Edgar Lomax Value Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (defined herein) or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically through the Fund’s website.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex and may apply to all funds held through your financial intermediary.

Annual Report

For the year ended

October 31, 2020

EDGAR LOMAX VALUE FUND

Annual Report

October 31, 2020

Dear Fellow Shareholder:

As you probably are aware, the market’s recent narrow focus on “growth” stocks, which we discussed in our last semi-annual report, dominated much of the year as investors literally threw money—in a growing emotional state, in our view—into the best performers from the first half of the year. As before, the S&P 500 index got an enormous boost from the index’s biggest five components (the “Big 5”: Apple, Microsoft, Amazon.com, Alphabet [“GOOGL”] and Facebook); further, the most expensive stocks (that is, most “growthy”) in terms of price-to-earnings ratios, or P/Es, were generally the year’s best performers, even among the index’s “value” half of stocks comprising the S&P 500 Value index. The following data is telling:

	Fiscal Year Performance
S&P 500	9.7%
S&P 500, Excluding the Big 5’s 51.1% rise	0.9%	Note:	Statistics calculated
S&P 500 Value	-7.1%		using FactSet Data.
10% of S&P Value with lowest P/Es	-20.4%

In this environment, the Fund’s “large-cap value” portfolio returned -15.8% during the year. Following is a summary of average annual total returns through October 31, 2020:

		S&P 500		Lipper Large-Cap	Morningstar Large Cap
	Fund	Value Index	S&P 500 Index	Value Funds Index	Value Category
1-year	-15.83%	-7.09%	9.71%	-5.42%	-7.54%
5-year	5.44%	6.88%	11.71%	6.60%	5.30%
10-year	8.82%	9.85%	13.01%	9.28%	8.53%
15-year	6.33%	6.56%	9.11%	6.43%	6.12%

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 205-0524 or visiting www.edgarlomax.com. Before deducting fees that the Advisor contractually waived or expenses of the Fund that the Advisor absorbed, the gross expense ratio is 0.97%*; however, after such waivers or absorptions, the Fund’s maximum net expense ratio is 0.71%. Including the voluntary performance-based waiver arrangement, actual Total Annual Fund Operating Expenses (the net expenses that investors paid) were 0.71% for the fiscal year ended October 31, 2020.

For much of 2020 the most expensive stocks were generally the best performers in both the S&P 500 and the S&P 500 Value. From documented market history beginning in the early 1900s, we know that this trend has always ended and, then, reversed. In the S&P 500, for example, the most expensive 10 stocks (of companies with positive earnings) in terms of their P/Es—with a mean P/E of 220 versus the index’s P/E of 33 and the Fund’s P/E of 19—returned an average 11.5%, ahead of the index by 1.8%.

__________________

Figures are from the Fund’s prospectus dated February 28, 2020. The Advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that Net Annual Fund Operating Expenses do not exceed 0.70% (excluding acquired funds fees and expenses, interest, taxes and extraordinary expenses) through at least February 27, 2021. In addition, the Advisor has voluntarily agreed to waive a portion of its investment advisory fee contingent upon the Fund’s performance versus the S&P 500 Value Index. While the Advisor may discontinue its voluntary waiver any time after February 27, 2021, it has no current intention of doing so.

Historically, the degree of incredible “growth” preference we have seen over the past year has not been sustainable. For instance, the Fund experienced this type of environment during the 1999-2000 “high-tech” era. The following happened:

	1-Year Perf. from	6-Month Perf. from
Portfolio	6/30/99 thru 6/30/00	6/30/00 thru 12/31/00
Edgar Lomax Value Fund	-19.7%	24.7%
S&P 500	7.2%	-8.7%
S&P 500 Value	-5.1%	10.6%

Please note that, at the height of the market’s focus on “high-tech” stocks, the Fund trailed the S&P 500 by -26.9% over the 1-year period shown above, and then reversed sharply to outperform the index over the next six months by 33.4%.

In early 2000, we repeatedly informed clients of our belief that investors were unrealistically projecting unusually high earnings’ growth rates (for the S&P’s “growth” stocks) into the indefinite future. We believe investors are making that same mistake today.

As always, you may find a complete listing of the Fund’s stock holdings in a section of this report titled “Schedule of Investments.” A few are particularly noteworthy in that they had a meaningful impact on our full-year performance. In order of the size of their positive contributions, two stocks—Target and United Parcel Service—performed exceptionally. Target, rose 45% over the year, and it enters the holiday season with a management that has its past stumbles behind it and continues to execute well. After its strong rise, the stock still maintains a reasonable valuation with a P/E of just 20. From the industrial sector, United Parcel Service rose just over 39%. It has good profits and sports a 2.6% dividend yield.

