# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-26-000194
**Filing Date:** 2026-1
**Character Count:** 97562
**Document Hash:** 6c0c0ae11a88e8f26ca5f911fd5c89ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000194.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001133228-26-000194

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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:** 26518545

**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

### Reverb ETF (Series ID: S000076891)

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

?xml version='1.0' encoding='ASCII'? 2025-09-22191776_ReverbETF_TF_TSRSemiAnnual

As filed with the Securities and Exchange Commission on [date]

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)

**615 East Michigan Street**

**<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**

**<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>April 30, 2026</u>**

Date of reporting period: **<u>October 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img280423_202412201851516.jpg) | **Reverb ETF**  | ![image](img590723_202512091923884.jpg) |
| ![image](img280423_202412201851516.jpg) | RVRB (Principal U.S. Listing Exchange: CBOE) | ![image](img590723_202512091923884.jpg) |
| ![image](img280423_202412201851516.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img590723_202512091923884.jpg) |

---

This semi-annual shareholder report contains important information about the Reverb ETF for the period of May 1, 2025, to October 31, 2025. You can find additional information about the Fund at https://reverb-etf.com/. You can also request this information by contacting us at 1-800-617-0004.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Reverb ETF | $17 | 0.30% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5366809 |
| **Number of Holdings** | 498 |
| **Net Advisory Fee** | $7456 |
| **Portfolio Turnover** | 5% |
| **30-Day SEC Yield** | 0.85% |
| **30-Day SEC Yield Unsubsidized** | 0.85% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 7.5% |
|  Microsoft Corp.  | 6.5% |
|  Apple, Inc.  | 5.8% |
|  Alphabet, Inc.  | 5.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Broadcom, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc.  | 1.6% |
|  JPMorgan Chase & Co.  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Manufacturing  | 39.9% |
|  Information  | 14.9% |
|  Finance and Insurance  | 11.5% |
|  Professional, Scientific, and Technical Services  | 9.0% |
|  Retail Trade  | 8.5% |
|  Administrative and Support and Waste Management and Remediation Services  | 3.9% |
|  Utilities  | 2.6% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.3% |
|  Real Estate and Rental and Leasing  | 1.6% |
|  Cash & Other  | 5.8% |

---

\* 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://reverb-etf.com/.

Reverb ETF PAGE 1 TSR-SAR-00770X253

------

**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 Distribution Cognizant documents not be householded, please contact Distribution Cognizant at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distribution Cognizant or your financial intermediary.

Reverb ETF PAGE 2 TSR-SAR-00770X253

------

(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 for semi-annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

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

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

(a) ![](reverb-logo.jpg)

**Reverb ETF** 

Core Financial Statements

October 31, 2025 (Unaudited)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [10](#tsal) |
| [Statement of Operations](#tsop) | [11](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [12](#tscna) |
| [Financial Highlights](#tfihi) | [13](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [14](#tnotes) |
| [Additional Information](#tadd) | [21](#tadd) |

---

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%**<br>|  |  |
|  **Accounting Tax Preparation Bookkeeping and Payroll Services - 0.1%**<br>|  |  |
| Paychex, Inc. | 30 | $3511  |
|  **Advertising Public Relations and Related Services - 0.4%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 27 | 17208  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 39 | 1961  |
|  |  | 19169  |
|  **Aerospace Product and Parts Manufacturing - 1.2%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 63 | 12664  |
| General Dynamics Corp. | 6 | 2069  |
| HEICO Corp. - Class A | 9 | 2230  |
| Honeywell International, Inc. | 54 | 10872  |
| Lockheed Martin Corp. | 18 | 8854  |
| RTX Corp. | 114 | 20349  |
| TransDigm Group, Inc. | 6 | 7851  |
|  |  | 64889  |
|  **Agencies Brokerages and Other Insurance Related Activities - 0.4%**<br>|  |  |
| Aon PLC - Class A | 18 | 6132  |
| Arthur J Gallagher & Co. | 21 | 5239  |
| Brown & Brown, Inc. | 27 | 2153  |
| Marsh & McLennan Cos., Inc. | 42 | 7483  |
| Willis Towers Watson PLC | 9 | 2818  |
|  |  | 23825  |
|  **Agriculture Construction and Mining Machinery - 0.6%**<br>|  |  |
| Caterpillar, Inc. | 39 | 22513  |
| Deere & Co. | 24 | 11079  |
|  |  | 33592  |
|  **Alumina and Aluminum Production and Processing - 0.1%**<br>|  |  |
| Howmet Aerospace, Inc. | 36 | 7414  |
| **Animal Slaughtering and Processing - 0.0%<sup>(b)</sup>** | **Animal Slaughtering and Processing - 0.0%<sup>(b)</sup>** |  |
| Hormel Foods Corp. | 33 | 712  |
| Tyson Foods, Inc. - Class A | 21 | 1080  |
|  |  | 1792  |
|  **Architectural and Structural Metals Manufacturing - 0.1%**<br>|  |  |
| Nucor Corp. | 18 | 2701  |
|  **Architectural Engineering and Related Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| Jacobs Solutions, Inc. | 6 | 935  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 3 | 1580  |
|  |  | 2515  |
|  **Automotive Parts Accessories and Tire Stores - 0.1%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 72 | 6800  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Basic Chemical Manufacturing - 0.3%**<br>|  |  |
| International Flavors & Fragrances, Inc. | 21 | $1322  |
| Linde PLC | 39 | 16314  |
|  |  | 17636  |
| **Beverage Manufacturing - 1.1%**<br>|  |  |
| Brown-Forman Corp. - Class B | 39 | 1062  |
| Coca-Cola Co. | 378 | 26044  |
| Coca-Cola Europacific Partners PLC | 27 | 2398  |
| Constellation Brands, Inc. - Class A | 15 | 1971  |
| Keurig Dr Pepper, Inc. | 117 | 3178  |
| Monster Beverage Corp.<sup>(a)</sup> | 78 | 5213  |
| PepsiCo, Inc. | 117 | 17092  |
|  |  | 56958  |
|  **Boiler Tank and Shipping Container Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| Ball Corp. | 27 | 1269  |
| **Building Equipment Contractors - 0.1%**<br>|  |  |
| Quanta Services, Inc. | 12 | 5390  |
| **Building Material and Supplies Dealers - 0.9%** | **Building Material and Supplies Dealers - 0.9%** |  |
| Home Depot, Inc. | 93 | 35302  |
| Lowe's Cos., Inc. | 48 | 11430  |
|  |  | 46732  |
| **Business Support Services - 2.8%**<br>|  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 21 | 7219  |
| Corpay, Inc.<sup>(a)</sup> | 6 | 1562  |
| Equifax, Inc. | 9 | 1900  |
| Fair Isaac Corp.<sup>(a)</sup> | 3 | 4979  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br>Inc. | 45 | 2813  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 18 | 2692  |
| Mastercard, Inc. - Class A | 75 | 41399  |
| Moody's Corp. | 15 | 7205  |
| MSCI, Inc. | 6 | 3531  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 294 | 4736  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 81 | 5611  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 42 | 4776  |
| Visa, Inc. - Class A | 174 | 59289  |
|  |  | 147712  |
|  **Cable and Other Subscription Programming - 0.3%**<br>|  |  |
| Comcast Corp. - Class A | 315 | 8768  |
|  Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 15 | 1498  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 216 | 4849  |
|  |  | 15115  |
|  **Cement and Concrete Product Manufacturing - 0.1%**<br>|  |  |
| CRH PLC | 42 | 5002  |

