign cash, at value (cost $401,225 and $1,339, respectively) | 402769 | 1349 |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser | - | 19159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 426377 | 41944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 58516 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 7371 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaim | 54640 | 10 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 13426 | 9408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 77849343 | 2253430 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased | 974455 | 29272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Adviser | 27439 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 17757 | 17288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21000 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees | 6483 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 6661 | 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 1503 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 14 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 249 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 8484 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp; Accrued expenses | 764 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1067309 | 80245 |
| **NET ASSETS** | $76782034 | $2173185 |
| **CALCULATION OF NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding [unlimited number of shares |  |  |
| &nbsp;&nbsp;&nbsp; (par value $0.01) authorized] | 7318769 | 198397 |
| &nbsp;&nbsp;&nbsp; Net asset value, redemption price and offering price per share | $10.49 | $10.95 |
| **COMPONENTS OF NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $78366557 | $1833323 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(deficit) | (1584523) | 339862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets | $76782034 | $2173185 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

------

---

| |
|:---|
| **First Sentier Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended October 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | First Sentier <br>Global Listed Infrastructure Fund | First Sentier <br> American Listed <br> Infrastructure Fund |
| **NET INVESTMENT INCOME** |  |  |
| **Income** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $101,154 and $672, respectively) | $1977784 | $88355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1977784 | 88355 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 543360 | 29776 |
| &nbsp;&nbsp;&nbsp; Administration and fund accounting fees (Note 4) | 107129 | 102009 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 5) | 72435 | - |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses (Note 4) | 42055 | 21587 |
| &nbsp;&nbsp;&nbsp; Custody fees (Note 4) | 40880 | 14349 |
| &nbsp;&nbsp;&nbsp; Registration fees | 22238 | 26728 |
| &nbsp;&nbsp;&nbsp; Audit fees | 20999 | 21000 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees (Note 4) | 14686 | 14687 |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 13256 | 13199 |
| &nbsp;&nbsp;&nbsp; Legal fees | 7323 | 7481 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 7144 | 7657 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting | 3940 | 3626 |
| &nbsp;&nbsp;&nbsp; Insurance expense | 3095 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before fee waiver and expense reimbursement | 898540 | 264761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: advisory fees waived and expenses reimbursed by Adviser (Note 4) | (210284) | (234985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 688256 | 29776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 1289528 | 58579 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY** | **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2820064 | 322223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (64257) | (135) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (8551233) | (338540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (4611) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments and foreign currency | (5800037) | (16441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | $(4510509) | $42138 |

---

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

------

---

| |
|:---|
| **First Sentier Global Listed Infrastructure Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2022 | Year Ended<br>October 31, 2021 |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1289528 | $1082516 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2820064 | 3353043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (64257) | 18796 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (8551233) | 6559634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (4611) | (836) |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from operations** | (4510509) | 11013153 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders | (4331178) | (1458746) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (4331178) | (1458746) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 12021821 | 9758658 |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued in reinvestment of dividends | 4263772 | 1401097 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1250015) | (6589364) |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 15035578 | 4570391 |
| **Total increase in net assets** | 6193891 | 14124798 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 70588143 | 56463345 |
| &nbsp;&nbsp;&nbsp; End of year | $76782034 | $70588143 |
| **CHANGES IN SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1126506 | 839694 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 383433 | 129852 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (108823) | (567112) |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 1401116 | 402434 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

------

---

| |
|:---|
| **First Sentier American Listed Infrastructure Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  |<br>Year Ended<br>October 31, 2022 | December 29, 2020\*<br>through<br>October 31, 2021 |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM:** |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $58579 | $41536 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 322223 | 250326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (135) | (234) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (338540) | 322609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 11 | (2) |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 42138 | 614235 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders | (316516) | - |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (316516) | - |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 53300 | 4854878 |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued in reinvestment of dividends | 310852 | - |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3385702) | - |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets resulting from capital share transactions** | (3021550) | 4854878 |
| **Total increase/(decrease) in net assets** | (3295928) | 5469113 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 5469113 | - |
| &nbsp;&nbsp;&nbsp; End of period | $2173185 | $5469113 |
| **CHANGES IN SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4667 | 451333 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 26614 | - |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (284217) | - |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in shares outstanding** | (252936) | 451333 |

---

\* Commencement of operations.

