[N-CSR] Logan Capital Broad Innovative Growth ETF Certified Shareholder Report
Form 4 highlight: Townsquare Media, Inc. (TSQ) reported that Robert L. Worshek, its SVP & Chief Accounting Officer, purchased 2,000 Class A shares on 07/02/2025 at $7.12 per share through the company’s 2021 Employee Stock Purchase Plan. The transaction is coded "A" (open-market or plan acquisition). Following the purchase, Worshek directly owns 56,924 Class A shares and holds 52,696 fully-vested options.
The filing shows no dispositions and no new derivative activity. The acquisition represents roughly 3.5% growth in his direct equity position (2,000 ÷ 54,924 pre-transaction), a modest but positive alignment gesture. Because the shares were acquired under an ESPP, the purchase likely reflects regular participation rather than opportunistic buying, limiting its market impact.
For investors, insider buying—especially by a senior accounting executive—can be viewed as a confidence signal, but the small size relative to both Worshek’s existing stake and TSQ’s average trading volume means the filing is not financially material. No earnings data, strategic disclosures, or changes in guidance accompanied this filing.
Novità dal Modulo 4: Townsquare Media, Inc. (TSQ) ha comunicato che Robert L. Worshek, suo SVP e Chief Accounting Officer, ha acquistato 2.000 azioni di Classe A il 02/07/2025 a 7,12 dollari per azione tramite il Piano di Acquisto Azionario per Dipendenti 2021 della società. L’operazione è classificata come "A" (acquisto sul mercato aperto o tramite piano). Dopo l’acquisto, Worshek detiene direttamente 56.924 azioni di Classe A e possiede 52.696 opzioni completamente maturate.
La dichiarazione non evidenzia cessioni né nuove attività su derivati. L’acquisto rappresenta circa il 3,5% di crescita nella sua posizione azionaria diretta (2.000 ÷ 54.924 prima della transazione), un segnale modesto ma positivo di allineamento. Poiché le azioni sono state acquistate tramite un ESPP, l’operazione riflette probabilmente una partecipazione regolare piuttosto che un acquisto opportunistico, limitando l’impatto sul mercato.
Per gli investitori, gli acquisti da parte di insider—soprattutto da un dirigente senior della contabilità—possono essere interpretati come un segnale di fiducia, ma la dimensione contenuta rispetto sia alla partecipazione esistente di Worshek sia al volume medio di scambi di TSQ rende la comunicazione non rilevante dal punto di vista finanziario. Nessun dato sugli utili, comunicazioni strategiche o modifiche alle previsioni sono state associate a questa dichiarazione.
Destacado del Formulario 4: Townsquare Media, Inc. (TSQ) informó que Robert L. Worshek, su SVP y Director de Contabilidad, compró 2,000 acciones Clase A el 02/07/2025 a $7.12 por acción a través del Plan de Compra de Acciones para Empleados 2021 de la empresa. La transacción está codificada como "A" (adquisición en mercado abierto o por plan). Tras la compra, Worshek posee directamente 56,924 acciones Clase A y mantiene 52,696 opciones totalmente adquiridas.
El reporte no muestra disposiciones ni actividad derivada nueva. La adquisición representa aproximadamente un crecimiento del 3.5% en su posición accionaria directa (2,000 ÷ 54,924 antes de la transacción), un gesto modesto pero positivo de alineación. Dado que las acciones se adquirieron bajo un ESPP, la compra probablemente refleja una participación regular más que una compra oportunista, limitando su impacto en el mercado.
Para los inversores, la compra interna—especialmente por un ejecutivo senior de contabilidad—puede interpretarse como una señal de confianza, pero el tamaño pequeño en relación con la participación existente de Worshek y el volumen promedio de negociación de TSQ significa que el reporte no es material financieramente. No se acompañaron datos de ganancias, revelaciones estratégicas ni cambios en las previsiones con este reporte.
Form 4 주요 내용: Townsquare Media, Inc. (TSQ)는 수석 부사장이자 최고 회계 책임자인 Robert L. Worshek가 2025년 7월 2일 회사의 2021년 직원 주식 구매 계획을 통해 클래스 A 주식 2,000주를 주당 7.12달러에 매수했다고 보고했습니다. 거래는 "A" 코드(공개 시장 또는 계획에 의한 매수)로 분류됩니다. 매수 후 Worshek는 직접 56,924주 클래스 A 주식를 보유하고 있으며, 52,696주 완전 취득 옵션도 보유하고 있습니다.
보고서에는 매도 내역 없음과 새로운 파생상품 활동 없음이 나타나 있습니다. 이번 매수는 그의 직접 지분을 약 3.5% 증가시킨 것으로 (2,000 ÷ 54,924 거래 전), 소규모지만 긍정적인 정렬 신호입니다. ESPP를 통해 주식을 취득했기 때문에 이번 매수는 기회주의적 구매보다는 정기적인 참여를 반영하며 시장 영향은 제한적입니다.
