# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-26-000084
**Filing Date:** 2026-1
**Character Count:** 111442
**Document Hash:** cba7565e21b6cf950797df5dd4d962d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000084.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001133228-26-000084

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 26511216

**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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-08-07192285_FirstSentierGlobalListedInfrastructureFund_ClassI_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

**Advisors Series Trust**

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

**777 East Wisconsin Avenue**

**<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>October 31, 2025</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216422_202410291433600.jpg) | **First Sentier Global Listed Infrastructure** **Fund**  | ![image](img295559_202412261537544.jpg) |
| ![image](img216422_202410291433600.jpg) | Class I \| FLIIX  | ![image](img295559_202412261537544.jpg) |
| ![image](img216422_202410291433600.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295559_202412261537544.jpg) |

---

This annual shareholder report contains important information about the First Sentier Global Listed Infrastructure Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.firstsentierfunds.com/en/insto/documents.html?. You can also request this information by contacting us at 1-888-898-5040.

**Other Material Fund Changes:**

At the recommendation of First Sentier Investors (US) LLC, the investment adviser of the First Sentier Global Listed Infrastructure Fund (the "Acquired Fund"), the Board of Trustees of Advisors Series Trust (the "Trust") approved an Agreement and Plan of Reorganization whereby the Acquired Fund reorganized out of the Trust and into a corresponding series of Datum One Series Trust that was newly created specifically for such reorganization (the "Reorganization"). The Reorganization was effective November 3, 2025 after also receiving shareholder approval on October 8, 2025.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $101 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• Global listed infrastructure delivered strong gains during the fiscal period November 1st, 2024 to October 31st, 2025. Despite uncertain U.S. economic policy, much of the period under review was characterized by generally positive financial market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• Over that period the Fund gained +12.95% after fees, compared to a return of +23.01% by the S&P Global 1200 index. The Fund underperformed the S&P Global 1200 as the latter's largest sector exposure is the strongly performing Information Technology sector which has benefited from investor optimism around AI.

&nbsp;&nbsp;&nbsp;&nbsp;• Over that period the Fund gained +12.95% after fees, compared to a return of +9.05% by its style-specific benchmark index, the FTSE Global Core Infrastructure 50/50 Net Index. The Fund outperformed its style-specific benchmark index due predominantly to stock selection within Utilities/Renewables, that are benefiting from increased electricity demand from data centers/AI and, stock selection within railroads that have been buoyed by M&A.

&nbsp;&nbsp;&nbsp;&nbsp;• Holdings in U.S.-listed regulated electric utilities such as American Electric Power performed well on the view that growing demand for electricity would support rate base and earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp;• Toll roads and airports also performed well as robust traffic / passenger volumes underpinned healthy earnings results.

&nbsp;&nbsp;&nbsp;&nbsp;• Holdings in the energy midstream sector lagged during this period, having gained strongly in recent years.

&nbsp;&nbsp;&nbsp;&nbsp;• Mobile towers also underperformed during the period under review, owing to concerns for a slowing growth outlook.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | American Electric Power |
| ↑ | National Grid |
| ↑ | Motiva |
| ↑ | Xcel Energy |
| ↑ | Sempra |

---

First Sentier Global Listed Infrastructure Fund PAGE 1 TSR-AR-00770X386

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ONEOK, Inc. |
| ↓ | SBA Communications |
| ↓ | PG&E |
| ↓ | Public Service Enterprise Group |
| ↓ | AES Corp. |

---

**PERFORMANCE**

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5711img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/28/2017)** |
| **Class I**  | 12.95 | 8.55 | 6.66 |
| **S&P Global 1200 (TR)**  | 23.01 | 16.15 | 12.97 |
| **FTSE Global Core Infrastructure 50/50 Net Index**  | 9.05 | 8.52 | 6.88 |

---

Visit https://www.firstsentierfunds.com/en/insto/documents.html? for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

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

---

| | |
|:---|:---|
| **Net Assets** | $141283272 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $734124 |
| **Portfolio Turnover** | 70% |

---

First Sentier Global Listed Infrastructure Fund PAGE 2 TSR-AR-00770X386

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Duke Energy Corp.  | 4.7% |
|  American Electric Power Co., Inc.  | 4.7% |
|  National Grid PLC  | 4.6% |
|  Transurban Group  | 4.5% |
|  NextEra Energy, Inc.  | 4.2% |
|  Sempra  | 4.2% |
|  CSX Corp.  | 3.8% |
|  Xcel Energy, Inc.  | 3.5% |
|  Norfolk Southern Corp.  | 3.3% |
|  Getlink SE  | 3.2% |

---

**Sector Breakdown (%)**

![image](ts5711img004.jpg)

**Geographic Breakdown (%)**

![image](ts5711img005.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstsentierfunds.com/en/insto/documents.html?.

**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 First Sentier Investors (US) LLC documents not be householded, please contact First Sentier Investors (US) LLC at 1-888-898-5040, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by First Sentier Investors (US) LLC or your financial intermediary.

First Sentier Global Listed Infrastructure Fund PAGE 3 TSR-AR-00770X386

10000001117000105905312697931160284138491212976031252080154811117485191000000113590011496421304667136250418983111562126174514223413742880113100000011170881084502130923211828631431394133878512793451632470178019746.736.38.64.32.51.657.06.36.26.04.23.93.72.82.87.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img216422_202410291433600.jpg) | **First Sentier American Listed** **Infrastructure Fund**  | ![image](img295559_202412261537544.jpg) |
| ![image](img216422_202410291433600.jpg) | Class I \| FLIAX  | ![image](img295559_202412261537544.jpg) |
| ![image](img216422_202410291433600.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img295559_202412261537544.jpg) |

---

This annual shareholder report contains important information about the First Sentier American Listed Infrastructure Fund for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.firstsentierfunds.com/en/insto/documents.html?. You can also request this information by contacting us at 1-888-898-5040.