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

------

---

| | |
|:---|:---|
| **First Sentier Global Listed Infrastructure Fund** | **First Sentier Global Listed Infrastructure Fund** |
| **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** |
|  | For a share outstanding throughout each year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
|  | October 31, 2022 | October 31, 2021 | October 31, 2020 | October 31, 2019 | October 31, 2018 |
| **Net asset value, beginning of year** | $11.93 | $10.24 | $11.56 | $9.90 | $11.17 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income | 0.19 | 0.19 | 0.13 | 0.17 | 0.18 |
| Net realized and unrealized gain/(loss) <br> &nbsp;&nbsp;&nbsp;&nbsp;on investments and foreign currency | (0.90) | 1.77 | (1.10) | 1.76 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.71) | 1.96 | (0.97) | 1.93 | (0.55) |
| **Less dividends and distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.21) | (0.13) | (0.16) | (0.16) | (0.32) |
| Distributions from net realized gains | (0.52) | (0.14) | (0.19) | (0.11) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.73) | (0.27) | (0.35) | (0.27) | (0.72) |
| **Net asset value, end of year** | $10.49 | $11.93 | $10.24 | $11.56 | $9.90 |
| **Total return** | -6.30% | 19.36% | -8.62% | 19.90% | -5.19% |
| **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of year (thousands) | $76782 | $70588 | $56463 | $35631 | $13912 |
| Ratio of net expenses to average net assets: | Ratio of net expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | 1.24% | 1.30% | 1.50% | 1.93% | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 0.95% | 0.95% | 0.94% | 0.94% | 0.91% |
| Ratio of net investment income/(loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | 1.49% | 1.34% | 1.05% | 1.14% | (0.19%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 1.78% | 1.69% | 1.61% | 2.13% | 2.42% |
| Portfolio turnover rate | 43.81% | 56.09% | 61.67% | 41.26% | 60.14% |

---

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

------

---

| | |
|:---|:---|
| **First Sentier American Listed Infrastructure Fund** | **First Sentier American Listed Infrastructure Fund** |
| **FINANCIAL HIGHLIGHTS** | **FINANCIAL HIGHLIGHTS** |
|  | For a share outstanding throughout each period |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | December 29, 2020\* |  |
|  | Year Ended | through |  |
|  | October 31, 2022 | October 31, 2021 |  |
| **Net asset value, beginning of period** | $12.12 | $10.00 |  |
| **Income from investment operations:** |  |  |  |
| Net investment income | 0.23 | 0.09 |  |
| Net realized and unrealized gain/(loss) on investments and foreign currency | (0.70) | 2.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.47) | 2.12 |  |
| **Less dividends and distributions:** |  |  |  |
| Dividends from net investment income | (0.14) | - |  |
| Distributions from net realized gains | (0.56) | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.70) | - |  |
| **Net asset value, end of period** | $10.95 | $12.12 |  |
| **Total return** | -4.23% | 21.20 | %<sup>+</sup> |
| **Supplemental data and ratios:** |  |  |  |
| Net assets, end of period (thousands) | $2173 | $5469 |  |
| Ratio of net expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | 6.67% | 6.45 | %<sup>++</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 0.75% | 0.75 | %<sup>++</sup> |
| Ratio of net investment income/(loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | (4.44%) | (4.36 | %)<sup>++</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 1.48% | 1.34 | %<sup>++</sup> |
| Portfolio turnover rate | 73.76% | 58.21 | %<sup>+</sup> |

---

<sup>+</sup> Not annualized. <br> <sup>++</sup> Annualized. <br> \* Commencement of operations.<br>

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

------

#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022</u>

#### NOTE 1 - ORGANIZATION

The First Sentier Global Listed Infrastructure Fund (the "Global Listed Fund") and the First Sentier American Listed Infrastructure Fund (the "American Listed Fund"), (each, a "Fund" and collectively, the "Funds") are each a 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 Global Listed Fund is diversified and the American Listed Fund is non-diversified. The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The investment objective of the Global Listed Fund and the American Listed Fund is to seek to achieve growth of capital and inflation-protected income. The Global Listed Fund and the American Listed Fund currently offer Class I shares. The Global Listed Fund's Class I shares commenced operations on February 28, 2017. The American Listed Fund's Class I shares commenced operations on December 29, 2020.

#### <br>

#### NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation:* All investments in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes:* It is the Funds' 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 Funds recognize 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 Funds' prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Funds' net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Wisconsin. The Funds are 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Security Transactions, Income, Expenses and Distributions*: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are calculated on the basis of specific lot identification. Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

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 Funds distribute 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 differ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Foreign Securities:* The Global Listed Fund may invest up to 75% of its net assets in securities of foreign companies, including but not limited to depositary receipts. Foreign economies may differ from the 

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#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

<br> U.S. economy and individual foreign companies may differ from domestic companies in the same industry.