---

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

1<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Chemical and Allied Products Merchant Wholesalers - 0.0%<sup>(b)</sup>**<br>|  |  |
| LyondellBasell Industries NV - Class A | 27 | $1253  |
| **Clothing Stores - 0.5%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 12 | 2806  |
| KKR & Co., Inc. | 72 | 8520  |
| Ross Stores, Inc. | 27 | 4291  |
| TJX Cos., Inc. | 96 | 13453  |
|  |  | 29070  |
|  **Commercial and Industrial Machinery and Equipment - 0.1%**<br>|  |  |
| AerCap Holdings NV | 12 | 1563  |
| United Rentals, Inc. | 6 | 5227  |
|  |  | 6790  |
|  **Commercial and Service Industry Machinery Manufacturing - 0.3%**<br>|  |  |
| KLA Corp. | 12 | 14505  |
|  **Communications Equipment Manufacturing - 6.3%**<br>|  |  |
| Apple, Inc. | 1155 | 312277  |
| MongoDB, Inc.<sup>(a)</sup> | 6 | 2159  |
| Motorola Solutions, Inc. | 15 | 6101  |
| QUALCOMM, Inc. | 90 | 16281  |
|  |  | 336818  |
|  **Computer and Peripheral Equipment Manufacturing - 1.7%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 99 | 15611  |
| Cisco Systems, Inc. | 336 | 24565  |
| Dell Technologies, Inc. - Class C | 48 | 7777  |
| Fortinet, Inc.<sup>(a)</sup> | 63 | 5445  |
| HP, Inc. | 81 | 2241  |
| International Business Machines Corp. | 78 | 23978  |
| NetApp, Inc. | 18 | 2120  |
| Sandisk Corp.<sup>(a)</sup> | 9 | 1794  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 48 | 2494  |
| Western Digital Corp. | 27 | 4056  |
|  |  | 90081  |
|  **Computer Systems Design and Related Services - 7.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 1044 | 293562  |
| CDW Corp. | 9 | 1434  |
| CGI, Inc. | 18 | 1566  |
|  Cognizant Technology Solutions Corp. - Class A | 42 | 3061  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 9 | 1198  |
| Leidos Holdings, Inc. | 12 | 2286  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 198 | 39693  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 57 | 12554  |
| Seagate Technology Holdings PLC | 18 | 4606  |
| ServiceNow, Inc.<sup>(a)</sup> | 18 | 16547  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 21 | $5773  |
| Workday, Inc. - Class A<sup>(a)</sup> | 21 | 5038  |
| Zscaler, Inc.<sup>(a)</sup> | 12 | 3974  |
|  |  | 391292  |
| **Consumer Goods Rental - 0.8%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 36 | 40279  |
| **Converted Paper Product Manufacturing - 0.1%** | **Converted Paper Product Manufacturing - 0.1%** |  |
| Avery Dennison Corp. | 6 | 1050  |
| Kimberly-Clark Corp. | 27 | 3232  |
|  |  | 4282  |
| **Couriers and Express Delivery Services - 0.2%** | **Couriers and Express Delivery Services - 0.2%** |  |
| FedEx Corp. | 21 | 5330  |
| United Parcel Service, Inc. - Class B | 69 | 6653  |
|  |  | 11983  |
| **Cut and Sew Apparel Manufacturing - 0.0%<sup>(b)</sup>** | **Cut and Sew Apparel Manufacturing - 0.0%<sup>(b)</sup>** |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 6 | 1023  |
| **Dairy Product Manufacturing - 0.2%**<br>|  |  |
| Kraft Heinz Co. | 93 | 2300  |
| Mondelez International, Inc. - Class A | 111 | 6378  |
|  |  | 8678  |
|  **Data Processing Hosting and Related Services - 0.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 48 | 6074  |
| Automatic Data Processing, Inc. | 36 | 9371  |
| Broadridge Financial Solutions, Inc. | 9 | 1984  |
| FactSet Research Systems, Inc. | 3 | 800  |
| Fiserv, Inc.<sup>(a)</sup> | 45 | 3001  |
| Verisk Analytics, Inc. | 12 | 2625  |
|  |  | 23855  |
| **Department Stores - 1.1%**<br>|  |  |
| Walmart, Inc. | 609 | 61619  |
| **Depository Credit Intermediation - 4.1%**<br>|  |  |
| Bank of America Corp. | 606 | 32391  |
| Bank of Montreal | 45 | 5588  |
| Bank of New York Mellon Corp. | 60 | 6476  |
| Bank of Nova Scotia | 78 | 5117  |
| Canadian Imperial Bank of Commerce | 57 | 4724  |
| Capital One Financial Corp. | 54 | 11879  |
| Citigroup, Inc. | 150 | 15184  |
| Deutsche Bank AG | 120 | 4292  |
| Fifth Third Bancorp | 57 | 2372  |
| Huntington Bancshares, Inc. | 123 | 1899  |
| JPMorgan Chase & Co. | 231 | 71869  |
| KeyCorp | 66 | 1161  |
| M&T Bank Corp. | 12 | 2206  |
| Northern Trust Corp. | 15 | 1930  |
| PNC Financial Services Group, Inc. | 33 | 6024  |
| Regions Financial Corp. | 78 | 1888  |
| State Street Corp. | 24 | 2776  |
| Synchrony Financial | 9 | 669  |