**Other Material Fund Changes:**

At the recommendation of First Sentier Investors (US) LLC, the investment adviser of the First Sentier American Listed Infrastructure Fund (the "Acquired Fund"), the Board of Trustees of Advisors Series Trust (the "Trust") approved an Agreement and Plan of Reorganization whereby the Acquired Fund reorganized out of the Trust and into a corresponding series of Datum One Series Trust that was newly created specifically for such reorganization (the "Reorganization"). The Reorganization was effective November 3, 2025 after also receiving shareholder approval on October 8, 2025.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $77 | 0.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

&nbsp;&nbsp;&nbsp;&nbsp;• American listed infrastructure increased during the fiscal period November 1st, 2024 to October 31st, 2025. Despite uncertain U.S. economic policy, much of the period under review was characterized by generally positive financial market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• Over that period the Fund gained +5.31% after fees, compared to a return of +21.45% by the S&P 500 index. The Fund underperformed the S&P 500 as the latter's largest sector exposure is the strongly performing Information Technology sector which has benefited from investor optimism around AI.

&nbsp;&nbsp;&nbsp;&nbsp;• Over that period the Fund gained +5.31% after fees, compared to a return of +3.35% by its style-specific benchmark index, the FTSE USA Core Infrastructure Capped Index, Net TR. The Fund outperformed its style-specific benchmark index due predominantly to stock selection within Utilities/Renewables, that are benefiting from increased electricity demand from data centers/AI.

&nbsp;&nbsp;&nbsp;&nbsp;• Holdings in U.S.-listed regulated electric utilities such as American Electric Power performed well on the view that growing demand for electricity would support rate base and earnings growth.

&nbsp;&nbsp;&nbsp;&nbsp;• Mobile towers underperformed during the period under review, owing to concerns for a slowing growth outlook.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | American Electric Power |
| ↑ | Norfolk Southern |
| ↑ | Xcel Energy |
| ↑ | Sempra |
| ↑ | Evergy |

---

First Sentier American Listed Infrastructure Fund PAGE 1 TSR-AR-00770X329

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ONEOK, Inc. |
| ↓ | SBA Communications |
| ↓ | PG&E |
| ↓ | American Tower |
| ↓ | Union Pacific |

---

**PERFORMANCE**

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5712img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/29/2020)** |
| **Class I**  | 5.31 | 8.51 |
| **S&P 500 TR**  | 21.45 | 15.06 |
| **FTSE USA Core Infrastructure Capped Index, Net TR**  | 3.35 | 7.12 |

---

Visit https://www.firstsentierfunds.com/en/insto/documents.html? for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

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

---

| | |
|:---|:---|
| **Net Assets** | $3962616 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 75% |

---

First Sentier American Listed Infrastructure Fund PAGE 2 TSR-AR-00770X329

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CSX Corp.  | 6.9% |
|  Union Pacific Corp.  | 6.6% |
|  NextEra Energy, Inc.  | 6.6% |
|  Norfolk Southern Corp.  | 6.1% |
|  Cheniere Energy, Inc.  | 5.6% |
|  American Electric Power Co., Inc.  | 5.6% |
|  Duke Energy Corp.  | 5.4% |
|  ONEOK, Inc.  | 5.0% |
|  Sempra  | 4.9% |
|  Xcel Energy, Inc.  | 4.7% |

---

**Sector Breakdown (%)**

![image](ts5712img004.jpg)

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firstsentierfunds.com/en/insto/documents.html?.

**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 First Sentier Investors (US) LLC documents not be householded, please contact First Sentier Investors (US) LLC at 1-888-898-5040, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by First Sentier Investors (US) LLC or your financial intermediary.

First Sentier American Listed Infrastructure Fund PAGE 3 TSR-AR-00770X329

10000001212000116074610815071409786148469110000001250340106765211759421623000197117410000001191030111880210372521349580139472551.819.715.810.22.5 ------

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $35000 | $35000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $7200 | $7200 |
| (d) All Other Fees | N/A | N/A |

---

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

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) During the audit of the registrant's financial statements, 100 percent of the hours were attributed to work performed by persons other than full-time permanent employees of the principal accountant.

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

 

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

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

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

(j) The registrant is not a foreign issuer.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of Investments are included within the financial statements 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) ![](first_sentier-logo.jpg)

**First Sentier Funds**

**FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND** 

**CLASS I (FLIIX)** 

**FIRST SENTIER AMERICAN LISTED INFRASTRUCTURE FUND** 

**CLASS I (FLIAX)** 

Annual Financial Statements

October 31, 2025

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi1) | [1](#soi1) |
| [Statements of Assets and Liabilities](#sal) | [6](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [10](#fihi) |
| [Notes to Financial Statements](#notes) | [12](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [22](#report) |
| [Additional Information](#add) | [23](#add) |