The Fund holds an appreciable position in the Energy sector, which declined about -45% as a group during the year. Pandemic-driven declines in demand resulted in significant reductions in oil prices over the past year. However, we expect our holdings of dominant industry operators (such as Chevron and Exxon) to return to sustained profitability as the pandemic eases and then passes. Both companies, meanwhile, are currently paying substantial dividends (with respective annual dividend yields of approximately 7.4% and 10.7%).

Thank you, once again, for your confidence in our management of the Fund. We remain committed to handling your hard-earned money as carefully as we do our own.

Cordially,


Randall R. Eley	Thomas B. Murray
Chief Investment Officer	Portfolio Manager

____________________

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk; principal loss is possible. “Value” investing as a strategy may be out of favor in the market for an extended period. Value stocks can perform differently from the market as a whole and from other types of stocks.

EDGAR LOMAX VALUE FUND

Investment performance reflects expense waivers in effect. In the absence of such waivers, total return would be reduced.

The opinions expressed are those of The Edgar Lomax Company, the Fund’s investment advisor, are subject to change, and forecasts made cannot be guaranteed. Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please see the Schedule of Investments in this report for current Fund holdings information.

The Price-to-Earnings (P/E) Ratio is calculated by dividing the current price of a stock by the company’s trailing 12 months’ earnings per share.

The Dividend Yield is calculated by dividing a company’s per-share projected annual dividend payment by the company’s stock price per share.

The S&P 500^® Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy. The S&P 500 Value Index is a capitalization-weighted index of stocks in the S&P 500^® Index which exhibit strong value characteristics. The S&P 500 Growth Index is a capitalization-weighted index of stocks in the S&P 500^® Index which exhibit strong growth characteristics. The Lipper Large-Cap Value Funds Index measures the performance of 30 of the largest funds in the large cap value category as tracked by Lipper, Inc. You cannot invest directly in an index.

Each Morningstar category average represents a universe of funds with similar objectives.

EDGAR LOMAX VALUE FUND

Comparison of the change in value of a hypothetical $10,000 investment in the Edgar Lomax Value Fund vs.

the S&P 500^® Index, the S&P 500^® Value Index, and the Lipper Large-Cap Value Funds Index

Average Annual Total Return:
	One Year	Five Years¹	Ten Years¹	Fifteen Years¹
Edgar Lomax Value Fund	-15.83%	5.44%	8.82%	6.33%
S&P 500^® Index	9.71%	11.71%	13.01%	9.11%
S&P 500^® Value Index	-7.09%	6.88%	9.85%	6.56%
Lipper Large-Cap Value Funds Index	-5.42%	6.60%	9.28%	6.43%
Morningstar Large Cap Value Category	-7.54%	5.30%	8.53%	6.12%

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 205-0524 or visiting www.edgarlomax.com.

Returns reflect reinvestment of dividends and capital gains distributions. Fee waivers are in effect. In the absence of fee waivers, returns would be reduced. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on dividends, capital gains distributions, or redemption of Fund shares. Indices do not incur expenses and are not available for investment.

The S&P 500^® Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy.

The S&P 500^® Value Index is a market-value-weighted index of stocks in the S&P 500^® Index which score highest based on an average of book-to-price ratio, sales-to-price ratio and earnings-to-price ratio, representing 50% of the total market value of the S&P 500^® Index.

The Lipper Large-Cap Value Funds Index consists of the largest funds as tracked by Lipper, Inc. Large Cap Value Funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. Lipper rankings are based on total returns, including reinvestment of dividends and capital gains for the stated period; this calculation does not include sales charges.

Each Morningstar category average represents a universe of funds with similar objectives.

¹	Average Annual Total Return represents the average annual change in account value over the period indicated.

EDGAR LOMAX VALUE FUND

EXPENSE EXAMPLE at October 31, 2020 (Unaudited)

Shareholders in mutual funds generally incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. The Edgar Lomax Value Fund is a no-load mutual fund and has no shareholder transaction expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (5/1/20 – 10/31/20).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. Although the Fund charges no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. The Example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. You may use the information in the first line of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and will not help you determine the relative total costs of owning different funds, as they may charge transactional costs, such as sales charges (loads), redemption fees, or exchange fees.

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	5/1/20	10/31/20	5/1/20 – 10/31/20
Actual	$1,000.00	$ 981.90	$2.49
Hypothetical (5% return before expenses)	$1,000.00	$1,022.62	$2.54

*	Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 184 (days in most recent fiscal half-year)/366 days to reflect the one-half year expense.

EDGAR LOMAX VALUE FUND

INDUSTRY ALLOCATION OF PORTFOLIO ASSETS at October 31, 2020 (Unaudited)

Percentages represent market value as a percentage of total investments.