---

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

2<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Depository Credit Intermediation - (Continued)**  | **Depository Credit Intermediation - (Continued)**  | **Depository Credit Intermediation - (Continued)**  |
| Toronto-Dominion Bank | 105 | $8624  |
| Truist Financial Corp. | 108 | 4820  |
| US Bancorp | 132 | 6162  |
| Wells Fargo & Co. | 264 | 22960  |
|  |  | 221011  |
| **Direct Selling Establishments - 0.2%**<br>|  |  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 36 | 9157  |
| **Drinking Places (Alcoholic Beverages) - 0.1%** | **Drinking Places (Alcoholic Beverages) - 0.1%** | **Drinking Places (Alcoholic Beverages) - 0.1%** |
| Cintas Corp. | 33 | 6048  |
|  **Drugs and Druggists' Sundries Merchant Wholesalers - 0.4%**<br>|  |  |
| Cardinal Health, Inc. | 21 | 4006  |
| Cencora, Inc. | 18 | 6081  |
| McKesson Corp. | 12 | 9736  |
|  |  | 19823  |
|  **Electric Power Generation Transmission and Distribution - 1.6%**<br>|  |  |
| Ameren Corp. | 24 | 2448  |
| American Electric Power Co., Inc. | 45 | 5412  |
| CMS Energy Corp. | 27 | 1986  |
| Consolidated Edison, Inc. | 30 | 2922  |
| Constellation Energy Corp. | 27 | 10179  |
| DTE Energy Co. | 18 | 2440  |
| Duke Energy Corp. | 66 | 8204  |
| Edison International | 9 | 498  |
| Entergy Corp. | 39 | 3747  |
| Exelon Corp. | 84 | 3874  |
| First Solar, Inc.<sup>(a)</sup> | 9 | 2402  |
| FirstEnergy Corp. | 48 | 2200  |
| GE Vernova, Inc. | 24 | 14043  |
| NextEra Energy, Inc. | 174 | 14164  |
| NiSource, Inc. | 39 | 1642  |
| NRG Energy, Inc. | 18 | 3094  |
| PG&E Corp. | 186 | 2969  |
| PPL Corp. | 63 | 2301  |
| Public Service Enterprise Group, Inc. | 42 | 3383  |
| Southern Co. | 93 | 8746  |
| WEC Energy Group, Inc. | 27 | 3017  |
| Xcel Energy, Inc. | 51 | 4140  |
| Vistra Corp. | 30 | 5649  |
|  |  | 109460  |
| **Electrical Equipment Manufacturing - 0.1%** | **Electrical Equipment Manufacturing - 0.1%** | **Electrical Equipment Manufacturing - 0.1%** |
| Rockwell Automation, Inc. | 9 | 3315  |
|  **Electronic Shopping and Mail-Order Houses - 4.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 972 | 237382  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Coupang, Inc.<sup>(a)</sup> | 144 | $4604  |
| eBay, Inc. | 39 | 3171  |
|  |  | 245157  |
|  **Engine Turbine and Power Transmission Equipment - 0.6%**<br>|  |  |
| Cummins, Inc. | 12 | 5252  |
| General Electric Co. | 90 | 27806  |
|  |  | 33058  |
| **Fabric Mills - 0.0%<sup>(b)</sup>**<br>|  |  |
| Amer Sports, Inc.<sup>(a)</sup> | 36 | 1124  |
| **Footwear Manufacturing - 0.1%**<br>|  |  |
| NIKE, Inc. - Class B | 120 | 7751  |
| **Freight Transportation Arrangement - 0.1%** | **Freight Transportation Arrangement - 0.1%** |  |
| JB Hunt Transport Services, Inc. | 6 | 1013  |
| Norfolk Southern Corp. | 18 | 5101  |
|  |  | 6114  |
|  **Furniture and Home Furnishings Retailers - 0.0%<sup>(b)</sup>**<br>|  |  |
| Williams-Sonoma, Inc. | 3 | 583  |
| **General Freight Trucking - 0.0%<sup>(b)</sup>**<br>|  |  |
| Old Dominion Freight Line, Inc. | 18 | 2528  |
| **General Medical and Surgical Hospitals - 0.2%** | **General Medical and Surgical Hospitals - 0.2%** |  |
| HCA Healthcare, Inc. | 18 | 8274  |
| **General Merchandise Stores - 0.8%**<br>|  |  |
| Costco Wholesale Corp. | 39 | 35547  |
| Dollar General Corp. | 18 | 1776  |
| Dollar Tree, Inc.<sup>(a)</sup> | 12 | 1189  |
| Target Corp. | 39 | 3616  |
|  |  | 42128  |
| **Glass and Glass Product Manufacturing - 0.1%** | **Glass and Glass Product Manufacturing - 0.1%** |  |
| Corning, Inc. | 72 | 6414  |
| **Grain and Oilseed Milling - 0.1%**<br>|  |  |
| Archer-Daniels-Midland Co. | 39 | 2361  |
| Kellanova | 27 | 2242  |
|  |  | 4603  |
|  **Grocery and Related Product Wholesalers - 0.1%**<br>|  |  |
| Sysco Corp. | 42 | 3120  |
| **Grocery Stores - 0.1%**<br>|  |  |
| Kroger Co. | 54 | 3436  |
|  **Hardware and Plumbing and Heating Equipment - 0.0%<sup>(b)</sup>**<br>|  |  |
| Watsco, Inc. | 3 | 1104  |
| **Health and Personal Care Stores - 0.2%**<br>|  |  |
| CVS Health Corp. | 108 | 8440  |

---

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

3<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Household Appliance Manufacturing - 0.0%<sup>(b)</sup>** | **Household Appliance Manufacturing - 0.0%<sup>(b)</sup>** |  |
| SharkNinja, Inc.<sup>(a)</sup> | 9 | $770  |
|  **Household Appliances and Electrical and Electronic Goods Merchant Wholesalers - 0.1%**<br>|  |  |
| TE Connectivity PLC | 24 | 5928  |
|  **Household Appliances Electrical Electronic Goods - 0.1%**<br>|  |  |
| Johnson Controls International PLC | 54 | 6177  |
| **Industrial Machinery Manufacturing - 0.3%** | **Industrial Machinery Manufacturing - 0.3%** |  |
| Applied Materials, Inc. | 66 | 15385  |
| **Insurance Carriers - 3.5%**<br>|  |  |
| Aflac, Inc. | 45 | 4823  |
| Allstate Corp. | 24 | 4596  |
| American International Group, Inc. | 48 | 3790  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 177 | 84525  |
| Centene Corp.<sup>(a)</sup> | 30 | 1061  |
| Chubb Ltd. | 33 | 9139  |
| Cigna Group | 21 | 5133  |
| Cincinnati Financial Corp. | 12 | 1855  |
| Corebridge Financial, Inc. | 48 | 1563  |
| Elevance Health, Inc. | 18 | 5710  |
| Hartford Insurance Group, Inc. | 24 | 2980  |
| Humana, Inc. | 9 | 2504  |
| Loews Corp. | 18 | 1792  |
| Manulife Financial Corp. | 105 | 3399  |
| MetLife, Inc. | 54 | 4310  |
| Principal Financial Group, Inc. | 15 | 1261  |
| Progressive Corp. | 51 | 10506  |
| Prudential Financial, Inc. | 30 | 3120  |
| Sun Life Financial, Inc. | 48 | 2921  |
| Travelers Cos., Inc. | 18 | 4835  |
| UnitedHealth Group, Inc. | 75 | 25617  |
| W R Berkley Corp. | 6 | 428  |
|  |  | 185868  |
| **Internet Software & Services - 0.1%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 3 | 6982  |
| **Investigation and Security Services - 0.1%** | **Investigation and Security Services - 0.1%** |  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 21 | 5319  |
|  **Iron and Steel Mills and Ferroalloy Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| ArcelorMittal SA | 66 | 2514  |
| **Lessors of Nonfinancial Intangible Assets - 0.0%<sup>(b)</sup>** | **Lessors of Nonfinancial Intangible Assets - 0.0%<sup>(b)</sup>** |  |
| Restaurant Brands International, Inc. | 21 | 1379  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Machinery Equipment and Supplies Merchant Wholesalers - 0.2%**<br>|  |  |
| Fastenal Co. | 96 | $3950  |
| Ferguson Enterprises, Inc. | 12 | 2982  |
| WW Grainger, Inc. | 3 | 2937  |
|  |  | 9869  |
|  **Management of Companies and Enterprises - 0.4%**<br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 102 | 2941  |
| Citizens Financial Group, Inc. | 36 | 1831  |
| CNH Industrial NV | 78 | 818  |
| Koninklijke Philips NV | 57 | 1557  |
| Royal Bank of Canada | 87 | 12746  |
| Smurfit WestRock PLC | 45 | 1661  |
|  |  | 21554  |
|  **Management Scientific and Technical Consulting - 0.5%**<br>|  |  |
| Accenture PLC - Class A | 54 | 13505  |
| Booz Allen Hamilton Holding Corp. | 6 | 523  |
| Eaton Corp. PLC | 33 | 12592  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 14 | 608  |
|  |  | 27228  |
| **Medical and Diagnostic Laboratories - 0.0%<sup>(b)</sup>** | **Medical and Diagnostic Laboratories - 0.0%<sup>(b)</sup>** |  |
| Labcorp Holdings, Inc. | 6 | 1524  |
| Quest Diagnostics, Inc. | 3 | 528  |
|  |  | 2052  |
|  **Medical Equipment and Supplies Manufacturing - 1.9%**<br>|  |  |
| 3M Co. | 45 | 7493  |
| Becton Dickinson and Co. | 24 | 4289  |
| Boston Scientific Corp.<sup>(a)</sup> | 126 | 12691  |
| Cooper Cos., Inc.<sup>(a)</sup> | 12 | 839  |
| Dexcom, Inc.<sup>(a)</sup> | 33 | 1921  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 51 | 4205  |
| Insulet Corp.<sup>(a)</sup> | 3 | 939  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 30 | 16028  |
| Johnson & Johnson | 204 | 38529  |
| ResMed, Inc. | 12 | 2963  |
| Stryker Corp. | 30 | 10687  |
| Zimmer Biomet Holdings, Inc. | 18 | 1810  |
|  |  | 102394  |
| **Metal Ore Mining - 0.7%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 42 | 6754  |
| Barrick Mining Corp. | 102 | 3346  |
| Cameco Corp. | 27 | 2760  |
| Franco-Nevada Corp.  | 12  | 2240  |
| Freeport-McMoRan, Inc.  | 120  | 5004  |
| Newmont Corp.  | 90  | 7287  |