---

------

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

**FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.1%**<br>|  |  |
| **Airport Services - 10.2%**<br>|  |  |
| Aeroports de Paris SA | 21754 | $2984221  |
| Beijing Capital International Airport Co. Ltd. - Class H<sup>(a)</sup> | 4502000 | 1615877  |
| Flughafen Zurich AG | 13358 | 3945764  |
| Grupo Aeroportuario del Pacifico SAB de CV - Class B | 179910 | 3736581  |
| Japan Airport Terminal Co. Ltd. | 69500 | 2159464  |
|  |  | 14441907  |
| **Construction & Engineering - 0.8%**<br>|  |  |
| Vinci SA | 7849 | 1049535  |
| **Electric Utilities - 24.7%**<br>|  |  |
| American Electric Power Co., Inc. | 55528 | 6677797  |
| Duke Energy Corp. | 53760 | 6682368  |
| Evergy, Inc. | 48671 | 3738419  |
| Eversource Energy | 52297 | 3860042  |
| NextEra Energy, Inc. | 72870 | 5931618  |
| PG&E Corp. | 197580 | 3153377  |
| Xcel Energy, Inc. | 60058 | 4874908  |
|  |  | 34918529  |
| **Gas Utilities - 2.1%**<br>|  |  |
| ENN Energy Holdings Ltd. | 194500 | 1694731  |
| UGI Corp. | 38902 | 1300494  |
|  |  | 2995225  |
| **Highways & Railtracks - 13.6%**<br>|  |  |
| Atlas Arteria Ltd. | 810003 | 2573214  |
| Getlink SE | 248312 | 4532473  |
| Motiva Infraestrutura de Mobilidade SA | 1186294 | 3499379  |
| Promotora y Operadora de Infraestructura SAB de CV | 176782 | 2283793  |
| Transurban Group | 671168 | 6350390  |
|  |  | 19239249  |
| **Independent Power Producers & Energy Traders - 1.8%**<br>|  |  |
| AES Corp. | 50231 | 696704  |
| RWE AG | 37967 | 1869127  |
|  |  | 2565831  |
| **Integrated Telecommunication Services - 2.5%**<br>|  |  |
| China Tower Corp. Ltd. – Class H<sup>(b)</sup> | 1496216 | 2161505  |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | 128968 | 1417140  |
|  |  | 3578645  |
| **Multi-Utilities - 15.0%**<br>|  |  |
| Dominion Energy, Inc. | 52333 | 3071424  |
| Hera SpA | 562425 | 2524256  |
| National Grid PLC | 430324 | 6452316  |
| Public Service Enterprise Group, Inc. | 39412 | 3175030  |
| Sempra | 64354 | 5916707  |
|  |  | 21139733  |

---

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

1<br>

------

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

**FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Oil & Gas Storage & Transportation - 8.6%**<br>|  |  |
| Cheniere Energy, Inc. | 20304 | $4304448  |
| DT Midstream, Inc. | 22279 | 2439328  |
| ONEOK, Inc. | 54513 | 3652371  |
| Targa Resources Corp. | 11759 | 1811356  |
|  |  | 12207503  |
| **Rail Transportation - 11.7%**<br>|  |  |
| CSX Corp. | 150797 | 5431708  |
| Norfolk Southern Corp. | 16578 | 4697874  |
| Rumo SA | 571400 | 1699347  |
| Union Pacific Corp. | 13758 | 3031850  |
| West Japan Railway Co. | 79500 | 1633895  |
|  |  | 16494674  |
| **Renewable Electricity - 1.5%**<br>|  |  |
| Orsted AS<sup>(a)(b)</sup> | 117698 | 2107883  |
| **Water Utilities - 1.6%**<br>|  |  |
| United Utilities Group PLC | 143479 | 2263593  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $119,754,271)** |  | 133002307  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.3%**<br>|  |  |
| **Data Center REITs - 1.1%**<br>|  |  |
| Equinix, Inc. | 1866 | 1578654  |
| **Telecom Tower REITs - 3.2%**<br>|  |  |
| American Tower Corp. | 1448 | 259163  |
| SBA Communications Corp. | 22206 | 4252005  |
|  |  | 4511168  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $6,611,732)** |  | 6089822  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.4%** <br>**(Cost $126,366,003)** |  | $139092129  |
| Other Assets in Excess of Liabilities - 1.6% |  | 2191143  |
| **TOTAL NET ASSETS - 100.0%** |  | $141283272 |

---

Percentages are stated as a percent of net assets.

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

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $5,686,528 or 4.0% of the Fund's net assets. 

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

2<br>

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

**FIRST SENTIER GLOBAL LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

**Allocation of Portfolio Holdings by Country as of October 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| United States | $80537645 | 57.0%  |
| Australia | 8923604 | 6.3  |
| United Kingdom | 8715909 | 6.2  |
| France | 8566229 | 6.0  |
| Mexico | 6020374 | 4.2  |
| China | 5472113 | 3.9  |
| Brazil | 5198726 | 3.7  |
| Switzerland | 3945764 | 2.8  |
| Italy | 3941396 | 2.8  |
| Japan | 3793359 | 2.7  |
| Denmark | 2107883 | 1.5  |
| Germany | 1869127 | 1.3  |
| Other Assets in Excess of Liabilities | 2191143 | 1.6  |
|  | $141283272 | 100.0% |