Foreign companies or entities are frequently not subject to accounting and financial reporting standards applicable to domestic companies, and there may be less information available about foreign issuers.

Securities of foreign issuers are generally less liquid and more volatile than those of comparable domestic issuers. There is frequently less government regulation of broker-dealers and issuers than in the United States. In addition, investments in foreign countries are subject to the possibility of expropriation, confiscatory taxation, political or social instability or diplomatic developments that could adversely affect the value of those investments.

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations from changes in foreign exchange rates on investments from those resulting from the changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal period end, resulting from changes in the exchange rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *REITs:* The Funds have made certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. The Funds intend to include the gross dividends from such REITs in its annual distributions to its shareholders and, accordingly, a portion of the Funds' distributions may also be designated as a return of capital. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *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 American Listed Fund did not require any permanent tax adjustments on the statements of assets and liabilities. For the year ended October 31, 2022, the Global Listed Fund made the following permanent tax adjustments on the statements of assets and liabilities: 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>Total Distributable Earnings</u> | <u>Paid-in Capital</u> |
| Global Listed Fund | $337 | $(337) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *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 potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events that would need to be disclosed in the Funds' financial statements.

------

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

#### NOTE 3 – SECURITIES VALUATION
The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –  | Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |

---

---

| | |
|:---|:---|
| Level 3 –  | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing each 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 Funds' major categories of assets and liabilities measured at fair value on a recurring basis.

Each 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 ("NYSE") (4:00 p.m. EST).

*Equity Securities*: Equity 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.

Foreign securities will be priced at their local currencies as of the close of their primary exchange or market or as of the time the Fund calculates its net asset value per share, whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service. All assets denominated in foreign currency will be converted into U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. EST.

For foreign securities traded on foreign exchanges, First Sentier Investments (US) LLC (the "Adviser") has selected ICE Data Services' Fair Value Information Services ("FVIS") to provide pricing data with respect to foreign security holdings held by the Funds. The use of this third-party pricing service is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of each Fund's securities traded on those foreign exchanges. The Funds utilize a confidence interval when determining the use of the FVIS provided prices. The confidence interval is a measure of the historical relationship that each foreign exchange traded security has to movements in various indices and the price of the security's corresponding American Depositary Receipt, if one exists. FVIS provides the confidence interval for each security for which it provides a price. If the FVIS provided price falls within the confidence interval the Funds will value the particular security at that price. If the FVIS provided price does not fall within the confidence interval the particular security will be valued at the preceding closing price on its respective foreign <br>

------

#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

<br> exchange, or if there were no transactions on such day, at the mean between the bid and asked prices. These securities would generally be categorized as Level 2 in the fair value hierarchy. The Adviser anticipates that the Funds' portfolio holdings will be fair valued only if market quotations for those holdings are considered unreliable.

Prior to the effectiveness of Rule 2a-5 on September 8, 2022, the Board of Trustees had delegated day-to-day valuation issues to a Valuation Committee of the Trust which was comprised of representatives from the Funds' 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. 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 of Trustees. Effective September 8, 2022, the Board of Trustees approved the Adviser as the Funds' valuation designee under Rule 2a-5.

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 Funds' securities as of October 31, 2022:

#### Global Listed Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $- | $847718 | $- | $847718 |
| Energy | 6713095 | - | - | 6713095 |
| Industrials | 8632435 | 17022774 | - | 25655209 |
| Utilities | 31068879 | 5662590 | - | 36731469 |
| **Total Common Stocks** | 46414409 | 23533082 | - | 69947491 |
| **REITs** | 5144899 | - | - | 5144899 |
| **Total Investments in Securities** | $51559308 | $23533082 | $- | $75092390 |

---

#### American Listed Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | $253854 | $- | $- | $253854 |
| Industrials | 440035 | - | - | 440035 |
| Utilities | 1117473 | - | - | 1117473 |
| **Total Common Stocks** | 1811362 | - | - | 1811362 |
| **REITs** | 348414 | - | - | 348414 |
| **Total Investments in Securities** | $2159776 | $- | $- | $2159776 |

---

Refer to the Funds' schedules of investments for a detailed break-out of securities by industry classification.

In October 2020, the Securities and Exchange Commission (the "SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Funds were 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 Funds' most recently filed statement of additional information allows the Funds to enter into derivative transactions. The Funds are considered limited derivatives users under Rule 18f-4. During the <br>

------

#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

 <br> year ended October 31, 2022, the Funds did not enter into derivatives transactions. The Funds are in compliance with Rule 18f-4.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for 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 Funds are in compliance with Rule 2a-5, which had a compliance date of September 8, 2022.

