# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001133228-25-007148
**Filing Date:** 2025-7
**Character Count:** 119671
**Document Hash:** 252b5cf5fe3cc80601fd41af286b779b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007148.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001133228-25-007148

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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:** 251108619

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

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

## Series and Classes Contracts Data

### Reverb ETF (Series ID: S000076891)

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

?xml version='1.0' encoding='ASCII'? 2025-05-06191776_ReverbETF_TF_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)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

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

**Advisors Series Trust**

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

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

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

(Name and address of agent for service)

**<u>(626) 914-7363</u>**

(Registrant's telephone number, including area code)

Date of fiscal year end: **<u>April 30, 2025</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202412201851516.jpg) | **Reverb ETF**  | ![image](i202501141818389.jpg) |
| ![image](i202412201851516.jpg) | RVRB (Principal U.S. Listing Exchange: CBOE) | ![image](i202501141818389.jpg) |
| ![image](i202412201851516.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202501141818389.jpg) |

---

This annual shareholder report contains important information about the Reverb ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://reverb-etf.com/. You can also request this information by contacting us at 1-800-617-0004.

**Other Material Fund Changes:**

Effective 3/20/2025, the Reverb ETF Fund changed the frequency of the Fund's distributions from annual to quarterly.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Reverb ETF | $32 | 0.30% |

---

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

- The Reverb ETF (RVRB) continues to follow a unique strategy with uniquely motivated sentiment data driving active over- and under-weight positions from market cap baselines.

- From 5/1/2025 to 4/30/2025, we outperformed our benchmark, returning 12.25% at NAV versus 12.10% for the S&P500 TR.

- This difference in performance was driven largely by slight deviations in holding weights of major tech stocks, as determined by our proprietary company-ratings data and signal-generating algorithm. In most cases, these signals led to both over-weights and under-weights in MAG7 stocks at different points in the year.

- Looking ahead, we are eager to increase the volume and coverage of our ratings data.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | UnitedHealth Group, Inc. |
| ↑ | Philip Morris International, Inc. |
| ↑ | The Coca-Cola Company |
| ↑ | Palantir Technologies, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Tesla, Inc. |
| ↓ | Apple, Inc. |
| ↓ | NVIDIA Corp. |
| ↓ | Berkshire Hathaway, Inc. |

---

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

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Reverb ETF PAGE 1 TSR-AR-00770X253

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4180img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/03/2022)** |
| **Reverb ETF NAV**  | 12.25 | 19.33 |
| **S&P 500 TR Index**  | 12.10 | 19.41 |

---

Visit https://reverb-etf.com/ 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 April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4340145 |
| **Number of Holdings** | 475 |
| **Net Advisory Fee** | $13299 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | 1.11% |
| **30-Day SEC Yield Unsubsidized** | 1.11% |

---

Visit https://reverb-etf.com/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Apple, Inc.  | 6.7% |
|  Microsoft Corp.  | 6.3% |
|  NVIDIA Corp.  | 4.9% |
|  Amazon.com, Inc.  | 4.3% |
|  Alphabet, Inc.  | 4.0% |
|  Meta Platforms, Inc.  | 2.2% |
|  Broadcom, Inc.  | 1.6% |
|  Tesla, Inc.  | 1.6% |
|  Walmart, Inc.  | 1.5% |
|  Eli Lilly & Co.  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Manufacturing  | 37.6% |
|  Information  | 15.2% |
|  Finance and Insurance  | 12.5% |
|  Retail Trade  | 9.4% |
|  Professional, Scientific, and Technical Services  | 7.5% |
|  Administrative and Support and Waste Management and Remediation Services  | 4.7% |
|  Utilities  | 2.6% |
|  Mining, Quarrying, and Oil and Gas Extraction  | 2.4% |
|  Transportation and Warehousing  | 1.9% |
|  Cash & Other  | 6.2% |

---

\* Expressed as a percentage of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://reverb-etf.com/.

Reverb ETF PAGE 2 TSR-AR-00770X253

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distribution Cognizant documents not be householded, please contact Distribution Cognizant at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distribution Cognizant or your financial intermediary.

Reverb ETF PAGE 3 TSR-AR-00770X253

------

(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 4/30/2025 | FYE 4/30/2024 |
| (a) Audit Fees | $17500 | $17400 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3600 | $3600 |
| (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 4/30/2025 | FYE 4/30/2024 |
| 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 4/30/2025</u> <u>FYE 4/30/2024</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>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act")
and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act, which consists
of all the Independent Trustees.

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

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

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

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

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

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

**Reverb ETF** 

Core Financial Statements

April 30, 2025

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [10](#tsal) |
| [Statement of Operations](#tsop) | [11](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [12](#tscna) |
| [Financial Highlights](#tfihi) | [13](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [14](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [22](#report) |
| [Additional Information](#tadd) | [23](#tadd) |

---

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%**<br>|  |  |
|  **Accounting Tax Preparation Bookkeeping and Payroll Services - 0.1%**<br>|  |  |
| Paychex, Inc. | 30 | $4414  |
|  **Advertising Public Relations and Related Services - 0.2%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 27 | 7271  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 39 | 2092  |
|  |  | 9363  |
|  **Aerospace Product and Parts Manufacturing - 1.2%**<br>|  |  |
| Boeing Co.<sup>(a)</sup> | 48 | 8796  |
| HEICO Corp. - Class A | 12 | 2411  |
| Honeywell International, Inc. | 42 | 8841  |
| Lockheed Martin Corp. | 21 | 10033  |
| RTX Corp. | 117 | 14757  |
| TransDigm Group, Inc. | 6 | 8478  |
|  |  | 53316  |
|  **Agencies Brokerages and Other Insurance Related Activities - 0.6%**<br>|  |  |
| Aon PLC - Class A | 18 | 6386  |
| Arthur J Gallagher & Co. | 18 | 5773  |
| Brown & Brown, Inc. | 24 | 2654  |
| Marsh & McLennan Cos., Inc. | 42 | 9470  |
| Willis Towers Watson PLC | 9 | 2770  |
|  |  | 27053  |
|  **Agriculture Construction and Mining Machinery - 0.6%**<br>|  |  |
| Caterpillar, Inc. | 42 | 12989  |
| Deere & Co. | 24 | 11126  |
|  |  | 24115  |
|  **Alumina and Aluminum Production and Processing - 0.1%**<br>|  |  |
| Howmet Aerospace, Inc. | 36 | 4989  |
| **Animal Slaughtering and Processing - 0.1%**<br>|  |  |
| Hormel Foods Corp. | 45 | 1345  |
| Tyson Foods, Inc. - Class A | 24 | 1470  |
|  |  | 2815  |
|  **Architectural and Structural Metals Manufacturing - 0.1%**<br>|  |  |
| Nucor Corp. | 21 | 2507  |
|  **Architectural Engineering and Related Services - 0.1%**<br>|  |  |
| Jacobs Solutions, Inc. | 12 | 1486  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 3 | 1398  |
|  |  | 2884  |
|  **Automotive Parts Accessories and Tire Stores - 0.2%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 6 | 8491  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Basic Chemical Manufacturing - 0.4%**<br>|  |  |
| International Flavors & Fragrances, Inc. | 21 | $1648  |
| Linde PLC | 39 | 17676  |
|  |  | 19324  |
| **Beverage Manufacturing - 1.4%**<br>|  |  |
| Brown-Forman Corp. - Class B | 39 | 1359  |
| Coca-Cola Co. | 375 | 27206  |
| Coca-Cola Europacific Partners PLC | 39 | 3539  |
| Constellation Brands, Inc. - Class A | 15 | 2813  |
| Keurig Dr Pepper, Inc. | 111 | 3839  |
| Monster Beverage Corp.<sup>(a)</sup> | 84 | 5050  |
| PepsiCo, Inc. | 120 | 16270  |
|  |  | 60076  |
|  **Boiler Tank and Shipping Container Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| Ball Corp. | 27 | 1402  |
| **Building Equipment Contractors - 0.1%**<br>|  |  |
| Quanta Services, Inc. | 12 | 3512  |
| &nbsp;&nbsp;&nbsp; **Building Material and Supplies** <br>**Dealers - 1.0%**<br>|  |  |
| Home Depot, Inc. | 87 | 31363  |
| Lowe's Cos., Inc. | 48 | 10731  |
|  |  | 42094  |
| **Business Support Services - 3.3%**<br>|  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 18 | 3652  |
| Corpay, Inc.<sup>(a)</sup> | 6 | 1952  |
| Equifax, Inc. | 9 | 2341  |
| Fair Isaac Corp.<sup>(a)</sup> | 3 | 5969  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br>Inc. | 45 | 3550  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 21 | 2781  |
| Mastercard, Inc. - Class A | 78 | 42749  |
| Moody's Corp. | 15 | 6797  |
| MSCI, Inc. | 6 | 3271  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 333 | 4139  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 87 | 5728  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 54 | 3621  |
| Visa, Inc. - Class A | 168 | 58044  |
|  |  | 144594  |
|  **Cable and Other Subscription Programming - 0.3%**<br>|  |  |
| Comcast Corp. - Class A | 315 | 10773  |
|  Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 21 | 1862  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 207 | 1795  |
|  |  | 14430  |
|  **Cement and Concrete Product Manufacturing - 0.1%**<br>|  |  |
| CRH PLC | 60 | 5725  |