---

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

4<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Metal Ore Mining - (Continued)** <br>|  |  |
| Southern Copper Corp. | 48 | $6662  |
| Wheaton Precious Metals Corp. | 27 | 2606  |
|  |  | 36659  |
| **Motion Picture and Video Industries - 0.1%** | **Motion Picture and Video Industries - 0.1%** |  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 15 | 3846  |
|  **Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers - 0.1%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 81 | 3484  |
| Genuine Parts Co. | 9 | 1146  |
|  |  | 4630  |
| **Motor Vehicle Manufacturing - 2.3%**<br>|  |  |
| Ford Motor Co. | 342 | 4490  |
| General Motors Co. | 84 | 5804  |
| PACCAR, Inc. | 45 | 4428  |
| Tesla, Inc.<sup>(a)</sup> | 243 | 110944  |
|  |  | 125666  |
| **Natural Gas Distribution - 0.5%**<br>|  |  |
| Atmos Energy Corp. | 15 | 2576  |
| CenterPoint Energy, Inc. | 54 | 2065  |
| Cheniere Energy, Inc. | 21 | 4452  |
| Cheniere Energy Partners LP | 30 | 1565  |
| Eversource Energy | 30 | 2214  |
| Fortis, Inc. | 30 | 1507  |
| Kinder Morgan, Inc. | 183 | 4793  |
| ONEOK, Inc. | 15 | 1005  |
| Sempra Energy | 54 | 4965  |
|  |  | 25142  |
|  **Navigational Measuring Electromedical and Control Instruments Manufacturing - 1.6%**<br>|  |  |
| Agilent Technologies, Inc. | 6 | 878  |
| AMETEK, Inc. | 21 | 4244  |
| Danaher Corp. | 60 | 12923  |
| Fortive Corp. | 30 | 1510  |
| GE HealthCare Technologies, Inc. | 39 | 2923  |
| Hologic, Inc.<sup>(a)</sup> | 15 | 1109  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 6 | 3777  |
| Illumina, Inc.<sup>(a)</sup> | 9 | 1112  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 15 | 2744  |
| L3Harris Technologies, Inc. | 15 | 4337  |
| Medtronic PLC | 111 | 10068  |
| Northrop Grumman Corp. | 12 | 7001  |
| Roper Technologies, Inc. | 9 | 4015  |
| Teradyne, Inc. | 15 | 2726  |
| Thermo Fisher Scientific, Inc. | 33 | 18724  |
| Trane Technologies PLC | 18 | 8076  |
| Trimble, Inc.<sup>(a)</sup> | 6 | 479  |
| Waters Corp.<sup>(a)</sup> | 3 | 1049  |
|  |  | 87695  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Newspaper Periodical Book and Directory Publishers - 0.1%**<br>|  |  |
| Thomson Reuters Corp. | 27 | $4133  |
| **Nondepository Credit Intermediation - 0.5%** | **Nondepository Credit Intermediation - 0.5%** |  |
| American Express Co. | 54 | 19480  |
| UBS Group AG | 198 | 7595  |
|  |  | 27075  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.1%**<br>|  |  |
| Martin Marietta Materials, Inc. | 6 | 3679  |
| Vulcan Materials Co. | 12 | 3474  |
|  |  | 7153  |
| **Nonresidential Building Construction - 0.0%<sup>(b)</sup>** | **Nonresidential Building Construction - 0.0%<sup>(b)</sup>** |  |
| Stellantis NV | 177 | 1795  |
| **Office Administrative Services - 0.1%**<br>|  |  |
| Baker Hughes Co. | 84 | 4066  |
| **Offices of Physicians - 0.0%<sup>(b)</sup>**<br>|  |  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 3 | 459  |
| **Offices of Real Estate Agents and Brokers - 0.1%** | **Offices of Real Estate Agents and Brokers - 0.1%** |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 24 | 3658  |
| **Oil and Gas Extraction - 0.5%**<br>|  |  |
| Canadian Natural Resources Ltd. | 129 | 4130  |
| Coterra Energy, Inc. | 48 | 1136  |
| Devon Energy Corp. | 54 | 1754  |
| Dominion Energy, Inc. | 72 | 4226  |
| EOG Resources, Inc. | 48 | 5080  |
| EQT Corp. | 51 | 2732  |
| Expand Energy Corp. | 18 | 1860  |
| Occidental Petroleum Corp. | 78 | 3214  |
|  |  | 24132  |
|  **Other Fabricated Metal Product Manufacturing - 0.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 6 | 4394  |
| Emerson Electric Co. | 48 | 6699  |
|  |  | 11093  |
| **Other Financial Investment Activities - 1.5%** | **Other Financial Investment Activities - 1.5%** |  |
| Ameriprise Financial, Inc. | 9 | 4075  |
| Apollo Global Management, Inc. | 45 | 5594  |
| Ares Management Corp. - Class A | 12 | 1784  |
| Blackrock, Inc. | 12 | 12994  |
| Blackstone, Inc. | 66 | 9678  |
| Brookfield Corp. | 138 | 6355  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 33 | 1009  |
| Ferrari NV | 12 | 4847  |
| Morgan Stanley | 126 | 20664  |
| S&P Global, Inc. | 27 | 13155  |
| T Rowe Price Group, Inc. | 18 | 1846  |
|  |  | 82001  |