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are becoming more widely available, the ultimate economic fallout from the pandemic, amid the spread of COVID-19 variants, and the long-term impact on economies, markets, industries and individual companies are not known. The operational and financial performance of individual companies and the market in general depends on future developments, including the duration and spread of any future outbreaks and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds' investments, impair the Funds' ability to satisfy redemption requests, and negatively impact the Funds' performance.

#### NOTE 4 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Adviser provides the Funds with investment management services under an investment advisory agreement. The Adviser furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Funds. As compensation for its services, each Fund pays the Adviser a monthly management fee. The Funds each pay fees calculated at an annual rate of 0.75% of the Fund's average daily net assets. The Adviser has delegated the day-to-day investment management of the Funds to First Sentier Investors (Australia) IM Ltd (the "Sub-Adviser"). The Sub-Adviser is compensated by the Adviser from the management fees paid to the Adviser. The sub-advisory fee to be received by the Sub-Adviser is 0.60% of average daily net assets. The percentage of compensation the Sub-Adviser receives from the Adviser is subject to adjustment according to the Adviser's transfer pricing methodology and therefore is subject to change. For the year ended October 31, 2022, the Global Listed Fund and the American Listed Fund incurred advisory fees of $543,360 and $29,776, respectively.

The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to reduce fees payable to it by the Funds and to pay Fund operating expenses (excluding acquired fund fees and expenses, interest, taxes, extraordinary expenses and class specific expenses such as the shareholder servicing plan fee) to the extent necessary to limit each Fund's total annual fund operating expenses as a percent of average daily net assets as follows:

Global Listed Fund 0.85%

American Listed Fund 0.75%

Any such reduction made by the Adviser in its fees or payment of expenses which are a Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, 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 toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. For the year ended October 31, 2022, the Adviser reduced its fees in the amount of $210,284 and $234,985 in the Global Listed Fund and the American Listed Fund, respectively. No amounts were recouped by the Adviser. The expense limitation will remain in effect through at least February 27, 2023 and may be terminated only by the Trust's Board of Trustees. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

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#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>10/31/2023</u> | <u>10/31/2024</u> | <u>10/31/2025</u> | <u>Total</u> |
| Global Listed Fund | $249900 | $225162 | $210284 | $685346 |
| American Listed Fund | - | 176883 | 234985 | 411868 |

---

Fund Services serves as the Funds' administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the year ended October 31, 2022 are disclosed in the statements of operations.

Quasar Distributors, LLC ("Quasar") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. Quasar is a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC.

#### NOTE 5 – SHAREHOLDER SERVICING FEE

The Funds have entered into a shareholder servicing agreement (the "Agreement") with the Adviser, under which the Funds may pay servicing fees at an annual rate of up to 0.10% of each Funds' average daily net assets. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. The shareholder servicing fees accrued by the Funds for the year ended October 31, 2022 are disclosed in the statements of operations.

#### NOTE 6 – LINE OF CREDIT

The Global Listed Fund has a secured line of credit in the amount of $5,000,000. This line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Fund's custodian, U.S. Bank N.A. During the year ended October 31, 2022, the Fund did not draw upon the line of credit.

#### NOTE 7 – 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 as follows:

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| | | |
|:---|:---|:---|
|  | <u>Cost of Purchases</u> | <u>Proceeds from Sales</u> |
| Global Listed Fund | $43871456 | $31176866 |
| American Listed Fund | 2935473 | 6085521 |

---

The Funds had no purchases or sales of U.S. government securities during the year ended October 31, 2022.

#### NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

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

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#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

---

| | | |
|:---|:---|:---|
|  | <u>October 31, 2022</u> | <u>October 31, 2021</u> |
| <u>Global Listed Fund</u> |  |  |
| Ordinary income | $2687350 | $695359 |
| Long-term capital gains | 1643828 | 763387 |
|  | <u>October 31, 2022</u> | <u>October 31, 2021</u> |
| <u>American Listed Fund</u> |  |  |
| Ordinary income | $315542 | $- |
| Long-term capital gains | 974 | - |

---

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

---

| | | |
|:---|:---|:---|
|  | Global Listed Fund | American Listed Fund  |
| Cost of investments (a) | $80026041 | $2201792 |
| Gross unrealized appreciation | $3805296 | $129560 |
| Gross unrealized depreciation | (8738947) | (171576) |
| Net unrealized depreciation (a) | (4933651) | (42016) |
| Net unrealized appreciation/(depreciation)<br> &nbsp;&nbsp;&nbsp;&nbsp;on foreign currrency | (5251) | <br> 9 |
| Undistributed ordinary income | 1725318 | 277969 |
| Undistributed long-term capital gain | 1629061 | 103900 |
| Total distributable earnings | 3354379 | 381869 |
| Total accumulated earnings/(losses) | $(1584523) | $339862 |

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(a) The difference between book-basis and tax-basis cost and net unrealized depreciation is attributable primarily to wash sales and partnerships.