EDGAR LOMAX VALUE FUND

SCHEDULE OF INVESTMENTS at October 31, 2020

Shares		COMMON STOCKS - 98.76%	Value
		Beverage and Tobacco Product Manufacturing - 4.66%
	3,850	Altria Group, Inc.	$	138,908
	64,400	Coca-Cola Co.		3,095,064
	5,800	PepsiCo, Inc.		773,082
				4,007,054
		Broadcasting (Except Internet) - 3.20%
	41,600	Comcast Corp. - Class A		1,757,184
	8,191	Walt Disney Co.		993,159
				2,750,343
		Chemical Manufacturing - 8.64%
	8,800	AbbVie, Inc.		748,880
	12,200	Bristol-Myers Squibb Co.		713,090
	14,300	Dow, Inc.		650,507
	12,000	Gilead Sciences, Inc.		697,800
	130,402	Pfizer, Inc.		4,626,663
				7,436,940
		Computer and Electronic Product Manufacturing - 9.68%
	114,600	Cisco Systems, Inc.		4,114,140
	19,900	Intel Corp.		881,172
	3,900	Otis Worldwide Corp.		238,992
	40,555	Raytheon Technologies Corp.		2,202,947
	6,200	Texas Instruments, Inc.		896,458
				8,333,709
		Couriers and Messengers - 1.22%
	6,700	United Parcel Service, Inc. - Class B		1,052,637

		Credit Intermediation and Related Activities - 9.56%
	3,300	American Express Co.		301,092
	86,900	Bank of America Corp.		2,059,530
	23,700	Bank of New York Mellon Corp.		814,332
	41,300	Capital One Financial Corp.		3,018,204

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

EDGAR LOMAX VALUE FUND

SCHEDULE OF INVESTMENTS at October 31, 2020, continued

Shares		COMMON STOCKS - 98.76%	Value
		Credit Intermediation and Related Activities - 9.56%, continued
	12,300	Citigroup, Inc.	$	509,466
	12,400	JPMorgan Chase & Co.		1,215,696
	14,600	Wells Fargo & Co.		313,170
				8,231,490
		Electrical Equipment, Appliance, and
		Component Manufacturing - 1.18%
	15,700	Emerson Electric Co.		1,017,203

		Food Manufacturing - 2.96%
	24,300	Kraft Heinz Co.		743,337
	33,900	Mondelez International, Inc. - Class A		1,800,768
				2,544,105
		General Merchandise Stores - 1.34%
	7,600	Target Corp.		1,156,872

		Health and Personal Care Stores - 3.85%
	97,300	Walgreens Boots Alliance, Inc.		3,312,092

		Insurance Carriers and Related Activities - 9.83%
	49,700	Allstate Corp.		4,410,875
	107,000	MetLife, Inc.		4,049,950
				8,460,825
		Machinery Manufacturing - 2.20%
	7,900	Carrier Global Corp.		263,781
	10,400	Caterpillar, Inc.		1,633,320
				1,897,101
		Merchant Wholesalers, Durable Goods - 4.13%
	11,200	3M Co.		1,791,552
	10,700	Honeywell International, Inc.		1,764,965
				3,556,517

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

EDGAR LOMAX VALUE FUND

SCHEDULE OF INVESTMENTS at October 31, 2020, continued

Shares		COMMON STOCKS - 98.76%	Value
		Oil and Gas Extraction - 0.20%
	19,000	Occidental Petroleum Corp.	$	173,470

		Petroleum and Coal Products Manufacturing - 6.47%
	42,300	Chevron Corp.		2,939,850
	80,700	Exxon Mobil Corp.		2,632,434
				5,572,284
		Professional, Scientific, and Technical Services - 2.63%
	20,300	International Business Machines Corp.		2,266,698

		Rail Transportation - 1.83%
	8,900	Union Pacific Corp.		1,576,991

		Real Estate - 0.39%
	5,300	Simon Property Group, Inc.		332,893

		Securities, Commodity Contracts, and Other Financial Investments
		and Related Activities - 2.87%
	900	BlackRock, Inc.		539,289
	8,100	Goldman Sachs Group, Inc.		1,531,224
	8,200	Morgan Stanley		394,830
				2,465,343
		Support Activities for Mining - 0.34%
	19,500	Schlumberger N.V. (b)		291,330

		Telecommunications - 6.98%
	128,900	AT&T, Inc.		3,482,878
	44,300	Verizon Communications, Inc.		2,524,657
				6,007,535
		Transportation Equipment Manufacturing - 3.05%
	13,600	General Dynamics Corp.		1,786,088
	2,400	Lockheed Martin Corp.		840,312
				2,626,400

