Annual Report March 31, 2020...(formerly, the “Aasgard Dividend Growth Small & Mid-Cap Fund”) Annual Report March 31, 2020 Beginning on January 1, 2021, as permitted by regulations

(formerly, the “Aasgard Dividend Growth Small & Mid-Cap Fund”)

Annual Report

March 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securitiesand Exchange Commission, paper copies of the Fund’s shareholder reports will nolonger be sent by mail, unless you specifically request paper copies of the reportsfrom the Fund (defined herein) or from your financial intermediary, such as abroker-dealer or bank. Instead, the reports will be made available on a website, andyou will be notified by mail each time a report is posted and provided with awebsite link to access the report.

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

You may elect to receive all future reports in paper free of charge. You can informthe Fund or your financial intermediary that you wish to continue receiving papercopies of your shareholder reports. Your election to receive reports in paper willapply to all funds held within the fund complex and may apply to all funds heldthrough your financial intermediary.

March 31, 2020

Dear Fellow Shareholders:

Results

The Aasgard Small & Mid-Cap Fund’s (“AADGX” or the “Fund”) strategy ended thequarter down -27.19% on a net basis. This result was better than the return of ourprimary benchmark, the S&P MidCap 400® Index (the “Index”) at -29.70%. Over thepast fiscal year, the Fund has outperformed the Index, down -21.14% vs. -22.51% forthe Index. Since inception on April 1, 2016, the strategy is outperforming, up anannualized 2.50%, vs. 1.52% for the Index. The market’s dramatic decline inFebruary and March of 2020 tested and demonstrated the efficacy of our strategy.Our strategy is broadly diversified across industries, owns companies that exhibitstable earnings growth, strong balance sheets, and consistently rising dividendpayments relative, to their peers. The strategy has shown positive returns sinceinception and risk mitigation in major sell-offs. The Fund’s investment strategycontinues to perform to expectations.

The primary drivers of outperformance were well-timed exposures to companiesexhibiting strong trailing price appreciation. MarketAxess Holdings (MKTX), ResMed(RMD), and CDW (CDW) among other holdings were strong performers in thecalendar years 2018-2019, this momentum persisted into 2020 and even during thedownturn in February and March of 2020. Over the past few years the momentumfactor, essentially the stock price appreciation relative to its industry peers, hasbeen the strongest indicator of forward returns relative to other traditional factorssuch as valuation, dividend yield, dividend growth, or market cap. Those traditionalfactors have not been predictive of forward returns, and companies in the portfolioranking high in those factors: Fidelity National Financial (FNF), Polaris (PII), andUnited Bankshares (UBSI) underperformed. These factor exposure effects can betransient drivers of returns. Investor preference for specific factors vary and changeover time in an unpredictable manner. Our strategy combines these factorexposures to arrive at what we believe is a balanced approach, one that will havepreferential factor exposure that matches investor preferences for a given timeperiod. By having a significant momentum factor exposure during the fiscal year ourstrategy was able to outperform the index.

Performance data quoted represents past performance; past performance doesnot guarantee future results. The investment return and principal value of aninvestment will fluctuate so that an investor’s shares, when redeemed, may beworth more or less than their original cost. Current performance of the Fund maybe lower or higher than the performance quoted. Performance data current tothe most recent month end may be obtained by calling 1.877.476.1909.

Gross expense ratio is 1.24%

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AASGARD SMALL & MID-CAP FUND

Market & Economic Review

2019 saw fantastic returns in the stock market. After falling dramatically in theclosing months of 2018, the market rebounded quickly in the first four months ofthe year. The economy was characterized by low unemployment and moderate GDP(Gross Domestic Product) growth. The primary headwinds to growth were theongoing trade negotiations between the United States, China, and much of theworld. As the trade negotiations advanced and tariff levels dropped, the marketcharted an upward path all the way into February of 2020.

After peaking on February 19th, the market dropped precipitously over a threeweek period. The virus called SARS-COV-2, which causes a disease labeled COVID-19, had arrived in the United States and became a clear threat to public health.State and local governments responded with ever escalating physical distancingorders. Governors in most states cancelled school, shut down restaurants and bars,and many other business activities considered non-essential, eventually orderingthe populace to stay-at-home. These orders have severely impacted businessconditions. Tens of millions of workers have been laid off. The market declinedrapidly making its low mark on March 23rd, before rallying into the end of themonth. We believe that the economy has entered a recession and classify themarket decline as a bear market.

Summary of Investment Activity

In May 2019 we made four sales: WW Grainger (GWW), Hollyfrontier (HFC),Nordstrom (JWN), and UGI Corp. (UGI). Nordstrom and Grainger were sold toharvest tax losses and mitigate negative momentum in their stock prices.Hollyfrontier was sold due to lack of projected dividend growth. UGI was sold dueto expected revenue declines associated with lower natural gas prices relative toother regulated utilities. Gildan Activewear (GILD), Cabot Oil and Gas (COG), OGEEnergy (OGE), and Oshkosh (OSK) were purchased as replacements.

In July Gorman Rupp (GRC) was sold as revenue projections continued to decline. Itwas replaced by Alaska Air Group (ALK). Alaska Air’s projected revenue and earningsgrowth have improved based upon a growing route profile and lower fuel costs.Alaska’s high relative dividend yield also made it a more attractive investment.

In August we sold Plantronics (PLT), Cabot Oil & Gas (COG), and Lancaster Colony(LANC). These positions were sold to harvest tax losses and to mitigate negativemomentum. Plantronics was replaced by Amphenol Corp., a manufacturer ofelectronic and fiber optic connectors. Cabot Oil & Gas was replaced by pipelinecompany Oneok (OKE). Packaged bakery goods company Flowers Foods (FLO)replaced Lancaster Colony (LANC).

In September we sold Meredith Corp. (MDP) to harvest the taxable losses. Noreplacement was purchased.

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No companies were sold or purchased in October.

No portfolio changes occurred in November or December.

We made a significant rebalance of holdings in January. Many of our holdings hadappreciated dramatically in 2019. Valuations became very extended in many names.Our goal with the rebalance was to reduce the average market cap weight, reducevaluation, and improve the average expected revenue growth. In pursuit of theseobjectives we replaced 13 names. The average trailing P/E ratio was reduced from35 to 23. For comparison sake the average trailing P/E in the Russell 2500 was 29 atcalendar year-end. The portfolio now more closely resembles our idealized factorexposure by: market cap, earnings and revenue growth, dividend yield, qualityfactors, momentum factor, and a sector neutral composition.

No portfolio changes occurred in February or March.

Market Outlook:

The range of outcomes for the coming year is wide. While we believe we are in arecession currently, a reopening of the economy could cut the recession durationshorter than past recessions. Alternatively, the shut-down could be protractedand/or recurring which would prolong and deepen the economic damage. Theshape of re-opening will likely follow the course of the infection rate and intensity ofhospital utilization, which are unknowable variables. This range of outcomes will bedetermined by the development of disease treatments, progress in vaccines,effectiveness of monetary and fiscal stimulus, magnitude of business and personalbankruptcies, and the return of employment growth and consumer confidence. Atthe current time we cannot forecast the shape of economic or business conditionswith any degree of confidence.

While the business shut-downs and fear of the virus are obvious detractors fromeconomic growth, monetary and fiscal stimulus are likely to mitigate some of theexpected damage. The Federal Reserve has reduced the overnight Fed Funds rate tozero and initiated quantitative easing. The result was an infusion of roughly $2 Trillioninto the credit markets. We expect further quantitative easing and ongoing purchasesof treasuries, mortgages, and corporate bonds. This massive infusion is likely to havethe impact of lowering interest rates, reducing bankruptcy risk, and elevatingvaluations in the equity market. Further, the Federal government has initiatedmultiple rounds of fiscal stimulus which includes direct payments to consumers,direct aid to states, and emergency loans to businesses. The combination of stimulusis unprecedented, even as the economic impact is unprecedented. We expect thequick and massive response to mitigate some of the dislocation.