#### NOTE 9 – PRINCIPAL RISKS

Below is a summary of some, but not all, of the principal risks of investing in the Fund, each of which may adversely affect the Funds' net asset value and total return. The Funds' most recent prospectus provides further descriptions of the Funds' investment objective, principal investment strategies and principal risks.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market and Regulatory Risk.* Events in the financial markets and economy may cause volatility and uncertainty and adversely impact the Funds' performance. Market
 events may affect a single issuer, industry, sector, or the market as a whole. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions, including tax law changes, may also
 impair portfolio management and have unexpected or adverse consequences on particular markets, strategies, or investments. The Funds' investments may decline in value due to factors affecting individual issuers (such as the results of
 supply and demand), or sectors within the securities markets. The value of a security or other investment also may go up or down due to general market conditions that are not specifically related to a particular issuer, such as real
 or perceived adverse economic conditions, changes in interest rates or exchange rates, or adverse investor sentiment generally. In addition, unexpected events and their aftermaths, such as the spread of deadly diseases; natural,
 environmental or man-made disasters; financial, political or social disruptions; terrorism and war; and other tragedies or catastrophes, can cause investor fear and panic, which can adversely affect the economies of many companies,
 sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.

&nbsp;&nbsp;&nbsp;&nbsp;• *Infrastructure Companies Risk (Both Funds).* Infrastructure companies may be subject to a variety of factors that may adversely affect their business or
 operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of <br>

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#### First Sentier Funds

<u>NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)</u>

economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Some of the specific risks that infrastructure companies may be particularly affected by, or subject to, include the following: regulatory risk, technology risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer risk, interest rate risk, inflation risk and financing risk.<br>

In particular, the operations of infrastructure projects are exposed to unplanned interruptions caused by significant catastrophic events, such as cyclones, earthquakes, landslides, floods, explosion, fire, terrorist attack, major plant breakdown, pipeline or electricity line rupture or other disasters. Operational disruption, as well as supply disruption, could adversely impact the cash flows available from these assets.

Further, national and local environmental laws and regulations affect the operations of infrastructure projects. Standards are set by these laws, and regulations are imposed regarding certain aspects of health and environmental quality, and they provide for penalties and other liabilities for the violation of such standards, and establish, in certain circumstances, obligations to remediate and rehabilitate current and former facilities and locations where operations are, or were, conducted. These laws and regulations may have a detrimental impact on the financial performance of infrastructure projects.

&nbsp;&nbsp;&nbsp;&nbsp;• *Concentration Risk (Both Funds)*. Since the securities of companies in the same industry or group of industries will comprise a significant portion of each
 Fund's portfolio, the Funds will be more significantly impacted by adverse developments in such industries than a fund that invests in a wider variety of industries.

&nbsp;&nbsp;&nbsp;&nbsp;• *Emerging Markets Risk (Global Listed Fund)*. Emerging markets are markets of countries in the initial stages of industrialization and generally have low per
 capita income. In addition to the risks of foreign securities in general, emerging markets are generally more volatile, have relatively unstable governments, social and legal systems that do not protect shareholders, economies based
 on only a few industries and securities markets that are substantially smaller, less liquid and more volatile with less government oversight than those of more developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;• *Stapled Securities Risk (Both Funds)*. A stapled security is comprised of two different securities—a unit of a trust and a share of a company—that are "stapled"
 together and treated as a unit at all times, including for transfer or trading. The characteristics and value of a stapled security are influenced by both underlying securities. The listing of
 stapled securities on a domestic or foreign exchange does not guarantee a liquid market for stapled securities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Real Estate Investment Trust (REIT) Risk (Both Funds)*. Investments in REITs will be subject to the risks associated with the direct ownership of real estate and
 annual compliance with tax rules applicable to REITs. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in
 interest rates and risks related to general or local economic conditions. In addition, REITs have their own expenses, and the Funds will bear a proportionate share of those expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• *Limited Partnership and MLP Risk (Global Listed Fund)*. Investments in securities (units) of partnerships, including MLPs, involve risks that differ from an
 investment in common stock. Holders of the units of limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. Certain tax risks are associated with an investment in units of
 limited partnerships. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a limited partnership, including a conflict arising as a result of incentive
 distribution payments. In addition, investments in certain investment vehicles, such as limited partnerships and MLPs, may be illiquid. Such partnership investments may also not provide daily pricing information to their investors,
 which will require the Fund to employ fair value procedures to value its holdings in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Diversification Risk (American Listed Fund).* To the extent that the Fund invests its assets in fewer securities, the Fund is subject to a greater risk of
 loss if any of those securities become permanently impaired than a fund that invests more widely.