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

EDGAR LOMAX VALUE FUND

SCHEDULE OF INVESTMENTS at October 31, 2020, continued

Shares		COMMON STOCKS - 98.76%	Value
		Utilities - 11.55%
	21,600	Duke Energy Corp.	$	1,989,576
	121,400	Exelon Corp.		4,842,646
	37,000	Kinder Morgan, Inc.		440,300
	46,500	Southern Co.		2,671,425
				9,943,947
		TOTAL COMMON STOCKS (Cost $102,607,469)		85,013,779

		WARRANT - 0.01%
		Mining, Quarrying, and Oil and Gas Extraction - 0.01%
	2,525	Occidental Petroleum Corp. (a)		6,237
		TOTAL WARRANT (Cost $—)		6,237

		MONEY MARKET FUND - 1.16%
	995,412	Invesco STIT-Treasury Portfolio - Institutional Class, 0.01% (c)		995,412
		TOTAL MONEY MARKET FUND (Cost $995,412)		995,412
		Total Investments in Securities (Cost $103,602,881) - 99.93%		86,015,428
		Other Assets in Excess of Liabilities - 0.07%		63,900
		TOTAL NET ASSETS - 100.00%	$	86,079,328

(a)	Non-income producing security.
(b)	U.S. traded security of a foreign issuer.
(c)	Rate shown is the 7-day annualized yield as of October 31, 2020.

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

EDGAR LOMAX VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES at October 31, 2020

ASSETS
Investments in securities, at value (identified cost $103,602,881)	$	86,015,428
Receivables
Fund shares sold		34,134
Dividends and interest		172,411
Due from Advisor (Note 4)		1,562
Return of capital		9,713
Prepaid expenses		6,404
Total assets		86,239,652

LIABILITIES
Payables
Fund shares redeemed		24,233
Administration fees		61,891
Audit fees		21,000
Transfer agent fees and expenses		20,033
Fund accounting fees		13,079
Shareholder reporting		7,340
Custody fees		5,306
Chief Compliance Officer fee		5,000
Legal fees		2,442
Total liabilities		160,324

NET ASSETS	$	86,079,328

CALCULATION OF NET ASSET VALUE PER SHARE
Net assets applicable to shares outstanding	$	86,079,328
Shares issued and outstanding
[unlimited number of shares (par value $0.01) authorized]		7,199,461
Net asset value, offering and redemption price per share	$	11.96

COMPONENTS OF NET ASSETS
Paid-in capital	$	92,906,465
Total distributable deficit		(6,827,137	)
Net assets	$	86,079,328

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

EDGAR LOMAX VALUE FUND

STATEMENT OF OPERATIONS – For the year ended October 31, 2020

INVESTMENT INCOME
Dividends	$	3,697,495
Interest		23,563
Total investment income		3,721,058

EXPENSES
Advisory fees (Note 4)		578,851
Administration fees (Note 4)		191,934
Transfer agent fees and expenses (Note 4)		111,261
Fund accounting fees (Note 4)		39,535
Registration fees		30,992
Custody fees (Note 4)		21,325
Audit fees		21,000
Reports to shareholders		16,165
Chief Compliance Officer fee (Note 4)		14,501
Trustee fees and expenses		14,177
Legal fees		11,235
Other expenses		5,334
Insurance expense		2,523
Total expenses		1,058,833
Less: advisory fee waiver (Note 4)		(491,007	)
Net expenses		567,826
Net investment income		3,153,232

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on investments		11,665,416
Net change in unrealized depreciation on investments		(33,269,727	)
Net realized and unrealized loss on investments		(21,604,311	)
Net decrease in Net Assets Resulting from Operations	$	(18,451,079	)

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

EDGAR LOMAX VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended			Year Ended
	October 31, 2020			October 31, 2019
INCREASE/(DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	3,153,232		$	2,514,686
Net realized gain/(loss) on investments		11,665,416			(62,225	)
Net change in unrealized appreciation/(depreciation) on investments		(33,269,727	)		7,461,222
Net increase/(decrease) in net assets resulting from operations		(18,451,079	)		9,913,683

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions to shareholders		(2,708,829	)		(11,966,806	)

CAPITAL SHARE TRANSACTIONS
Net increase/(decrease) in net assets derived from
net change in outstanding shares (a)		(11,814,323	)		35,798,183
Total increase/(decrease) in net assets		(32,974,231	)		33,745,060

NET ASSETS
Beginning of year		119,053,559			85,308,499
End of year	$	86,079,328		$	119,053,559

(a)	A summary of share transactions is as follows:

