# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001145549-25-046339
**Filing Date:** 2025-7
**Character Count:** 40984
**Document Hash:** 5264ba028075008893788108d2bac2a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046339.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046339

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**EFFECTIVENESS DATE**: 20250714

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251120698

**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

### Logan Capital Broad Innovative Growth ETF (Series ID: S000070990)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000225405 | Logan Capital Broad Innovative Growth ETF | LCLG            |

### Reverb ETF (Series ID: S000076891)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237030 | Reverb ETF   | RVRB            |

## Internal

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Shareholders and Board of Trustees of

#### Advisors Series Trust

#### Milwaukee, Wisconsin 53202

In planning and performing our audits of the financial statements of Logan Capital Broad Innovative Growth ETF and Reverb ETF (the "Funds"), each a series of Advisors Series Trust for the year ended April 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, 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.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

------

#### Shareholders and Board of Trustees

#### Advisors Series Trust

#### Page Two

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of April 30, 2025.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Advisors Series Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ TAIT, WELLER & BAKER LLP

#### TAIT, WELLER & BAKER LLP

#### Philadelphia, Pennsylvania

#### June 27, 2025

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001027596

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000076891

**Series ID Record:2**
- **Series ID:** S000070990

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-04-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Advisors Series Trust

- **Item B.1.b - Investment Company Act file number:** 811-07959

- **Item B.1.c - CIK:** 0001027596

- **Item B.1.d - LEI:** 2549003Z0J6URS6I4Y63

- **Item B.2.a - Street 1:** 615 East Michigan Street

- **Item B.2.a - Street 2:** 3rd Floor

- **Item B.2.b - City:** Milwaukee

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53202

- **Item B.2.f - Telephone:** 18336121912

- **Item B.2.g - Public Website:** https://logancapitalfunds.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** U.S. Bancorp Fund Services LLC

- **b. Street 1:** 615 East Michigan Street

- **Street 2:** 3rd Floor

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 18336121912

- **h. Briefly describe the books and records kept at this location:** Fund Administrator Transfer Agent and Fund Accountant records

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank National Association

- **b. Street 1:** 1555 North RiverCenter Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 18336121912

- **h. Briefly describe the books and records kept at this location:** Custody records

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Quasar Distributors LLC

- **b. Street 1:** 3 Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 18662516920

- **h. Briefly describe the books and records kept at this location:** Distributor and Underwriter

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Capital Advisors Inc.

- **b. Street 1:** 2222 South Utica Place

- **Street 2:** Suite 300

- **c. City:** Tulsa

- **d. State, if applicable:** OK

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 74114

- **g. Telephone number:** 8662050523

- **h. Briefly describe the books and records kept at this location:** Investment Advisor CIAOX

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Chase Investment Counsel Corporation

- **b. Street 1:** 350 Old Ivy Way

- **Street 2:** Suite 100

- **c. City:** Charlottesville

- **d. State, if applicable:** VA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 22903

- **g. Telephone number:** 4342939104

- **h. Briefly describe the books and records kept at this location:** Investment Advisor CHAIX

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Davidson Investment Advisors Inc.

- **b. Street 1:** Davidson Building

- **Street 2:** 8 Third Street North

- **c. City:** Great Falls

- **d. State, if applicable:** MT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 59401

- **g. Telephone number:** 4067276111

- **h. Briefly describe the books and records kept at this location:** Investment Advisor DFMIX

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** First Sentier Investors (US) LLC

- **b. Street 1:** 10 East 53rd Street

- **Street 2:** 21st Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10022

- **g. Telephone number:** 2124979980

- **h. Briefly describe the books and records kept at this location:** Investment Advisor FLIIX FLIAX

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Fort Pitt Capital Group LLC

- **b. Street 1:** 680 Andersen Drive

- **Street 2:** Foster Plaza Ten

- **c. City:** Pittsburgh

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 15220

- **g. Telephone number:** 4129211822

- **h. Briefly describe the books and records kept at this location:** Investment Advisor FPCGX

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Huber Capital Management LLC

- **b. Street 1:** 1700 East Walnut Avenue

- **Street 2:** Suite 460

- **c. City:** El Segundo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90245

- **g. Telephone number:** 3102078400

- **h. Briefly describe the books and records kept at this location:** Investment Advisor HULEX HUDEX HUSEX HUMEX

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Logan Capital Management, Inc.