---

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

1<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Chemical and Allied Products Merchant Wholesalers - 0.0%<sup>(b)</sup>**<br>|  |  |
| LyondellBasell Industries NV - Class A | 27 | $1572  |
| **Clothing Stores - 0.7%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 12 | 4703  |
| KKR & Co., Inc. | 75 | 8570  |
| Ross Stores, Inc. | 27 | 3753  |
| TJX Cos., Inc. | 96 | 12353  |
|  |  | 29379  |
|  **Commercial and Industrial Machinery and Equipment - 0.1%**<br>|  |  |
| AerCap Holdings NV | 18 | 1908  |
| United Rentals, Inc. | 6 | 3789  |
|  |  | 5697  |
|  **Commercial and Service Industry Machinery Manufacturing - 0.2%**<br>|  |  |
| KLA Corp. | 12 | 8432  |
|  **Communications Equipment Manufacturing - 7.2%**<br>|  |  |
| Apple, Inc. | 1362 | 289425  |
| MongoDB, Inc.<sup>(a)</sup> | 6 | 1033  |
| Motorola Solutions, Inc. | 15 | 6606  |
| QUALCOMM, Inc. | 90 | 13361  |
|  |  | 310425  |
|  **Computer and Peripheral Equipment Manufacturing - 1.5%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 108 | 8885  |
| Cisco Systems, Inc. | 333 | 19224  |
| Dell Technologies, Inc. - Class C | 33 | 3028  |
| Fortinet, Inc.<sup>(a)</sup> | 66 | 6848  |
| HP, Inc. | 81 | 2071  |
| International Business Machines Corp. | 81 | 19588  |
| NetApp, Inc. | 18 | 1616  |
| Sandisk Corp./DE<sup>(a)</sup> | 9 | 289  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 51 | 1625  |
| Western Digital Corp.<sup>(a)</sup> | 27 | 1184  |
|  |  | 64358  |
|  **Computer Systems Design and Related Services - 5.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 1080 | 171504  |
| CDW Corp. | 12 | 1927  |
| CGI, Inc. | 18 | 1909  |
|  Cognizant Technology Solutions Corp. - Class A | 42 | 3090  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 12 | 2260  |
| Leidos Holdings, Inc. | 12 | 1766  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 189 | 22385  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 54 | 10094  |
| Seagate Technology Holdings PLC | 18 | 1639  |
| ServiceNow, Inc.<sup>(a)</sup> | 18 | 17190  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 27 | $4306  |
| Workday, Inc. - Class A<sup>(a)</sup> | 18 | 4410  |
| Zscaler, Inc.<sup>(a)</sup> | 12 | 2714  |
|  |  | 245194  |
| **Consumer Goods Rental - 0.9%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 36 | 40742  |
| **Converted Paper Product Manufacturing - 0.1%**<br>|  |  |
| Avery Dennison Corp. | 3 | 513  |
| Kimberly-Clark Corp. | 30 | 3954  |
|  |  | 4467  |
| **Couriers and Express Delivery Services - 0.2%**<br>|  |  |
| FedEx Corp. | 21 | 4417  |
| United Parcel Service, Inc. - Class B | 66 | 6290  |
|  |  | 10707  |
| **Cut and Sew Apparel Manufacturing - 0.1%**<br>|  |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 9 | 2437  |
| **Dairy Product Manufacturing - 0.2%**<br>|  |  |
| Kraft Heinz Co. | 99 | 2881  |
| Mondelez International, Inc. - Class A | 114 | 7767  |
|  |  | 10648  |
|  **Data Processing Hosting and Related Services - 0.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 39 | 4755  |
| Automatic Data Processing, Inc. | 33 | 9920  |
| Broadridge Financial Solutions, Inc. | 9 | 2181  |
| FactSet Research Systems, Inc. | 3 | 1297  |
| Fiserv, Inc.<sup>(a)</sup> | 51 | 9413  |
| Verisk Analytics, Inc. | 12 | 3557  |
|  |  | 31123  |
| **Department Stores - 1.5%**<br>|  |  |
| Walmart, Inc. | 681 | 66227  |
| **Depository Credit Intermediation - 4.1%**<br>|  |  |
| Bank of America Corp. | 609 | 24287  |
| Bank of Montreal | 63 | 6015  |
| Bank of New York Mellon Corp. | 63 | 5066  |
| Bank of Nova Scotia | 105 | 5248  |
| Canadian Imperial Bank of Commerce | 81 | 5099  |
| Capital One Financial Corp. | 30 | 5408  |
| Citigroup, Inc. | 156 | 10667  |
| Deutsche Bank AG | 168 | 4403  |
| Discover Financial Services | 21 | 3836  |
| Fifth Third Bancorp | 15 | 539  |
| Huntington Bancshares, Inc. | 120 | 1744  |
| JPMorgan Chase & Co. | 228 | 55773  |
| M&T Bank Corp. | 15 | 2546  |
| Northern Trust Corp. | 18 | 1692  |
| PNC Financial Services Group, Inc. | 33 | 5303  |
| Regions Financial Corp. | 78 | 1592  |
| State Street Corp. | 24 | 2114  |