	Year Ended						Year Ended
	October 31, 2020						October 31, 2019
	Shares			Paid-in Capital			Shares			Paid-in Capital
Shares sold		1,675,203		$	22,131,221			3,171,720		$	43,629,313
Shares issued on reinvestments of distributions		182,897			2,694,076			909,589			11,888,324
Shares redeemed		(2,863,490	)		(36,639,620	)		(1,439,975	)		(19,719,454	)
Net increase/(decrease)		(1,005,390	)	$	(11,814,323	)		2,641,334		$	35,798,183

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

EDGAR LOMAX VALUE FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year

	Year Ended October 31,
	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	14.51		$	15.33		$	15.25		$	13.00		$	13.95

Income from investment operations:
Net investment income		0.42			0.30			0.33			0.36			0.30
Net realized and unrealized
gain/(loss) on investments		(2.65	)		0.87			1.06			2.25			0.60
Total from investment operations		(2.23	)		1.17			1.39			2.61			0.90

Less distributions:
From net investment income		(0.32	)		(0.31	)		(0.36	)		(0.29	)		(0.35	)
From net realized gain on investments		—			(1.68	)		(0.95	)		(0.07	)		(1.50	)
Total distributions		(0.32	)		(1.99	)		(1.31	)		(0.36	)		(1.85	)

Net asset value, end of year	$	11.96		$	14.51		$	15.33		$	15.25		$	13.00

Total return		-15.83	%		9.07	%		9.44	%		20.43	%		7.70	%

Ratios/supplemental data:
Net assets, end of year (thousands)	$	86,079		$	119,054		$	85,308		$	81,873		$	77,809

Ratio of expenses to average net assets:
Before fees waived and expenses absorbed		1.01	%		0.96	%		1.00	%		1.06	%		1.27	%
After fees waived and expenses absorbed		0.54	%		0.70	%		0.70	%		0.50	%		0.64	%

Ratio of net investment income to average net assets:
Before fees waived and expenses absorbed		2.52	%		2.10	%		1.86	%		1.90	%		1.73	%
After fees waived and expenses absorbed		2.99	%		2.36	%		2.16	%		2.46	%		2.36	%

Portfolio turnover rate		45.46	%		23.83	%		40.62	%		37.01	%		56.00	%

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

EDGAR LOMAX VALUE FUND

NOTES TO FINANCIAL STATEMENTS at October 31, 2020

NOTE 1 – ORGANIZATION

The Edgar Lomax Value Fund (the “Fund”) is a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. The 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’s investment objective is to seek long-term capital growth while providing some income. The Fund began operations on December 12, 1997.

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.

	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 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 has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain 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. 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.

	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 a first-in, first-out basis. Interest income is recorded on an accrual basis. Dividend income, income and capital gain distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date.

		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 differs 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.

EDGAR LOMAX VALUE FUND

NOTES TO FINANCIAL STATEMENTS at October 31, 2020, continued

Reclassification of Capital Accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2020, the Fund made the following permanent tax adjustments on the Statement of Assets and Liabilities:

	Distributable Earnings	Paid-in Capital
	$(3,462,514)	$3,462,514

	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.

	F.	Events Subsequent to the Fiscal Year End: In preparing the financial statements as of October 31, 2020, 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.

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 major security types. These inputs are summarized in the three broad levels listed below:

	Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the 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.

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

Equity Securities: The Fund’s investments are carried at fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available

EDGAR LOMAX VALUE FUND

NOTES TO FINANCIAL STATEMENTS at October 31, 2020, continued

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 (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of representatives from the Fund’s administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”). The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s securities as of October 31, 2020:

	Level 1		Level 2		Level 3		Total
Common Stocks
Finance and Insurance	$	16,139,454	$	—	$	—	$	16,139,454
Information		8,757,878		—		—		8,757,878
Management of Companies and Enterprises		3,018,204		—		—		3,018,204
Manufacturing		35,226,348		—		—		35,226,348
Mining, Quarrying, and Oil and Gas Extraction		464,800		—		—		464,800
Professional, Scientific, and Technical Services		2,266,698		—		—		2,266,698
Real Estate		332,893		—		—		332,893
Retail Trade		4,468,964		—		—		4,468,964
Transportation and Warehousing		2,629,628		—		—		2,629,628
Utilities		9,943,947		—		—		9,943,947
Wholesale Trade		1,764,965		—		—		1,764,965
Total Common Stocks		85,013,779		—		—		85,013,779
Warrant		6,237		—		—		6,237
Money Market Fund		995,412		—		—		995,412
Total Investments in Securities	$	86,015,428	$	—	$	—	$	86,015,428

EDGAR LOMAX VALUE FUND

NOTES TO FINANCIAL STATEMENTS at October 31, 2020, continued

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification.

In August 2018, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. The Fund has adopted all applicable provisions of ASU 2018-13.