투자자 입장에서, 특히 고위 회계 임원의 내부자 매수는 신뢰의 신호로 볼 수 있지만, Worshek의 기존 지분 및 TSQ의 평균 거래량에 비해 규모가 작아 이번 보고는 재무적으로 중요한 내용이 아닙니다. 이번 보고에는 수익 데이터, 전략적 공개 또는 가이드라인 변경이 포함되지 않았습니다.
Point clé du Formulaire 4 : Townsquare Media, Inc. (TSQ) a rapporté que Robert L. Worshek, son SVP et Directeur Comptable, a acheté 2 000 actions de Classe A le 02/07/2025 au prix de 7,12 $ par action via le Plan d'Achat d'Actions Employés 2021 de la société. La transaction est codée "A" (acquisition sur le marché ouvert ou via un plan). Après cet achat, Worshek détient directement 56 924 actions de Classe A et possède 52 696 options entièrement acquises.
Le dépôt ne montre aucune cession ni nouvelle activité sur dérivés. L'acquisition représente environ une croissance de 3,5 % de sa position directe en actions (2 000 ÷ 54 924 avant la transaction), un geste modeste mais positif d’alignement. Étant donné que les actions ont été acquises via un ESPP, cet achat reflète probablement une participation régulière plutôt qu'un achat opportuniste, limitant son impact sur le marché.
Pour les investisseurs, un achat d’initié—surtout par un cadre supérieur de la comptabilité—peut être perçu comme un signe de confiance, mais la taille réduite par rapport à la participation existante de Worshek et au volume moyen des échanges de TSQ signifie que ce dépôt n’est pas matériel financièrement. Aucun chiffre de bénéfices, divulgation stratégique ou changement de prévisions n’accompagne ce dépôt.
Formular 4 Highlights: Townsquare Media, Inc. (TSQ) meldete, dass Robert L. Worshek, sein SVP und Chief Accounting Officer, am 02.07.2025 2.000 Class A Aktien zum Preis von 7,12 USD pro Aktie über den Employee Stock Purchase Plan 2021 des Unternehmens erworben hat. Die Transaktion ist als "A" (Markt- oder Planerwerb) codiert. Nach dem Kauf besitzt Worshek direkt 56.924 Class A Aktien und hält 52.696 voll ausgeübte Optionen.
Die Meldung zeigt keine Verkäufe und keine neuen Derivateaktivitäten. Der Erwerb entspricht einem Wachstum seiner direkten Beteiligung um etwa 3,5 % (2.000 ÷ 54.924 vor der Transaktion), ein bescheidenes, aber positives Zeichen der Ausrichtung. Da die Aktien im Rahmen eines ESPP erworben wurden, spiegelt der Kauf wahrscheinlich eine regelmäßige Teilnahme wider und ist kein opportunistischer Kauf, was die Marktauswirkungen begrenzt.
Für Investoren kann Insider-Kauf – insbesondere durch einen leitenden Buchhaltungsmanager – als Vertrauenssignal gelten, doch die geringe Größe im Verhältnis zu Worsheks bestehendem Anteil und dem durchschnittlichen Handelsvolumen von TSQ macht die Meldung finanziell nicht bedeutsam. Es wurden keine Gewinnzahlen, strategischen Offenlegungen oder Änderungen der Prognosen mit dieser Meldung veröffentlicht.
- Insider purchase: SVP & CAO acquired 2,000 shares, indicating continued participation and modest confidence alignment.
- None.
Insights
TL;DR: Small ESPP purchase; mildly positive sentiment, immaterial to valuation—market impact negligible.
The 2,000-share acquisition adds roughly $14,000 to the insider’s position, hardly moving the needle on either ownership concentration or float. Because the shares were bought via the 2021 ESPP, the transaction appears scheduled and discounted, reducing its signaling power versus open-market buys. Still, any insider purchase—especially by the CAO—leans positive as it avoids the negative optics of selling. With no concurrent fundamental news, I classify the event as not impactful to TSQ’s intrinsic value or near-term share price.
TL;DR: Routine plan-based purchase; reflects ongoing insider alignment but lacks governance implications.
Participation in a broad-based ESPP underscores standard employee alignment tools rather than deliberate insider signaling. The CAO already holds >56k shares and >52k options, so governance risk profiles remain unchanged. No red flags or compliance concerns arise under Section 16. Overall, neutral governance impact.
Novità dal Modulo 4: Townsquare Media, Inc. (TSQ) ha comunicato che Robert L. Worshek, suo SVP e Chief Accounting Officer, ha acquistato 2.000 azioni di Classe A il 02/07/2025 a 7,12 dollari per azione tramite il Piano di Acquisto Azionario per Dipendenti 2021 della società. L’operazione è classificata come "A" (acquisto sul mercato aperto o tramite piano). Dopo l’acquisto, Worshek detiene direttamente 56.924 azioni di Classe A e possiede 52.696 opzioni completamente maturate.
La dichiarazione non evidenzia cessioni né nuove attività su derivati. L’acquisto rappresenta circa il 3,5% di crescita nella sua posizione azionaria diretta (2.000 ÷ 54.924 prima della transazione), un segnale modesto ma positivo di allineamento. Poiché le azioni sono state acquistate tramite un ESPP, l’operazione riflette probabilmente una partecipazione regolare piuttosto che un acquisto opportunistico, limitando l’impatto sul mercato.