---

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

5<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Other Food Manufacturing - 0.1%**<br>|  |  |
| General Mills, Inc. | 45 | $2097  |
| McCormick & Co., Inc. | 18 | 1155  |
|  |  | 3252  |
|  **Other General Purpose Machinery Manufacturing - 0.4%**<br>|  |  |
| Illinois Tool Works, Inc. | 24 | 5854  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 3 | 4249  |
| Parker-Hannifin Corp. | 12 | 9274  |
| Xylem, Inc. | 21 | 3168  |
|  |  | 22545  |
| **Other Information Services - 2.5%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 36 | 2477  |
| Meta Platforms, Inc. - Class A | 201 | 130319  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 42 | 1390  |
| VeriSign, Inc. | 9 | 2158  |
|  |  | 136344  |
| **Other Investment Pools and Funds - 0.1%**<br>|  |  |
| Alcon AG | 30 | 2217  |
| Garmin Ltd. | 15 | 3209  |
|  |  | 5426  |
|  **Other Leather and Allied Product Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| Tapestry, Inc. | 18 | 1977  |
| **Other Miscellaneous Store Retailers - 0.1%** | **Other Miscellaneous Store Retailers - 0.1%** |  |
| Amcor PLC | 144 | 1138  |
| Tractor Supply Co. | 45 | 2435  |
|  |  | 3573  |
|  **Other Professional Scientific and Technical Services - 0.1%**<br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 6 | 1490  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 15 | 3247  |
|  |  | 4737  |
| **Other Telecommunications - 0.3%**<br>|  |  |
| BCE, Inc. | 75 | 1715  |
| TELUS Corp. | 96 | 1407  |
| Verizon Communications, Inc. | 357 | 14187  |
|  |  | 17309  |
|  **Other Transit and Ground Passenger Transportation - 0.3%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 177 | 17080  |
|  **Paint Coating and Adhesive Manufacturing - 0.2%**<br>|  |  |
| PPG Industries, Inc. | 18 | 1759  |
| Sherwin-Williams Co. | 21 | 7244  |
|  |  | 9003  |
|  **Pesticide Fertilizer and Other Agricultural Chemical Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| NUTRIEN Ltd. | 42 | 2287  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Petroleum and Coal Products Manufacturing - 1.6%**<br>|  |  |
| Chevron Corp. | 168 | $26497  |
| Exxon Mobil Corp. | 363 | 41513  |
| Marathon Petroleum Corp. | 27 | 5262  |
| Phillips 66 | 33 | 4493  |
| Suncor Energy, Inc. | 75 | 2986  |
| Valero Energy Corp. | 27 | 4578  |
|  |  | 85329  |
|  **Petroleum and Petroleum Products Merchant Wholesalers - 0.1%**<br>|  |  |
| Energy Transfer LP | 210 | 3534  |
|  **Pharmaceutical and Medicine Manufacturing - 3.9%**<br>|  |  |
| Abbott Laboratories | 147 | 18172  |
| AbbVie, Inc. | 150 | 32706  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 9 | 4104  |
| Amgen, Inc. | 45 | 13429  |
| Biogen, Inc.<sup>(a)</sup> | 12 | 1851  |
| Bristol-Myers Squibb Co. | 174 | 8016  |
| Eli Lilly & Co. | 75 | 64715  |
| Gilead Sciences, Inc. | 105 | 12578  |
| Merck & Co., Inc. | 213 | 18314  |
| Pfizer, Inc. | 483 | 11906  |
| Regeneron Pharmaceuticals, Inc. | 9 | 5866  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 21 | 8937  |
| West Pharmaceutical Services, Inc. | 6 | 1693  |
| Zoetis, Inc. | 39 | 5620  |
|  |  | 207907  |
| **Pipeline Transportation of Crude Oil - 0.1%** | **Pipeline Transportation of Crude Oil - 0.1%** |  |
| Enbridge, Inc. | 135 | 6294  |
| **Pipeline Transportation of Natural Gas - 0.3%** | **Pipeline Transportation of Natural Gas - 0.3%** |  |
| Enterprise Products Partners LP | 132 | 4064  |
| Pembina Pipeline Corp. | 36 | 1362  |
| TC Energy Corp. | 66 | 3310  |
| Williams Cos., Inc. | 102 | 5903  |
|  |  | 14639  |
| **Professional and Commercial Equipment - 0.1%** | **Professional and Commercial Equipment - 0.1%** |  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 36 | 1446  |
| STERIS PLC | 9 | 2121  |
|  |  | 3567  |
| **Pulp, Paper, and Paperboard Mills - 0.0%<sup>(b)</sup>** | **Pulp, Paper, and Paperboard Mills - 0.0%<sup>(b)</sup>** |  |
| International Paper Co. | 12 | 464  |
| **Radio and Television Broadcasting - 0.5%**<br>|  |  |
| Fox Corp. - Class A | 30 | 1939  |
| Fox Corp. - Class B | 30 | 1752  |
| Spotify Technology SA<sup>(a)</sup> | 12 | 7864  |
| Walt Disney Co. | 153 | 17231  |
|  |  | 28786  |