We have spent considerable time evaluating the impact to the businesses within theportfolio. We built this portfolio with recession durability as a key factor in stockselection. The businesses in the portfolio have robust balance sheets and ample cashflow. When selecting companies, we actively select for those that can expand market

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share in a recession. Companies that can take advantage of the financial distress ofcompetitors. As the recession deepens, we anticipate waves of defaults andbankruptcy, primarily in the retail, oil and gas, travel, and real estate industries. It isour opinion that the companies in the portfolio are better hedged from the expecteddeclines in business disruption, consumer spending and potential debt defaults, overtheir peers. This is the portfolio that we have wanted for the current conditions andwe are very fortunate to have what we view as such a strong stable of companies.

Sincerely,

James Walsh, CFAPortfolio Manager

Past performance is no guarantee of future results.

Fund holdings and sector allocations are subject to change at any time and shouldnot be considered a recommendation to buy or sell any security. Current and futureholdings are subject to risk. Please see the schedule of investments in this reportfor complete Fund holdings.

The information provided herein represents the opinion of Coldstream WealthManagement and is not intended to be a forecast of future events, a guarantee offuture results, nor investment advice.

The price-earnings ratio, also known as P/E ratio, P/E, is the ratio of a company’sshare price to the company’s earnings per share.

Forward price to earnings (forward P/E) is a measure of the price-to-earnings (P/E)ratio using forecasted earnings for the P/E calculation.

Market cap—or market capitalization—refers to the total value of all a company’sshares of stock. It is calculated by multiplying the price of a stock by its total numberof outstanding shares.

Cash flow is the net amount of cash and cash equivalents moving into and out of abusiness.

The dividend yield is the ratio of a company’s annual dividend compared to its shareprice.

The S&P MidCap 400® Index provides investors with a benchmark for mid-sizedcompanies. The index, which is distinct from the large-cap S&P 500® Index,measures the performance of mid-sized companies, reflecting the distinctive riskand return characteristics of this market segment.

The Russell 2500 Index is a market-cap-weighted index that includes the smallest2,500 companies covered in the Russell 3000 universe of United States-based listedequities.

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You cannot directly invest in an index.

Mutual Fund investing involves risk, loss of principal is possible. Losing all or aportion of your investment is a risk of investing in the Fund. Investments in small-and mid-cap companies involve additional risk such as limited liquidity andgreater volatility than larger companies. Investments in real estate investmenttrusts (“REITs”) will be subject to the risks associated with the direct ownership ofreal estate and annual compliance with tax rules applicable to REITs.

Diversification does not assure a profit nor protect against loss in a declining market.

The information contained in this report is authorized for use when preceded oraccompanied by a prospectus.

The Fund is distributed by Quasar Distributors, LLC.

Earnings growth is not a measure of the Fund’s future performance.

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FUND PERFORMANCE CHART at March 31, 2020

Comparison of the change in value of a hypothetical $10,000 investment in theAasgard Small & Mid-Cap Fund vs. S&P MidCap 400® Index.

One Three Since Average Annual Total Return: Year Year Inception1____________________ ____ ____ ________Aasgard Small & Mid-Cap Fund -21.14% -2.42% 2.50%S&P MidCap 400® Index -22.51% -4.09% 1.52%¹ The Fund commenced operations on April 1, 2016.

Past performance does not guarantee future results. The investment return andprincipal value of an investment will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performanceof the Fund may be lower or higher than the performance quoted. Performance datacurrent to the most recent month end may be obtained by calling (877) 476-1909.

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

The S&P MidCap 400® Index provides investors with a benchmark for mid-sizedcompanies. The index, which is distinct from the large-cap S&P 500® Index,measures the performance of mid-sized companies, reflecting the distinctive riskand return characteristics of this market segment.

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

4/1/2

016

$11,037

3/31/2

017

$10,620

3/31/2

018

3/31/2

019

3/31/2

020

Aasgard Small & Mid-Cap Fund

S&P MidCap 400® Index

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EXPENSE EXAMPLE at March 31, 2020 (Unaudited)

Shareholders in mutual funds generally incur two types of costs: (1) transactioncosts, 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 fundexpenses. The Aasgard Small & Mid-Cap Fund is a no-load mutual fund and has noshareholder transaction expenses. This Example is intended to help you understandyour ongoing costs (in dollars) of investing in the Fund and to compare these costswith the ongoing costs of investing in other mutual funds. The Example is based onan investment of $1,000 invested at the beginning of the period and held for theentire period (10/1/19 – 3/31/20).

Actual ExpensesThe first line of the table below provides information about actual account valuesand actual expenses, with actual net expenses being limited to 1.00% of the Fund’saverage daily net assets per the operating expenses limitation agreement. Althoughthe Fund charges no sales load or transaction fees, you will be assessed fees foroutgoing wire transfers, returned checks, and stop payment orders at prevailingrates charged by U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. TheExample 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 thetable, together with the amount you invested, to estimate the expenses that youpaid 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 thenumber in the first line under the heading entitled “Expenses Paid During Period” toestimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison PurposesThe second line of the table below provides information about hypothetical accountvalues and hypothetical expenses based on the Fund’s actual expense ratio and anassumed rate of return of 5% per year before expenses, which is not the Fund’sactual return. The hypothetical account values and expenses may not be used toestimate 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 Fundand 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 yourongoing costs only and will not help you determine the relative total costs of owningdifferent funds, as they may charge transactional costs, such as sales charges(loads), redemption fees, or exchange fees.

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EXPENSE EXAMPLE at March 31, 2020 (Unaudited), Continued

Beginning Ending Expenses PaidAccount Value Account Value During Period*

10/1/19 3/31/20 10/1/19 – 3/31/20_____________ _____________ ________________

Actual $1,000.00 $ 759.20 $4.40Hypothetical (5% returnbefore expenses) $1,000.00 $1,020.00 $5.05

* Expenses are equal to the Fund’s annualized expense ratio of 1.00%, multiplied by the average accountvalue over the period, multiplied by 183 (days in most recent fiscal half-year)/366 days to reflect theone-half year expense.

2.2% 2.5%

13.8%

1.5%

17.0%

4.3%2.1%

4.9%2.2%7.3%2.1%

2.1%4.3%

2.0%1.8%

5.8%

3.3%

5.0%

3.7%

10.2%1.9%

Administra ve Support,Waste Management – 2.2%

Chemical Manufacturing – 2.5%

Computer and ElectronicProduct Manufacturing – 13.8%

Construc on – 1.5%

Finance and Insurance – 17.0%

Food Manufacturing – 4.3%

Health Care and Social Assistance – 2.1%

Informa on – 4.9%

Machinery Manufacturing – 2.2%

Miscellaneous Manufacturing – 7.3%

Petroleum and CoalProducts Manufacturing – 2.1%

Primary Metal Manufacturing – 2.1%

Professional, Scien fic,and Technical Services – 4.3%

Real Estate and Rental and Leasing – 2.0%

Retail Trade – 1.8%

Transporta on and Warehousing – 5.8%

Transporta on EquipmentManufacturing – 3.3%

U li es – 5.0%

Wholesale Trade – 3.7%

REITS – 10.2%

Money Market Fund – 1.9%

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

Percentages represent market value as a percentage of total investments.