---

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

3<br>

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

**FIRST SENTIER AMERICAN LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 87.3%**<br>|  |  |
| **Electric Utilities - 32.0%<sup>(a)</sup>**<br>|  |  |
| American Electric Power Co., Inc. | 1844 | $221759  |
| Duke Energy Corp. | 1710 | 212553  |
| Evergy, Inc. | 1679 | 128964  |
| Eversource Energy | 1674 | 123558  |
| NextEra Energy, Inc. | 3204 | 260806  |
| PG&E Corp. | 8641 | 137910  |
| Xcel Energy, Inc. | 2271 | 184337  |
|  |  | 1269887  |
| **Gas Utilities - 1.3%**<br>|  |  |
| UGI Corp. | 1512 | 50546  |
| **Independent Power Producers & Energy Traders - 0.8%**<br>|  |  |
| AES Corp. | 2416 | 33510  |
| **Multi-Utilities - 15.8%**<br>|  |  |
| Black Hills Corp. | 2104 | 133457  |
| Dominion Energy, Inc. | 1786 | 104820  |
| National Grid PLC - ADR | 1109 | 83452  |
| Public Service Enterprise Group, Inc. | 1371 | 110448  |
| Sempra | 2106 | 193626  |
|  |  | 625803  |
| **Oil & Gas Storage & Transportation - 15.8%**<br>|  |  |
| Cheniere Energy, Inc. | 1049 | 222388  |
| DT Midstream, Inc. | 926 | 101388  |
| Kinder Morgan, Inc. | 1475 | 38630  |
| ONEOK, Inc. | 2970 | 198990  |
| Targa Resources Corp. | 381 | 58689  |
| Williams Cos., Inc. | 73 | 4225  |
|  |  | 624310  |
| **Rail Transportation - 19.7%**<br>|  |  |
| CSX Corp. | 7608 | 274040  |
| Norfolk Southern Corp. | 856 | 242573  |
| Union Pacific Corp. | 1190 | 262241  |
|  |  | 778854  |
| **Renewable Electricity - 1.9%**<br>|  |  |
| XPLR Infrastructure LP | 7826 | 77164  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,227,292)** |  | 3460074  |

---

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

4<br>

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

**FIRST SENTIER AMERICAN LISTED INFRASTRUCTURE FUND** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 10.2%**<br>|  |  |
| **Data Center REITs - 1.6%**<br>|  |  |
| Equinix, Inc. | 74 | $62605  |
| **Telecom Tower REITs - 8.6%**<br>|  |  |
| American Tower Corp. | 791 | 141573  |
| Crown Castle, Inc. | 203 | 18315  |
| SBA Communications Corp. | 954 | 182672  |
|  |  | 342560  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $451,035)** |  | 405165  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.5%** <br>**(Cost $3,678,327)** |  | $3865239  |
| Other Assets in Excess of Liabilities - 2.5% |  | 97377  |
| **TOTAL NET ASSETS - 100.0%** |  | $3962616 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

5<br>

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

**First Sentier Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**at October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **First Sentier** <br>**Global Listed** <br>**Infrastructure** <br>**Fund** | **First Sentier** <br>**American Listed** <br>**Infrastructure** <br>**Fund**  |
| **ASSETS**<br>|  |  |
| Investments, at value (cost $126,366,003 and $3,678,327, respectively) | $139092129 | &nbsp;&nbsp; $3865239  |
| Cash | 4720785 | &nbsp;&nbsp; 118241  |
| Foreign cash, at value (cost $296,892 and $148, respectively) | 296898 | &nbsp;&nbsp; 148  |
| Receivables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Securities sold | 9131729 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 69720 | &nbsp;&nbsp; 806  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaim | 63211 | &nbsp;&nbsp; —  |
| Due from Adviser (Note 4) |  | &nbsp;&nbsp; 23698  |
| **Total assets** | 153374472 | &nbsp;&nbsp; 4008132  |
| **LIABILITIES**<br>|  |  |
| Payables<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2819925 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Securities purchased | 9142799 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Due to Adviser | 53575 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 14592 | &nbsp;&nbsp; 9890  |
| &nbsp;&nbsp;&nbsp; Audit fees | 21350 | &nbsp;&nbsp; 21350  |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees | 12762 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 4453 | &nbsp;&nbsp; 1941  |
| &nbsp;&nbsp;&nbsp; Reports to shareholders | 3119 | &nbsp;&nbsp; 3111  |
| &nbsp;&nbsp;&nbsp; Legal fees | 514 | &nbsp;&nbsp; 514  |
| &nbsp;&nbsp;&nbsp; Trustee fees and expenses | 5663 | &nbsp;&nbsp; 5663  |
| &nbsp;&nbsp;&nbsp; Custody fees | 10601 | &nbsp;&nbsp; 1200  |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 1250 | &nbsp;&nbsp; 1250  |
| Accrued expenses | 597 | &nbsp;&nbsp; 597  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 12091200 | &nbsp;&nbsp; 45516  |
| **NET ASSETS** | $141283272 | &nbsp;&nbsp; $3962616  |
| **Calculation of Net Asset Value Per Share**<br>|  |  |
|  Shares issued and outstanding [unlimited number of shares (par value $0.01) authorized] | 11288298 | &nbsp;&nbsp; 368999  |
| &nbsp;&nbsp;&nbsp; Net asset value, redemption price and offering price per share | $12.52 | &nbsp;&nbsp; $10.74  |
| **Components of Net Assets**<br>|  |  |
| Paid-in capital | $120274501 | &nbsp;&nbsp; $3528792  |
| Total accumulated earnings | 21008771 | &nbsp;&nbsp; 433824  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $141283272 | &nbsp;&nbsp; $3962616 |