---

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

2<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Depository Credit Intermediation - (Continued)**  | **Depository Credit Intermediation - (Continued)**  | **Depository Credit Intermediation - (Continued)**  |
| Toronto-Dominion Bank | 144 | $9184  |
| Truist Financial Corp. | 108 | 4141  |
| US Bancorp | 126 | 5083  |
| Wells Fargo & Co. | 270 | 19173  |
|  |  | 178913  |
| **Direct Selling Establishments - 0.1%**<br>|  |  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 33 | 6365  |
| **Drinking Places (Alcoholic Beverages) - 0.2%**<br>|  |  |
| Cintas Corp. | 36 | 7620  |
|  **Drugs and Druggists' Sundries Merchant Wholesalers - 0.4%**<br>|  |  |
| Cardinal Health, Inc. | 21 | 2967  |
| Cencora, Inc. | 18 | 5268  |
| McKesson Corp. | 12 | 8554  |
|  |  | 16789  |
|  **Electric Power Generation, Transmission and Distribution - 2.0%**<br>|  |  |
| Ameren Corp. | 24 | 2382  |
| American Electric Power Co., Inc. | 45 | 4875  |
| CMS Energy Corp. | 24 | 1768  |
| Consolidated Edison, Inc. | 30 | 3382  |
| Constellation Energy Corp. | 27 | 6033  |
| DTE Energy Co. | 18 | 2466  |
| Duke Energy Corp. | 63 | 7687  |
| Entergy Corp. | 36 | 2994  |
| Exelon Corp. | 84 | 3940  |
| First Solar, Inc.<sup>(a)</sup> | 9 | 1132  |
| FirstEnergy Corp. | 48 | 2058  |
| GE Vernova, Inc. | 24 | 8900  |
| NextEra Energy, Inc. | 165 | 11035  |
| PG&E Corp. | 192 | 3172  |
| PPL Corp. | 63 | 2300  |
| Public Service Enterprise Group, Inc. | 42 | 3357  |
| Southern Co. | 93 | 8546  |
| Vistra Corp. | 30 | 3889  |
| WEC Energy Group, Inc. | 27 | 2957  |
| Xcel Energy, Inc. | 48 | 3394  |
|  |  | 86267  |
| **Electrical Equipment Manufacturing - 0.1%**<br>|  |  |
| Rockwell Automation, Inc. | 9 | 2229  |
|  **Electronic Shopping and Mail-Order Houses - 4.5%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1023 | 188662  |
| Coupang, Inc.<sup>(a)</sup> | 144 | 3365  |
| eBay, Inc. | 42 | 2863  |
|  |  | 194890  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Engine Turbine and Power Transmission Equipment - 0.5%**<br>|  |  |
| Cummins, Inc. | 12 | $3526  |
| General Electric Co. | 90 | 18139  |
|  |  | 21665  |
| **Fabric Mills - 0.0%<sup>(b)</sup>**<br>|  |  |
| Amer Sports, Inc.<sup>(a)</sup> | 12 | 291  |
| **Footwear Manufacturing - 0.1%**<br>|  |  |
| NIKE, Inc. - Class B | 114 | 6430  |
| **Freight Transportation Arrangement - 0.1%**<br>|  |  |
| JB Hunt Transport Services, Inc. | 9 | 1175  |
| Norfolk Southern Corp. | 18 | 4033  |
|  |  | 5208  |
| **General Freight Trucking - 0.1%**<br>|  |  |
| Old Dominion Freight Line, Inc. | 18 | 2759  |
| **General Medical and Surgical Hospitals - 0.2%**<br>|  |  |
| HCA Healthcare, Inc. | 21 | 7247  |
| **General Merchandise Stores - 1.0%**<br>|  |  |
| Costco Wholesale Corp. | 39 | 38786  |
| Target Corp. | 39 | 3771  |
|  |  | 42557  |
| **Glass and Glass Product Manufacturing - 0.1%**<br>|  |  |
| Corning, Inc. | 72 | 3195  |
| **Grain and Oilseed Milling - 0.1%**<br>|  |  |
| Archer-Daniels-Midland Co. | 39 | 1862  |
| Kellanova | 27 | 2235  |
|  |  | 4097  |
|  **Grocery and Related Product Wholesalers - 0.1%**<br>|  |  |
| Sysco Corp. | 42 | 2999  |
| **Grocery Stores - 0.1%**<br>|  |  |
| Kroger Co. | 60 | 4333  |
|  **Hardware and Plumbing and Heating Equipment - 0.0%<sup>(b)</sup>**<br>|  |  |
| Watsco, Inc. | 3 | 1380  |
| **Health and Personal Care Stores - 0.2%**<br>|  |  |
| CVS Health Corp. | 102 | 6804  |
| **Household Appliance Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| SharkNinja, Inc.<sup>(a)</sup> | 3 | 241  |