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

SCHEDULE OF INVESTMENTS at March 31, 2020

Shares COMMON STOCKS – 88.48% Value

Administrative and Support Services – 2.18%10,045 Broadridge Financial Solutions, Inc. . . . . . . . . . . . . . . . . . . $ 952,567___________

Air Transportation – 1.45%22,335 Alaska Air Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,877___________

Ambulatory Health Care Services – 2.09%11,400 Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 915,420___________

Chemical Manufacturing – 2.49%18,275 RPM International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,087,362___________

Computer and Electronic Product Manufacturing – 13.94%

13,620 Agilent Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 975,46512,100 Amphenol Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881,84820,625 FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657,73119,625 Maxim Integrated Products, Inc. . . . . . . . . . . . . . . . . . . . . 953,97112,430 Microchip Technology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 842,75416,565 Teradyne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897,32611,305 Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 881,112___________

6,090,207___________Construction of Buildings – 1.55%

30,300 PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676,296___________Credit Intermediation and Related Activities – 7.71%

18,978 Commerce Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 955,54226,285 Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 893,82115,560 UMB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 721,67334,550 United Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797,414___________

3,368,450___________Data Processing, Hosting, and Related Services – 2.63%

4,410 FactSet Research Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . 1,149,599___________Food Manufacturing – 4.34%

24,090 Campbell Soup Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,111,9946,480 J&J Snack Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 784,080___________

1,896,074___________Funds, Trusts, and Other Financial Vehicles – 2.48%

14,480 Garmin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085,421___________Furniture and Home Furnishings Stores – 1.83%

18,760 Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797,675___________

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SCHEDULE OF INVESTMENTS at March 31, 2020, Continued

Shares COMMON STOCKS – 88.48%, Continued Value

Insurance Carriers and Related Activities – 3.44%18,945 First American Financial Corp. . . . . . . . . . . . . . . . . . . . . . . $ 803,4578,340 Reinsurance Group of America, Inc. . . . . . . . . . . . . . . . . . . 701,728___________

1,505,185___________Machinery Manufacturing – 2.21%

6,980 IDEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 964,008___________Merchant Wholesalers, Durable Goods – 1.49%

24,385 Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,592___________Merchant Wholesalers, Nondurable Goods – 2.23%

11,505 Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972,748___________Miscellaneous Manufacturing – 7.36%

12,930 Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925,14211,265 Hill-Rom Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,133,2598,260 STERIS plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,156,152___________

3,214,553___________Petroleum and Coal Products Manufacturing – 2.08%

7,245 Carlisle Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 907,654___________Primary Metal Manufacturing – 2.14%

10,655 Reliance Steel & Aluminum Co. . . . . . . . . . . . . . . . . . . . . . 933,271___________Professional, Scientific, and Technical Services – 4.38%

15,185 Booz Allen Hamilton Holding Corp. . . . . . . . . . . . . . . . . . . 1,042,2989,360 CDW Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 873,007___________

1,915,305___________Rail Transportation – 2.08%

7,145 Kansas City Southern . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908,701___________Rental and Leasing Services – 1.98%

16,555 McGrath RentCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867,151___________Securities and Commodity Contracts

Intermediation and Brokerage – 3.46%17,355 Cohen & Steers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788,78529,160 Fidelity National Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . 725,501___________

1,514,286___________Support Activities for Transportation – 2.27%

14,965 Expeditors International of Washington, Inc. . . . . . . . . . . 998,465___________Telecommunications – 2.36%

7,005 ResMed, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031,767___________

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SCHEDULE OF INVESTMENTS at March 31, 2020, Continued

Shares COMMON STOCKS – 88.48%, Continued Value

Transportation Equipment Manufacturing – 3.31%13,030 Oshkosh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 838,22012,605 Polaris Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 606,931___________

1,445,151___________Utilities – 5.00%

10,445 Atmos Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,036,45727,105 OGE Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 832,93714,545 ONEOK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,226___________

2,186,620___________TOTAL COMMON STOCKS (Cost $44,603,734) . . . . . . . . . . 38,670,405___________

REITS – 10.25%

10,935 Camden Property Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . 866,48933,520 Duke Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,085,37814,910 EPR Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,12011,485 Extra Space Storage, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,099,80461,721 Medical Properties Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . 1,067,156___________

TOTAL REITS (Cost $4,793,672) . . . . . . . . . . . . . . . . . . . . . . 4,479,947___________

MONEY MARKET FUND – 1.91%

832,243 Fidelity Investments Money Market Funds – Government Portfolio – Class I, 0.30% (a) . . . . . . . . . . . . 832,243___________TOTAL MONEY MARKET FUND (Cost $832,243) . . . . . . . . . 832,243___________TOTAL INVESTMENTS IN SECURITIES

(Cost $50,229,649) – 100.64% . . . . . . . . . . . . . . . . . . . . . . 43,982,595Liabilities in Excess of Other Assets – (0.64)% . . . . . . . . . (278,546)___________NET ASSETS – 100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,704,049______________________

REIT – Real Estate Investment Trust(a) Rate shown is the 7-day annualized yield as of March 31, 2020.

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STATEMENT OF ASSETS AND LIABILITIES at March 31, 2020

ASSETSInvestments in securities, at value (identified cost $50,229,649) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,982,595Receivables:

Fund shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,500Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,902Dividend tax reclaim . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,991

Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,236___________Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,305,224___________

LIABILITIESPayables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302,688Fund shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,046Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,769Administration and fund accounting fees . . . . . . . . . . . . . . . . . . 19,292Transfer agent fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . 7,020Chief Compliance Officer fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,530Shareholder reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,226Custody fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,357Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601Trustee fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42___________

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601,175___________

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,704,049______________________

CALCULATION OF NET ASSET VALUE PER SHARENet assets applicable to shares outstanding . . . . . . . . . . . . . . . . . . $43,704,049Shares issued and outstanding [unlimitednumber of shares (par value $0.01) authorized] . . . . . . . . . . . . . . 4,374,489

Net asset value, offering and redemption price per share . . . . . . $9.99______________________

COMPOSITION OF NET ASSETSPaid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $49,625,933Total distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,921,884)___________

Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $43,704,049______________________

15



STATEMENT OF OPERATIONS For the Year Ended March 31, 2020

INVESTMENT INCOMEIncome

Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,150,975Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,519___________

Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,158,494___________Expenses

Advisory fees (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475,639Administration and fund accounting fees (Note 4) . . . . . . . . . . 75,072Transfer agent fees and expenses (Note 4) . . . . . . . . . . . . . . . . 29,718Registration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,016Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,999Trustee fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,003Chief Compliance Officer fee (Note 4) . . . . . . . . . . . . . . . . . . . . 13,280Custody fees (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,155Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,562Reports to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,450Miscellaneous expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,918Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,050Interest expense (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604___________

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696,466Less: advisory fee waiver (Note 4) . . . . . . . . . . . . . . . . . . . . (91,281)___________Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 605,185___________

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . 553,309___________

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTSNet realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 946,321Net change in unrealized appreciation on investments . . . . . . . . . (13,134,999)___________

Net realized and unrealized loss on investments . . . . . . . . . . . . (12,188,678)___________Net Decrease in Net Assets

Resulting from Operations . . . . . . . . . . . . . . . . . . . . . . $(11,635,369)______________________

16



STATEMENTS OF CHANGES IN NET ASSETS

Year Ended Year EndedMarch 31, 2020 March 31, 2019_______________ _______________