---

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

6<br>

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

**First Sentier Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **First Sentier** <br>**Global Listed** <br>**Infrastructure** <br>**Fund** | **First Sentier** <br>**American Listed** <br>**Infrastructure** <br>**Fund**  |
| **NET INVESTMENT INCOME**<br>|  |  |
| **Income**<br>|  |  |
|  Dividends (net of foreign taxes withheld and issuance fees of $157,883 and $39, respectively) | $4245868 | &nbsp;&nbsp;&nbsp; $100574  |
| &nbsp;&nbsp;&nbsp; **Total income** | 4245868 | &nbsp;&nbsp;&nbsp; 100574  |
| **Expenses**<br>|  |  |
| Advisory fees (Note 4) | 1002754 | &nbsp;&nbsp;&nbsp; 27852  |
| Administration and fund accounting fees (Note 4) | 168425 | &nbsp;&nbsp;&nbsp; 118310  |
| Shareholder servicing fees (Note 5) | 133701 | &nbsp;&nbsp;&nbsp; —  |
| Custody fees (Note 4) | 54121 | &nbsp;&nbsp;&nbsp; 7480  |
| Transfer agent fees and expenses (Note 4) | 53436 | &nbsp;&nbsp;&nbsp; 23313  |
| Registration fees | 34135 | &nbsp;&nbsp;&nbsp; 30616  |
| Trustee fees and expenses | 27666 | &nbsp;&nbsp;&nbsp; 26167  |
| Audit fees | 21700 | &nbsp;&nbsp;&nbsp; 21700  |
| Chief Compliance Officer fees (Note 4) | 15000 | &nbsp;&nbsp;&nbsp; 15000  |
| Shareholder reporting | 9416 | &nbsp;&nbsp;&nbsp; 8835  |
| Miscellaneous | 7034 | &nbsp;&nbsp;&nbsp; 5872  |
| Legal fees | 6840 | &nbsp;&nbsp;&nbsp; 6084  |
| Insurance expense | 4648 | &nbsp;&nbsp;&nbsp; 3122  |
| &nbsp;&nbsp;&nbsp; Total expenses before fee waiver and expense reimbursement | 1538876 | &nbsp;&nbsp;&nbsp; 294351  |
| &nbsp;&nbsp;&nbsp; Less: advisory fees waived and expenses reimbursed by Adviser (Note 4) | (268630) | &nbsp;&nbsp;&nbsp; (266499)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1270246 | &nbsp;&nbsp;&nbsp; 27852  |
| **Net investment income** | 2975622 | &nbsp;&nbsp;&nbsp; 72722  |
|  **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY**<br>|  |  |
| Net realized gain on transactions from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 7050357 | &nbsp;&nbsp;&nbsp; 273616  |
| &nbsp;&nbsp;&nbsp; Foreign currency | 1584 | &nbsp;&nbsp;&nbsp; 69  |
| Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 6514490 | &nbsp;&nbsp;&nbsp; (148697)  |
| &nbsp;&nbsp;&nbsp; Foreign currency | 10284 | &nbsp;&nbsp;&nbsp; 1  |
| **Net realized and unrealized gain on investments and foreign currency** | 13576715 | &nbsp;&nbsp;&nbsp; 124989  |
| **Net increase in net assets resulting from operations** | $16552337 | &nbsp;&nbsp;&nbsp; $197711 |

---

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

7<br>

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

**First Sentier Global Listed Infrastructure Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2975622 | $3077216  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on transactions from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 7050357 | 3099879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 1584 | (42072)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 6514490 | 18539662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 10284 | (4428)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 16552337 | 24670257  |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders | (6225771) | (2689587)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (6225771) | (2689587)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10749492 | 16102957  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued in reinvestment of dividends | 6172693 | 2665393  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (13647954) | (15739135)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 3274231 | 3029215  |
| **Total increase in net assets** | 13600797 | 25009885  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 127682475 | 102672590  |
| &nbsp;&nbsp;&nbsp; End of year | $141283272 | $127682475  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 944649 | 1512024  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 557606 | 258776  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1164542) | (1435294)  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 337713 | 335506 |

---

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

8<br>

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

**First Sentier American Listed Infrastructure Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM:**<br>|  |  |
| **OPERATIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $72722 | $70323  |
| &nbsp;&nbsp;&nbsp; Net realized gain on transactions from:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 273616 | 143130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 69 | 155  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (148697) | 555417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 1 | 9  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 197711 | 769034  |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders | (206460) | (80594)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (206460) | (80594)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 174949 | 400644  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued in reinvestment of dividends | 153548 | 65880  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (30) | (54422)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 328467 | 412102  |
| **Total increase in net assets** | 319718 | 1100542  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3642898 | 2542356  |
| &nbsp;&nbsp;&nbsp; End of year | $3962616 | $3642898  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16915 | 37925  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of dividends | 15039 | 7256  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3) | (5915)  |
| &nbsp;&nbsp;&nbsp; **Net increase in shares outstanding** | 31951 | 39266 |

---

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

9<br>

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

**First Sentier Global Listed Infrastructure Fund** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net asset value, beginning of year | $11.66 | $9.67 | $10.49 | $11.93 | $10.24  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income | 0.26 | 0.29 | 0.24 | 0.19 | 0.19  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency | 1.17 | 1.96 | (0.55) | (0.90) | 1.77  |
| **Total from investment operations** | 1.43 | 2.25 | (0.31) | (0.71) | 1.96  |
| **Less dividends and distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.28) | (0.26) | (0.18) | (0.21) | (0.13)  |
| Distributions from net realized gains | (0.29) |  | (0.33) | (0.52) | (0.14)  |
| **Total dividends and distributions** | (0.57) | (0.26) | (0.51) | (0.73) | (0.27)  |
| **Net asset value, end of year** | $12.52 | $11.66 | $9.67 | $10.49 | $11.93  |
| Total return | 12.95% | 23.64% | -3.51% | -6.30% | 19.36%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $141283 | $127682 | $102673 | $76782 | $70588  |
| Ratio of net expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | 1.15% | 1.13% | 1.17% | 1.24% | 1.30%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 0.95% | 0.95% | 0.95% | 0.95% | 0.95%  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | 2.03% | 2.39% | 2.15% | 1.49% | 1.34%  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 2.23% | 2.57% | 2.37% | 1.78% | 1.69%  |
| Portfolio turnover rate | 70.19% | 64.63% | 41.43% | 43.81% | 56.09% |