Per gli investitori, gli acquisti da parte di insider—soprattutto da un dirigente senior della contabilità—possono essere interpretati come un segnale di fiducia, ma la dimensione contenuta rispetto sia alla partecipazione esistente di Worshek sia al volume medio di scambi di TSQ rende la comunicazione non rilevante dal punto di vista finanziario. Nessun dato sugli utili, comunicazioni strategiche o modifiche alle previsioni sono state associate a questa dichiarazione.
Destacado del Formulario 4: Townsquare Media, Inc. (TSQ) informó que Robert L. Worshek, su SVP y Director de Contabilidad, compró 2,000 acciones Clase A el 02/07/2025 a $7.12 por acción a través del Plan de Compra de Acciones para Empleados 2021 de la empresa. La transacción está codificada como "A" (adquisición en mercado abierto o por plan). Tras la compra, Worshek posee directamente 56,924 acciones Clase A y mantiene 52,696 opciones totalmente adquiridas.
El reporte no muestra disposiciones ni actividad derivada nueva. La adquisición representa aproximadamente un crecimiento del 3.5% en su posición accionaria directa (2,000 ÷ 54,924 antes de la transacción), un gesto modesto pero positivo de alineación. Dado que las acciones se adquirieron bajo un ESPP, la compra probablemente refleja una participación regular más que una compra oportunista, limitando su impacto en el mercado.
Para los inversores, la compra interna—especialmente por un ejecutivo senior de contabilidad—puede interpretarse como una señal de confianza, pero el tamaño pequeño en relación con la participación existente de Worshek y el volumen promedio de negociación de TSQ significa que el reporte no es material financieramente. No se acompañaron datos de ganancias, revelaciones estratégicas ni cambios en las previsiones con este reporte.
Form 4 주요 내용: Townsquare Media, Inc. (TSQ)는 수석 부사장이자 최고 회계 책임자인 Robert L. Worshek가 2025년 7월 2일 회사의 2021년 직원 주식 구매 계획을 통해 클래스 A 주식 2,000주를 주당 7.12달러에 매수했다고 보고했습니다. 거래는 "A" 코드(공개 시장 또는 계획에 의한 매수)로 분류됩니다. 매수 후 Worshek는 직접 56,924주 클래스 A 주식를 보유하고 있으며, 52,696주 완전 취득 옵션도 보유하고 있습니다.
보고서에는 매도 내역 없음과 새로운 파생상품 활동 없음이 나타나 있습니다. 이번 매수는 그의 직접 지분을 약 3.5% 증가시킨 것으로 (2,000 ÷ 54,924 거래 전), 소규모지만 긍정적인 정렬 신호입니다. ESPP를 통해 주식을 취득했기 때문에 이번 매수는 기회주의적 구매보다는 정기적인 참여를 반영하며 시장 영향은 제한적입니다.
투자자 입장에서, 특히 고위 회계 임원의 내부자 매수는 신뢰의 신호로 볼 수 있지만, Worshek의 기존 지분 및 TSQ의 평균 거래량에 비해 규모가 작아 이번 보고는 재무적으로 중요한 내용이 아닙니다. 이번 보고에는 수익 데이터, 전략적 공개 또는 가이드라인 변경이 포함되지 않았습니다.
Point clé du Formulaire 4 : Townsquare Media, Inc. (TSQ) a rapporté que Robert L. Worshek, son SVP et Directeur Comptable, a acheté 2 000 actions de Classe A le 02/07/2025 au prix de 7,12 $ par action via le Plan d'Achat d'Actions Employés 2021 de la société. La transaction est codée "A" (acquisition sur le marché ouvert ou via un plan). Après cet achat, Worshek détient directement 56 924 actions de Classe A et possède 52 696 options entièrement acquises.
Le dépôt ne montre aucune cession ni nouvelle activité sur dérivés. L'acquisition représente environ une croissance de 3,5 % de sa position directe en actions (2 000 ÷ 54 924 avant la transaction), un geste modeste mais positif d’alignement. Étant donné que les actions ont été acquises via un ESPP, cet achat reflète probablement une participation régulière plutôt qu'un achat opportuniste, limitant son impact sur le marché.
Pour les investisseurs, un achat d’initié—surtout par un cadre supérieur de la comptabilité—peut être perçu comme un signe de confiance, mais la taille réduite par rapport à la participation existante de Worshek et au volume moyen des échanges de TSQ signifie que ce dépôt n’est pas matériel financièrement. Aucun chiffre de bénéfices, divulgation stratégique ou changement de prévisions n’accompagne ce dépôt.
Formular 4 Highlights: Townsquare Media, Inc. (TSQ) meldete, dass Robert L. Worshek, sein SVP und Chief Accounting Officer, am 02.07.2025 2.000 Class A Aktien zum Preis von 7,12 USD pro Aktie über den Employee Stock Purchase Plan 2021 des Unternehmens erworben hat. Die Transaktion ist als "A" (Markt- oder Planerwerb) codiert. Nach dem Kauf besitzt Worshek direkt 56.924 Class A Aktien und hält 52.696 voll ausgeübte Optionen.