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Edgar Lomax Company (the “Advisor”) provides the Fund with investment management services under an investment advisory agreement. The Advisor furnishes all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.55% based upon the average daily net assets of the Fund. Additionally, the Advisor has agreed to voluntarily waive a portion of its management fee and pay certain Fund expenses such that “Total Annual Fund Operating Expenses” will decline to 0.50% for underperformance versus the S&P 500^® Value Index during either the 3-year or 5-year period. While this voluntary management fee waiver can be discontinued at any time, the Advisor has no intention of doing so. For the year ended October 31, 2020, the Fund incurred $578,851 in advisory fees, of which the Advisor contractually waived $322,112 and voluntarily waived $168,895, resulting in net advisory fees of $87,844.

The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, interest, taxes and extraordinary expenses) to 0.70% of average daily net assets. If the Advisor waives advisory fees under the arrangement described above, it has also agreed to absorb all expenses, other than advisory fees. For the year ended October 31, 2020, the Fund’s aggregate annual operating expenses were reduced to 0.54% of the Fund’s average daily net assets, including contractual expense limits. Any such reduction made by the Advisor in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, in any subsequent month in the 36-month period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund towards the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the

EDGAR LOMAX VALUE FUND

NOTES TO FINANCIAL STATEMENTS at October 31, 2020, continued

time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon the Board’s review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses. For the year ended October 31, 2020, excluding amounts voluntarily waived, the Advisor reduced its fees and absorbed Fund expenses in the amount of $322,112; no amounts were reimbursed to the Advisor. The Advisor may recapture portions of the amounts shown below no later than the corresponding dates:

Expires	Amount
10/31/2021	$	249,949
10/31/2022		280,759
10/31/2023		322,112
	$	852,820

Fund Services serves as the Fund’s administrator, fund accountant and transfer agent. U.S. Bank N.A. serves as the 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. The officers of the Trust and the Chief Compliance Officer are also employees of Fund Services. Fees paid by the Fund for administration and accounting, transfer agency, custody and compliance services for the year ended October 31, 2020 are disclosed in the statement of operations.

Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. Effective March 31, 2020, Foreside Financial Group, LLC (“Foreside”) acquired Quasar from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-owned broker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The Board of the Fund has approved a new distribution agreement to enable Quasar to continue serving as the Fund’s Distributor.

The Fund has entered into agreements with various brokers, dealers and financial intermediaries to compensate them for transfer agent services that would otherwise be executed by Fund Services. These sub-transfer agent services include pre-processing and quality control of new accounts, maintaining detailed shareholder account records, shareholder correspondence, answering customer inquiries regarding account status, and facilitating shareholder telephone transactions. The Fund expensed $84,225 of sub-transfer agent fees during the year ended October 31, 2020. These fees are included in the transfer agent fees and expenses amount indicated in the statement of operations.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2020, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $46,169,899 and $52,934,551, respectively.

EDGAR LOMAX VALUE FUND

NOTES TO FINANCIAL STATEMENTS at October 31, 2020, continued

NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended October 31, 2020 and October 31, 2019 was as follows:

	Year Ended		Year Ended
	October 31, 2020		October 31, 2019
Net investment income	$	2,708,829	$	1,867,891
Long-term capital gains		—		10,098,915

As of October 31, 2020, the components of accumulated earnings/(losses) on a tax basis were as follows:

Cost of investments (a)	$	103,629,043
Gross tax unrealized appreciation		4,899,018
Gross tax unrealized depreciation		(22,512,633	)
Net tax unrealized depreciation (a)		(17,613,615	)
Undistributed ordinary income		2,661,117
Undistributed long-term capital gain		8,125,361
Total distributable earnings		10,786,478
Total accumulated earnings/(losses)	$	(6,827,137	)

(a)

The difference between book-basis and tax-basis net unrealized depreciation is attributable primarily to the tax deferral of losses on wash sales.

NOTE 7 – OTHER TAX INFORMATION

The Fund declared the payment of a distribution to be paid, on December 11, 2020, to shareholders of record on December 10, 2020 as follows:

		Long-Term
	Income	Capital Gains
	$0.4378542	$1.13925

EDGAR LOMAX VALUE FUND

REPORT OF INDEPENDENT PUBLIC ACCOUNTING FIRM

To the Board of Trustees Advisors Series Trust and

Shareholders of Edgar Lomax Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Edgar Lomax Value Fund (the “Fund”), a series of Advisors Series Trust (the “Trust”), including the schedule of investments, as of October 31, 2020, 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 five years in the period then ended, 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 October 31, 2020, 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 five years in the period then ended, 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 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 presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

December 30, 2020

EDGAR LOMAX VALUE FUND

NOTICE TO SHAREHOLDERS at October 31, 2020 (Unaudited)

For the year ended October 31, 2020, the Edgar Lomax Value Fund designated $2,708,829 as ordinary income.