---

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

3<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
|  **Household Appliances and Electrical and Electronic Goods Merchant Wholesalers - 0.1%**<br>|  |  |
| TE Connectivity PLC | 27 | $3952  |
|  **Household Appliances Electrical Electronic Goods - 0.1%**<br>|  |  |
| Johnson Controls International PLC | 57 | 4782  |
| **Industrial Machinery Manufacturing - 0.2%**<br>|  |  |
| Applied Materials, Inc. | 69 | 10399  |
| **Insurance Carriers - 4.0%**<br>|  |  |
| Aflac, Inc. | 48 | 5217  |
| Allstate Corp. | 21 | 4166  |
| American International Group, Inc. | 54 | 4402  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 108 | 57591  |
| Centene Corp.<sup>(a)</sup> | 45 | 2693  |
| Chubb Ltd. | 33 | 9441  |
| Cigna Group | 24 | 8161  |
| Cincinnati Financial Corp. | 12 | 1671  |
| Corebridge Financial, Inc. | 48 | 1422  |
| Elevance Health, Inc. | 18 | 7571  |
| Hartford Insurance Group, Inc. | 24 | 2944  |
| Humana, Inc. | 9 | 2360  |
| Loews Corp. | 18 | 1563  |
| Manulife Financial Corp. | 150 | 4593  |
| MetLife, Inc. | 60 | 4522  |
| Principal Financial Group, Inc. | 21 | 1557  |
| Progressive Corp. | 48 | 13524  |
| Prudential Financial, Inc. | 30 | 3081  |
| Sun Life Financial, Inc. | 48 | 2858  |
| Travelers Cos., Inc. | 18 | 4754  |
| UnitedHealth Group, Inc. | 75 | 30858  |
|  |  | 174949  |
| **Internet Software & Services - 0.2%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 3 | 6993  |
| **Investigation and Security Services - 0.1%**<br>|  |  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 27 | 3261  |
|  **Iron and Steel Mills and Ferroalloy Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| ArcelorMittal SA | 66 | 1960  |
| &nbsp;&nbsp;&nbsp; **Lessors of Nonfinancial Intangible** <br>**Assets - 0.0%<sup>(b)</sup>**<br>|  |  |
| Restaurant Brands International, Inc. | 27 | 1739  |
|  **Machinery Equipment and Supplies Merchant Wholesalers - 0.3%**<br>|  |  |
| Fastenal Co. | 48 | 3886  |
| Ferguson Enterprises, Inc. | 18 | 3054  |
| WW Grainger, Inc. | 3 | 3073  |
|  |  | 10013  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Management of Companies and Enterprises - 0.5%**<br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 102 | $1871  |
| Citizens Financial Group, Inc. | 36 | 1328  |
| CNH Industrial NV | 27 | 313  |
| Koninklijke Philips NV<sup>(a)</sup> | 78 | 1977  |
| Royal Bank of Canada | 114 | 13666  |
| Smurfit WestRock PLC | 12 | 504  |
|  |  | 19659  |
|  **Management Scientific and Technical Consulting - 0.6%**<br>|  |  |
| Accenture PLC - Class A | 51 | 15257  |
| Booz Allen Hamilton Holding Corp. | 12 | 1440  |
| Eaton Corp. PLC | 33 | 9714  |
|  |  | 26411  |
|  **Medical Equipment and Supplies Manufacturing - 2.0%**<br>|  |  |
| 3M Co. | 45 | 6251  |
| Becton Dickinson and Co. | 24 | 4970  |
| Boston Scientific Corp.<sup>(a)</sup> | 126 | 12962  |
| Cooper Cos., Inc.<sup>(a)</sup> | 18 | 1470  |
| Dexcom, Inc.<sup>(a)</sup> | 33 | 2355  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 51 | 3850  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 30 | 15474  |
| Johnson & Johnson | 141 | 22040  |
| ResMed, Inc. | 12 | 2839  |
| Stryker Corp. | 30 | 11218  |
| Zimmer Biomet Holdings, Inc. | 18 | 1855  |
|  |  | 85284  |
| **Metal Ore Mining - 0.7%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 42 | 4938  |
| Barrick Gold Corp. | 147 | 2799  |
| Cameco Corp. | 36 | 1626  |
| Franco-Nevada Corp. | 15 | 2577  |
| Freeport-McMoRan, Inc. | 123 | 4432  |
| Newmont Corp. | 96 | 5057  |
| Southern Copper Corp. | 66 | 5908  |
| Wheaton Precious Metals Corp. | 39 | 3257  |
|  |  | 30594  |
| **Motion Picture and Video Industries - 0.1%**<br>|  |  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 15 | 3500  |
|  **Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers - 0.1%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 81 | 4943  |
| Genuine Parts Co. | 12 | 1411  |
|  |  | 6354  |
| **Motor Vehicle Manufacturing - 1.8%**<br>|  |  |
| Ford Motor Co. | 330 | 3303  |
| General Motors Co. | 93 | 4207  |

---

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

4<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Motor Vehicle Manufacturing - (Continued)**  | **Motor Vehicle Manufacturing - (Continued)**  | **Motor Vehicle Manufacturing - (Continued)**  |
| PACCAR, Inc. | 45 | $4060  |
| Tesla, Inc.<sup>(a)</sup> | 243 | 68565  |
|  |  | 80135  |
| **Natural Gas Distribution - 0.5%**<br>|  |  |
| Atmos Energy Corp. | 12 | 1928  |
| CenterPoint Energy, Inc. | 54 | 2094  |
| Cheniere Energy, Inc. | 21 | 4853  |
| Cheniere Energy Partners LP | 39 | 2292  |
| Eversource Energy | 30 | 1784  |
| Fortis, Inc. | 39 | 1931  |
| Kinder Morgan, Inc. | 189 | 4971  |
| Sempra Energy | 54 | 4011  |
|  |  | 23864  |
|  **Navigational Measuring Electromedical and Control Instruments Manufacturing - 1.7%**<br>|  |  |
| AMETEK, Inc. | 21 | 3561  |
| Danaher Corp. | 60 | 11960  |
| Fortive Corp. | 30 | 2091  |
| GE HealthCare Technologies, Inc. | 39 | 2743  |
| Hologic, Inc.<sup>(a)</sup> | 21 | 1222  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 6 | 2596  |
| Illumina, Inc.<sup>(a)</sup> | 12 | 931  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 15 | 2181  |
| L3Harris Technologies, Inc. | 15 | 3300  |
| Medtronic PLC | 108 | 9154  |
| Northrop Grumman Corp. | 12 | 5838  |
| Roper Technologies, Inc. | 9 | 5041  |
| Teradyne, Inc. | 15 | 1113  |
| Thermo Fisher Scientific, Inc. | 30 | 12870  |
| Trane Technologies PLC | 18 | 6900  |
| Waters Corp.<sup>(a)</sup> | 6 | 2086  |
|  |  | 73587  |
|  **Newspaper Periodical Book and Directory Publishers - 0.2%**<br>|  |  |
| Thomson Reuters Corp. | 39 | 7253  |
| **Non depository Credit Intermediation - 0.6%**<br>|  |  |
| American Express Co. | 60 | 15985  |
| UBS Group AG | 270 | 8162  |
|  |  | 24147  |
|  **Nonmetallic Mineral Mining and Quarrying - 0.1%**<br>|  |  |
| Martin Marietta Materials, Inc. | 6 | 3144  |
| Vulcan Materials Co. | 12 | 3148  |
|  |  | 6292  |
| **Nonresidential Building Construction - 0.1%**<br>|  |  |
| Stellantis NV | 246 | 2283  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Office Administrative Services - 0.1%**<br>|  |  |
| Baker Hughes Co. | 84 | $2974  |
| **Offices of Physicians - 0.0%<sup>(b)</sup>**<br>|  |  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 6 | 1962  |
| **Offices of Real Estate Agents and Brokers - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 24 | 2932  |
| **Oil and Gas Extraction - 0.5%**<br>|  |  |
| Canadian Natural Resources Ltd. | 90 | 2582  |
| Coterra Energy, Inc. | 63 | 1547  |
| Devon Energy Corp. | 54 | 1642  |
| Dominion Energy, Inc. | 69 | 3752  |
| EOG Resources, Inc. | 48 | 5296  |
| Expand Energy Corp. | 6 | 624  |
| Occidental Petroleum Corp. | 78 | 3074  |
| Tamboran Resources Corp.<sup>(a)</sup> | 87 | 1768  |
|  |  | 20285  |
|  **Other Fabricated Metal Product Manufacturing - 0.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 3 | 1840  |
| Emerson Electric Co. | 48 | 5045  |
|  |  | 6885  |
| **Other Financial Investment Activities - 1.8%**<br>|  |  |
| Ameriprise Financial, Inc. | 9 | 4239  |
| Apollo Global Management, Inc. | 48 | 6551  |
| Ares Management Corp. - Class A | 15 | 2288  |
| Blackrock, Inc. | 12 | 10971  |
| Blackstone, Inc. | 60 | 7903  |
| Brookfield Corp. | 129 | 6923  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 39 | 1298  |
| Ferrari NV | 15 | 6927  |
| Morgan Stanley | 135 | 15582  |
| S&P Global, Inc. | 27 | 13501  |
| T Rowe Price Group, Inc. | 18 | 1594  |
|  |  | 77777  |
| **Other Food Manufacturing - 0.1%**<br>|  |  |
| General Mills, Inc. | 45 | 2553  |
| McCormick & Co., Inc. | 21 | 1610  |
|  |  | 4163  |
|  **Other General Purpose Machinery Manufacturing - 0.4%**<br>|  |  |
| Illinois Tool Works, Inc. | 24 | 5758  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 3 | 3211  |
| Parker-Hannifin Corp. | 12 | 7261  |
| Xylem, Inc. | 21 | 2532  |
|  |  | 18762  |
| **Other Information Services - 2.3%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 33 | 2448  |
| Meta Platforms, Inc. - Class A | 174 | 95526  |

