# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-009542
**Filing Date:** 2025-9
**Character Count:** 55538
**Document Hash:** 9e703c9ae90421490eae883a5a1df47f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009542.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009542

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251297405

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Capital Advisors Growth Fund (Series ID: S000005062)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000013847 | Investor Class | CIAOX           |

?xml version='1.0' encoding='ASCII'? 2025-07-03191099_CapitalAdvisorsGrowthFund_InvestorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**<u>Advisors Series Trust</u>** 

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Jeffrey T. Rauman, President/Principal Executive Officer**

**Advisors Series Trust**

**c/o U.S. Bancorp Fund Services, LLC**

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(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>December 31, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62549_a20240710205123.jpg) | **Capital Advisors Growth Fund**  | ![image](img62548_202412301818505.jpg) |
| ![image](img62549_a20240710205123.jpg) | Investor Class \| CIAOX  | ![image](img62548_202412301818505.jpg) |
| ![image](img62549_a20240710205123.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62548_202412301818505.jpg) |

---

This semi-annual shareholder report contains important information about the Capital Advisors Growth Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.capadvfunds.com/pages/how-to-invest. You can also request this information by contacting us at 1-866-205-0523.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $50 | 0.96% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149241714 |
| **Number of Holdings** | 37 |
| **Portfolio Turnover** | 6% |

---

Visit https://www.capadvfunds.com/pages/how-to-invest for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

**Sector Breakdown (%)**

![image](ts4905img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 8.4% |
|  Microsoft Corp.  | 7.3% |
|  NVIDIA Corp.  | 6.9% |
|  Amazon.com, Inc.  | 6.0% |
|  JPMorgan Chase & Co.  | 5.9% |
|  Apple, Inc.  | 4.6% |
|  Alphabet, Inc.  | 3.9% |
|  Accenture PLC  | 3.0% |
|  Honeywell International, Inc.  | 2.8% |
|  Intuitive Surgical, Inc.  | 2.8% |

---

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.capadvfunds.com/pages/how-to-invest.

Capital Advisors Growth Fund PAGE 1 TSR-SAR-007989783

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Capital Advisors, Inc. documents not be householded, please contact Capital Advisors, Inc. at 1-866-205-0523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Advisors, Inc. or your financial intermediary.

Capital Advisors Growth Fund PAGE 2 TSR-SAR-007989783

36.810.99.88.37.66.95.04.51.88.4 ------

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

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included
 within the financial statements filed under Item 7 of this Form.

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

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](capital_advisorslogo.jpg)

