0000894189-19-001078.txt : 20190226 0000894189-19-001078.hdr.sgml : 20190226 20190226124900 ACCESSION NUMBER: 0000894189-19-001078 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190226 DATE AS OF CHANGE: 20190226 EFFECTIVENESS DATE: 20190226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 19632605 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000053195 Aasgard Dividend Growth Small & Mid-Cap Fund C000167336 No Load Class AADGX N-Q 1 ast_aasgard-nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on February 26, 2019


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 



Investment Company Act file number 811-07959



Advisors Series Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)



Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin 53202
(Name and address of agent for service)


(414) 765-6872
Registrant's telephone number, including area code




Date of fiscal year end:  March 31, 2019



Date of reporting period:  December 31, 2018

Item 1. Schedules of Investments.
 
Aasgard Dividend Growth Small & Mid-Cap Fund
  
Schedule of Investments
  
at December 31, 2018 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 91.00%
  
Value
  
   
Accommodation - 1.72%
      
 
3,940
  
Vail Resorts, Inc.
  
$
830,631
  
     
Administrative and Support Services - 3.76%
        
 
9,345
  
Broadridge Financial Solutions, Inc.
    
899,456
  
 
15,960
  
Robert Half International, Inc.
    
912,912
  
 
1
  
Rollins, Inc.
    
18
  
           
1,812,386
  
     
Ambulatory Health Care Services - 4.01%
        
 
11,400
  
Quest Diagnostics, Inc.
    
949,278
  
 
9,625
  
U.S. Physical Therapy, Inc.
    
985,119
  
           
1,934,397
  
     
Chemical Manufacturing - 2.61%
        
 
19,105
  
Church & Dwight Co., Inc.
    
1,256,345
  
     
Clothing and Clothing Accessories Stores - 1.89%
        
 
19,521
  
Nordstrom, Inc.
    
909,874
  
     
Computer and Electronic Product Manufacturing - 12.67%
        
 
3,100
  
Badger Meter, Inc.
    
152,551
  
 
20,625
  
FLIR Systems, Inc.
    
898,013
  
 
15,520
  
Garmin Ltd.
    
982,726
  
 
19,625
  
Maxim Integrated Products, Inc.
    
997,931
  
 
21,510
  
Plantronics, Inc.
    
711,981
  
 
9,920
  
ResMed, Inc.
    
1,129,590
  
 
14,470
  
Xilinx, Inc.
    
1,232,410
  
           
6,105,202
  
     
Credit Intermediation and Related Activities - 3.42%
        
 
26,550
  
Synovus Financial Corp.
    
849,334
  
 
50,175
  
Umpqua Holdings Corp.
    
797,783
  
           
1,647,117
  
     
Fabricated Metal Product Manufacturing - 1.79%
        
 
11,970
  
Crane Co.
    
863,995
  
     
Food Manufacturing - 2.47%
        
 
8,545
  
McCormick & Co., Inc.
    
1,189,806
  
     
Food Services and Drinking Places - 2.23%
        
 
6,730
  
Cracker Barrel Old Country Store, Inc.
    
1,075,858
  
     
Furniture and Home Furnishings Stores - 1.96%
        
 
18,760
  
Williams-Sonoma, Inc.
    
946,442
  
     
General Merchandise Stores - 1.81%
        
 
10,475
  
Tractor Supply Co.
    
874,034
  
     
Insurance Carriers and Related Activities - 8.08%
        
 
12,480
  
Cincinnati Financial Corp.
    
966,202
  
 
48,020
  
Old Republic International Corp.
    
987,771
  
 
7,065
  
Reinsurance Group of America, Inc.
    
990,725
  
 
11,624
  
Safety Insurance Group, Inc.
    
950,959
  
           
3,895,657
  
     
Machinery Manufacturing - 3.93%
        
 
28,285
  
Gorman-Rupp Co.
    
916,717
  
 
20,275
  
ITT, Inc.
    
978,674
  
           
1,895,391
  
     
Merchant Wholesalers, Durable Goods - 1.76%
        
 
4,465
  
Huntington Ingalls Industries, Inc.
    
849,734
  
     
Merchant Wholesalers, Nondurable Goods - 1.93%
        
 
15,835
  
RPM International, Inc.
    
930,781
  

     
Miscellaneous Manufacturing - 4.19%
        
 
11,265
  
Hill-Rom Holdings, Inc.
    
997,516
  
 
9,570
  
STERIS plc
    
1,022,554
  
           
2,020,070
  
     
Nonstore Retailers - 1.95%
        
 
3,320
  
W.W. Grainger, Inc.
    
937,435
  
     
Nursing and Residential Care Facilities - 2.20%
        
 
13,495
  
National HealthCare Corp.
    
1,058,683
  
     
Paper Manufacturing - 2.03%
        
 
18,430
  
Sonoco Products Co.
    
979,186
  
     
Petroleum and Coal Products Manufacturing - 1.68%
        
 
15,845
  
HollyFrontier Corp.
    
809,996
  
     
Pipeline Transportation - 3.73%
        
 
21,880
  
New Jersey Resources Corp.
    
999,260
  
 
22,171
  
Targa Resources Corp.
    
798,599
  
           
1,797,859
  
     
Primary Metal Manufacturing - 1.82%
        
 
12,315
  
Reliance Steel & Aluminum Co.
    