---

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

10<br>

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

**First Sentier American Listed Infrastructure Fund** 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **December 29,** <br>**2020\* through** <br>**October 31, 2021**  |
|  | **2025** | **2024** | **2023** | **2022**  | **December 29,** <br>**2020\* through** <br>**October 31, 2021**  |
| Net asset value, beginning of period | $10.81 | $8.54 | $10.95 | $12.12 | &nbsp;&nbsp;&nbsp; $10.00  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income | 0.20 | 0.21 | 0.18 | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
|  Net realized and unrealized gain/(loss) on investments and foreign currency | 0.34 | 2.33 | (0.69) | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;2.03  |
| **Total from investment operations** | 0.54 | 2.54 | (0.51) | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;2.12  |
| **Less dividends and distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.21) | (0.19) | (0.24) | (0.14) | &nbsp;&nbsp;&nbsp; —  |
| Distributions from net realized gains | (0.40) | (0.08) | (1.66) | (0.56) | &nbsp;&nbsp;&nbsp; —  |
| **Total dividends and distributions** | (0.61) | (0.27) | (1.90) | (0.70) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $10.74 | $10.81 | $8.54 | $10.95 | &nbsp;&nbsp;&nbsp; $12.12  |
| Total return | 5.31% | 30.35% | -6.83% | -4.23% | &nbsp;&nbsp;&nbsp; 21.20% <sup>+</sup>  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of period (thousands) | $3963 | $3643 | $2542 | $2173 | &nbsp;&nbsp;&nbsp; $5469  |
| Ratio of net expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | 7.93% | 8.80% | 10.15% | 6.67% | &nbsp;&nbsp;&nbsp; 6.45% <sup>++</sup>  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 0.75% | 0.75% | 0.75% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75% <sup>++</sup>  |
|  Ratio of net investment income/(loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursement | (5.22%) | (5.68%) | (7.37%) | (4.44%) | &nbsp;&nbsp;&nbsp; (4.36%) <sup>++</sup>  |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursement | 1.96% | 2.37% | 2.03% | 1.48% | &nbsp;&nbsp;&nbsp; 1.34% <sup>++</sup>  |
| Portfolio turnover rate | 74.81% | 82.30% | 78.02% | 73.76% | &nbsp;&nbsp;&nbsp; 58.21% <sup>+</sup> |

---

<sup>+</sup> Not annualized.

<sup>++</sup> Annualized.

<sup>\*</sup> Commencement of operations.

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

11<br>

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**at October 31, 2025** 

**NOTE 1 – ORGANIZATION** 

The First Sentier Global Listed Infrastructure Fund (the "Global Listed Fund") and the First Sentier American Listed Infrastructure Fund (the "American Listed Fund"), (each, a "Fund" and collectively, the "Funds") are each a series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, (the "1940 Act") as an open-end management investment company. The Global Listed Fund is diversified and the American Listed Fund is non-diversified. The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The investment objective of the Global Listed Fund and the American Listed Fund is to seek to achieve growth of capital and inflation-protected income. The Global Listed Fund and the American Listed Fund currently offer Class I shares. The Global Listed Fund's Class I shares commenced operations on February 28, 2017. The American Listed Fund's Class I shares commenced operations on December 29, 2020.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

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

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

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

The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their Federal tax treatment.

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

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

12<br>

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

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

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

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

For the year ended October 31, 2025, the Funds made the following permanent tax adjustments on the statements of assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | **Total** <br>**Distributable** <br>**Earnings**  | **Paid-in** <br>**Capital**  |
| Global Listed Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $—  |
| American Listed Fund  | &nbsp;&nbsp;&nbsp;&nbsp;(121) | 121 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;H. *Events Subsequent to the Fiscal Year 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. Effective November 3, 2025, the Funds reorganized
 (the "Reorganization") out of the Trust into new series of Datum One Series Trust.

13<br>

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

**NOTE 3 – SECURITIES VALUATION** 

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

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

---

| | |
|:---|:---|
| Level 2 –<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 each Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

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

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

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

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

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

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

14<br>

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

The Board of Trustees (the "Board") has adopted a valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating each Fund's net asset value ("NAV"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the 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 Funds' securities as of October 31, 2025:

**Global Listed Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $85666924 | $47335383 | $— | $133002307  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 6089822 |  |  | 6089822  |
| **Total Assets** | $91756746 | $47335383 | $— | $139092129 |

---

**American Listed Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3460074 | $— | $— | $3460074  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 405165 |  |  | 405165  |
| **Total Assets** | $3865239 | $— | $— | $3865239 |

---

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

The Trust Rule 18f-4 Compliance Policy ("Trust Policy") governs the use of derivatives by the Funds. The Trust Policy imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework currently used by a fund to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Each Fund is considered a limited derivatives user under the Trust Policy and therefore, is required to limit its derivatives exposure to no more than 10% of each Fund's net assets. For the year ended October 31, 2025, the Funds did not enter into derivatives transactions.

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and for interim periods within those fiscal years, with early adoption permitted. Management has determined that there was no significant impact of these amendments on the Funds' financial statements.

15<br>

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. 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 Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Managing Director Americas of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

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

The Adviser provides the Funds with investment management services under an investment advisory agreement. The Adviser furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Funds. As compensation for its services, each Fund pays the Adviser a monthly management fee. The Funds each pay fees calculated at an annual rate of 0.75% of the Fund's average daily net assets. The Adviser has delegated the day-to-day investment management of the Funds to First Sentier Investors (Australia) IM Ltd (the "Sub-Adviser"). The Sub-Adviser is compensated by the Adviser from the management fees paid to the Adviser. The sub-advisory fee to be received by the Sub-Adviser is 0.75% of average daily net assets. The percentage of compensation the Sub-Adviser receives from the Adviser is subject to adjustment according to the Adviser's transfer pricing methodology and therefore is subject to change. For the year ended October 31, 2025, the Global Listed Fund and the American Listed Fund incurred advisory fees of $1,002,754 and $27,852, respectively.