INCREASE/(DECREASE) IN NET ASSETS FROM:OPERATIONSNet investment income . . . . . . . . . . . . . . . $ 553,309 $ 466,881Net realized gain/(loss) on investments . . 946,321 (226,021)Net change in unrealized appreciation/(depreciation) on investments . . . . . . . . . (13,134,999) 1,582,537____________ ___________Net increase/(decrease) in net assets

resulting from operations . . . . . . . . . . (11,635,369) 1,823,397____________ ___________

DISTRIBUTIONS TO SHAREHOLDERSNet dividends and distributions to shareholders . . . . . . . . . . . . . . . . . . . . . (611,296) (1,619,183)____________ ___________Total distributions to shareholders . . . . (611,296) (1,619,183)____________ ___________

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from net change in outstanding shares (a) . . . . . . . . . . . . . . . 905,035 17,457,522____________ ___________Total increase/(decrease)

in net assets . . . . . . . . . . . . . . . . . . . . . . (11,341,630) 17,661,736____________ ___________

NET ASSETSBeginning of year . . . . . . . . . . . . . . . . . . . . 55,045,679 37,383,943____________ ___________End of year . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,704,049 $55,045,679____________ _______________________ ___________

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

Year Ended Year EndedMarch 31, 2020 March 31, 2019__________________________ __________________________

Shares sold 533,680 $ 6,719,430 1,528,261 $19,876,660Shares issued on reinvestmentsof distributions 51,153 611,296 136,293 1,619,183Shares redeemed (503,731) (6,425,691) (322,940) (4,038,321)________ __________ _________ ___________Net increase 81,102 $ 905,035 1,341,614 $17,457,522________ __________ _________ ___________________ __________ _________ ___________

17



FINANCIAL HIGHLIGHTS For a share outstanding throughout each year

Year Ended Year Ended Year Ended Year EndedMarch 31, March 31, March 31, March 31,

2020 2019 2018 2017*________ ________ ________ ________Net asset value, beginning of year . . . . $12.82 $12.66 $11.67 $10.00______ ______ ______ ______

Income from investment operations:Net investment income . . . . . . . . . . . . 0.13 0.12 0.14 0.20Net realized and unrealized gain/(loss) on investments . . . . . . . . (2.82) 0.44 1.32 1.66______ ______ ______ ______

Total from investment operations . . . . . . (2.69) 0.56 1.46 1.86______ ______ ______ ______

Less distributions:From net investment income . . . . . . . (0.13) (0.12) (0.14) (0.19)From net realized gain on investments . . . . . . . . . . . . . . . . . . (0.01) (0.28) (0.33) —______ ______ ______ ______

Total distributions . . . . . . . . . . . . . . . . . . . (0.14) (0.40) (0.47) (0.19)______ ______ ______ ______

Net asset value, end of year . . . . . . . . . . $ 9.99 $12.82 $12.66 $11.67______ ______ ______ ____________ ______ ______ ______

Total return . . . . . . . . . . . . . . . . . . . . . . . . -21.14% 4.69% 12.54% 18.79%

Ratios/supplemental data:Net assets, end of year (thousands) . . . . $43,704 $55,046 $37,384 $29,354

Ratio of expenses to average net assets:Before advisory fee waiver and expense recoupment . . . . . . . . . 1.24% 1.24% 1.42% 1.54%After advisory fee waiver and expense recoupment . . . . . . . . . 1.08% 1.25% 1.25% 1.25%

Ratio of net investment incometo average net assets:Before advisory fee waiver and expense recoupment . . . . . . . . . 0.83% 0.95% 0.93% 1.67%After advisory fee waiver and expense recoupment . . . . . . . . . 0.99% 0.94% 1.10% 1.96%

Portfolio turnover rate . . . . . . . . . . . . . . . 46.85% 63.38% 53.19% 41.73%

* Commencement of operations on April 1, 2016.

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NOTES TO FINANCIAL STATEMENTS at March 31, 2020

NOTE 1 – ORGANIZATION

The Aasgard Small & Mid-Cap Fund (the “Fund”) is a diversified series ofAdvisors Series Trust (the “Trust”), which is registered under the InvestmentCompany Act of 1940, as amended, (the “1940 Act”) as an open-end managementinvestment company. The Fund follows the investment company accounting andreporting guidance of the Financial Accounting Standards Board (“FASB”)Accounting Standard Codification Topic 946 “Financial Services – InvestmentCompanies”. The investment objective of the Fund is to seek a combination ofdividend income and capital appreciation, with a secondary focus on lower thanmarket volatility. The Fund commenced operations on April 1, 2016.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistentlyfollowed by the Fund. These policies are in conformity with accounting principlesgenerally accepted in the United States of America.

A. Security Valuation: All investments in securities are recorded at theirestimated fair value, as described in note 3.

B. Federal Income Taxes: It is the Fund’s policy to comply with the requirements ofSubchapter M of the Internal Revenue Code applicable to regulated investmentcompanies and to distribute substantially all of its taxable income to itsshareholders. Therefore, no Federal income or excise tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where theposition is “more likely than not” to be sustained assuming examination by taxauthorities. Management has analyzed the Fund’s tax positions, and hasconcluded that no liability for unrecognized tax benefits should be recordedrelated to uncertain tax positions taken on returns filed for the open tax yearsof 2017-2019, or expected to be taken in the Fund’s 2020 tax returns. TheFund identifies its major tax jurisdictions as U.S. Federal and the state ofWisconsin; however, the Fund is not aware of any tax positions for which it isreasonably possible that the total amounts of unrecognized tax benefits willchange materially in the next twelve months.

C. Securities Transactions, Income and Distributions: Securities transactions areaccounted for on the trade date. Realized gains and losses on securities soldare determined on a first-in, first-out basis. Interest income is recorded on anaccrual basis. Dividend income, income and capital gain distributions fromunderlying funds, and distributions to shareholders are recorded on theex-dividend date.

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NOTES TO FINANCIAL STATEMENTS at March 31, 2020, Continued

The Fund is charged for those expenses that are directly attributable to theFund, such as investment advisory, custody and transfer agent fees. Commonexpenses of the Trust are typically allocated among the funds in the Trustbased on a fund’s respective net assets, or by other equitable means.

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

The amount of dividends and distributions to shareholders from netinvestment income and net realized capital gains is determined in accordancewith Federal income tax regulations, which differs from accounting principlesgenerally accepted in the United States of America. To the extent thesebook/tax differences are permanent, such amounts are reclassified within thecapital accounts based on their Federal tax treatment.

D. Reclassification of Capital Accounts: Accounting principles generally acceptedin the United States of America require that certain components of net assetsrelating to permanent differences be reclassified between financial and taxreporting. These reclassifications have no effect on net assets or net assetvalue per share. For the year ended March 31, 2020, there were noreclassifications between paid-in capital and distributable earnings.

E. Use of Estimates: The preparation of financial statements in conformity withaccounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect thereported amounts of assets and liabilities at the date of the financialstatements and the reported amounts of increases and decreases in net assetsduring the reporting period. Actual results could differ from those estimates.

F. REITs: The Fund may invest in real estate investment trusts (“REITs”) which paydividends to their shareholders based upon funds available from operations. Itis quite common for these dividends to exceed the REIT’s taxable earnings andprofits resulting in the excess portion of such dividends being designated as areturn of capital. The Fund intends to include the gross dividends from suchREITs in its annual distributions to its shareholders and, accordingly, a portionof the Fund’s distributions may also be designated as a return of capital.

G. Events Subsequent to the Fiscal Year End: In preparing the financial statementsas of March 31, 2020, management considered the impact of subsequentevents for potential recognition or disclosure in the financial statements.Management has determined there were no subsequent events that wouldneed to be disclosed in the Fund’s financial statements.