---

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

5<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Other Information Services - (Continued)**  | **Other Information Services - (Continued)**  | **Other Information Services - (Continued)**  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 54 | $1367  |
| VeriSign, Inc.<sup>(a)</sup> | 9 | 2539  |
|  |  | 101880  |
| **Other Investment Pools and Funds - 0.2%**<br>|  |  |
| Alcon AG | 42 | 4100  |
| Garmin Ltd. | 15 | 2803  |
|  |  | 6903  |
| **Other Miscellaneous Store Retailers - 0.1%**<br>|  |  |
| Tractor Supply Co. | 45 | 2278  |
|  **Other Professional Scientific and Technical Services - 0.1%**<br>|  |  |
| Gartner, Inc.<sup>(a)</sup> | 6 | 2527  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 15 | 2326  |
|  |  | 4853  |
| **Other Telecommunications - 0.4%**<br>|  |  |
| BCE, Inc. | 75 | 1669  |
| TELUS Corp. | 126 | 1938  |
| Verizon Communications, Inc. | 333 | 14672  |
|  |  | 18279  |
|  **Other Transit and Ground Passenger Transportation - 0.3%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 171 | 13853  |
|  **Paint Coating and Adhesive Manufacturing - 0.2%**<br>|  |  |
| PPG Industries, Inc. | 21 | 2286  |
| Sherwin-Williams Co. | 21 | 7411  |
|  |  | 9697  |
|  **Pesticide Fertilizer and Other Agricultural Chemical Manufacturing - 0.1%**<br>|  |  |
| NUTRIEN Ltd. | 42 | 2396  |
|  **Petroleum and Coal Products Manufacturing - 1.8%**<br>|  |  |
| Chevron Corp. | 150 | 20409  |
| Exxon Mobil Corp. | 390 | 41196  |
| Hess Corp. | 27 | 3484  |
| Marathon Petroleum Corp. | 27 | 3710  |
| Phillips 66 | 36 | 3746  |
| Suncor Energy, Inc. | 108 | 3811  |
| Valero Energy Corp. | 27 | 3135  |
|  |  | 79491  |
|  **Petroleum and Petroleum Products Merchant Wholesalers - 0.1%**<br>|  |  |
| Energy Transfer LP | 285 | 4714  |
|  **Pharmaceutical and Medicine Manufacturing - 4.5%**<br>|  |  |
| Abbott Laboratories | 141 | 18436  |
| AbbVie, Inc. | 144 | 28094  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 12 | $3159  |
| Amgen, Inc. | 45 | 13091  |
| Biogen, Inc.<sup>(a)</sup> | 12 | 1453  |
| Bristol-Myers Squibb Co. | 165 | 8283  |
| Eli Lilly & Co. | 72 | 64724  |
| Gilead Sciences, Inc. | 102 | 10867  |
| Merck & Co., Inc. | 165 | 14058  |
| Pfizer, Inc. | 456 | 11131  |
| Regeneron Pharmaceuticals, Inc. | 9 | 5389  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 21 | 10699  |
| West Pharmaceutical Services, Inc. | 6 | 1268  |
| Zoetis, Inc. | 39 | 6100  |
|  |  | 196752  |
| **Pipeline Transportation of Crude Oil - 0.2%**<br>|  |  |
| Enbridge, Inc. | 183 | 8544  |
| **Pipeline Transportation of Natural Gas - 0.4%**<br>|  |  |
| Enterprise Products Partners LP | 183 | 5472  |
| Pembina Pipeline Corp. | 48 | 1833  |
| TC Energy Corp. | 87 | 4386  |
| Williams Cos., Inc. | 102 | 5974  |
|  |  | 17665  |
| **Professional and Commercial Equipment - 0.1%**<br>|  |  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 48 | 1904  |
| STERIS PLC | 9 | 2022  |
|  |  | 3926  |
| **Radio and Television Broadcasting - 0.5%**<br>|  |  |
| Fox Corp. - Class B | 15 | 693  |
| Spotify Technology SA<sup>(a)</sup> | 15 | 9210  |
| Walt Disney Co. | 147 | 13370  |
|  |  | 23273  |
| **Rail Transportation - 0.5%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 78 | 5653  |
| CSX Corp. | 165 | 4631  |
| Union Pacific Corp. | 54 | 11646  |
|  |  | 21930  |
| **Railroad Rolling Stock Manufacturing - 0.1%**<br>|  |  |
|  Westinghouse Air Brake Technologies Corp. | 15 | 2771  |
| **Residential Building Construction - 0.2%**<br>|  |  |
| DR Horton, Inc. | 27 | 3411  |
| Lennar Corp. - Class B | 24 | 2481  |
| PulteGroup, Inc. | 18 | 1846  |
|  |  | 7738  |
|  **Resin Synthetic Rubber and Artificial Synthetic - 0.1%**<br>|  |  |
| Dow, Inc. | 60 | 1835  |
| DuPont de Nemours, Inc. | 36 | 2376  |
| Westlake Corp. | 12 | 1109  |
|  |  | 5320  |