Die Meldung zeigt keine Verkäufe und keine neuen Derivateaktivitäten. Der Erwerb entspricht einem Wachstum seiner direkten Beteiligung um etwa 3,5 % (2.000 ÷ 54.924 vor der Transaktion), ein bescheidenes, aber positives Zeichen der Ausrichtung. Da die Aktien im Rahmen eines ESPP erworben wurden, spiegelt der Kauf wahrscheinlich eine regelmäßige Teilnahme wider und ist kein opportunistischer Kauf, was die Marktauswirkungen begrenzt.
Für Investoren kann Insider-Kauf – insbesondere durch einen leitenden Buchhaltungsmanager – als Vertrauenssignal gelten, doch die geringe Größe im Verhältnis zu Worsheks bestehendem Anteil und dem durchschnittlichen Handelsvolumen von TSQ macht die Meldung finanziell nicht bedeutsam. Es wurden keine Gewinnzahlen, strategischen Offenlegungen oder Änderungen der Prognosen mit dieser Meldung veröffentlicht.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07959
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(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, 6th Floor
Milwaukee,
WI 53202
(Name and address of agent for service)
(626) 914-7363
(Registrant’s telephone number, including area code)
Date of fiscal year end: April 30, 2025
Date of reporting period:
Item 1. Reports to Stockholders.
(a)
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Annual Shareholder Report |
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https://logancapitalfunds.com/regulatory-info
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Logan Capital Broad Innovative Growth ETF
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$
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Top Contributors
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↑
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Information Technology
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Communication Services
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↑
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Netflix
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↑
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AppLovin
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↑
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Broadcom
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| Logan Capital Broad Innovative Growth ETF | PAGE 1 | TSR-AR-00770X246 |
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Top Detractors
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↓
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Consumer Staples
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↓
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Health Care
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↓
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e.l.f. Beauty
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↓
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Lincoln Electric
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↓
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lululemon
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1 Year
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5 Year
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10 Year
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| * |
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Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
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Portfolio Turnover
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30-Day SEC Yield
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-0.04%
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30-Day SEC Yield Unsubsidized
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-0.04%
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| Logan Capital Broad Innovative Growth ETF | PAGE 2 | TSR-AR-00770X246 |
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Top 10 Issuers
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(%)
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Netflix, Inc.
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MasterCard, Inc.
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AppLovin Corp.
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Amphenol Corp.
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Broadcom, Inc.
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Apple, Inc.
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KLA Corp.
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Alphabet, Inc.
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Amazon.com, Inc.
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Meta Platforms, Inc.
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Top Sectors
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(%)
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Information Technology
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Consumer Discretionary
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Communication Services
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Industrials
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Financials
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Health Care
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Materials
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Consumer Staples