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NOTE 3 – SECURITIES VALUATION

The Fund has adopted authoritative fair value accounting standards whichestablish an authoritative definition of fair value and set out a hierarchy formeasuring fair value. These standards require additional disclosures about thevarious inputs and valuation techniques used to develop the measurements of fairvalue, a discussion in changes in valuation techniques and related inputs during theperiod and expanded disclosure of valuation levels for major security types. Theseinputs are summarized in the three broad levels listed below:

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

Level 2 – Observable inputs other than quoted prices included in level 1 thatare observable for the asset or liability, either directly or indirectly.These inputs may include quoted prices for the identical instrumenton an inactive market, prices for similar instruments, interest rates,prepayment speeds, credit risk, yield curves, default rates andsimilar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevantobservable inputs are not available, representing the Fund’s ownassumptions about the assumptions a market participant would usein valuing the asset or liability, and would be based on the bestinformation available.

Following is a description of the valuation techniques applied to the Fund’smajor 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 netasset value per share as of the close of regular trading on the New York StockExchange (4:00 pm EST).

Equity Securities: The Fund’s investments are carried at fair value. Equitysecurities, including common stocks, real estate investment trusts, and closed-endfunds, that are primarily traded on a national securities exchange shall be valued atthe last sale price on the exchange on which they are primarily traded on the day ofvaluation or, if there has been no sale on such day, at the mean between the bidand asked prices. Securities primarily traded in the NASDAQ Global Market Systemfor which market quotations are readily available shall be valued using the NASDAQOfficial Closing Price (“NOCP”). If the NOCP is not available, such securities shall bevalued at the last sale price on the day of valuation, or if there has been no sale onsuch day, at the mean between the bid and asked prices. Over-the-countersecurities which are not traded in the NASDAQ Global Market System shall bevalued at the most recent sales price.

21



Investment Companies: Investments in open-end mutual funds, includingmoney market funds, are generally priced at their net asset value per shareprovided by the service agent of the funds and will be classified in Level 1 of the fairvalue hierarchy.

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

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

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

22



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

Common Stocks Level 1 Level 2 Level 3 Total______ ______ ______ ____Administrative Support, Waste Management $ 952,567 $ — $ — $ 952,567Construction 676,296 — — 676,296Finance and Insurance 7,473,342 — — 7,473,342Health Care and Social Assistance 915,420 — — 915,420Information 2,181,365 — — 2,181,365Manufacturing 16,538,280 — — 16,538,280Professional, Scientific, and Technical Services 1,915,306 — — 1,915,306Real Estate and Rental and Leasing 867,151 — — 867,151Retail Trade 797,675 — — 797,675Transportation and Warehousing 2,543,043 — — 2,543,043Utilities 2,186,620 — — 2,186,620Wholesale Trade 1,623,340 — — 1,623,340__________ _____ _____ __________

Total Common Stocks 38,670,405 — — 38,670,405__________ _____ _____ __________REITs 4,479,947 — — 4,479,947__________ _____ _____ __________Money Market Fund 832,243 — — 832,243__________ _____ _____ __________Total Investments in Securities $43,982,595 $ — $ — $43,982,595__________ _____ _____ ____________________ _____ _____ __________

Refer to the Fund’s schedule of investments for a detailed break-out ofcommon stocks by industry classification. Transfers between levels are recognized atMarch 31, 2020, the end of the reporting period. There were no transfers betweenlevels during the year ended March 31, 2020.

In August 2018, the Financial Accounting Standards Board issued AccountingStandard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): DisclosureFramework—Changes to the Disclosure Requirements for Fair Value Measurement(“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectivenessof the disclosure requirements for fair value measurements. The changes affect allcompanies that are required to include fair value measurement disclosures. Ingeneral, the amendments in ASU 2018-13 are effective for all entities for fiscal yearsand interim periods within those fiscal years, beginning after December 15, 2019.An entity is permitted to early adopt the removed or modified disclosures upon theissuance of ASU 2018-13 and may delay adoption of the additional disclosures,which are required for public companies only, until their effective date.Management is currently evaluating the impact these changes will have on theFund’s financial statements and disclosures.

23



The global outbreak of COVID-19 (commonly referred to as “coronavirus”) hasdisrupted economic markets and the prolonged economic impact is uncertain. Theultimate economic fallout from the pandemic, and the long-term impact oneconomies, markets, industries and individual issuers, are not known. Theoperational and financial performance of the issuers of securities in which the Fundinvests depends on future developments, including the duration and spread of theoutbreak, and such uncertainty may in turn adversely affect the value and liquidityof 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 Fund has an investment advisory agreement with Coldstream CapitalManagement, Inc. (the “Advisor”) pursuant to which the Advisor is responsible forproviding investment management services to the Fund. The Advisor furnishes allinvestment advice, office space and facilities, and provides most of the personnelneeded by the Fund. As compensation for its services, the Advisor is entitled to afee, computed daily and payable monthly. The Fund pays fees calculated at anannual rate of 0.85% based upon the average daily net assets of the Fund. For theyear ended March 31, 2020, the advisory fees incurred by the Fund are disclosed inthe statement of operations.

The Fund is responsible for its own operating expenses. Effective July 29, 2019,the Advisor has contractually agreed to waive a portion or all of its managementfees and pay Fund expenses in order to ensure that the total annual operatingexpenses (excluding acquired fund fees and expenses, interest expense, taxes andextraordinary expenses) do not exceed 1.00% of the Fund’s average daily net assets.Prior to July 29, 2019, the Fund’s total annual operating expenses were limited to1.25% of average daily net assets. The Advisor may request recoupment ofpreviously waived fees and paid expenses in any subsequent month in the36-month period from the date of the management fee reduction and expensepayment if the aggregate amount actually paid by the Fund toward the operatingexpenses for such fiscal year (taking into account the reimbursement) will not causethe Fund to exceed the lesser of: (1) the expense limitation in place at the time ofthe management fee reduction and expense payment; or (2) the expense limitationin place at the time of the reimbursement. Any such reimbursement is alsocontingent upon Board of Trustees review and approval at the time thereimbursement is made. Such reimbursement may not be paid prior to the Fund’spayment of current ordinary operating expenses. For the year ended March 31,2020, the Advisor reduced its fees and absorbed Fund expenses in the amount of$94,222. For the year ended March 31, 2020, the Adviser recouped $2,941 inpreviously waived expenses. The expense limitation will remain in effect through atleast July 28, 2020, and may be terminated only by the Trust’s Board of Trustees.

24



The Advisor may recapture portions of the amounts shown below no later than thecorresponding dates:

Expiration Amount_________ ________

March 2021 $ 53,424March 2023 94,222________

$147,646________________

Fund Services serves as the Fund’s administrator, fund accountant and transferagent. U.S. Bank N.A. serves as custodian (the “Custodian”) to the Fund. The Custodianis 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 preparesmaterials supplied to the Board of Trustees. The officers of the Trust, including theChief Compliance Officer, are employees of Fund Services. Fees paid by the Fund foradministration and accounting, transfer agency, custody and compliance services forthe year ended March 31, 2020, are disclosed in the statements of operations.

Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Fund’sprincipal underwriter in a continuous public offering of the Fund’s shares. EffectiveMarch 31, 2020, Foreside Financial Group, LLC (“Foreside”) acquired Quasar fromU.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. TheBoard of Trustees has approved a new distribution agreement to enable Quasar tocontinue serving as the Fund’s Distributor.

NOTE 5 – PURCHASES AND SALES OF SECURITIES

For the year ended March 31, 2020, the cost of purchases and the proceedsfrom sales of securities (excluding short-term securities) were $26,678,324 and$25,660,643, respectively.