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

---

| | |
|:---|:---|
| Global Listed Fund | 0.85%  |
| American Listed Fund | 0.75% |

---

Any such reduction made by the Adviser in its fees or payment of expenses which are a Fund's obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon Board of Trustees review and approval. Such reimbursement may not be paid prior to the Funds' payment of current ordinary operating expenses. For the year ended October 31, 2025, the Adviser reduced its fees in the amount of $268,630 and $266,499 in the Global Listed Fund and the American Listed Fund, respectively.

16<br>

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

No amounts were recouped by the Adviser. The expense limitation will remain in effect through at least February 27, 2026 and may be terminated only by the Trust's Board of Trustees. The Adviser may recapture portions of the amounts shown below no later than the corresponding dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **10/31/2026**  | **10/31/2027** | **10/31/2028** | **Total**  |
| Global Listed Fund | $213175 | $208447 | $268630 | $690252  |
| American Listed Fund | 236102 | 239112 | 266499 | 741713 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Funds. The Custodian is an affiliate of Fund Services. Fund Services maintains the Funds' books and records, calculates the Funds' NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust, including the Chief Compliance Officer, are employees of Fund Services. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the year ended October 31, 2025 are disclosed in the statements of operations.

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

**NOTE 5 – SHAREHOLDER SERVICING FEE** 

The Funds have entered into a shareholder servicing agreement (the "Agreement") with the Adviser, under which the Funds may pay servicing fees at an annual rate of up to 0.10% of each Funds' average daily net assets. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds. The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request. The shareholder servicing fees accrued by the Global Listed Fund for the year ended October 31, 2025 are disclosed in the statements of operations.

**NOTE 6 – LINE OF CREDIT** 

For the period November 1, 2024 through October 22, 2025, the Global Listed Fund had a secured line of credit in the amount of $5,000,000. The line of credit was terminated on October 22, 2025. Borrowing on the line of credit was limited to the lower of 15% of portfolio market value or 33.33% of unencumbered assets. This line of credit was intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The credit facility was with the Fund's custodian, U.S. Bank N.A. During the period November 1, 2024 through October 22, 2025, the Fund did not draw on its line of credit.

**NOTE 7 – PURCHASES AND SALES OF SECURITIES** 

For the year ended October 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost of Purchases**  | **Proceeds from Sales**  |
| Global Listed Fund  | &nbsp;&nbsp; $92403078  | &nbsp;&nbsp;&nbsp; $94108758  |
| American Listed Fund  | &nbsp;&nbsp; 2922036 | &nbsp;&nbsp;&nbsp; 2753664 |

---

The Funds had no purchases or sales of U.S. government securities during the year ended October 31, 2025.

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

The tax character of distributions paid by the Funds during the year ended October 31, 2025 and the year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Global Listed Fund** | **October 31, 2025** | **October 31, 2024**  |
| Ordinary income  | &nbsp;&nbsp; $3687257  | &nbsp;&nbsp; $2689587  |
| Long-term capital gains  | &nbsp;&nbsp; 2538514  | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **American Listed Fund** | **October 31, 2025** | **October 31, 2024** |
| Ordinary income  | &nbsp;&nbsp;&nbsp; $160973 | &nbsp;&nbsp;&nbsp;&nbsp; $55334  |
| Long-term capital gains  | &nbsp;&nbsp;&nbsp; 45487 | &nbsp;&nbsp;&nbsp;&nbsp; 25260 |

---

As of October 31, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Global Listed** <br>**Fund** | **American Listed** <br>**Fund**  |
| Cost of investments<sup>(a)</sup> | $127607002 | &nbsp;&nbsp; $3751767  |
| Gross unrealized appreciation | $17702539 | &nbsp;&nbsp; $386034  |
| Gross unrealized depreciation | (6217412) | &nbsp;&nbsp; (272562)  |
| Net unrealized appreciation<sup>(a)</sup> | 11485127 | &nbsp;&nbsp; 113472  |
| Net unrealized appreciation on foreign currency | 3014  | &nbsp;&nbsp; —  |
| Undistributed ordinary income | 3425094 | &nbsp;&nbsp; 107701  |
| Undistributed long-term capital gain | 6095536  | &nbsp;&nbsp; 212651  |
| Total distributable earnings | 9520630 | &nbsp;&nbsp; 320352  |
| Other accumulated earnings/(losses) |  | &nbsp;&nbsp; —  |
| Total accumulated earnings/(losses) | $21008771 | &nbsp;&nbsp; $433824 |

---

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

**NOTE 9 – PRINCIPAL RISKS** 

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

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

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**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• *Infrastructure Companies Risk (Both Funds).* Infrastructure companies may be subject to a variety of factors that may adversely affect their business
 or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental
 and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties
 concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Some of the specific
 risks that infrastructure companies may be particularly affected by, or subject to, include the following: regulatory risk, technology
 risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer
 risk, interest rate risk, inflation risk and financing risk.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Limited Partnership and MLP Risk (Global Listed Fund)*. Investments in securities (units) of partnerships, including MLPs, involve risks that
 differ from an investment in common stock. Holders of the units of limited partnerships have more limited control and limited
 rights to vote on matters affecting the partnership. Certain tax risks are associated with an investment in units of limited
 partnerships. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general
 partner of a limited partnership,

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**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

including a conflict arising as a result of incentive distribution payments. In addition, investments in certain investment vehicles, such as limited partnerships and MLPs, may be illiquid. Such partnership investments may also not provide daily pricing information to their investors, which will require the Fund to employ fair value procedures to value its holdings in such investments.