**Capital Advisors Growth Fund**

Core Financial Statements

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [4](#sal) |
| [Statement of Operations](#sop) | [5](#sop) |
| [Statements of Changes in Net Assets](#scna) | [6](#scna) |
| [Financial Highlights](#fihi) | [7](#fihi) |
| [Notes to Financial Statements](#notes) | [8](#notes) |
| [Additional Information](#add) | [13](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.6%**<br>|  |  |
| **Administrative and Support Services - 3.1%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 20225 | $1886993  |
| Visa, Inc. - Class A | 7680 | 2726784  |
|  |  | 4613777  |
| **Beverage and Tobacco Product Manufacturing - 1.9%**<br>|  |  |
| PepsiCo, Inc. | 21289 | 2811000  |
| **Chemical Manufacturing - 3.5%**<br>|  |  |
| Ecolab, Inc. | 8925 | 2404752  |
| Procter & Gamble Co. | 18055 | 2876523  |
|  |  | 5281275  |
| **Computer and Electronic Product Manufacturing - 18.0%**<br>|  |  |
| Apple, Inc. | 33665 | 6907048  |
| Danaher Corp. | 10060 | 1987252  |
| NVIDIA Corp. | 65000 | 10269350  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 15050 | 3079832  |
| Thermo Fisher Scientific, Inc. | 6450 | 2615217  |
| Veralto Corp. | 20500 | 2069475  |
|  |  | 26928174  |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services - 1.0%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 10775 | 1425963  |
| **Credit Intermediation and Related Activities - 5.9%**<br>|  |  |
| JPMorgan Chase & Co. | 30275 | 8777025  |
| **E-Commerce/Services - 1.4%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 785 | 2051700  |
| **Insurance Carriers and Related Activities - 2.4%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 7350 | 3570409  |
| **Machinery Manufacturing - 2.7%**<br>|  |  |
| Applied Materials, Inc. | 22450 | 4109922  |
| **Management of Companies and Enterprises - 1.8%**<br>|  |  |
| Sea Ltd. - ADR<sup>(a)</sup> | 16650 | 2663001  |
| **Mining (except Oil and Gas) - 4.1%**<br>|  |  |
| Cameco Corp. | 45220 | 3356681  |
| Freeport-McMoRan, Inc. | 62975 | 2729966  |
|  |  | 6086647  |
| **Miscellaneous Manufacturing - 5.2%**<br>|  |  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 7565 | 4110896  |
| Stryker Corp. | 9325 | 3689250  |
|  |  | 7800146  |
| **Oil and Gas Extraction - 2.3%**<br>|  |  |
| EQT Corp. | 60025 | 3500658  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Professional, Scientific, and Technical Services - 6.9%**<br>|  |  |
| Accenture PLC - Class A | 15035 | $4493811  |
| Alphabet, Inc. - Class C | 32800 | 5818392  |
|  |  | 10312203  |
| **Publishing Industries - 7.3%**<br>|  |  |
| Microsoft Corp. | 21950 | 10918149  |
|  **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.6%**<br>|  |  |
| Brookfield Corp. | 47225 | 2920866  |
| IonQ, Inc.<sup>(a)</sup> | 20860 | 896354  |
|  |  | 3817220  |
| &nbsp;&nbsp;&nbsp; **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous** <br>**Retailers - 8.4%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 40525 | 8890780  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 14860 | 3663138  |
|  |  | 12553918  |
| **Support Activities for Mining - 1.2%**<br>|  |  |
| Schlumberger NV | 52550 | 1776190  |
| **Transportation Equipment Manufacturing - 5.5%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 13975 | 2928182  |
| Honeywell International, Inc. | 17845 | 4155744  |
| Tesla, Inc.<sup>(a)</sup> | 3620 | 1149929  |
|  |  | 8233855  |
| **Utilities - 5.0%**<br>|  |  |
| Constellation Energy Corp. | 11400 | 3679464  |
| GE Vernova, Inc. | 7025 | 3717279  |
|  |  | 7396743  |
| **Waste Management and Remediation Services - 1.4%**<br>|  |  |
| Waste Management, Inc. | 9125 | 2087983  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $68,089,607)** |  | 136715958  |
| **SHORT-TERM INVESTMENTS - 8.4%**<br>|  |  |
| **Money Market Funds - 8.4%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.25%<sup>(b)</sup> | 12539741 | 12539741  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $12,539,741)** |  | 12539741  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $80,629,348)** |  | $149255699  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(c)</sup> |  | (13985)  |
| **TOTAL NET ASSETS - 100.0%** |  | $149241714 |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $149255699  |
| Receivable for fund shares sold | 43967  |
| Interest receivable | 43030  |
| Dividends receivable | 37509  |
| Prepaid expenses and other assets | 27677  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 149407882  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 81313  |
| Payable for fund administration and accounting fees | 44826  |
| Payable for transfer agent fees and expenses | 10656  |
| Payable for audit fees | 10312  |
| Payable for capital shares redeemed | 5958  |
| Payable for compliance fees | 3689  |
| Payable for custodian fees | 2081  |
| Payable for trustees fees | 1033  |
| Payable for expenses and other liabilities | 6300  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 166168  |
| **NET ASSETS** | $149241714  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $76934397  |
| Total distributable earnings | 72307317  |
| **Total net assets** | $149241714  |
| **Investor Class**<br>|  |
| Net assets | $149241714  |
| Shares issued and outstanding<sup>(a)</sup> | 3057502  |
| Net asset value per share | $48.81  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $80629348 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Statement of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $785302  |
| Less: Dividend withholding taxes | (1275)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 784027  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 472624  |
| Fund administration and accounting fees | 93936  |
| Transfer agent fees | 21516  |
| Federal and state registration fees | 15103  |
| Trustees' fees | 13688  |
| Audit fees | 10662  |
| Compliance fees | 7439  |
| Reports to shareholders | 7370  |
| Custodian fees | 7127  |
| Legal fees | 6240  |
| Other expenses and fees | 7856  |
| &nbsp;&nbsp;&nbsp; Total expenses | 663561  |
| **NET INVESTMENT INCOME** | 120466  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 3597642  |
| Net realized gain (loss) | 3597642  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 7351171  |
| Net change in unrealized appreciation (depreciation) | 7351171  |
| **Net realized and unrealized gain (loss)** | 10948813  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $11069279 |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $120466 | $397551  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3597642 | 8713539  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 7351171 | 17382942  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 11069279 | 26494032  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class |  | (10279291)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (10279291)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 8750570 | 16402017  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class |  | 9918988  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (8481439) | (17385767)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 269131 | 8935238  |
| **Net increase (decrease) in net assets** | 11338410 | 25149979  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 137903304 | 112753325  |
| &nbsp;&nbsp;&nbsp; End of the period | $149241714 | $137903304  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class | 192954 | 370734  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Investor Class |  | 213910  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class | (187674) | (389449)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 5280 | 195195 |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Capital Advisors Growth Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp; $45.18 | $39.47 | $31.88 | $39.75 | $36.13 | $29.81  |
|  **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<sup>(a)</sup> | 0.04 | 0.14 | 0.22 | 0.17 | (0.01) | 0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.59 | 9.18 | 7.54 | (7.69) | 7.77 | 8.58  |
|  **Total from investment operations** | 3.63 | 9.32 | 7.76 | (7.52) | 7.76 | 8.61  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | (0.36) | (0.17) | (0.01) |  | (0.04)  |
| Net realized gains | &nbsp;&nbsp; — | (3.25) |  | (0.34) | (4.14) | (2.25)  |
| **Total distributions** | &nbsp;&nbsp; — | (3.61) | (0.17) | (0.35) | (4.14) | (2.29)  |
| Redemption fees retained<sup>(f)</sup> | &nbsp;&nbsp; — |  | 0.00<sup>(a)(b)</sup> |  | 0.00<sup>(a)(b)</sup> | 0.00<sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp; **Net asset value, end of** <br>**period** | &nbsp;&nbsp; $48.81 | $45.18 | $39.47 | $31.88 | $39.75 | $36.13  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 8.03% | 23.39% | 24.35% | -18.96% | 21.60% | 29.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $149242 | $137903 | $112753 | $87753 | $109939 | $88628  |
|  Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.96% | 0.95% | 1.00% | 1.00% | 1.00% | 1.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net <br>assets<sup>(e)</sup> | &nbsp;&nbsp; 0.18% | 0.31% | 0.60% | 0.50% | (0.03)% | 0.11%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 6% | 19% | 12% | 18% | 29% | 43% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount is less than $0.01.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The Fund stopped collecting a redemption fee on April 28, 2023.