NOTE 6 – LINE OF CREDIT

The Fund has an unsecured line of credit in the amount of $3,000,000. Thisline of credit is intended to provide short-term financing, if necessary, subject tocertain restrictions, in connection with shareholder redemptions. The credit facilityis with the Fund’s custodian, U.S. Bank N.A. During the year ended March 31, 2020,the Fund drew on its line of credit. The Fund had an outstanding average dailybalance of $10,973, paid a weighted average interest rate of 5.41% and incurredinterest expense of $604. The maximum borrowing by the Fund during the yearended March 31, 2020 was $156,000, which occurred on August 8, 2019. AtMarch 31, 2020, the Fund had no outstanding loan amounts.

25



NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The distributions paid by the Fund during the years ended March 31, 2020 andMarch 31, 2019, were characterized as follows:

March 31, 2020 March 31, 2019_____________ _____________

Ordinary income $562,582 $ 474,589Long-term capital gains $ 48,714 $1,144,594

The Fund designated as long-term capital gain dividend, pursuant to InternalRevenue Code Section 852(b)(3), the amount necessary to reduce the earnings andprofits of the Fund related to net capital gain to zero for the tax year endedMarch 31, 2020.

As of March 31, 2020, the components of accumulated earnings/(losses) on atax basis were as follows:

Cost of investments $50,229,649______________________Gross tax unrealized appreciation 3,189,699Gross tax unrealized depreciation (9,436,753)___________Net tax unrealized appreciation (6,247,054)___________Undistributed ordinary income —Undistributed long-term capital gain 325,170___________Total distributable earnings 325,170___________Other accumulated gains/(losses) —___________Total accumulated earnings/(losses) $ (5,921,884)______________________

NOTE 8 – PRINCIPAL RISKS

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

• Small- and Medium-Sized Companies Risk – Small- and medium-sizedcompanies often have less predictable earnings, more limited product lines,markets, distribution channels or financial resources and the managementof such companies may be dependent upon one or few key people. Themarket movements of equity securities of small- and medium-sizedcompanies may be more abrupt and volatile than the market movements ofequity securities of larger, more established companies or the stock marketin general and small-sized companies in particular, are generally less liquidthan the equity securities of larger companies.

26



• Investment Style Risk – The Fund’s investments in dividend-payingcommon stocks may cause the Fund to underperform funds that do notlimit their investments to dividend-paying common stocks during periodswhen dividend-paying stocks underperform other types of stocks. Inaddition, if stocks held by the Fund reduce or stop paying dividends, theFund’s ability to generate income may be affected.

• Growth Stock Risk – Over time, a growth oriented investing style may go inand out of favor, which may cause the Fund to underperform other equityfunds that use different investing styles.

• Market and Regulatory Risk – Events in the financial markets and economymay cause volatility and uncertainty and adversely impact the Fund’sperformance. Market events may affect a single issuer, industry, sector, or themarket as a whole. Traditionally liquid investments may experience periodsof diminished liquidity. Governmental and regulatory actions, including taxlaw changes, may also impair portfolio management and have unexpected oradverse consequences on particular markets, strategies, or investments. TheFund’s investments may decline in value due to factors affecting individualissuers (such as the results of supply and demand), or sectors within thesecurities markets. The value of a security or other investment also may goup or down due to general market conditions that are not specifically relatedto a particular issuer, such as real or perceived adverse economic conditions,changes in interest rates or exchange rates, or adverse investor sentimentgenerally. In addition, unexpected events and their aftermaths, such as thespread of deadly diseases; natural, environmental or man-made disasters;financial, political or social disruptions; terrorism and war; and othertragedies or catastrophes, can cause investor fear and panic, which canadversely affect the economies of many companies, sectors, nations, regionsand the market in general, in ways that cannot necessarily be foreseen.

• Real Estate Investment Trust (REIT) Risk – Investments in REITs will besubject to the risks associated with the direct ownership of real estate.Risks commonly associated with the direct ownership of real estate includefluctuations in the value of underlying properties, defaults by borrowers ortenants, changes in interest rates and risks related to general or localeconomic conditions. REITs have their own expenses, and the Fund willbear a proportionate share of those expenses. In addition, the value of anindividual REIT’s securities can decline if the REIT fails to continuequalifying for special tax treatment.

27



NOTE 9 – NAME CHANGE

Effective July 29, 2019, the Aasgard Dividend Growth Small & Mid-Cap Fundchanged its name to the Aasgard Small & Mid-Cap Fund.

NOTE 10 – CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of thevoting securities of a fund creates a presumption of control of the fund, underSection 2(a)(9) of the 1940 Act. As of March 31, 2020, National Financial ServicesLLC and Charles Schwab & Co., Inc., for the benefit of their customers, owned46.44% and 38.64%, respectively, of the outstanding shares of the Fund.

28


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Advisors Series Trust andShareholders of Aasgard Small & Mid-Cap Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Aasgard Small &Mid-Cap Fund (formerly, the Aasgard Dividend Growth Small & Mid-Cap Fund) (the “Fund”), aseries of Advisors Series Trust, including the schedule of investments, as of March 31, 2020,the related statement of operations for the year then ended, the statements of changes innet assets for each of the two years in the period then ended, and the financial highlights foreach of the four years in the period then ended, and the related notes (collectively referredto as the “financial statements”). In our opinion, the financial statements present fairly, in allmaterial respects, the financial position of the Fund as of March 31, 2020, the results of itsoperations for the year then ended, the changes in its net assets for each of the two years inthe period then ended, and the financial highlights for each of the four years in the periodthen ended, in conformity with accounting principles generally accepted in the United Statesof America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Ourresponsibility 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 OversightBoard (United States) (“PCAOB”) and are required to be independent with respect to theFund in accordance with the U.S. federal securities laws and the applicable rules andregulations of the Securities and Exchange Commission and the PCAOB. We have served asthe auditor of one or more of the funds in the Trust since 2003.

We conducted our audits in accordance with the standards of the PCAOB. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whetherthe 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 internalcontrol over financial reporting. As part of our audits we are required to obtain anunderstanding of internal control over financial reporting, but not for the purpose ofexpressing an opinion on the effectiveness of the Fund’s internal control over financialreporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement ofthe financial statements, whether due to error or fraud, and performing procedures thatrespond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements. Our audits also includedevaluating the accounting principles used and significant estimates made by management, aswell as evaluating the overall presentation of the financial statements. Our proceduresincluded confirmation of securities owned as of March 31, 2020 by correspondence with thecustodian and brokers; when replies were not received from brokers, we performed otherauditing procedures. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLPPhiladelphia, PennsylvaniaMay 29, 2020

29


NOTICE TO SHAREHOLDERS at March 31, 2020 (Unaudited)

For the year ended March 31, 2020, the Fund designated $562,582 as ordinaryincome and $48,714 as long-term capital gains for purposes of the dividends paiddeduction.

For the year ended March 31, 2020, certain dividends paid by the Fund may besubject to a maximum tax rate of 15%, as provided by the Jobs and Growth TaxRelief Reconciliation Act of 2003. The percentage of dividends declared from netinvestment income designated as qualified dividend income was 100.00%.

For corporate shareholders, the percent of ordinary income distributionsqualifying for the corporate dividends received deduction for the year endedMarch 31, 2020 was 100.00%

The percentage of taxable ordinary income distributions that are designated asshort-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) forthe year ended March 31, 2020 was 0.00%.

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

A description of the policies and procedures that the Fund uses to determinehow to vote proxies relating to portfolio securities is available without charge uponrequest by calling (877) 476-1909 or on the U.S. Securities and ExchangeCommission’s (“SEC”) website at http://www.sec.gov.