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#### First Sentier Funds <br> NOTES TO FINANCIAL STATEMENTS at October 31, 2022 (Continued)

#### NOTE 10 – 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. The following table reflects shareholders that maintain accounts of more than 25% of the voting securities of a Fund as of October 31, 2022:

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| | | |
|:---|:---|:---|
| <u>Fund</u> | <u>Shareholder</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>Percent of Shares Held</u> |
| Global Listed Fund | &nbsp;&nbsp;&nbsp;&nbsp; Capinco, c/o U.S. Bank N.A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| 96.43%  |
| American Listed Fund | Randy Paas IRA, c/o U.S. Bank N.A. | 83.08% |

---

#### NOTE 11 –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. Mr. Ryan Charles resigned as Assistant Secretary effective January 1, 2023.

#### NOTE 12 – OTHER TAX INFORMATION

The Funds have declared distributions to be paid, on December 12, 2022, to shareholders of record on December 9, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | <u>Long-Term Capital Gain</u> | <u>Short-Term Capital Gain</u> | <u>Income</u> |
| Global Listed Fund | $0.22259 | $0.10434 | $0.18020630 |
| American Listed Fund | $0.50052 | $1.16093 | $0.23659097 |

---

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#### First Sentier Funds

Expense Example – at October 31, 2022 (Unaudited)

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As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including redemption fees and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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
For each Fund, two lines are presented in the tables below, with the first line providing information about actual account values and actual expenses. Although the Funds charge 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 Funds' 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 this line, 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
For each Fund, the second line provides information about hypothetical account values and hypothetical expenses based on the respective 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 Funds 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 do not reflect any transaction costs, such as redemption fees or exchange fees. Therefore, the second line of the table for each Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

#### First Sentier Global Listed Infrastructure Fund

#### EXPENSE EXAMPLE

---

| | | | |
|:---|:---|:---|:---|
| ****<br>| **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 | $912.20 | $4.58 |
| Hypothetical | $1000.00 | $1020.42 | $4.84 |
| (5% return before expenses) |  |  |  |

---

*\*Expenses are equal to the Fund's annualized expense ratio of 0.95%, 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.*

------

#### First Sentier American Listed Infrastructure Fund

---

| | | | |
|:---|:---|:---|:---|
| ****<br>| **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During Period\*** |
| ****<br>| **<u>5/1/22</u>** | **<u>10/31/22</u>** | **<u>5/1/22 – 10/31/22</u>** |
| Actual | $1000.00 | $919.40 | $3.63 |
| Hypothetical | $1000.00 | $1021.42 | $3.82 |
| (5% return before expenses) |  |  |  |

---

*\*Expenses are equal to the Fund's annualized expense ratio of 0.75%, 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.*

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Trustees

#### Advisors Series Trust and

#### Shareholders of

#### First Sentier Global Listed Infrastructure Fund

#### First Sentier American Listed Infrastructure Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of First Sentier Global Listed Infrastructure Fund and First Sentier American Listed Infrastructure Fund (the "Funds"), each a series of Advisors Series Trust (the "Trust"), including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, 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 Funds as of October 31, 2022, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds** <br> **constituting** <br> **First Sentier Funds** | **Statement of<br> operations** | **Statements of<br> changes in net assets** | **Financial highlights** |
| First Sentier Global Listed <br> Infrastructure Fund | For the year ended <br> October 31, 2022 | For each of the two years in the <br> period ended October 31, 2022 | For each of the five years in the period ended <br> October 31, 2022 |
| First Sentier American Listed <br> Infrastructure Fund | For the year ended <br> October 31, 2022 | For the year ended October 31, 2022 <br> and for the period December 29, 2020 (commencement of operations) to <br> October 31, 2021 | For the year ended October 31, 2022 and for the <br> period December 29, 2020 (commencement of <br> operations) to October 31, 2021 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds' internal control over financial reporting. Accordingly, we express no such opinion.