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CAPITAL ADVISORS GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Capital Advisors Growth Fund (the "Fund") is a diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The Fund began operations on December 31, 1999. The investment objective of the Fund is to achieve long-term capital growth.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

&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;B. *Federal Income Taxes*: It is the Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to
 regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income
 or excise tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The tax returns of the Fund's prior three fiscal years are open for examination. Management has reviewed all open tax years in major jurisdictions and concluded that there is no impact on the Fund's net assets and no tax liability resulting from unrecognized tax events relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. federal and the state of Wisconsin. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Security Transactions, Income and Distributions*: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold
 are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income, income and capital gain
 distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign
 dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

The Fund distributes substantially all net investment income, if any, and net realized gains, if any, annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations which 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Reclassification of Capital Accounts:* Accounting principles generally accepted in the United States of America require that certain components of
 net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect
 on net assets or net asset value per share.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CAPITAL ADVISORS GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025 (Unaudited)(Continued)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;G. *Redemption Fees*: Prior to April 28, 2023, the Fund charged a 2.00% redemption fee to shareholders who redeemed shares held 7 days or
 less. Such fees were retained by the Fund and accounted for as an addition to paid-in capital. Effective April 28, 2023, the Fund
 removed redemption fees.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Events Subsequent to the Fiscal Period End:* In preparing the financial statements as of June 30, 2025, management considered the impact of subsequent
 events for potential recognition or disclosure in the financial statements.

**NOTE 3 – SECURITIES VALUATION** 

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

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

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

Equity Securities: The Fund's investments are carried at fair value. Equity securities, including common stocks and exchange-traded funds, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Investment Companies: Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in Level 1 of the fair value hierarchy.

Short-Term Securities: Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in Level 2 of the fair value hierarchy.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CAPITAL ADVISORS GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025 (Unaudited)(Continued)** 

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Fund's investment advisor, Capital Advisors, Inc. ("Advisor"), as the "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5, subject to the Board's oversight. The Advisor, as Valuation Designee is, authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $136715958 | $—  | $—  | $136715958  |
| Money Market Funds | 12539741 |  |  | 12539741  |
| **Total Investments** | $149255699 | $— | $— | $149255699 |

---

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

Accounting Pronouncements – Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for the Fund are the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to the Fund based on performance measurements. Due to the significance of oversight and their role, the Advisor is deemed to be the Chief Operating Decision Maker.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Advisor provides the Fund with investment management services under an investment advisory agreement. The Advisor furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at an annual rate of 0.75% based upon the Fund's average daily net assets on the first $50 million of assets under management and 0.65% of the Fund's average daily net assets thereafter. For the six months ended June 30, 2025, the Fund incurred $472,624 in advisory fees.