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

Information regarding how the Fund voted proxies relating to portfoliosecurities during the most recent 12-month period ended June 30 is availablewithout charge, upon request, by calling (877) 476-1909. Furthermore, you canobtain the Fund’s proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q and Form N-PORT

The Fund files its complete schedule of portfolio holdings with the SEC for thefirst and third quarters of each fiscal year on Form N-Q or Part F of Form N-PORT(beginning with filings after March 31, 2020). The Fund’s Form N-Q andForm N-PORT are available on the SEC’s website at http://www.sec.gov. Informationincluded in the Fund’s Form N-Q and Form N-PORT is also available by calling(877) 476-1909.

30


HOUSEHOLDING

In an effort to decrease costs, the Fund intends to reduce the number ofduplicate prospectuses, annual and semi-annual reports, proxy statements andother similar documents you receive by sending only one copy of each to thoseaddresses shared by two or more accounts and to shareholders the Transfer Agentreasonably believes are from the same family or household. Once implemented, ifyou would like to discontinue householding for your accounts, please call toll-free at(877) 476-1909 to request individual copies of these documents. Once the TransferAgent receives notice to stop householding, the Transfer Agent will begin sendingindividual copies thirty days after receiving your request. This policy does not applyto account statements.

31


INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited)

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

Term of Number of Office Portfolios Other

and Principal in Fund DirectorshipsPosition Length Occupation Complex Held During

Name, Address Held with of Time During Past Overseen by Past Five and Age the Trust Served Five Years Trustee(2) Years(3)_____________ _________ _______ ____________ __________ ____________Independent Trustees(1)

Gail S. Duree Trustee Indefinite Director, Alpha 1 Trustee, (age 73) term; Gamma Delta Advisors Series 615 E. Michigan Street since Housing Corporation Trust (for series Milwaukee, WI 53202 March (collegiate housing not affiliated

2014. management) with the Fund).(2012 to July 2019); Trustee and Chair (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 1 Trustee, (age 59) term*; of Business Advisors Series 615 E. Michigan Street since Development Trust (for series Milwaukee, WI 53202 March Ballast Equity not affiliated

2017. Management, LLC with the Fund).(a privately-held investment advisory firm) (February 2019to present); Managing Director and Vice President, Jensen Investment Management, Inc.(a privately-held investment advisory firm) (2002 to 2017).

32


INFORMATION ABOUT TRUSTEES AND OFFICERS (Unaudited), Continued

Term of Number of Office Portfolios Other

and Principal in Fund DirectorshipsPosition Length Occupation Complex Held During

Name, Address Held with of Time During Past Overseen by Past Five and Age the Trust Served Five Years Trustee(2) Years(3)_____________ _________ _______ ____________ __________ ____________Joe D. Redwine Trustee Indefinite Retired; formerly 1 Trustee, (age 72) term; Manager, President, Advisors Series 615 E. Michigan Street since CEO, U.S. Bancorp Trust (for series Milwaukee, WI 53202 September Fund Services, LLC, not affiliated

2008. and its predecessors, with the Fund).(May 1991 to July 2017).

Raymond B. Woolson Chairman Indefinite President, Apogee 1 Trustee, (age 61) of the term*; Group, Inc. (financial Advisors Series 615 E. Michigan Street Board since consulting firm) Trust (for series Milwaukee, WI 53202 January (1998 to present). not affiliated

2020; with the Fund); Trustee Indefinite Independent

term*; Trustee, since DoubleLine January Funds Trust 2016. (an open-end

investment company with 16 portfolios), DoubleLine Opportunistic Credit Fund and DoubleLineIncome Solutions Fund,from 2010 to present.

33



Term of Officeand

Position LengthName, Address Held with of Time Principal Occupation and Age the Trust Served During Past Five Years_____________ _________ _______ ____________________Officers

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

Principal Executive Officer

Cheryl L. King Vice Indefinite Vice President, Compliance and Administration, (age 58) President, term; since U.S. Bank Global Fund Services (October 1998 615 E. Michigan Street Treasurer December to present).Milwaukee, WI 53202 and 2007.

PrincipalFinancial Officer

Kevin J. Hayden Assistant Indefinite Assistant Vice President, Compliance and (age 48) Treasurer term; since Administration, U.S. Bank Global Fund Services 615 E. Michigan Street September (June 2005 to present).Milwaukee, WI 53202 2013.

Richard R. Conner Assistant Indefinite Assistant Vice President, Compliance and (age 37) Treasurer term; since Administration, U.S. Bank Global Fund Services 615 E. Michigan Street December (July 2010 to present).Milwaukee, WI 53202 2018.

Michael L. Ceccato Vice Indefinite Senior Vice President, U.S. Bank Global Fund (age 62) President, term; since Services and Vice President, U.S. Bank N.A. 615 E. Michigan Street Chief September (February 2008 to present).Milwaukee, WI 53202 Compliance 2009.

Officer and AML Officer

34



Term of Officeand

Position LengthName, Address Held with of Time Principal Occupation and Age the Trust Served During Past Five Years_____________ _________ _______ ____________________Elaine E. Richards, Esq. Vice Indefinite Senior Vice President, U.S. Bank Global Fund (age 51) President term; since Services (July 2007 to present).2020 East Financial Way, and SeptemberSuite 100 Secretary 2019.Glendora, CA 91741

* Under the Trust’s Agreement and Declaration of Trust, a Trustee serves during the continued lifetimeof the Trust until he/she dies, resigns, is declared bankrupt or incompetent by a court of appropriatejurisdiction, or is removed, or, if sooner, until the election and qualification of his/her successor. Inaddition, the Trustees have designated a mandatory retirement age of 75, such that each Trustee firstelected or appointed to the Board after December 1, 2015, serving as such on the date he or shereaches the age of 75, shall submit his or her resignation not later than the last day of the calendaryear in which his or her 75th birthday occurs.

(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 March 31, 2020, the Trust was comprised of 37 active portfolios managed by unaffiliatedinvestment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not holditself out as related to any other series within the Trust for investment purposes, nor does it share thesame investment adviser with any other series.

(3) “Other Directorships Held” includes only directorships of companies required to register or filereports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, “publiccompanies”) or other investment companies registered under the 1940 Act.

The Statement of Additional Information includes additional informationabout the Fund’s Trustees and Officers and is available, without charge, uponrequest by calling 1-877-476-1909.

35


APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

At meetings held on October 23-24 and December 4-5, 2019, the Board (whichat the time was comprised of five persons, all of whom were Independent Trusteesas defined under the Investment Company Act of 1940, as amended), consideredand approved, for another annual term, the continuance of the investment advisoryagreement (the “Advisory Agreement”) between Advisors Series Trust (the “Trust”)and Coldstream Capital Management, Inc. (the “Advisor”) on behalf of the AasgardSmall & Mid-Cap Fund (the “Fund”). At both meetings, the Board received andreviewed substantial information regarding the Fund, the Advisor and the servicesprovided by the Advisor to the Fund under the Advisory Agreement. Thisinformation, together with the information provided to the Board throughout thecourse of the year, formed the primary (but not exclusive) basis for the Board’sdeterminations. Below is a summary of the factors considered by the Board and theconclusions that formed the basis for the Board’s approval of the continuance of theAdvisory Agreement:

1. THE NATURE, EXTENT AND QUALITY OF THE SERVICES PROVIDED AND TO BEPROVIDED BY THE ADVISOR UNDER THE ADVISORY AGREEMENT. The Boardconsidered the nature, extent and quality of the Advisor’s overall servicesprovided to the Fund, as well as its responsibilities in all aspects of day-to-dayinvestment management of the Fund. The Board considered thequalifications, experience and responsibilities of the portfolio managers, aswell as the responsibilities of other key personnel of the Advisor involved inthe day-to-day activities of the Fund. The Board also considered the resourcesand compliance structure of the Advisor, including information regarding itscompliance program, its chief compliance officer and the Advisor’s compliancerecord, as well as the Advisor’s cybersecurity program and business continuityplan, and risk management process. The Board also considered the priorrelationship between the Advisor and the Trust, as well as the Board’sknowledge of the Advisor’s operations, and noted that during the course ofthe prior year they had met with certain personnel of the Advisor in person todiscuss the Fund’s performance and investment outlook as well as variousmarketing and compliance topics. The Board concluded that the Advisor hadthe quality and depth of personnel, resources, investment processes andcompliance policies and procedures essential to performing its duties underthe Advisory Agreement and that they were satisfied with the nature, overallquality and extent of such management services.