For the year ended October 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from net investment income designated as qualified dividend income was 100%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended October 31, 2020 was 100%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gains under Internal Revenue Section 871(k)(2)(C) for the year ended October 31, 2020 was 0%.

Certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided by the Tax Cuts and Jobs Act of 2017.

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling 1-866-205-0524 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

How to Obtain a Copy of the Fund’s Proxy Voting Records for the 12-Month Period Ended June 30

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-866-205-0524. Furthermore, you can obtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-PORT

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at http://www.sec.gov. Information included in the Fund’s Form N-PORT is also available by calling 1-866-205-0524.

HOUSEHOLDING (Unaudited)

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses, annual and semi-annual reports, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-205-0524 to request individual copies of these documents. Once the Transfer Agent receives notice to stop householding, the Transfer Agent will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

EDGAR LOMAX VALUE FUND

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

The Fund has adopted a liquidity risk management program (the “program”). The Board has designated a committee at the Advisor to serve as the administrator of the program. The Advisor’s committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the committee.

Under the program, the Advisor’s committee manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The committee’s process of determining the degree of liquidity of the Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the committee regarding the operation and effectiveness of the program for the period June 1, 2019 through June 30, 2020. No significant liquidity events impacting the Fund were noted in the report. In addition, the committee provided its assessment that the program had been effective in managing the Fund’s liquidity risk.

EDGAR LOMAX VALUE FUND

INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited)

This chart provides information about the Trustees and Officers who oversee the Fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

				Number of
				Portfolios
		Term of		in Fund	Other
	Position	Office and		Complex	Directorships
Name, Address	Held with	Length of	Principal Occupation	Overseen	Held During
and Age	the Trust	Time Served*	During Past Five Years	by Trustee⁽²⁾	Past Five Years⁽³⁾
Independent Trustees⁽¹⁾

Gail S. Duree	Trustee	Indefinite	Director, Alpha Gamma Delta	1	Trustee, Advisors
(age 74)		term; since	Housing Corporation (collegiate		Series Trust (for
615 E. Michigan Street		March 2014.	housing management) (2012 to		series not affiliated
Milwaukee, WI 53202			July 2019); Trustee and Chair		with the Fund).
			(2000 to 2012), New Covenant
			Mutual Funds (1999 to 2012);
			Director and Board Member,
			Alpha Gamma Delta Foundation
			(philanthropic organization)
			(2005 to 2011).

David G. Mertens	Trustee	Indefinite	Partner and Head of Business	1	Trustee, Advisors
(age 60)		term; since	Development Ballast Equity		Series Trust (for
615 E. Michigan Street		March 2017.	Management, LLC (a privately-held		series not affiliated
Milwaukee, WI 53202			investment advisory firm) (February		with the Fund).
			2019 to present); Managing Director
			and Vice President, Jensen Investment
			Management, Inc. (a privately-held
			investment advisory firm)
			(2002 to 2017).

Joe D. Redwine	Trustee	Indefinite	Retired; formerly Manager, President,	1	Trustee, Advisors
(age 73)		term; since	CEO, U.S. Bancorp Fund Services,		Series Trust (for
615 E. Michigan Street		September	LLC and its predecessors		series not affiliated
Milwaukee, WI 53202		2008.	(May 1991 to July 2017).		with the Fund).

EDGAR LOMAX VALUE FUND

INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), continued

				Number of
				Portfolios
		Term of		in Fund	Other
	Position	Office and		Complex	Directorships
Name, Address	Held with	Length of	Principal Occupation	Overseen	Held During
and Age	the Trust	Time Served*	During Past Five Years	by Trustee⁽²⁾	Past Five Years⁽³⁾
Raymond B. Woolson	Chairman	Indefinite	President, Apogee Group, Inc.	1	Trustee, Advisors
(age 61)	of the	term; since	(financial consulting firm)		Series Trust (for
615 E. Michigan Street	Board	January	(1998 to present).		series not affiliated
Milwaukee, WI 53202		2020.			with the Fund);
					Independent
	Trustee	Indefinite			Trustee,
		term; since			DoubleLine Funds
		January			Trust (an open-end
		2016.			investment
					company with
					19 portfolios),
					DoubleLine
					Opportunistic
					Credit Fund,
					DoubleLine
					Selective Credit
					Fund and
					DoubleLine
					Income Solutions
					Fund, from 2010
					to present.