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Cash & Other
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| * | Expressed as a percentage of net assets. |
| Logan Capital Broad Innovative Growth ETF | PAGE 3 | TSR-AR-00770X246 |
(b) Not applicable.
Item 2. Code of Ethics.
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.
Item 3. Audit Committee Financial Expert.
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.
Item 4. Principal Accountant Fees and Services.
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 | $17,500 | $17,400 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3,600 | $3,600 |
| (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.
| Non-Audit Related Fees | FYE 4/30/2025 | FYE 4/30/2024 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(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.
Item 5. Audit Committee of Listed Registrants.
| (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. |
| (b) | Not applicable. |
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
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Page |
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Schedule
of Investments |
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1
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Statement
of Assets and Liabilities |
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3 |
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Statement
of Operations |
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4 |
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Statements
of Changes in Net Assets |
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5 |
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Financial
Highlights |
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6 |
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Notes
to Financial Statements |
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7 |
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Report
of Independent Registered Public Accounting Firm |
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15 |
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Additional
Information |
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16 |
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TABLE OF CONTENTS
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Shares |
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Value |
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COMMON
STOCKS - 99.5% |
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Capital
Goods - 8.7% |
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||
|
Eaton
Corp. PLC |
|
|
1,090 |
|
|
$320,863
|
|
Fastenal
Co. |
|
|
20,921 |
|
|
1,693,973
|
|
General
Electric Co. |
|
|
3,010 |
|
|
606,636
|
|
Hubbell,
Inc. |
|
|
1,341 |
|
|
487,024
|
|
Lincoln
Electric Holdings, Inc. |
|
|
5,202 |
|
|
916,593
|
|
Nordson
Corp. |
|
|
2,767 |
|
|
524,540
|
|
United
Rentals, Inc. |
|
|
2,272 |
|
|
1,434,654
|
|
|
|
|
|
5,984,283
| ||
|
Commercial
& Professional
Services
- 6.1% |
|
|
|
|
||
|
Cintas
Corp. |
|
|
9,682 |
|
|
2,049,486
|
|
Copart,
Inc.(a) |
|
|
21,057 |
|
|
1,285,109
|
|
Insperity,
Inc. |
|
|
4,004 |
|
|
260,300
|
|
Paycom
Software, Inc. |
|
|
2,808 |
|
|
635,703
|
|
|
|
|
|
4,230,598
| ||
|
Consumer
Discretionary Distribution & Retail - 13.9% |
|
|
|
|
||
|
Amazon.com,
Inc.(a) |
|
|
15,646 |
|
|
2,885,435
|
|
Burlington
Stores, Inc.(a) |
|
|
4,796 |
|
|
1,079,292
|
|
Dick’s
Sporting Goods, Inc. |
|
|
11,195 |
|
|
2,101,749
|
|
Home
Depot, Inc. |
|
|
1,677 |
|
|
604,542
|
|
Lithia
Motors, Inc. |
|
|
3,492 |
|
|
1,022,318
|
|
Pool
Corp. |
|
|
930 |
|
|
272,620
|
|
RH(a) |
|
|
852 |
|
|
156,794
|
|
Williams-Sonoma,
Inc. |
|
|
9,296 |
|
|
1,435,953
|
|
|
|
|
|
9,558,703
| ||
|
Consumer
Durables & Apparel - 1.8% |
|
|
|
|
||
|
Deckers
Outdoor Corp.(a) |
|
|
7,800 |
|
|
864,474
|
|
Lululemon
Athletica, Inc.(a) |
|
|
1,521 |
|
|
411,841
|
|
|
|
|
|
1,276,315
| ||
|
Consumer
Services - 3.4% |
|
|
|
|
||
|
Marriott
International, Inc. - Class A |
|
|
2,597 |
|
|
619,592
|
|
Starbucks
Corp. |
|
|
9,580 |
|
|
766,879
|
|
Texas
Roadhouse, Inc. |
|
|
5,741 |
|
|
952,777
|
|
|
|
|
|
2,339,248
| ||
|
Financial
Services - 8.5% |
|
|
|
|
||
|
Coinbase
Global, Inc. - Class A(a) |
|
|
4,298 |
|
|
872,021
|
|
KKR
& Co., Inc. |
|
|
3,140 |
|
|
358,808
|
|
LPL
Financial Holdings, Inc. |
|
|
2,044 |
|
|
653,651
|
|
MasterCard,
Inc. - Class A |
|
|
6,518 |
|
|
3,572,255
|
|
OneMain
Holdings, Inc. |
|
|
9,343 |
|
|
439,775
|
|
|
|
|
|
5,896,510
| ||
|
Food,
Beverage & Tobacco - 1.1% |
|
|
|
|
||
|
Monster
Beverage Corp.(a) |
|
|
12,350 |
|
|
742,482
|
|
Materials
- 2.4% |
|
|
|
|
||
|
Graphic
Packaging Holding Co. |
|
|
23,465 |
|
|
593,899
|
|
Sherwin-Williams
Co. |
|
|
3,068 |
|
|
1,082,759
|
|
|
|
|
|
1,676,658
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Media
& Entertainment - 16.7% |
|
|
|
|
||
|
Alphabet,
Inc. - Class A |
|
|
10,932 |
|
|
$1,736,002
|
|
Alphabet,
Inc. - Class C |
|
|
7,634 |
|
|
1,228,234
|
|
Electronic
Arts, Inc. |
|
|
6,040 |
|
|
876,344
|
|
Meta
Platforms, Inc. - Class A |
|
|
5,135 |
|
|
2,819,115
|
|
Netflix,
Inc.(a) |
|
|
3,775 |
|
|
4,272,243
|
|
Trade
Desk, Inc. - Class A(a) |
|
|
11,113 |
|
|
595,990
|
|
|
|
|
|
11,527,928
| ||
|
Pharmaceuticals,
Biotechnology & Life Sciences - 4.2% |
|
|
|
|
||
|
Agilent