2. THE FUND’S HISTORICAL PERFORMANCE AND THE OVERALL PERFORMANCEOF THE ADVISOR. In assessing the quality of the portfolio managementdelivered by the Advisor, the Board reviewed the short-term and long-termperformance of the Fund as of June 30, 2019, on both an absolute basis, andin comparison to its peer funds utilizing Morningstar classifications and an

36


APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited), Continued

appropriate securities market benchmark. While the Board considered bothshort-term and long-term performance, it placed greater emphasis on longerterm performance. When reviewing performance against the comparativepeer group universe, the Board took into account that the investmentobjective and strategies of the Fund, as well as its level of risk tolerance, maydiffer significantly from funds in the peer universe.

The Board noted that the Fund’s performance was above the peer groupmedian of its Morningstar comparative universe for the one- and three-yearperiods. The Board reviewed the performance of the Fund against abroad-based securities market benchmark, noting that it had outperformed itsprimary benchmark index for the one- and three-year periods.

The Board also considered any differences in performance between thesimilarly managed accounts of the Advisor and the performance of the Fund,noting that the Fund underperformed the similarly managed accountcomposite for the one- and three-year periods.

3. THE COSTS OF THE SERVICES TO BE PROVIDED BY THE ADVISOR AND THESTRUCTURE OF THE ADVISOR’S FEE UNDER THE ADVISORY AGREEMENT. Inconsidering the advisory fee and total fees and expenses of the Fund, theBoard reviewed comparisons to the peer funds and the Advisor’s similarlymanaged accounts for other types of clients as well as all expense waivers andreimbursements. When reviewing fees charged to other similarly managedaccounts, the Board took into account the type of account and the differencesin the management of that account that might be germane to the difference, ifany, in the fees charged to such accounts.

The Board noted that the Advisor had contractually agreed to maintain anannual expense ratio for the Fund of 1.00% (the “Expense Cap”). The Boardnoted that the Fund’s total expense ratio was above the median and average ofits peer group. The Board also noted that the contractual advisory fee wasabove the median and average of its peer group and that the contractualadvisory fee was also above the peer group median and average when the peergroup was adjusted to include only funds with similar asset sizes. The Boardfound that the fees charged to the Fund were lower than, equal to, or higherthan the fees charged by the Advisor to its similarly managed account clientsdepending on the asset level. The Board also took into consideration theservices the Advisor provided to its similarly managed account clients,comparing the fees charged for those management services to the managementfees charged to the Fund. The Board took into account that the Fund was notbeing broadly distributed at this time and that the only shareholders wereadvisory clients of the Advisor and friends and family of the Advisor.

37


APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited), Continued

The Board determined that it would continue to monitor the appropriatenessof the advisory fee for the Fund and concluded that, at this time, the fee to bepaid to the Advisor was fair and reasonable.

4. ECONOMIES OF SCALE. The Board also considered whether economies ofscale were being realized by the Advisor that should be shared withshareholders. The Board noted that the Advisor has contractually agreed toreduce its advisory fees or reimburse Fund expenses so that the Fund does notexceed its specified Expense Cap. The Board noted that at current asset levels,it did not appear that there were additional significant economies of scalebeing realized by the Advisor that should be shared with shareholders andconcluded it would continue to monitor economies of scale in the future ascircumstances changed and assuming asset levels continued to increase.

5. THE PROFITS TO BE REALIZED BY THE ADVISOR AND ITS AFFILIATES FROM THEIRRELATIONSHIP WITH THE FUND. The Board reviewed the Advisor’s financialinformation and took into account both the direct benefits and the indirectbenefits to the Advisor from advising the Fund. The Board considered theprofitability to the Advisor from its relationship with the Fund and consideredany additional benefits derived by the Advisor from its relationship with theFund. The Board also considered that the Fund does not charge any Rule 12b-1fees or utilize “soft dollars.” The Board also reviewed information regarding feeoffsets for separate accounts invested in the Fund and determined that theAdvisor was not receiving an advisory fee both at the separate account and atthe Fund level for these accounts, and as a result was not receiving additionalfall-out benefits from these relationships. After such review, the Boarddetermined that the profitability to the Advisor with respect to the AdvisoryAgreement was not excessive at this time, and that the Advisor had maintainedadequate profit levels to support the services it provides to the Fund.

No single factor was determinative of the Board’s decision to approve thecontinuance of the Advisory Agreement for the Fund, but rather the Trustees basedtheir determination on the total mix of information available to them. Based on aconsideration of all the factors in their totality, the Trustees determined that theadvisory arrangement with the Advisor, including the advisory fee, was fair andreasonable to the Fund. The Board, including a majority of the IndependentTrustees, therefore determined that the continuance of the Advisory Agreement forthe Fund would be in the best interest of the Fund and its shareholders.

38

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 orformer customers without the customer’s authorization, except as permitted by lawor in response to inquiries from governmental authorities. We may shareinformation with affiliated and unaffiliated third parties with whom we havecontracts for servicing the Fund. We will provide unaffiliated third parties with onlythe information necessary to carry out their assigned responsibilities. We maintainphysical, electronic and procedural safeguards to guard your non-public personalinformation and require third parties to treat your personal information with thesame 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 privacypolicy of your financial intermediary would govern how your non-public personalinformation would be shared by those entities with unaffiliated third parties.

(This Page Intentionally Left Blank.)

Investment AdvisorColdstream Capital Management, Inc.One – 100th Avenue NE, Suite 102

Bellevue, Washington 98004

Independent Registered Public Accounting FirmTait, Weller & Baker LLP

Two Liberty Place50 South 16th Street, Suite 2900Philadelphia, Pennsylvania 19102

Legal CounselSullivan & Worcester LLP

1633 Broadway, 32nd FloorNew York, New York 10019

CustodianU.S. Bank N.A.

1555 North RiverCenter Drive, Suite 302Milwaukee, Wisconsin 53212

Transfer Agent, Fund Accountant and Fund AdministratorU.S. Bank Global Fund Services

615 East Michigan StreetMilwaukee, Wisconsin 53202

(877) 476-1909

DistributorQuasar Distributors, LLC

111 East Kilbourn Avenue, Suite 1250Milwaukee, Wisconsin 53202

This report is intended for shareholders of the Fund and may not be used as salesliterature unless preceded or accompanied by a current prospectus. For a currentprospectus please call (877) 476-1909. Statements and other information herein aredated and are subject to change.

Documents

Annual Report March 31, 2020...(formerly, the “Aasgard Dividend Growth Small & Mid-Cap Fund”) Annual Report March 31, 2020 Beginning on January 1, 2021, as permitted by regulations