------

#### To the Board of Trustees

#### Advisors Series Trust and

#### Shareholders of

#### First Sentier Global Listed Infrastructure Fund

#### First Sentier American Listed Infrastructure Fund

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 overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](taitwellerbaker1-signature.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TAIT, WELLER & BAKER LLP** |

---

#### <br>

#### Philadelphia, Pennsylvania

#### December 30, 2022

------

#### First Sentier Funds

#### NOTICE TO SHAREHOLDERS at October 31, 2022 (Unaudited)

For the year ended October 31, 2022, the Global Listed Fund and the American Listed Fund designated $2,687,350 and $315,542, respectively, as ordinary income for purposes of the dividends paid deduction. For the year ended October 31, 2022, the Global Listed Fund and the American Listed Fund designated $1,643,828 and $974, respectively, as long-term capital gains for purposes of the dividends paid deduction.

Certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided by the Tax Cuts and Jobs Act of 2017. For the Global Listed Fund and the American Listed Fund, the percentage of dividends declared from net investment income designated as qualified dividend income for the year ended October 31, 2022 was 60.18% and 19.38%, respectively.

For corporate shareholders in the Global Listed Fund and the American Listed Fund, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended October 31, 2021 was 26.76% and 19.32%, respectively.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Sections 871(k)(2)(C) for the Global Listed Fund and the American Listed Fund was 54.12% and 80.11%, respectively.

#### How to Obtain a Copy of the Funds' Proxy Voting Policies

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-898-5040 or on the U.S. Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

#### How to Obtain a Copy of the Funds' Proxy Voting Records

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-888-898-5040. Furthermore, you can obtain the Funds' proxy voting records on the SEC's website at <u>http://www.sec.gov</u>.

#### Quarterly Filings on Form N-PORT

The Funds file their 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 Funds' Form N-PORT is available on the SEC's website at http://www.sec.gov. Information included in the Funds' Form N-PORT is also available, upon request, by calling 1-888-898-5040.

------

#### First Sentier Funds

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Each Fund has adopted a liquidity risk management program (the "program"). The Board has designated a committee at the Adviser to serve as the administrator of the program. The Adviser's committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the committee.

Under the program, the Adviser's committee manages each 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 each Fund's investments, limiting the amount of each Fund's illiquid investments, and utilizing various risk management tools and facilities available to each 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. The report noted that the First Sentier Global Listed Infrastructure Fund made use of its line of credit during the reporting period and that such line was fully repaid in a timely manner. 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 each Fund's liquidity risk.

------

#### INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited)<br>

This chart provides information about the Trustees and Officers who oversee the Funds. Officers elected by the Trustees manage the day-to-day operations of the Funds and execute policies formulated by the Trustees.

**Independent Trustees**<sup>(1)</sup>

 <sup></sup> 

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Raymond B. Woolson<br> (age 63)<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 | Chairman <br> of the <br> Board<br>Trustee | Indefinite <br> term; since <br> January 2020.<br>Indefinite <br> term; since <br> January 2016. | President, Apogee <br>Group, Inc. <br> (financial consulting <br> firm) (1998 to <br> present). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | Trustee, <br> Advisors <br> Series Trust <br> (for series not <br> affiliated with <br> the Funds); <br> Independent <br> Trustee, <br> DoubleLine <br> Funds Trust <br> (an open-end <br> investment <br> company with <br> 20 portfolios), <br> DoubleLine <br> Opportunistic <br> Credit Fund, <br> DoubleLine <br> Selective <br> Credit Fund <br> and <br> DoubleLine <br> Income <br> Solutions <br> Fund, from <br> 2010 to <br> present. |

---

#### Officers

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address**<br> **and Age** | **Position Held<br> with the Trust** | **Term of** <br> **Office and** <br> **Length of** <br> **Time Served** | **Principal Occupation**<br> **During Past Five Years** |
| Jeffrey T. Rauman<br> (age 53)<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 | President, Chief <br> Executive Officer and <br> Principal Executive <br> Officer | Indefinite <br> term; since <br> December <br> 2018. | Senior Vice President, <br> Compliance and <br> Administration, U.S. Bank <br> Global Fund Services <br> (February 1996 to <br> present). |
| Cheryl L. King<br> (age 61)<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 | Vice President, Treasurer <br> and Principal Financial <br> Officer | Indefinite <br> term; since <br> December <br> 2007. | Vice President, <br> Compliance and <br> Administration, U.S. Bank <br> Global Fund Services <br> (October 1998 to present). |
| Kevin J. Hayden<br> (age 51)<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 | Assistant Treasurer | Indefinite <br> term; since <br> September <br> 2013. | Vice President, <br> Compliance and <br> Administration, U.S. Bank <br> Global Fund Services <br> (June 2005 to present). |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address**<br> **and Age** | **Position Held<br> with the Trust** | **Term of** <br> **Office and** <br> **Length of** <br> **Time Served** | **Principal Occupation**<br> **During Past Five Years** |