Technologies, Inc. |
|
|
4,780 |
|
|
514,328
|
|
Mettler-Toledo
International, Inc.(a) |
|
|
987 |
|
|
1,056,653
|
|
Waters
Corp.(a) |
|
|
2,650 |
|
|
921,484
|
|
Zoetis,
Inc. |
|
|
2,501 |
|
|
391,156
|
|
|
|
|
|
2,883,621
| ||
|
Semiconductors
& Semiconductor Equipment - 9.4% |
|
|
|
|
||
|
Broadcom,
Inc. |
|
|
17,816 |
|
|
3,429,046
|
|
KLA
Corp. |
|
|
4,376 |
|
|
3,074,971
|
|
|
|
|
|
6,504,017
| ||
|
Software
& Services - 6.1% |
|
|
|
|
||
|
Accenture
PLC - Class A |
|
|
2,240 |
|
|
670,096
|
|
AppLovin
Corp. - Class A(a) |
|
|
13,060 |
|
|
3,517,189
|
|
|
|
|
|
4,187,285
| ||
|
Technology
Hardware & Equipment - 15.6% |
|
|
|
|
||
|
Amphenol
Corp. - Class A |
|
|
44,712 |
|
|
3,440,588
|
|
Apple,
Inc. |
|
|
15,172 |
|
|
3,224,050
|
|
Arista
Networks, Inc.(a) |
|
|
13,280 |
|
|
1,092,546
|
|
Celestica,
Inc.(a) |
|
|
2,860 |
|
|
244,101
|
|
Flex
Ltd.(a) |
|
|
37,868 |
|
|
1,300,387
|
|
Logitech
International SA |
|
|
6,473 |
|
|
487,999
|
|
Trimble,
Inc.(a) |
|
|
6,006 |
|
|
373,213
|
|
Zebra
Technologies Corp. - Class A(a) |
|
|
2,290 |
|
|
573,233
|
|
|
|
|
|
10,736,117
| ||
|
Transportation
- 1.6% |
|
|
|
|
||
|
Old
Dominion Freight Line, Inc. |
|
|
7,398 |
|
|
1,133,965
|
|
TOTAL
COMMON STOCKS
(Cost
$23,820,596) |
|
|
|
|
68,677,730
| |
|
SHORT-TERM
INVESTMENTS - 0.6% |
|
|
|
|
||
|
Money
Market Funds - 0.6% |
|
|
|
|
||
|
Fidelity
Government Portfolio - Class Institutional, 4.22%(b) |
|
|
383,133 |
|
|
383,133
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$383,133) |
|
|
|
|
383,133
| |
|
TOTAL
INVESTMENTS - 100.1%
(Cost
$24,203,729) |
|
|
|
|
69,060,863
| |
|
Liabilities
in Excess of Other
Assets
- (0.1)% |
|
|
|
|
(61,280)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$68,999,583 | |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
TABLE OF CONTENTS
|
(a) |
Non-income producing
security. |
|
(b) |
The rate shown
represents the 7-day annualized effective yield as of April 30, 2025. |
|
|
|
2 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments,
at value |
|
|
$69,060,863
|
|
Dividends
receivable |
|
|
23,986
|
|
Interest
receivable |
|
|
1,289
|
|
Dividend
tax reclaims receivable |
|
|
1,110
|
|
Prepaid
expenses and other assets |
|
|
39
|
|
Total
assets |
|
|
69,087,287
|
|
LIABILITIES: |
|
|
|
|
Payable
to adviser |
|
|
34,927
|
|
Payable
for audit fees |
|
|
21,100
|
|
Payable
for fund administration and accounting fees |
|
|
12,261
|
|
Payable
for printing and mailing |
|
|
8,746
|
|
Payable
for directors fees |
|
|
3,159
|
|
Payable
for compliance fees |
|
|
2,500
|
|
Payable
for custodian fees |
|
|
2,261
|
|
Payable
for legal fees |
|
|
2,253
|
|
Payable
for transfer agent fees and expenses |
|
|
128
|
|
Payable
for expenses and other liabilities |
|
|
369
|
|
Total
liabilities |
|
|
87,704
|
|
NET
ASSETS |
|
|
$68,999,583
|
|
Net
Assets Consist of: |
|
|
|
|
Paid-in
capital |
|
|
$25,289,061
|
|
Total
distributable earnings |
|
|
43,710,522
|
|
Total
net assets |
|
|
$68,999,583
|
|
Net
assets |
|
|
$68,999,583
|
|
Shares
issued and outstanding(a) |
|
|
1,429,096
|
|
Net
asset value per share |
|
|
$48.28
|
|
Cost: |
|
|
|
|
Investments,
at cost |
|
|
$24,203,729 |
|
|
|
|
|
|
|
|
3 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
INVESTMENT
INCOME: |
|
|
|
|
Dividend
income |
|
|
$507,564
|
|
Less:
Dividend withholding taxes |
|
|
(3,122)
|
|
Interest
income |
|
|
31,580
|
|
Total
investment income |
|
|
536,022
|
|
EXPENSES: |
|
|
|
|
Investment
advisory fee |
|
|
460,434
|
|
Fund
administration and accounting fees |
|
|
73,628
|
|
Trustees’
fees |
|
|
21,776
|
|
Audit
fees |
|
|
21,099
|
|
Compliance
fees |
|
|
14,999
|
|
Reports
to shareholders |
|
|
12,552
|
|
Custodian
fees |
|
|
9,991
|
|
Legal
fees |
|
|
9,460
|
|
Insurance
expense |
|
|
3,643
|
|
Transfer
agent fees |
|
|
362
|
|
Other
expenses and fees |
|
|
6,081
|
|
Total
expenses |
|
|
634,025
|
|
Net
investment loss |
|
|
(98,003)
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net
realized gain (loss) from: |
|
|
|
|
Investments |
|
|
1,512,802
|
|
Net
realized gain (loss) |
|
|
1,512,802
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
Investments |
|
|
6,324,260
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
6,324,260
|
|
Net
realized and unrealized gain (loss) |
|
|
7,837,062
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$7,739,059 |
|
|
|
|
|
|
|
|
4 |
|
|
TABLE OF CONTENTS
|
|
|
|
| |||
|
|
|
|
Year Ended
April 30, | |||
|
|
|
|
2025 |
|
|
2024 |
|
OPERATIONS: |
|
|
|
|
||
|
Net
investment income (loss) |
|
|
$(98,003) |
|
|
$(26,727)
|
|
Net
realized gain (loss) |
|
|
1,512,802 |
|
|
3,926,750
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
6,324,260 |
|
|
11,179,833
|
|
Net
increase (decrease) in net assets from operations |
|
|
7,739,059 |
|
|
15,079,856
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
|
From
earnings |
|
|
(43,533) |
|
|
(572,169)
|
|
Total
distributions to shareholders |
|
|
(43,533) |
|
|
(572,169)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
||
|
Subscriptions |
|
|
2,910,450 |
|
|
3,672,847
|
|
Redemptions |
|
|
(3,458,028) |
|
|
(4,689,863)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(547,578) |
|
|
(1,017,016)
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
7,147,948 |
|
|
13,490,671
|
|
NET
ASSETS: |
|
|
|
|
||
|
Beginning
of the year |
|
|
61,851,635 |