The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses (excluding acquired fund fees and expenses, taxes, interest, extraordinary expenses, and other class-specific expense) to the extent necessary to limit the Fund's aggregate annual operating expenses to 1.00% of average daily net assets.

For the six months ended June 30, 2025, the Advisor did not reduce its fees. The Advisor does not have the ability to recoup previously waived fees and expenses or future waived fees and expenses.

Fund Services serves as the Fund's administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Fund. The Custodian is an affiliate of Fund Services. Fund Services maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Fund to Fund Services for these services for the six months ended June 30, 2025 are disclosed in the Statement of Operations.

Quasar Distributors, LLC ("Quasar") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Quasar is a wholly-owned subsidiary of Foreside Financial Group, LLC, doing business as ACA Group.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CAPITAL ADVISORS GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025 (Unaudited)(Continued)** 

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

For the six months ended June 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $8,108,400 and $9,300,804, respectively. There were no purchases and sales of U.S. government securities during the six months ended June 30, 2025.

**NOTE 6 – INCOME TAXES** 

The tax character of distributions paid during the six months ended June 30, 2025 and the year ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025**  | **December 31, 2024**  |
| Ordinary income | $— | &nbsp;&nbsp;&nbsp; $1589706  |
| Long-term capital gains |  | &nbsp;&nbsp;&nbsp; 8689585 |

---

As of December 31, 2024, the Fund's most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments  | $76581612  |
| Gross tax unrealized appreciation  | 62778637  |
| Gross tax unrealized depreciation  | (1548179)  |
| Net tax unrealized appreciation  | 61230458  |
| Undistributed ordinary income  | 7580  |
| Undistributed long-term capital gain  | —  |
| Total distributable earnings  | 7580  |
| Total accumulated earnings/(losses)  | $61238038 |

---

The difference between book basis and tax basis net unrealized appreciation and cost is attributable to wash sales and Passive Foreign Investment Company Adjustments.

**NOTE 7 – PRINCIPAL RISKS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;• *General Market Risk* – Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the
 likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.
 Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial
 market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global
 demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; regulatory events; and government
 controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number
 of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on
 the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand,
 and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising
 government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to
 ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects
 on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S.
 and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have
 limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CAPITAL ADVISORS GROWTH FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• Grow *th-Style Investing Risk* – Over time, a growth-oriented investing style may go in and out of favor, which may cause the Fund to underperform
 other equity funds that use different investing styles.

&nbsp;&nbsp;&nbsp;&nbsp;• *Non-U.S. Investment Risk* – Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are
 generally smaller than U.S. securities markets. Many foreign securities may be less liquid and more volatile than U.S. securities, which
 could affect the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;• *Depositary Receipt Risk* – The risks of depository receipts include many risks associated with investing directly in foreign securities,
 such as individual country risk and liquidity risk. Unsponsored ADRs, which are issued by a depositary bank without the participation
 or consent of the issuer, involve additional risks because U.S. reporting requirements do not apply, and the issuing bank will recover
 shareholder distribution costs from movement of share prices and payment of dividends.

**NOTE 8 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of the Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025 there were no control persons of the Fund.

**NOTE 9 – TRUSTEES AND OFFICERS** 

Ms. Lillian Kabakali resigned as Secretary and Vice President of the Trust effective February 21, 2025. Ms. Elaine Richards was appointed Secretary and Vice President of the Trust effective February 21, 2025. Previously, Ms. Richards served as Assistant Secretary of the Trust. Effective March 20, 2025, Mr. Albert Sosa was appointed Assistant Treasurer of the Trust.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CAPITAL ADVISORS GROWTH FUND** 

**Additional Information** 

**The below information is required disclosure from Form N-CSR**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable, investment advisory agreement was not approved during the reporting period.

13<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included
 within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable, investment advisory agreement was not approved during the reporting period.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and 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 (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;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this
 report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
 reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&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.* Not Applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ca-efp16882_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *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;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ca-efp16882_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Series Trust

---

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

---

Date <u>9/5/2025</u>

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

---

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

---

Date <u>9/5/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin J. Hayden |
|  | Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |

---

Date <u>9/5/2025</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

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.

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

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: | 9/5/2025 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisors Series Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

---

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

---

Dated: <u>9/5/2025</u> Dated: <u>9/5/2025</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.