---

---

| | | | |
|:---|:---|:---|:---|
| Richard R. Conner<br> (age 40)<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 | Assistant Treasurer | Indefinite <br> term; since <br> December <br> 2018. | Assistant Vice President, <br> Compliance and <br> Administration, U.S. Bank <br> Global Fund Services (July <br> 2010 to present). |
| Michael L. Ceccato<br> (age 65)<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 | Vice President, Chief <br> Compliance Officer and <br> AML Officer | Indefinite <br> term; since <br> September <br> 2009. | Senior Vice President, <br> U.S. Bank Global Fund <br> Services and Vice <br> President, U.S. Bank N.A. <br> (February 2008 to <br> present). |
| Elaine E. Richards<br> (age 54)<br> 2020 East Financial Way, Suite 100<br> Glendora, CA 91741 | Vice President and <br> Secretary | Indefinite <br> term; since <br> September <br> 2019. | Senior Vice President, <br> U.S. Bank Global Fund <br> Services (July 2007 to <br> present). |
| Ryan Charles<br> (age 44)<br> 2020 East Financial Way, Suite 100<br> Glendora, CA 91741 | Assistant Secretary | Indefinite <br> term; since <br> January 2022. | Assistant Vice President, <br> U.S. Bank Global Fund <br> Services (May 2021 to <br> present); Chief Legal <br> Officer and Secretary <br> Davis Selected Advisers, <br> L.P. (2004 to 2021). |

---

\* 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.

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

<sup>(2)</sup> 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 Funds. The Funds do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

<sup>(3)</sup> "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 Funds' Trustees and Officers and is available, without charge, upon request by calling 1-888-898-5040.

------

#### HOUSEHOLDING

In an effort to decrease costs, the Funds 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 Funds' transfer agent toll free at 888-898-5040 to request individual copies of these documents. The Funds will begin sending individual copies 30 days after receiving your request. This policy does not apply to account statements.

------

#### First Sentier Funds

#### PRIVACY NOTICE

The Funds collect 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 Funds. 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 Funds 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.

------

#### Investment Adviser
First Sentier Investors (US) LLC

10 East 53<sup>rd</sup> Street, 21<sup>st</sup> Floor

New York, New York 10022

#### Investment Sub-Adviser
First Sentier Investors (Australia) IM Ltd

Darling Park, Tower 1

201 Sussex Street

Sydney, NSW 2000

Australia

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

Two Liberty Place

50 South 16<sup>th</sup> Street, Suite 2900

Philadelphia, Pennsylvania 19102

#### Legal Counsel
Sullivan & Worcester LLP

1633 Broadway, 32<sup>nd</sup> Floor

New York, New York 10019

#### Custodian
U.S. Bank National Association

Custody Operations

1555 North RiverCenter Drive, Suite 302

Milwaukee, Wisconsin 53212

#### Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, Wisconsin 53202

#### Distributor
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

This report is intended for shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus. For a current prospectus please call 1-888-898-5040.

------

(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 | $34800 | $30400 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $7200 | $7200 |
| (d) All Other Fees | N/A | 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.

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

(b) Not applicable.

#### Item 6. Investments.

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

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

#### Item 11. Controls and Procedures.

&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 has materially affected, or
 is 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.](fsf-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.](fsf-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.](fsf-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>1/9/20</u><u>23</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>1/9/20</u><u>23</u>

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

Kevin J. Hayden, Vice President/Treasurer/Principal Financial

Officer

Date <u>1/9/20</u><u>23</u>

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

## Ex-99.Code

#### Exhibit A

#### 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>1/9/20</u><u>23</u> | <u>/s/ Jeffrey T. Rauman</u><br> Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal 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.

---

| | |
|:---|:---|
| Date: <u>1/9/20</u><u>23</u> | <u>/s/ Kevin J. Hayden</u><br> Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer |

---

## 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.

---

| | |
|:---|:---|
| <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>1/9/20</u><u>23</u> | Dated: <u>1/9/20</u><u>23</u> |

---

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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