|
|
48,360,964
|
|
End
of the year |
|
|
$68,999,583 |
|
|
$61,851,635
|
|
SHARES
TRANSACTIONS |
|
|
|
|
||
|
Subscriptions |
|
|
60,000 |
|
|
95,000
|
|
Redemptions |
|
|
(70,000) |
|
|
(120,000)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(10,000) |
|
|
(25,000) |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
TABLE OF CONTENTS
|
|
|
|
| ||||||||||||
|
|
|
|
Year Ended
April 30, | ||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2023(e) |
|
|
2022 |
|
|
2021 | ||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of year |
|
|
$42.98 |
|
|
$33.03 |
|
|
$32.16 |
|
|
$39.73 |
|
|
$26.31
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment loss |
|
|
(0.07) |
|
|
(0.02) |
|
|
(0.01)(a) |
|
|
(0.10)(a) |
|
|
(0.15)(a)
|
|
Net
realized and unrealized gain (loss) on investments(b) |
|
|
5.40 |
|
|
10.36 |
|
|
1.49 |
|
|
(4.46) |
|
|
15.45
|
|
Total
from investment operations |
|
|
5.33 |
|
|
10.34 |
|
|
1.48 |
|
|
(4.56) |
|
|
15.30
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gains |
|
|
(0.03) |
|
|
(0.39) |
|
|
(0.61) |
|
|
(3.01) |
|
|
(1.88)
|
|
Total
distributions |
|
|
(0.03) |
|
|
(0.39) |
|
|
(0.61) |
|
|
(3.01) |
|
|
(1.88)
|
|
Redemption
fee per share |
|
|
— |
|
|
— |
|
|
0.00(a)(c) |
|
|
0.00(a)(c) |
|
|
0.00(a)(c)
|
|
Net
asset value, end of year |
|
|
$48.28 |
|
|
$42.98 |
|
|
$33.03 |
|
|
$32.16 |
|
|
$39.73
|
|
Total
return, at NAV |
|
|
12.40% |
|
|
31.37% |
|
|
4.78% |
|
|
−13.28% |
|
|
59.01%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets, end of year (in thousands) |
|
|
$69,000 |
|
|
$61,852 |
|
|
$48,361 |
|
|
$50,624 |
|
|
$40,964
|
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
expense reimbursement/recoupment |
|
|
0.90% |
|
|
0.96% |
|
|
1.01% |
|
|
1.03% |
|
|
1.13%
|
|
After
expense reimbursement/recoupment |
|
|
0.90% |
|
|
0.96% |
|
|
1.01% |
|
|
1.10% |
|
|
1.17%
|
|
Ratio
of net investment income (loss) to average net assets |
|
|
(0.14)% |
|
|
(0.05)% |
|
|
(0.03)% |
|
|
(0.25)% |
|
|
(0.43)%
|
|
Portfolio
turnover rate(d) |
|
|
5% |
|
|
8% |
|
|
10% |
|
|
13% |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
(loss) per share has been calculated based on average shares outstanding during the years. |
|
(b) |
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
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(e) |
The Fund converted
from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization on August 5, 2022. See Note 1 in the Notes
to Financial Statements for additional information about the Reorganization. |
|
|
|
6 |
|
|
TABLE OF CONTENTS
|
|
|
7 |
|
|
TABLE OF CONTENTS
|
A. |
Security Valuation:
All investments in securities are recorded at their estimated fair value, as described in Note 3. |
|
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 provisions are required. |
|
C. |
Securities
Transactions, Income and Distributions: Securities transactions are accounted for on the trade date. Realized gains and losses
on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend income 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. |
|
D. |
REITs:
The Fund is able to make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders
based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits
resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs
in its annual distributions to its shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as
a return of capital. |
|
E. |
Use of Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ
from those estimates. |
|
|
|
8 |
|
|
TABLE OF CONTENTS
|
F. |
Reclassification
of Capital Accounts: Accounting principles generally accepted in the United States of America require that certain components of
net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect
on net assets or net asset value per share. |
|
|
|
|
|
|
Distributable Earnings |
|
|
Paid-in Capital
|
|
$(2,231,387) |
|
|
$2,231,387 |
|
|
|
|
|
|
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 the 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. |
|
Level 1 – |
Unadjusted quoted prices in active markets
for identical assets or liabilities that the Fund has the ability to access. |
|
Level 2 – |
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 – |
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. |
|
|
|
9 |
|
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TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$68,677,730 |
|
|
$— |
|
|
$— |
|
|
$
68,677,730 |
|
Money
Market Funds |
|
|
383,133 |
|
|
— |
|
|
— |
|
|
383,133
|
|
Total
Investments |
|
|
$
69,060,863 |
|
|
$— |
|
|
$— |
|
|
$
69,060,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
Purchases |
|
|
Sales |
|
$3,969,855 |
|
|
$3,459,886 |
|
|
|
|
|
|
|
|
11 |
|
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TABLE OF CONTENTS
|
|
|
|
| |||
|
|
|
|
Year Ended
April 30, | |||
|
|
|
|
2025 |
|
|
2024 |
|
Long-Term
Capital Gains |
|
|
$— |
|
|
$537,360
|
|
Ordinary
Income |
|
|
43,533 |
|
|
34,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of investments(a) |
|
|
$24,478,067
|
|
Gross
unrealized appreciation |
|
|
45,784,391
|
|
Gross
unrealized depreciation |
|
|
(1,201,595)
|
|
Net
unrealized appreciation(a) |
|
|
44,582,796
|
|
Undistributed
long-term capital gains |
|
|
—
|
|
Total
distributable earnings |
|
|
—
|
|
Other
accumulated gains/(losses) |