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

**NOTE 10 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. The following table reflects shareholders that maintain accounts of more than 25% of the voting securities of a Fund as of October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| Global Listed Fund  | Capinco, c/o U.S. Bank N.A. | &nbsp;&nbsp;&nbsp; 97.89%  |
| American Listed Fund  | Randy Paas IRA, c/o U.S. Bank N.A.  | &nbsp;&nbsp;&nbsp; 61.49% |
|  | Reliance Trust Co., Maril & Co. | &nbsp;&nbsp;&nbsp; 27.99% |

---

**NOTE 11 – REPORT OF THE SPECIAL SHAREHOLDER MEETING (Unaudited)** 

At the recommendation of the Adviser of the Global Listed Fund and the American Listed Fund (the "Acquired Funds"), the Board approved an Agreement and Plan of Reorganization whereby the Acquired Funds reorganized out of the Trust and into a corresponding series of Datum One Series Trust that was newly created specifically for such reorganization.

A Special Meeting of shareholders of the First Sentier Global Listed Infrastructure Fund and the First Sentier American Listed Infrastructure Fund took place on October 8, 2025, to approve one proposal:

&nbsp;&nbsp;&nbsp;&nbsp;• PROPOSAL 1 - First Sentier Global Listed Infrastructure
 Fund – To approve the Agreement and Plan of Reorganization by and among the Trust, on behalf of the First Sentier Global Listed
 Infrastructure Fund, and the Trust, on behalf of the First Sentier Global Listed Infrastructure Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• PROPOSAL 1 – First Sentier American Listed
 Infrastructure Fund – To approve the Agreement and Plan of Reorganization between the Trust, on behalf of the First Sentier American
 Listed Infrastructure Fund, and the Trust, on behalf of the First Sentier American Listed Infrastructure Fund.

All Fund shareholders of record at the close of business on July 31, 2025 (the "Record Date"), were entitled to vote. As of the Record Date, the First Sentier Global Listed Infrastructure Fund had 11,399,909 shares outstanding, and the First Sentier American Listed Infrastructure Fund had 367,114 shares outstanding. For the First Sentier Global Listed Infrastructure Fund, 10,446,439 shares entitled to vote were present in person or by proxy, and for the First Sentier American Listed Infrastructure Fund, 346,365 shares entitled to vote were present in person or by proxy.

With respect to PROPOSAL 1 - First Sentier Global Listed Infrastructure Fund, for the First Sentier Global Listed Infrastructure Fund, of the 10,446,439 shares present in person or by proxy, 10,446,439 shares or 100% voted in favor. There were no shares voting against or abstaining.

With respect to PROPOSAL 1 – First Sentier American Listed Infrastructure Fund, for the First Sentier American Listed Infrastructure Fund, of the 346,365 shares present in person or by proxy, 346,365 shares or 100% voted in favor. There were no shares voting against or abstaining.

Accordingly, both PROPOSAL 1 – First Sentier Global Listed Infrastructure Fund and PROPOSAL 1 – First Sentier American Listed Infrastructure Fund were approved.

20<br>

------

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

**First Sentier Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

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

**NOTE 12 – OTHER TAX INFORMATION**

The Funds have declared distributions to be paid, on December 19, 2025, to shareholders of record on December 18, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Long-Term** <br>**Capital Gain**  | **Short-Term** <br>**Capital Gain**  | **Income** |
| Global Listed Fund  | $0.551037  | $0.101323 | $0.267339  |
| American Listed Fund  | $0.576292 | $0.137982 | $0.212965 |

---

21<br>

------

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

**FIRST SENTIER FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees** 

**Advisors Series Trust and** 

**Shareholders of** 

**First Sentier Global Listed Infrastructure Fund** 

**First Sentier American Listed Infrastructure Fund** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of First Sentier Global Listed Infrastructure Fund and First Sentier American Listed Infrastructure Fund (the "Funds"), each a series of Advisors Series Trust (the "Trust"), including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Constituting** <br>**First Sentier Funds**  | **Statement of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
| First Sentier Global Listed Infrastructure Fund  | For the year ended October 31, 2025  | For each of the two years in the period ended October 31, 2025  | For each of the five years in the period ended October 31, 2025  |
| First Sentier American Listed Infrastructure Fund  | For the year ended October 31, 2025  | For each of the two years in the period ended October 31, 2025  | For each of the four years in the period ended October 31, 2025 and for the period December 29, 2020 (commencement of operations) to October 31, 2021. |

---

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img_sign.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**December 29, 2025** 

22<br>

------

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

**First Sentier Funds** 

**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.** 

Refer to information provided within financial statements.

**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 agreement was not approved during the past six months.

23<br>

(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>**

See Item 7(a).

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

See Item 7(a).

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

Not applicable as the investment advisory agreement was not approved during the past six months.

**<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 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

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

**<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.* Filed herewith.](fscfs-efp20880_ex99code.htm)

&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.](fscfs-efp20880_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.](fscfs-efp20880_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Advisors
 Series Trust

---

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

---

Date <u>01/06/26</u>

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

---

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

---

Date <u>01/06/26</u>

---

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

---

Date <u>01/06/26</u>

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

## Ex-99.Code

**EX.99.CODE ETH**

**<u>Exhibit A</u>**

**ADVISORS SERIES TRUST**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

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

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

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

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

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

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

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

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

disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

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

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

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

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

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

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

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

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

## Ex-99.Cert

**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: | 01/06/26 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer |
|  |  | Advisors Series Trust |

---

**<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: | 01/06/26 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden<br>Vice President/Treasurer/Principal Financial Officer |
|  |  | Advisors Series Trust |

---

## 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 year 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 | Vice President/Treasurer/Principal Financial Officer |
| Advisors Series Trust | Advisors Series Trust |

---

Dated: <u>01/06/26</u> Dated: <u>01/06/26</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.