---

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

6<br>

------

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Restaurants and Other Eating Places - 0.9%**<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 123 | $6214  |
| Darden Restaurants, Inc. | 9 | 1806  |
| McDonald's Corp. | 60 | 19179  |
| Starbucks Corp. | 90 | 7204  |
| Veralto Corp. | 21 | 2014  |
| Yum! Brands, Inc. | 24 | 3611  |
|  |  | 40028  |
| **Scheduled Air Transportation - 0.1%**<br>|  |  |
| Delta Air Lines, Inc. | 54 | 2248  |
| Southwest Airlines Co. | 54 | 1510  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 30 | 2064  |
|  |  | 5822  |
|  **Scientific Research and Development Services - 0.1%**<br>|  |  |
| MPLX LP | 87 | 4431  |
|  **Securities and Commodity Contracts Intermediation and Brokerage - 0.7%**<br>|  |  |
| Cboe Global Markets, Inc. | 3 | 665  |
| Charles Schwab Corp. | 117 | 9524  |
| Goldman Sachs Group, Inc. | 27 | 14784  |
| Raymond James Financial, Inc. | 18 | 2467  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 36 | 1768  |
| Tradeweb Markets, Inc. - Class A | 9 | 1244  |
|  |  | 30452  |
| **Securities and Commodity Exchanges - 0.3%**<br>|  |  |
| Intercontinental Exchange, Inc. | 48 | 8063  |
| Nasdaq, Inc. | 48 | 3658  |
|  |  | 11721  |
|  **Semiconductor and Other Electronic Component Manufacturing - 8.6%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 144 | 14018  |
| Amphenol Corp. - Class A | 102 | 7849  |
| Analog Devices, Inc. | 42 | 8187  |
| Astera Labs, Inc.<sup>(a)</sup> | 3 | 196  |
| Best Buy Co., Inc. | 18 | 1200  |
| Broadcom, Inc. | 363 | 69867  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 45 | 1578  |
| Intel Corp. | 345 | 6935  |
| Lam Research Corp. | 114 | 8170  |
| Marvell Technology, Inc. | 72 | 4203  |
| Microchip Technology, Inc. | 45 | 2074  |
| Micron Technology, Inc. | 93 | 7156  |
| Monolithic Power Systems, Inc. | 3 | 1779  |
| NVIDIA Corp. | 1962 | 213701  |
| NXP Semiconductors NV | 21 | 3871  |
| ON Semiconductor Corp.<sup>(a)</sup> | 36 | 1429  |
| Otis Worldwide Corp. | 33 | 3177  |
| STMicroelectronics NV | 75 | 1703  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Texas Instruments, Inc. | 75 | $12004  |
| Vertiv Holdings Co. - Class A | 30 | 2561  |
|  |  | 371658  |
| **Services to Buildings and Dwellings - 0.1%**<br>|  |  |
| Rollins, Inc. | 42 | 2399  |
|  **Soap Cleaning Compound and Toilet Preparation - 1.3%**<br>|  |  |
| Air Products and Chemicals, Inc. | 21 | 5693  |
| Church & Dwight Co., Inc. | 21 | 2086  |
| Clorox Co. | 9 | 1281  |
| Colgate-Palmolive Co. | 66 | 6085  |
| Ecolab, Inc. | 24 | 6034  |
| Estee Lauder Cos., Inc. - Class A | 21 | 1259  |
| Kenvue, Inc. | 171 | 4036  |
| Procter & Gamble Co. | 192 | 31213  |
|  |  | 57687  |
| **Software Publishers - 9.6%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 36 | 13499  |
| ANSYS, Inc.<sup>(a)</sup> | 6 | 1931  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 15 | 3425  |
| Autodesk, Inc.<sup>(a)</sup> | 18 | 4937  |
| Block, Inc.<sup>(a)</sup> | 51 | 2982  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 24 | 7146  |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies <br>Ltd.<sup>(a)</sup> | 9 | 1976  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 21 | 9006  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 27 | 2758  |
| Electronic Arts, Inc. | 21 | 3047  |
| Global Payments, Inc. | 21 | 1603  |
| Hewlett Packard Enterprise Co. | 111 | 1800  |
| HubSpot, Inc.<sup>(a)</sup> | 3 | 1835  |
| Intuit, Inc. | 24 | 15059  |
| Microsoft Corp. | 690 | 272729  |
| Oracle Corp. | 225 | 31662  |
| PTC, Inc.<sup>(a)</sup> | 9 | 1395  |
| Salesforce, Inc. | 78 | 20959  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 105 | 9975  |
| Synopsys, Inc.<sup>(a)</sup> | 12 | 5508  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 3 | 1630  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 12 | 2804  |
|  |  | 417666  |
| **Spectator Sports - 0.1%**<br>|  |  |
| Flutter Entertainment PLC<sup>(a)</sup> | 15 | 3615  |
|  **Sporting Goods Hobby and Musical Instrument Stores - 0.0%<sup>(b)</sup>**<br>|  |  |
| Dick's Sporting Goods, Inc. | 3 | 563  |
|  **Steel Product Manufacturing from Purchased Steel - 0.0%<sup>(b)</sup>**<br>|  |  |
| Steel Dynamics, Inc. | 12 | 1557  |

---

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

7<br>

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Sugar and Confectionery Product Manufacturing - 0.0%<sup>(b)</sup>**<br>|  |  |
| Hershey Co. | 12 | $2006  |
| **Support Activities for Crop Production - 0.1%**<br>|  |  |
| Corteva, Inc. | 57 | 3533  |
| **Support Activities for Mining - 0.4%**<br>|  |  |
| Cenovus Energy, Inc. | 153 | 1801  |
| ConocoPhillips | 102 | 9090  |
| Diamondback Energy, Inc. | 15 | 1980  |
| Halliburton Co. | 75 | 1486  |
| Targa Resources Corp. | 18 | 3076  |
| Teck Resources Ltd. - Class B | 42 | 1428  |
|  |  | 18861  |
| **Tobacco Manufacturing - 0.7%**<br>|  |  |
| Altria Group, Inc. | 144 | 8518  |
| Philip Morris International, Inc. | 126 | 21591  |
|  |  | 30109  |
|  **Travel Arrangement and Reservation Services - 0.5%**<br>|  |  |
| Booking Holdings, Inc. | 3 | 15298  |
| Expedia Group, Inc. | 12 | 1883  |
| Royal Caribbean Cruises Ltd. | 21 | 4513  |
|  |  | 21694  |
| **Traveler Accommodation - 0.3%**<br>|  |  |
| Hilton Worldwide Holdings, Inc. | 21 | 4735  |
| Las Vegas Sands Corp. | 63 | 2310  |
| Marriott International, Inc. - Class A | 24 | 5726  |
|  |  | 12771  |
|  **Ventilation Heating Air-Conditioning and Commercial Refrigeration Equipment Manufacturing - 0.2%**<br>|  |  |
| Carrier Global Corp. | 75 | 4690  |
| Dover Corp. | 12 | 2048  |
| Ingersoll Rand, Inc. | 33 | 2489  |
|  |  | 9227  |
| **Waste Treatment and Disposal - 0.4%**<br>|  |  |
| Republic Services, Inc. | 27 | 6770  |
| Waste Connections, Inc. | 21 | 4150  |
| Waste Management, Inc. | 33 | 7701  |
|  |  | 18621  |
| **Water Sewage and Other Systems - 0.1%**<br>|  |  |
| American Water Works Co., Inc. | 15 | 2205  |
|  **Wired and Wireless Telecommunications Carriers - 0.4%**<br>|  |  |
| AT&T, Inc. | 579 | 16038  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Wired Telecommunications Carriers - 0.6%**<br>|  |  |
| T-Mobile US, Inc. | 90 | $22225  |
|  Zoom Video Communications, Inc. - Class A<sup>(a)</sup> | 24 | 1861  |
|  |  | 24086  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,042,779)** |  | 4246955  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%**<br>|  |  |
| **Business Support Services - 0.0%<sup>(b)</sup>**<br>|  |  |
| Millrose Properties, Inc.<sup>(a)</sup> | 12 | 301  |
| **Lessors of Real Estate - 1.5%**<br>|  |  |
| American Tower Corp. | 39 | 8791  |
| AvalonBay Communities, Inc. | 12 | 2520  |
| Crown Castle, Inc. | 36 | 3807  |
| Digital Realty Trust, Inc. | 27 | 4334  |
| Equinix, Inc. | 9 | 7747  |
| Equity Residential | 30 | 2108  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br>Inc. | 9 | 1437  |
| Prologis, Inc. | 75 | 7665  |
| Public Storage | 15 | 4506  |
| Realty Income Corp. | 75 | 4339  |
| SBA Communications Corp. | 9 | 2191  |
| Simon Property Group, Inc. | 27 | 4249  |
| Ventas, Inc. | 33 | 2313  |
| VICI Properties, Inc. | 87 | 2786  |
| Welltower, Inc. | 51 | 7782  |
|  |  | 66575  |
| **Offices of Real Estate Agents and Brokers - 0.1%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 15 | 1090  |
| Invitation Homes, Inc. | 51 | 1744  |
|  |  | 2834  |
|  **Veneer Plywood and Engineered Wood Product Manufacturing - 0.1%**<br>|  |  |
| Weyerhaeuser Co. | 63 | 1632  |
| **Warehousing and Storage - 0.1%**<br>|  |  |
| Extra Space Storage, Inc. | 18 | 2637  |
| Iron Mountain, Inc. | 24 | 2152  |
|  |  | 4789  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $66,758)** |  | 76131  |