- **b. Street 1:** 3843 West Chester Pike

- **Street 2:** Suite 150

- **c. City:** Newtown Square

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19073

- **g. Telephone number:** 2155691100

- **h. Briefly describe the books and records kept at this location:** Investment Advisor LCLG

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** O'Shaughnessy Asset Management LLC

- **b. Street 1:** 100 First Stamford Place

- **Street 2:** 5th Floor

- **c. City:** Stamford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06902

- **g. Telephone number:** 2039753333

- **h. Briefly describe the books and records kept at this location:** Investment Advisor OFVIX

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** Pacific Income Advisers, Inc.

- **b. Street 1:** 2321 Rosecrans Avenue

- **Street 2:** Suite 1260

- **c. City:** El Segundo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90245

- **g. Telephone number:** 3103931424

- **h. Briefly describe the books and records kept at this location:** Investment Advisor PBBBX PMTGX PIASX PHYSX PIAMX

**Location books Record: 13**

- **a. Name of person (e.g., a custodian of records):** Poplar Forest Capital LLC

- **b. Street 1:** 225 South Lake Avenue

- **Street 2:** Suite 950

- **c. City:** Pasadena

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 91101

- **g. Telephone number:** 6263046000

- **h. Briefly describe the books and records kept at this location:** Investment Advisor IPFPX IPFCX

**Location books Record: 14**

- **a. Name of person (e.g., a custodian of records):** Pzena Investment Management LLC

- **b. Street 1:** 320 Park Avenue

- **Street 2:** 8th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10022

- **g. Telephone number:** 2123551600

- **h. Briefly describe the books and records kept at this location:** Investment Advisor PZIEX PZIMX PZISX PZIIX PZINX

**Location books Record: 15**

- **a. Name of person (e.g., a custodian of records):** Scharf Investments LLC

- **b. Street 1:** 16450 Los Gatos Boulevard

- **Street 2:** Suite 207

- **c. City:** Los Gatos

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 95032

- **g. Telephone number:** 8314296513

- **h. Briefly describe the books and records kept at this location:** Investment Advisor LOGIX LOGOX WRLDX

**Location books Record: 16**

- **a. Name of person (e.g., a custodian of records):** Medalist Partners LP

- **b. Street 1:** 777 Third Avenue

- **Street 2:** Suite 1402

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10017

- **g. Telephone number:** 2124934477

- **h. Briefly describe the books and records kept at this location:** Investment Advisor SEMMX SEMIX

**Location books Record: 17**

- **a. Name of person (e.g., a custodian of records):** Shenkman Capital Management Inc.

- **b. Street 1:** 151 West 42nd Street

- **Street 2:** 29th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10036

- **g. Telephone number:** 2128679090

- **h. Briefly describe the books and records kept at this location:** Investment Advisor SFHIX SCFIX

**Location books Record: 18**

- **a. Name of person (e.g., a custodian of records):** The Edgar Lomax Company

- **b. Street 1:** 5971 Kingstowne Village Parkway

- **Street 2:** Suite 240

- **c. City:** Alexandria

- **d. State, if applicable:** VA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 22315

- **g. Telephone number:** 7037190026

- **h. Briefly describe the books and records kept at this location:** Investment Advisor LOMAX

**Location books Record: 19**

- **a. Name of person (e.g., a custodian of records):** VegTech LLC

- **b. Street 1:** 1842 Purdue Ave

- **Street 2:** Suite 103

- **c. City:** Los Angeles

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90025

- **g. Telephone number:** 14242378393

- **h. Briefly describe the books and records kept at this location:** Investment Advisor EATV

**Location books Record: 20**

- **a. Name of person (e.g., a custodian of records):** Distribution Cognizant, LLC

- **b. Street 1:** 288 Pearl Street

- **Street 2:** Suite 304

- **c. City:** Monterey

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 93940

- **g. Telephone number:** 0000000000

- **h. Briefly describe the books and records kept at this location:** Investment Advisor RVRB

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 33

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** No

### Item B.8 - Directors

| Name            | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Anne Kritzmire  | No                      | N/A                                     |
| Craig Wainscott | No                      | N/A                                     |
| Joe D Redwine   | No                      | N/A                                     |
| Michele Rackey  | No                      | N/A                                     |
| David G Mertens | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Joseph R Kolinsky