---

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

6<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Rail Transportation - 0.4%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 57 | $4101  |
| CSX Corp. | 159 | 5727  |
| Union Pacific Corp. | 51 | 11239  |
|  |  | 21067  |
| **Railroad Rolling Stock Manufacturing - 0.1%** | **Railroad Rolling Stock Manufacturing - 0.1%** |  |
|  Westinghouse Air Brake Technologies Corp. | 15 | 3067  |
| **Residential Building Construction - 0.2%**<br>|  |  |
| DR Horton, Inc. | 24 | 3578  |
| Lennar Corp. - Class A | 21 | 2599  |
| Lennar Corp. - Class B | 15 | 1771  |
| PulteGroup, Inc. | 18 | 2157  |
|  |  | 10105  |
|  **Resin Synthetic Rubber and Artificial Synthetic - 0.1%**<br>|  |  |
| Dow, Inc. | 45 | 1073  |
| DuPont de Nemours, Inc. | 36 | 2940  |
| Westlake Corp. | 9 | 619  |
|  |  | 4632  |
| **Restaurants and Other Eating Places - 0.7%** | **Restaurants and Other Eating Places - 0.7%** |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 117 | 3708  |
| Darden Restaurants, Inc. | 9 | 1621  |
| McDonald's Corp. | 57 | 17011  |
| Starbucks Corp. | 99 | 8006  |
| Veralto Corp. | 21 | 2072  |
| Yum! Brands, Inc. | 24 | 3317  |
|  |  | 35735  |
| **Scheduled Air Transportation - 0.1%**<br>|  |  |
| Delta Air Lines, Inc. | 54 | 3098  |
| Southwest Airlines Co. | 33 | 1000  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 27 | 2539  |
|  |  | 6637  |
|  **Scientific Research and Development Services - 0.1%**<br>|  |  |
| MPLX LP | 63 | 3198 |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 1.0%**<br>|  |  |
| Cboe Global Markets, Inc. | 9 | 2211  |
| Charles Schwab Corp. | 153 | 14461  |
| Goldman Sachs Group, Inc. | 27 | 21313  |
| Interactive Brokers Group, Inc. - Class A | 9 | 633  |
| Raymond James Financial, Inc. | 15 | 2380  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 69 | 10128  |
| Tradeweb Markets, Inc. - Class A | 12 | 1265  |
|  |  | 52391  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Securities and Commodity Exchanges - 0.2%** | **Securities and Commodity Exchanges - 0.2%** |  |
| CME Group, Inc. | 9 | $2389  |
| Intercontinental Exchange, Inc. | 48 | 7022  |
| Nasdaq, Inc. | 45 | 3847  |
|  |  | 13258  |
|  **Semiconductor and Other Electronic Component Manufacturing - 13.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 135 | 34576  |
| Amphenol Corp. - Class A | 102 | 14213  |
| Analog Devices, Inc. | 42 | 9833  |
| Astera Labs, Inc.<sup>(a)</sup> | 12 | 2240  |
| Best Buy Co., Inc. | 12 | 986  |
| Broadcom, Inc. | 402 | 148591  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 33 | 1175  |
| Intel Corp.<sup>(a)</sup> | 390 | 15596  |
| Jabil, Inc. | 3 | 663  |
| Lam Research Corp. | 108 | 17006  |
| Marvell Technology, Inc. | 54 | 5062  |
| Microchip Technology, Inc. | 45 | 2809  |
| Micron Technology, Inc. | 93 | 20811  |
| Monolithic Power Systems, Inc. | 3 | 3015  |
| NVIDIA Corp. | 1995 | 403967  |
| NXP Semiconductors NV | 21 | 4391  |
| ON Semiconductor Corp.<sup>(a)</sup> | 33 | 1653  |
| Otis Worldwide Corp. | 33 | 3061  |
| STMicroelectronics NV | 54 | 1321  |
| Texas Instruments, Inc. | 78 | 12594  |
| Vertiv Holdings Co. - Class A | 30 | 5786  |
|  |  | 709349  |
| **Services to Buildings and Dwellings - 0.0%<sup>(b)</sup>** | **Services to Buildings and Dwellings - 0.0%<sup>(b)</sup>** |  |
| Rollins, Inc. | 36 | 2074  |
|  **Soap Cleaning Compound and Toilet Preparation - 1.0%**<br>|  |  |
| Air Products and Chemicals, Inc. | 18 | 4367  |
| Church & Dwight Co., Inc. | 21 | 1842  |
| Clorox Co. | 9 | 1012  |
| Colgate-Palmolive Co. | 69 | 5316  |
| Ecolab, Inc. | 24 | 6154  |
| Estee Lauder Cos., Inc. - Class A | 27 | 2611  |
| Kenvue, Inc. | 171 | 2457  |
| Procter & Gamble Co. | 201 | 30224  |
|  |  | 53983  |
| **Software Publishers - 9.9%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 36 | 12251  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 15 | 2541  |
| Autodesk, Inc.<sup>(a)</sup> | 18 | 5424  |
| Block, Inc.<sup>(a)</sup> | 51 | 3873  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 24 | 8129  |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 9 | 1761  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 21 | 11403  |

---

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

7<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software Publishers - (Continued)**  | **Software Publishers - (Continued)**  | **Software Publishers - (Continued)**  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 30 | $4885  |
| Electronic Arts, Inc. | 21 | 4201  |
| Global Payments, Inc. | 21 | 1633  |
| Hewlett Packard Enterprise Co. | 114 | 2784  |
| HubSpot, Inc.<sup>(a)</sup> | 3 | 1476  |
| Intuit, Inc. | 24 | 16021  |
| Microsoft Corp. | 678 | 351075  |
| Oracle Corp. | 225 | 59087  |
| PTC, Inc.<sup>(a)</sup> | 9 | 1787  |
| Salesforce, Inc. | 81 | 21093  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 78 | 13561  |
| Synopsys, Inc.<sup>(a)</sup> | 15 | 6807  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 3 | 1429  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 9 | 2621  |
|  |  | 533842  |
| **Spectator Sports - 0.1%**<br>|  |  |
| Flutter Entertainment PLC<sup>(a)</sup> | 12 | 2791  |
|  **Sporting Goods Hobby and Musical Instrument Stores - 0.0%<sup>(b)</sup>**<br>|  |  |
| Dick's Sporting Goods, Inc. | 6 | 1329  |
|  **Steel Product Manufacturing from Purchased Steel - 0.0%<sup>(b)</sup>**<br>|  |  |
| Steel Dynamics, Inc. | 9 | 1411  |
|  **Sugar and Confectionery Product Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| Hershey Co. | 15 | 2544  |
| **Support Activities for Crop Production - 0.1%** | **Support Activities for Crop Production - 0.1%** |  |
| Corteva, Inc. | 57 | 3502  |
| **Support Activities for Mining - 0.4%**<br>|  |  |
| Cenovus Energy, Inc. | 111 | 1878  |
| ConocoPhillips | 105 | 9330  |
| Diamondback Energy, Inc. | 21 | 3007  |
| Halliburton Co. | 51 | 1369  |
| SLB Ltd. | 33 | 1190  |
| Targa Resources Corp. | 18 | 2773  |
| Teck Resources Ltd. - Class B | 42 | 1803  |
|  |  | 21350  |
| **Tobacco Manufacturing - 0.5%**<br>|  |  |
| Altria Group, Inc. | 144 | 8119  |
| Philip Morris International, Inc. | 132 | 19051  |
|  |  | 27170  |
|  **Travel Arrangement and Reservation Services - 0.4%**<br>|  |  |
| Booking Holdings, Inc. | 3 | 15233  |
| Expedia Group, Inc. | 9 | 1980  |
| Royal Caribbean Cruises Ltd. | 24 | 6884  |
|  |  | 24097  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Traveler Accommodation - 0.3%**<br>|  |  |
| Hilton Worldwide Holdings, Inc. | 21 | $5396  |
| Las Vegas Sands Corp. | 48 | 2849  |
| Marriott International, Inc. - Class A | 21 | 5472  |
|  |  | 13717  |
|  **Ventilation Heating Air-Conditioning and Commercial Refrigeration Equipment Manufacturing - 0.2%**<br>|  |  |
| Carrier Global Corp. | 72 | 4283  |
| Dover Corp. | 12 | 2178  |
| Ingersoll Rand, Inc. | 33 | 2519  |
|  |  | 8980  |
| **Waste Treatment and Disposal - 0.3%**<br>|  |  |
| Republic Services, Inc. | 24 | 4998  |
| Waste Connections, Inc. | 15 | 2515  |
| Waste Management, Inc. | 33 | 6592  |
|  |  | 14105  |
| **Water Sewage and Other Systems - 0.0%<sup>(b)</sup>** | **Water Sewage and Other Systems - 0.0%<sup>(b)</sup>** |  |
| American Water Works Co., Inc. | 18 | 2312  |
|  **Wired and Wireless Telecommunications Carriers - 0.3%**<br>|  |  |
| AT&T, Inc. | 615 | 15221  |
| **Wired Telecommunications Carriers - 0.3%** | **Wired Telecommunications Carriers - 0.3%** |  |
| T-Mobile US, Inc. | 81 | 17014  |
|  Zoom Video Communications, Inc. - Class A<sup>(a)</sup> | 18 | 1570  |
|  |  | 18584  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,073,995)** |  | 5249324  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 1.5%**<br>|  |  |
| **Business Support Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| Millrose Properties, Inc. | 6 | 193  |
| **Lessors of Real Estate - 1.3%**<br>|  |  |
| American Tower Corp. | 39 | 6980  |
| AvalonBay Communities, Inc. | 12 | 2087  |
| Crown Castle, Inc. | 36 | 3248  |
| Digital Realty Trust, Inc. | 30 | 5112  |
| Equinix, Inc. | 9 | 7614  |
| Equity Residential | 30 | 1783  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br>Inc. | 6 | 769  |
| Prologis, Inc. | 78 | 9679  |
| Public Storage | 15 | 4179  |
| Realty Income Corp. | 78 | 4523  |
| SBA Communications Corp. | 9 | 1723  |
| Simon Property Group, Inc. | 27 | 4746  |
| Ventas, Inc. | 39 | 2878  |