|
|
(872,274)
|
|
Total
accumulated earnings/(losses) |
|
|
$43,710,522 |
|
|
|
|
|
|
(a) |
The book-basis and
tax-basis net unrealized appreciation and cost is attributable primarily to wash sales. |
|
|
|
|
|
|
|
|
|
Short-Term
Indefinite |
|
|
Long-Term
Indefinite |
|
|
Total |
|
$340,557 |
|
|
$486,277 |
|
|
$826,834 |
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
TABLE OF CONTENTS
|
|
|
13 |
|
|
TABLE OF CONTENTS
|
|
|
14 |
|
|
TABLE OF CONTENTS
|
|
|
15 |
|
|
TABLE OF CONTENTS
|
1. |
The
nature, extent and quality of the services provided and to be provided by the Adviser under the Advisory Agreement. The Board considered
the nature, extent and quality of the Adviser’s overall services provided to the Fund, as well as its 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 involved in the day-to-day activities
of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance
program, its chief compliance officer and the Adviser’s compliance record, as well as the Adviser’s cybersecurity program,
liquidity risk management program, valuation procedures, business continuity plan, and risk management process. The Board further considered
the prior relationship between the Adviser and the Trust, as well as the Board’s knowledge of the 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 marketing/distribution. The Board concluded that the Adviser had
the quality and depth of personnel, resources, investment processes and compliance policies and procedures essential to performing its
duties under the Advisory Agreement and that they were satisfied with the nature, overall quality and extent of such management services.
|
|
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, appropriate securities market benchmarks,
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. 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 objectives and strategies of the Fund as well as its
level of risk tolerance, may differ significantly from funds in the peer universe. When reviewing the Fund’s performance against
broad market benchmarks, the Board took into account the differences in portfolio construction between the Fund and such benchmarks as
well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of
relative underperformance or |
|
|
|
16 |
|
|
TABLE OF CONTENTS
|
3. |
The
costs of the services to be provided by the Adviser and the structure of the Adviser’s fee under the Advisory Agreement. In
considering the advisory fee and total expenses of the Fund, the Board reviewed comparisons to the Morningstar peer group, the Cohort,
and the Adviser’s similarly managed accounts for other types of clients, as well as all expense waivers and reimbursements, if any,
for the Fund. When reviewing fees charged to other similarly managed accounts, the Board took into account the type of account and the
differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts. |
|
4. |
Economies
of Scale. The Board also considered whether economies of scale were being realized by the Adviser that should be shared with shareholders.
The Board noted that the Adviser has contractually agreed to reduce its advisory fees or reimburse Fund expenses so that the Fund does
not exceed the specified Expense Cap. The Board noted that it did not appear that there were additional significant economies of scale
being realized by the Adviser that should be shared with shareholders. As a result, the Board concluded that it would continue to monitor
economies of scale in the future as circumstances changed and assuming asset levels increase. |
|
5. |
The
profits to be realized by the Adviser and its affiliates from their relationship with the Fund. The Board reviewed the Adviser’s
financial information and took into account both the direct benefits and the indirect benefits to the Adviser from advising the Fund.
The Board considered the profitability to the Adviser from its relationship with the Fund and considered any additional material benefits,
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 with respect to the Advisory Agreement for the Fund was not excessive, and that the Adviser had maintained
sufficient resources and profit levels to support the services it provides to the Fund. |
|
|
|
17 |
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
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.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (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. |
(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.
(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.
(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.
(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.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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 | 7/7/25 |
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 | 7/7/25 |
| By (Signature and Title)* | /s/ Kevin J. Hayden | ||
| Kevin J. Hayden, Vice President/Treasurer/Principal Financial Officer |
| Date | 7/7/25 |
* Print the name and title of each signing officer under his or her signature.
FAQ
What did TSQ insider Robert L. Worshek buy?
At what price were TSQ shares acquired?
When did the insider transaction occur?
How many TSQ shares does the insider now own?
Was any stock sold in this Form 4?
Does the transaction use a 10b5-1 plan?