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 2020 E. Financial Way

- **   Street Address 2:** Suite 100

- **d. City:** Glendora

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 91741

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name                                       | Series ID   |
|:---|:---|
| Pzena International Value Fund                    | S000072390  |
| Pzena Mid Cap Value Fund                          | S000044707  |
| Shenkman Capital Floating Rate High Income Fund   | S000046128  |
| Chase Growth Fund                                 | S000005073  |
| Poplar Forest Partners Fund                       | S000027249  |
| Poplar Forest Cornerstone Fund                    | S000047729  |
| Scharf Multi-Asset Opportunity Fund               | S000039497  |
| Scharf Global Opportunity Fund                    | S000046127  |
| OShaughnessy Market Leaders Value Fund            | S000052915  |
| VegTech Plant-based Innovation and Climate ETF    | S000074724  |
| Edgar Lomax Value Fund                            | S000005075  |
| Shenkman Capital Short Duration High Income Fund  | S000038872  |
| Scharf Fund                                       | S000035415  |
| Huber Small Cap Value Fund                        | S000018428  |
| Huber Large Cap Value Fund                        | S000039416  |
| Huber Mid Cap Value Fund                          | S000052294  |
| Reverb ETF                                        | S000076891  |
| Logan Capital Broad Innovative Growth ETF         | S000070990  |
| Davidson Multi-Cap Equity Fund                    | S000022607  |
| PIA High Yield Fund                               | S000029824  |
| PIA High Yield MACS Fund                          | S000029825  |
| Medalist Partners MBS Total Return Fund           | S000041568  |
| First Sentier Global Listed Infrastructure Fund   | S000056566  |
| First Sentier American Listed Infrastructure Fund | S000069943  |
| Huber Select Large Cap Value Fund                 | S000018427  |
| Fort Pitt Capital Total Return Fund               | S000032592  |
| Medalist Partners Short Duration Fund             | S000044807  |
| Capital Advisors Growth Fund                      | S000005062  |
| PIA BBB Bond Fund                                 | S000005064  |
| PIA MBS Bond Fund                                 | S000005067  |
| PIA Short-Term Securities Fund                    | S000005065  |
| Pzena Emerging Markets Value Fund                 | S000044708  |
| Pzena International Small Cap Value Fund          | S000062254  |
| Pzena Small Cap Value Fund                        | S000053713  |

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33897

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Quasar Distributors LLC

- **ii. SEC file number:** 8-52323

- **iii. CRD number:** 000103848

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait Weller and Baker LLP

- **b. PCAOB Number:** 00445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Reverb ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Reverb ETF

- **b. Series identification number, if any:** S000076891

- **c. LEI:** 549300TAGOGHKR4VUX52

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Reverb ETF              | C000237030                                | RVRB                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Distribution Cognizant LLC

- **ii. SEC file number:** 801-126083

- **iii. CRD number:** 000322048

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Penserra Capital Management LLC

- **ii. SEC file number:** 801-80466

- **iii. CRD number:** 000159042

- **iv. LEI, if any:** 549300I8X5UWMSXOJ371

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Intercontinental Exchange Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BTIG

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $47.26

**Aggregate Commission:** $47.26

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $4,433,020.33

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Logan Capital Broad Innovative Growth ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Logan Capital Broad Innovative Growth ETF

- **b. Series identification number, if any:** S000070990

- **c. LEI:** 549300EUKDYUI5APWP67

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Logan Capital Broad Innovative Growth ETF | C000225405                                | LCLG                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Logan Capital Management Inc.

- **ii. SEC file number:** 801-45536

- **iii. CRD number:** 000108893

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Intercontinental Exchange Inc

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP INC

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,266.96

**Aggregate Commission:** $1,266.96

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $70,836,085.68

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

### Reverb ETF

**Item E.1 - Exchange**

- **Exchange:** CBSX

- **Ticker:** RVRB

**Item E.2 - Authorized Participants**

| Name                   | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| GOLDMAN SACHS & CO LLC | $0.00            | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 50,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 0.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** Yes

### Logan Capital Broad Innovative Growth ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** LCLG

**Item E.2 - Authorized Participants**

| Name                   | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| GOLDMAN SACHS & CO LLC | $2,685,561.00    | $3,458,028.50  |
| VIRTU AMERICAS LLC     | $224,888.50      | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 5,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 3.41%

- **c.i. Average percentage of value composed of cash (redeemed):** -3.26%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $300.00

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** Yes

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Advisors Series Trust

**Date:** 2025-07-14

**Signature:** Kevin J. Hayden

**Title:** Vice President, Treasurer