---

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

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**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)**  |
| **Lessors of Real Estate - (Continued)**  | **Lessors of Real Estate - (Continued)**  | **Lessors of Real Estate - (Continued)**  |
| VICI Properties, Inc. | 87 | $2609  |
| Welltower, Inc. | 57 | 10319  |
|  |  | 68249  |
| **Offices of Real Estate Agents and Brokers - 0.1%** | **Offices of Real Estate Agents and Brokers - 0.1%** |  |
| Alexandria Real Estate Equities, Inc. | 12 | 698  |
| Invitation Homes, Inc. | 51 | 1436  |
|  |  | 2134  |
|  **Veneer Plywood and Engineered Wood Product Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| Weyerhaeuser Co. | 45 | 1035  |
| **Warehousing and Storage - 0.1%**<br>|  |  |
| Extra Space Storage, Inc. | 18 | 2404  |
| Iron Mountain, Inc. | 24 | 2471  |
|  |  | 4875  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $67,658)** |  | 76486  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.7%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 3.98%<sup>(c)</sup> | 39764 | 39764  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $39,764)** |  | 39764  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $3,181,417)** |  | $5365574  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(b)</sup> |  | 1235  |
| **TOTAL NET ASSETS - 100.0%** |  | $5366809 |

---

Percentages are stated as a percent of net assets.

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

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**REVERB ETF** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $5365574  |
| Dividends receivable | 2471  |
| Dividend tax reclaims receivable | 108  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 5368153  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 1344  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1344  |
| **NET ASSETS** | $5366809  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $3128731  |
| Total distributable earnings | 2238078  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $5366809  |
| Net assets | $5366809  |
| Shares issued and outstanding<sup>(a)</sup> | 150000  |
| Net asset value per share | $35.78  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $3181417 |

---

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

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

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**REVERB ETF** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $30068  |
| Less: Dividend withholding taxes | (618)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 29450  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 7456  |
| &nbsp;&nbsp;&nbsp; Total expenses | 7456  |
| **Net investment income (loss)** | 21994  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 56460  |
| Net realized gain (loss) | 56460  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 970608  |
| Net change in unrealized appreciation (depreciation) | 970608  |
| **Net realized and unrealized gain (loss)** | 1027068  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1049062 |

---

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

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**REVERB ETF** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $21994 | $44468  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 56460 | 2823  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 970608 | 439396  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 1049062 | 486687  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (22398) | (88655)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (22398) | (88655)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; — | —  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 1026664 | 398032  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 4340145 | 3942113  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $5366809 | $4340145  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Total increase (decrease) in shares outstanding | &nbsp;&nbsp; — |  |

---

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

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**REVERB ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.93 | $26.28 | $21.61 | &nbsp;&nbsp;&nbsp;&nbsp; $19.24  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.30 | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.85 | 2.94 | 4.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.28  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | 3.24 | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.42  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | (0.36) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.23) | (0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | (0.59) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $35.78 | $28.93 | $26.28 | &nbsp;&nbsp;&nbsp;&nbsp; $21.61  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24.21% | 12.25% | 22.81% | &nbsp;&nbsp;&nbsp;&nbsp; 12.60%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $5367 | $4340 | $3942 | &nbsp;&nbsp;&nbsp;&nbsp; $2161  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | 0.30% | 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | 1.00% | 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5% | 4% | 12% | &nbsp;&nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was November 3, 2022.

<sup>(b)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding.

<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> Amount represents less than $0.005 per share.

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

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

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Reverb ETF (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 November 3, 2022. The investment objective of the Fund is to achieve long-term capital appreciation.

Shares of the Fund are listed on Cboe BZX Exchange, Inc. ("the "Exchange") and trade on the Exchange at market prices. These prices may differ from the shares' net asset value ("NAV"). The Fund issues and redeems shares at NAV only in large blocks known as "Creation Units," which generally consist of 50,000 shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund and/or a designated amount of U.S. cash. Once created, shares trade in the secondary market in quantities less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased directly from or redeemed directly to the Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the "Distributor" or "Quasar"). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The Fund charges $500 for the standard fixed creation fee, payable to the Custodian. In addition, a variable fee may be charged on cash purchases, non-standard orders, or partial cash purchases of Creation Units of up to a maximum of 2% as a percentage of the total value of the Creation Units subject to the transaction. Variable fees received by the Fund are displayed in the Capital Share Transactions section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with $0.01 par value per share.

**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 generally valued using market valuations, 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; however, 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 a specific identification basis. Interest income

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**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)(Continued)** 

is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

The 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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;F. *REITs:* The Fund has made 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. *Events Subsequent to the Fiscal Period End:* In preparing the financial statements as of October 31, 2025, management considered the impact of
 subsequent events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent
 events that would need to be disclosed in the Fund's financial statements.

**NOTE 3 – SECURITIES VALUATION** 

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

---

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**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)(Continued)** 

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 calculates its net asset value per share as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern time, each day the NYSE is open for business.

**Equity Securities: The Fund's investments are carried at fair value. Equity securities, including common stocks and real estate investment trusts, 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.** 

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 adviser, Distribution Cognizant, LLC ("Adviser"), 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 Adviser, 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5249324 | $— | $— | $5249324  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 76486 |  |  | 76486  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 39764 |  |  | 39764  |
| **Total Assets** | $5365574 | $— | $— | $5365574 |

---

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

**Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): 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 operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser's Chief Operating Officer, who serves as the Chief Operating Decision Maker, using the information presented in the financial statements and financial highlights.** 

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**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)(Continued)** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management does not expect this guidance to materially impact the financial statements.

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

The Adviser serves as the investment adviser to the Fund. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, taxes and governmental fees, brokerage fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of borrowing money, including interest expenses, and extraordinary expenses (such as litigation and indemnification expenses and shareholder proxy). For the services it provides to the Fund, the Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.30% of the Fund's average daily net assets.

The Adviser has overall responsibility for overseeing the investment of the Fund's assets, managing the Fund's business affairs, and providing certain clerical, bookkeeping and other administrative services for the Trust. Penserra Capital Management, LLC ("Penserra" or "the Sub-Adviser") acts as the Sub-Adviser to the Fund. The Sub-Adviser has responsibility to make day-to-day investment decisions for the Fund and selects broker-dealers for executing portfolio transactions, subject to the Sub-Adviser's best execution obligations and the Trust's and the Sub-Adviser's brokerage policies. Sub-Advisory fees earned by Penserra are paid by the Adviser. For the services it provides to the Fund, the Sub-Adviser is compensated by the Adviser from the management fees paid by the Fund to the Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("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.

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.

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

For the six months ended October 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $229,461 and $251,509, respectively.