876,459
  
     
Professional, Scientific, and Technical Services - 5.41%
        
 
4,245
  
FactSet Research Systems, Inc.
    
849,552
  
 
7,390
  
Jack Henry & Associates, Inc.
    
934,982
  
 
15,565
  
Leidos Holdings, Inc.
    
820,587
  
           
2,605,121
  
     
Rental and Leasing Services - 2.01%
        
 
18,855
  
McGrath RentCorp
    
970,655
  
     
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.87%
        
 
12,953
  
Raymond James Financial, Inc.
    
963,833
  
 
19,555
  
SEI Investments Co.
    
903,441
  
           
1,867,274
  
     
Support Activities for Transportation - 2.12%
        
 
14,965
  
Expeditors International of Washington, Inc.
    
1,018,967
  
     
Transportation Equipment Manufacturing - 1.82%
        
 
11,445
  
Polaris Industries, Inc.
    
877,603
  
     
Utilities - 2.13%
        
 
13,480
  
ALLETE, Inc.
    
1,027,446
  
               
     
TOTAL COMMON STOCKS (Cost $41,535,827)
    
43,864,404
  
               
     
REITS - 8.66%
        
 
14,910
  
EPR Properties
    
954,687
  
 
11,485
  
Extra Space Storage, Inc.
    
1,039,163
  
 
70,951
  
Medical Properties Trust, Inc.
    
1,140,892
  
 
15,880
  
WP Carey, Inc.
    
1,037,599
  
     
TOTAL REITS (Cost $3,793,275)
    
4,172,341
  
               

 
MONEY MARKET FUND - 0.00%
  
 
 
429
  
Fidelity Investments Money Market Funds - Government Portfolio - Class I, 2.25% (a)
    
429
  
     
TOTAL MONEY MARKET FUND (Cost $429)
    
429
  
               
     
TOTAL INVESTMENTS IN SECURITIES (Cost $45,329,531) - 99.66%
    
48,037,174
  
     
Other Assets in Excess of Liabilities - 0.34%
    
163,231
  
     
NET ASSETS - 100.00%
  
$
48,200,405
  
   
REIT -
  
Real Estate Investment Trust
        
(a)
  
Rate shown is the 7-day annualized yield as of December 31, 2018.
        

Aasgard Dividend Growth Small & Mid-Cap Fund
Notes to Schedule of Investments
December 31, 2018 (Unaudited)

Note 1 – Securities Valuation

       The Aasgard Dividend Growth Small & Mid-Cap Fund’s (the “Fund”) investments in securities are carried at their fair value. 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, including common stocks, real estate investment trusts, and closed-end funds, that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. Investments in open-end mutual funds are valued at their net asset value per share. 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.
 
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 Advisors Series Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Fund’s administrator. 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 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 majority 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.
The inputs or methodology used for valuing securities are not necessarily 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 December 31, 2018:
 
 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Accommodation and Food Services
$   1,906,489
  
$                -
  
$              -
  
$   1,906,489
  Administrative Support and Waste
     Management
 
1,812,386
  
 
-
  
 
-
  
 
1,812,386
  Construction
    
-
  
-
    
  Finance and Insurance
7,410,048
  
-
  
-
  
7,410,048
  Health Care and Social Assistance
2,993,080
  
-
  
-
  
2,993,080
  Manufacturing
16,874,053
  
-
  
-
  
16,874,053
  Professional, Scientific, and
     Technical Services
 
2,605,121
  
 
-
  
 
-
  
 
2,605,121
  Real Estate and Rental and Leasing
970,655
  
-
  
-
  
970,655
  Retail Trade
3,667,785
  
-
  
-
  
3,667,785
  Transportation and Warehousing
2,816,826
  
-
  
-
  
2,816,826
  Utilities
1,027,446
  
-
  
-
  
1,027,446
  Wholesale Trade
1,780,515
  
-
  
-
  
1,780,515
Total Common Stocks
43,864,404
  
-
  
-
  
43,864,404
REITs
4,172,341
  
-
  
-
  
4,172,341
Money Market Fund
429
  
-
  
-
  
429
Total Investments in Securities
$  48,037,174
  
$                -
  
$               -
  
$  48,037,174

  Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at December 31, 2018, the end of the reporting period. There were no transfers between levels during the period ended December 31, 2018.

Item 2. Controls and Procedures.
 
(a)
The Registrant’s President/Chief Executive Officer/Principal Executive Officer and Vice President/Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d))  that occurred during the Registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 

SIGNATURES

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


(Registrant)  Advisors Series Trust                                                                                    

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

Date                                                         2/19/19                                                                                  


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

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

Date                                                         2/19/19                                                                  
 


By (Signature and Title)* /s/ Cheryl L. King                                                                    
Cheryl L. King,
Vice President/Treasurer/Principal Financial Officer

Date                                                         2/19/19                                                                    


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

 EX-99.CERT 2 certs.htm OFFICER CERTIFICATION

CERTIFICATION
 
I, Jeffrey T. Rauman, certify that:

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

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

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: 2/19/19
/s/ Jeffrey T. Rauman
  
 
Jeffrey T. Rauman
President/Chief Executive Officer/Principal Executive Officer
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

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

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

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: 2/19/19
/s/ Cheryl L. King
  
 
Cheryl L. King
Vice President/Treasurer/Principal Financial Officer