---

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

8<br>

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

**REVERB ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.4%**<br>|  |  |
| **Money Market Funds - 0.4%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.25%<sup>(c)</sup> | 15207 | $15207  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $15,207)** |  | 15207  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $3,124,744)** |  | 4338293  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(b)</sup> |  | 1852  |
| **TOTAL NET ASSETS - 100.0%** |  | $4340145 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

9<br>

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

**Reverb ETF** 

**Statement of Assets and Liabilities** 

**April 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $4338293  |
| Dividends receivable | 2637  |
| Dividend tax reclaims receivable | 196  |
| Interest receivable | 47  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4341173  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 1028  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1028  |
| **NET ASSETS** | $4340145  |
| **Net Assets Consist of:**<br>|  |
| Paid-in capital | $3128731  |
| Total distributable earnings | 1211414  |
| Total net assets | $4340145  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $4340145  |
| Shares issued and outstanding<sup>(a)</sup> | 150000  |
| **Net asset value per share** | $28.93  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $3124744 |

---

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

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

10<br>

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

**Reverb ETF** 

**STATEMENT OF OPERATIONS** 

**For the Year Ended April 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $57971  |
| Less: Dividend withholding taxes | (1211)  |
| Less: Issuance fees | (1)  |
| Interest income | 1008  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 57767  |
| **EXPENSES:**<br>|  |
| Management fee | 13299  |
| &nbsp;&nbsp;&nbsp; Total expenses | 13299  |
| **NET INVESTMENT INCOME** | 44468  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 2823  |
| Net realized gain (loss) | 2823  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 439396  |
| Net change in unrealized appreciation (depreciation) | 439396  |
| **Net realized and unrealized gain (loss)** | 442219  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $486687 |

---

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

11<br>

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

**Reverb ETF** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $44468 | $39638  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2823 | 29132  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 439396 | 572811  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 486687 | 641581  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (88655) | (35986)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (88655) | (35986)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 1175960  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** |  | 1175960  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 398032 | 1781555  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 3942113 | 2160558  |
| &nbsp;&nbsp;&nbsp; End of the year | $4340145 | $3942113  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 50000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  | 50000 |

---

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

12<br>

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

**Reverb ETF** 

**Financial Highlights** 

---

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

---

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

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

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

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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

13<br>

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025** 

**NOTE 1 – ORGANIZATION** 

The Reverb ETF (the "Fund") is a diversified series of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies." The Fund began operations on November 3, 2022. The investment objective of the Fund is to achieve long-term capital appreciation.

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

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation:* All investments in securities are generally valued using market valuations, as described in Note 3.

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

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

14<br>

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

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

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

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

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

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

For the year ended April 30, 2025, the Fund made the following permanent tax adjustments on the statement of assets and liabilities:

---

| | |
|:---|:---|
| **Total** <br>**Distributable** <br>**Earnings** | **Paid-in** <br>**Capital**  |
| $2<br>| $(2) |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Year End:* In preparing the financial statements as of April 30, 2025, management considered the impact of subsequent
 events for potential recognition or disclosure in the financial statements. Management has determined there were no subsequent events
 that would need to be disclosed in the Fund's financial statements.

15<br>

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**NOTE 3 – SECURITIES VALUATION** 

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

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

---

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

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

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

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

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

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

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

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

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

16<br>

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**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4246955 | $— | $— | $4246955  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 76131 |  |  | 76131  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 15207 |  |  | 15207  |
| **Total Assets** | $4338293 | $— | $— | $4338293 |

---

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

**Accounting Pronouncements – 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 Fund's financial statements.** 

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. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting this guidance with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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

The Adviser serves as the investment adviser to the Fund. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except for: the management fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid under the Fund's Rule 12b-1 plan, and any extraordinary expenses (such as litigation expenses and indemnification of the Trustees and officers with respect thereto). For the services it provides to the Fund, the Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.30% of the Fund's average daily net assets.

The Adviser has overall responsibility for overseeing the investment of the Fund's assets, managing the Fund's business affairs, and providing certain clerical, bookkeeping and other administrative services for the Trust. Penserra Capital Management, LLC ("Penserra" or "the Sub-Adviser") acts as the Sub-Adviser to the Fund. The Sub-Adviser has responsibility to make day-to-day investment decisions for the Fund and selects broker-dealers for executing portfolio

17<br>

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

transactions, subject to the Sub-Adviser's best execution obligations and the Trust's and the Sub-Adviser's brokerage policies. Sub-Advisory fees earned by Penserra are paid by the Adviser. For the services it provides to the Fund, the Sub-Adviser is compensated by the Adviser from the management fees paid by the Fund to the Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Fund's administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as custodian (the "Custodian") to the Fund. The Custodian is an affiliate of Fund Services. Fund Services maintains the Fund's books and records, calculates the Fund's NAV, prepares various federal and state regulatory filings, coordinates the payment of fund expenses, reviews expense accruals and prepares materials supplied to the Board of Trustees. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services.

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

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

For the year ended April 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $175,164 and $214,855, respectively.

For the year ended April 30, 2025, there were no in-kind transactions associated with creations and redemptions. There were no purchases or sales of U.S. Government securities during the year ended April 30, 2025.

During the year ended April 30, 2025, the Fund had no realized net capital gains resulting from in-kind redemptions in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash.

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

The tax character of distributions paid during the year ended April 30, 2025 and the year ended April 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30,**  | **April 30,**  |
|  | **2025** | **2024**  |
| Ordinary income | $54213 | $35873  |
| Long-term capital gains | 34442 | 113 |

---

As of April 30, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

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

---

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

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

18<br>

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**NOTE 7 – PRINCIPAL RISKS** 

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Reverberate App.* The Reverberate App is a new web-based utility and currently has a limited number of users. The ability of the App to properly
 and accurately gauge public sentiment is highly dependent on its ability to attain a high level of regular usage among a broad market
 segment of the population. If the App is unable to draw sufficient users to express their views on a company, the Adviser will invest
 in the company at a level equal to its market-capitalization proportional to that of the Investable Universe. If the Adviser is unable
 to take material active positions due to lack of sufficient data or otherwise, the Fund will likely experience performance similar to
 the broad large capitalization market in general. In addition, while the App seeks to use tools and technology to identify and limit the
 influence of non-human users (Bots) or multiple votes by the same user, there is no guarantee that it will be successful in doing so.
 In that event, the information provided by the App may not properly reflect sentiment regarding a company, leading the Adviser to take
 active positions in a company that are inconsistent with true market sentiment. **The investment strategy of relying entirely on general public sentiment as expressed on a web-based user app in order to take active positions is novel. The strategy may not work and this may have a significant negative impact on the value of your investment.** 