EDGAR LOMAX VALUE FUND

INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), continued

Name, Address	Position Held	Term of Office and	Principal Occupation
and Age	with the Trust	Length of Time Served	During Past Five Years
Officers

Jeffrey T. Rauman	President, Chief	Indefinite term; since	Senior Vice President, Compliance and
(age 51)	Executive Officer	December 2018.	Administration, U.S. Bank Global Fund Services
615 E. Michigan Street	and Principal		(February 1996 to present).
Milwaukee, WI 53202	Executive Officer

Cheryl L. King	Vice President,	Indefinite term; since	Vice President, Compliance and Administration,
(age 59)	Treasurer and	December 2007.	U.S. Bank Global Fund Services (October 1998
615 E. Michigan Street	Principal Financial		to present).
Milwaukee, WI 53202	Officer

Kevin J. Hayden	Assistant	Indefinite term; since	Vice President, Compliance and Administration,
(age 49)	Treasurer	September 2013.	U.S. Bank Global Fund Services
615 E. Michigan Street			(June 2005 to present).
Milwaukee, WI 53202

Richard R. Conner	Assistant	Indefinite term; since	Assistant Vice President, Compliance and
(age 38)	Treasurer	December 2018.	Administration, U.S. Bank Global Fund Services
615 E. Michigan Street			(July 2010 to present).
Milwaukee, WI 53202

Michael L. Ceccato	Vice President,	Indefinite term; since	Senior Vice President, U.S. Bank Global Fund
(age 63)	Chief Compliance	September 2009.	Services and Vice President, U.S. Bank N.A.
615 E. Michigan Street	Officer and		(February 2008 to present).
Milwaukee, WI 53202	AML Officer

EDGAR LOMAX VALUE FUND

INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), continued

Name, Address	Position Held	Term of Office and	Principal Occupation
and Age	with the Trust	Length of Time Served	During Past Five Years
Elaine E. Richards, Esq.	Vice President	Indefinite term; since	Senior Vice President, U.S. Bank Global Fund
(age 52)	and Secretary	September 2019.	Services (July 2007 to present).
2020 East Financial Way,
Suite 100
Glendora, CA 91741

*	The Trustees have designated a mandatory retirement age of 75, such that each Trustee, serving as such on the date he or she reaches the age of 75, shall submit his or her resignation not later than the last day of the calendar year in which his or her 75th birthday occurs (“Retiring Trustee”). Upon request, the Board may, by vote of a majority of Trustees eligible to vote on such matter, determine whether or not to extend such Retiring Trustee’s term and on the length of a one-time extension of up to three additional years.
(1)	The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
(2)	As of October 31, 2020, the Trust was comprised of 34 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series.
(3)	“Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “public companies”) or other investment companies registered under the 1940 Act.

The Statement of Additional Information includes additional information about the Fund’s Trustees and Officers and is available, without charge, upon request by calling 1-866-205-0524.

EDGAR LOMAX VALUE FUND

PRIVACY NOTICE

The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

(This Page Intentionally Left Blank.)

Advisor

The Edgar Lomax Company

5971 Kingstowne Village Parkway, Suite 240

Alexandria, VA 22315

www.edgarlomax.com

Distributor

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

Custodian

U.S. Bank N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

1-866-205-0524

Independent Registered

Public Accounting Firm

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Legal Counsel

Sullivan & Worcester LLP

1633 Broadway, 32nd Floor

New York, NY 10019

This report is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. To obtain a free prospectus please call 1-866-205-0524.

ED-ANNUAL

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. Ms. Gail S. Duree is the “audit committee financial expert” and is 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 for tax compliance, tax advice, and tax planning. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 10/31/2020	FYE 10/31/2019
Audit Fees	$17,400	$17,400
Audit-Related Fees	N/A	N/A
Tax Fees	$3,600	$3,600
All Other Fees	N/A	N/A

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.

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

	FYE 10/31/2020	FYE 10/31/2019
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

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. The audit committee of the Board of Trustees 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.

Non-Audit Related Fees	FYE 10/31/2020	FYE 10/31/2019
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

Item 5. Audit Committee of Listed Registrants.

(a)	Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b)	Not applicable.

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. 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 11. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/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 has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. 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) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) 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.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(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, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Advisors Series Trust

By (Signature and Title)* /s/ Jeffrey T. Rauman

Jeffrey T. Rauman, President/Chief Executive

Officer/Principal Executive Officer

Date 1/6/2021

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

By (Signature and Title)* /s/ Jeffrey T. Rauman

Jeffrey T. Rauman, President/Chief Executive

Officer/Principal Executive Officer

Date 1/6/2021

By (Signature and Title)* /s/ Cheryl L. King

Cheryl L. King, Vice President/Treasurer/Principal

Financial Officer

Date 1/7/2021

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