For the six months ended October 31, 2025, there were no in-kind transactions associated with creations and redemptions. There were no purchases or sales of U.S. Government securities during the six months ended October 31, 2025.

During the six months ended October 31, 2025, the Fund had no realized net capital gains resulting from in-kind redemptions in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash.

**NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid during the six months ended October 31, 2025 and the year ended April 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025** | **April 30,** <br>**2025**  |
| Ordinary income | $22398  | $54213  |
| Long-term capital gains  |  | 34442 |

---

17<br>

------

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)(Continued)** 

As of April 30, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup> | $3127601  |
| Gross unrealized appreciation | $1364653  |
| Gross unrealized depreciation | (153961)  |
| Net unrealized appreciation (depreciation)<sup>(a)</sup> | 1210692  |
| Undistributed ordinary income | 2694  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings | 2694  |
| Other accumulated gain (loss) | (1972)  |
| Total accumulated gain (loss) | $1211414 |

---

<sup>(a)</sup> The difference between the book-basis and tax-basis net unrealized appreciation and cost is attributable to partnership adjustments.

At April 30, 2025, the Fund had short-term and long-term capital loss carryforwards of $278 and $108, respectively. These capital losses may be carried forward indefinitely to offset future gains.

**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;• *New Adviser Risk.* The Adviser is a new entity formed in 2021 and has not previously managed an ETF. ETFs and their advisers are subject to
 restrictions and limitations imposed by the Investment Company Act of 1940, as amended (the "1940 Act") and the Internal Revenue
 Code. As a result, investors do not have a long-term track record of managing a pooled investment vehicle from which to judge the newly-formed
 Adviser and the Adviser may not achieve the intended result in managing the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. The ability
 of the Fund to meet its investment objective is directly related to the Adviser's investment strategies for the Fund. If the Adviser's
 investment strategies do not produce the expected results, your investment could be diminished or even lost.

&nbsp;&nbsp;&nbsp;&nbsp;• *Consumer Sentiment Risk.* Investment decisions that are based primarily on consumer sentiment involve additional risks. Information received may be
 inaccurate, incomplete or misleading. Information received may be outdated or could be duplicative making the information ineffective
 for accurately gauging current sentiment. There is a possibility that users have an undisclosed agenda with an attempt to manipulate a
 company's stock price.

&nbsp;&nbsp;&nbsp;&nbsp;• *Research Risk.* The Adviser does not conduct company research on any of the positions held in the portfolio outside of analysis of the sentiment
 data received from the Reverberate App. The Adviser also does not consider market developments or the status of the economy in its management
 of the Fund. The Adviser's strategy is to base its investment decisions entirely on the expressions of sentiment as identified in
 the Reverberate App. As a result, the Fund is subject to the risks, which may be substantial, that negative developments effecting a held
 company, the economy, or markets in general, may not be apparent to the users of the Reverberate App. These negative developments could
 have significant negative impact on the value of your investment and the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• *Reverberate App.* The Reverberate App is a new web-based utility and currently has a limited number of users. The ability of the App to properly
 and accurately gauge public sentiment is highly dependent on its ability to attain a high level of regular usage among a broad market
 segment of the population. If the App is unable to draw sufficient users to express their views on a company, the Adviser will invest
 in the company

18<br>

------

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)(Continued)** 

at a level equal to its market-capitalization proportional to that of the Investable Universe. If the Adviser is unable to take material active positions due to lack of sufficient data or otherwise, the Fund will likely experience performance similar to the broad large capitalization market in general. In addition, while the App seeks to use tools and technology to identify and limit the influence of non-human users (Bots) or multiple votes by the same user, there is no guarantee that it will be successful in doing so. In that event, the information provided by the App may not properly reflect sentiment regarding a company, leading the Adviser to take active positions in a company that are inconsistent with true market sentiment. **The investment strategy of relying entirely on general public sentiment as expressed on a web-based user app in order to take active positions is novel. The strategy may not work and this may have a significant negative impact on the value of your investment.**

&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); deflation (or expectations for
 deflation); interest rates; market instability; financial system instability; debt crises and downgrades; embargoes; tariffs; sanctions
 and other trade barriers; regulatory events; other governmental trade or market control programs and related geopolitical events. In addition,
 the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental
 disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S.
 of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility
 and instability in domestic and foreign markets.

&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Securities Risk.* The value of the Fund's shares will go up or down based on the movement of the overall stock market and the value of
 the individual securities held by the Fund, both of which can sometimes be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;• *High Portfolio Turnover Risk.* The Fund may be subject to increased trading based on the level of user responses received and this trading can
 lead to higher than normal portfolio turnover. The Fund may frequently buy and sell portfolio securities and other assets to rebalance
 the Fund's exposure to specific securities. Higher portfolio turnover may result in the Fund paying higher levels of transaction
 costs and generating greater tax liabilities for shareholders. Portfolio turnover may cause the Fund's performance to be less than
 you expect.

&nbsp;&nbsp;&nbsp;&nbsp;• *ETF Risks.* The
 Fund is an ETF, and, as a result of an ETF's structure, it is exposed to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions
 that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity
 providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly
 face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs
 step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their
 business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;• *Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask
 spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors
 who anticipate regularly making small investments.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although
 it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares
 is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or

19<br>

------

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025 (Unaudited)(Continued)** 

during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;• *Trading*.
 Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange"), and may be traded on U.S. exchanges other
 than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market
 conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be
 significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value
 of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Listing Standards Risk.* The Fund is required to comply with listing requirements adopted by the listing exchange. Non-compliance with such requirements
 may result in the Fund's shares being delisted by the listing exchange. Any resulting liquidation of the Fund could cause the Fund
 to incur elevated transaction costs and could result in negative tax consequences for its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• *Newer Fund Risk.* The Fund is a recently organized investment company with a limited operating history. There can be no assurance that the
 Fund will grow to or maintain an economically viable size, in which case the Board may determine to liquidate the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• *Sector Emphasis Risk.* The securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio,
 could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and
 adversely affect the value of the portfolio to a greater extent than if such business comprised a lesser portion of the Fund's portfolio.
 The Adviser does not manage the Fund's sector exposure so that at any given time the Fund may have significant

exposure to individual sectors.

20<br>

------

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

**Reverb ETF** 

**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 as the investment advisory contract was not approved during the reporting period.

21<br>

&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>**

All fund expenses, including Trustee compensation, are paid by the investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

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

Not applicable as the investment advisory contract 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;(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, as amended, (the "Act")) as of a date within 90 days of the filing of this report, as
 required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review,
 such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed
 in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and
 by the Registrant's service provider.

(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.](rcfr-efp21054_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.](rcfr-efp21054_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors Series Trust

---

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

---

Date <u>1/8/2026</u>

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

---

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

---

Date <u>1/8/2026</u>

---

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

---

Date <u>1/8/2026</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: | 1/8/2026 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman |
|  |  | 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: | 1/8/2026 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden |
|  |  | 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 October 31, 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 | Kevin J. Hayden |
| President/Chief Executive Officer/Principal Executive Officer<br> Advisors Series Trust | Vice President/Treasurer/Principal Financial Officer<br> Advisors Series Trust |

---

Dated: <u>1/8/2026</u> Dated: <u>1/8/2026</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.