&nbsp;&nbsp;&nbsp;&nbsp;• *General Market Risk.* Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
 that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities
 in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market
 or other asset classes due to a number of factors, including: inflation (or expectations for inflation); 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

19<br>

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

**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although
 it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares
 is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods
 of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there
 is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

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

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

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**REVERB ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

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

**NOTE 8 – OFFICERS** 

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

21<br>

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**REVERB ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Board of Trustees** 

**Advisors Series Trust and** 

**Shareholders of Reverb ETF** 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Reverb ETF (the "Fund"), a series of Advisors Series Trust, including the schedule of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the two years in the period then ended and for the period November 3, 2022 (commencement of operations) through April 30, 2023, 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 Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period November 3, 2022 through April 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 of the 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 April 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania** 

**06/27/ 2025**

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**Reverb ETF** 

**ADDITIONAL INFORMATION** 

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

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

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

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

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

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

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

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

At meetings held on October 17, 2024 and December 12-13, 2024, the Board (which is comprised of five persons, all of whom are Independent Trustees as defined under the Investment Company Act of 1940, as amended), considered and approved, for another annual term, on behalf of the Reverb ETF (the "Fund"), the continuance of the investment advisory agreement ("Advisory Agreement") between Advisors Series Trust (the "Trust") and Distribution Cognizant, LLC (the "Adviser") and the continuance of the investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Trust, the Adviser, and Penserra Capital Management LLC (the "Sub-Adviser"). The Advisory Agreement and Sub-Advisory Agreement will be referred to together as the "Advisory Agreements." At both meetings, the Board received and reviewed substantial information regarding the Fund, the Adviser, the Sub-Adviser and the services provided by the Adviser and Sub-Adviser to the Fund under the Advisory Agreements. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations. Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreements:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 nature, extent and quality of the services provided and to be provided by the Adviser and Sub-Adviser under the Advisory agreements. The
 Board considered the nature, extent and quality of the Adviser and Sub-Adviser's overall services to be provided to the Fund, as
 well as their specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications,
 experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel of the Adviser and Sub-Adviser
 that would be involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the
 Adviser and Sub-Adviser, including information regarding their compliance programs, their chief compliance officers and the Adviser and
 Sub-Adviser's compliance record, as well as the Adviser and Sub-Adviser's cybersecurity programs, liquidity risk management
 programs, valuation procedures, business continuity plans, and risk management processes. The Board further considered the prior relationship
 between the Adviser, the Sub-Adviser and the Trust, as well as the Board's knowledge of the Adviser and the Sub-Adviser's
 operations, and noted that during the course of the prior year they had met with certain personnel of the Adviser to discuss the Fund's
 performance and investment outlook as well as various compliance topics and fund distribution/marketing. The Board concluded that the
 Adviser and the Sub-Adviser had the quality and depth of personnel, resources, investment processes, and compliance policies and procedures
 essential to performing their duties under the Advisory Agreements and that they were satisfied with the nature, overall quality and extent
 of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Fund's historical performance and the overall performance of the Adviser. In assessing the quality of the portfolio management
 delivered by the Adviser, the Board reviewed the short-term and long-term performance of the Fund as of June 30, 2024, on both an
 absolute basis and a relative basis in comparison to its peer funds utilizing Morningstar classifications, an appropriate securities market
 benchmark, a cohort that is comprised of similarly managed funds selected by an independent third-party consulting firm engaged by the
 Board to assist it in its 15(c) review (the "Cohort"), and the Adviser's similarly managed accounts, if applicable.
 While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing
 performance against the comparative Morningstar peer group universe, the Board took into account that the investment objective and strategies
 of the Fund, as

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**Reverb ETF** 

**ADDITIONAL INFORMATION(Continued)** 

well as its level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing the Fund's performance against a broad market benchmark, the Board took into account the differences in portfolio construction between the Fund and such benchmark as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues.

The Board noted that the Fund outperformed the average of its Morningstar peer group for the one-year period and underperformed the average of its Cohort for the one-year period, all periods ended June 30, 2024. The Board reviewed the performance of the Fund against a broad-based securities market benchmark, noting that it had underperformed its primary benchmark index for the one-year period ended June 30, 2024.

The Board noted that the Adviser represented it did not have any similarly managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 costs of the services to be provided by the Adviser and Sub-Adviser and the structure of the Adviser and Sub-Adviser's fee under
 the Advisory agreements. In considering the advisory fee and sub-advisory fees and total expenses of the Fund, the Board reviewed
 comparisons to the Cohort, and the Adviser's similarly managed separate accounts, if any, for other types of clients as well as
 the unitary management fee structure for the Fund. The Board noted that the Adviser does not manage any other accounts in a similar strategy.

The Board noted the Fund employed a unitary fee structure of 0.30%, whereby the Adviser has agreed from the unitary fee to pay all operating expenses of the Fund (except for the management fee, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid under the Fund's Rule 12b-1 plan, and any extraordinary expenses, such as litigation expenses and indemnification of the Trustees and officers with respect thereto). The Board noted that the Fund's contractual management fee and net expense ratio were below the median and average of its Cohort. The Board determined that the fees to be paid to the Adviser and Sub-Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;4. Economies
 of Scale. The Board also considered whether economies of scale could be expected to be realized by the Adviser as assets of the
 Fund grow. The Board noted that as the Fund had only been operating for a limited period of time, there were no additional significant
 economies of scale being realized by the Adviser at this time.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 profits to be realized by the Adviser and its affiliates from their relationship with the Fund. The Board reviewed the Adviser's
 and Sub-Adviser's financial information and took into account both the direct benefits and the indirect benefits to the Adviser
 and Sub-Adviser from advising the Fund. The Board considered the profitability to the Adviser and Sub-Adviser from their relationship
 with the Fund and considered any additional material benefits derived by the Adviser and Sub-Adviser from their relationship with the
 Fund, noting that the Fund does not charge Rule 12b-1 fees nor utilize "soft dollars." After such review, the Board determined
 that the profitability to the Adviser and Sub-Adviser with respect to the Advisory Agreements was not excessive, and that the Adviser
 and Sub-Adviser had maintained adequate resources and profit levels to support the services each provides to the Fund.

No single factor was determinative of the Board's decision to approve the Advisory Agreements for the Fund, but rather the Trustees based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees determined that the advisory arrangements with the Adviser and Sub-Adviser, including the advisory and sub-advisory fees, were fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the Advisory Agreements would be in the best interest for the Fund and its shareholders.

24<br>

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

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

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

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

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

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

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

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
 as amended, (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the
 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that
 the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

&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.](rar-efp16342_ex99codeeth.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.](rar-efp16342_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.](rar-efp16342_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>7/7/25</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>7/7/25</u>

---

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

---

Date <u>7/7/25</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: | 7/7/25 | /s/ Jeffrey T. Rauman |
|  |  | Jeffrey T. Rauman<br> President/Chief Executive Officer/Principal Executive Officer |

---

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

I, Kevin J. Hayden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Advisors Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/7/25 | /s/ Kevin J. Hayden |
|  |  | Kevin J. Hayden<br> Vice President/Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

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

---

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

---

Dated: <u>7/7/25</u> Dated: <u>7/7/25</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.