N-Q 1 ast-huber_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS

As filed with the Securities and Exchange Commission on April 1, 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, WI 53202
(Address of principal executive offices) (Zip code)



Jeffrey T. Rauman, President/Chief Executive Officer
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5th Floor
Milwaukee, WI 53202


(Name and address of agent for service)


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



Date of fiscal year end:  October 31, 2019


Date of reporting period:  January 31, 2019

 
Item 1. Schedules of Investments.


Huber Capital Equity Income Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2019 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 99.79%
  
Value
  
   
Aerospace & Defense - 7.07%
      
 
15,600
  
Northrop Grumman Corp.
  
$
4,298,580
  
               
     
Air Transport - 2.13%
        
 
7,300
  
FedEx Corp.
    
1,296,261
  
               
     
Banks: Diversified - 3.56%
        
 
36,400
  
SunTrust Banks, Inc.
    
2,162,888
  
               
     
Chemicals: Specialty - 0.03%
        
 
300
  
Innospec, Inc.
    
21,081
  
               
     
Communications Equipment - 1.34%
        
 
32,700
  
Comtech Telecommunications Corp.
    
816,519
  
               
     
Computer Services, Software & Systems - 8.70%
        
 
50,700
  
Microsoft Corp.
    
5,294,601
  
               
     
Computer Technology - 1.69%
        
 
31,800
  
Hewlett Packard Enterprise Co.
    
495,762
  
 
24,300
  
HP, Inc.
    
535,329
  
           
1,031,091
  
     
Diversified Financial Services - 13.96%
        
 
53,200
  
Bank of America Corp.
    
1,514,604
  
 
45,000
  
Citigroup, Inc.
    
2,900,700
  
 
39,400
  
JPMorgan Chase & Co.
    
4,077,900
  
           
8,493,204
  
     
Diversified Retail - 2.32%
        
 
14,700
  
Wal-Mart Stores, Inc.
    
1,408,701
  
               
     
Electronic Components - 0.81%
        
 
6,095
  
TE Connectivity Ltd.
    
493,390
  
               
     
Engineering & Contracting Services - 7.72%
        
 
273,241
  
KBR, Inc.
    
4,699,745
  
               
     
Financial Data & Systems - 1.42%
        
 
4,100
  
Mastercard, Inc. - Class A
    
865,633
  
               
     
Foods - 2.66%
        
 
15,300
  
ConAgra Foods, Inc.
    
331,092
  
 
20,800
  
Tyson Foods, Inc. - Class A
    
1,287,936
  
           
1,619,028
  
     
Homebuilding - 0.86%
        
 
13,666
  
Lennar Corp. - Class B
    
520,948
  
               
     
Household Equipment & Products - 1.49%
        
 
33,200
  
Tupperware Brands Corp.
    
905,364
  
               
     
Insurance: Life - 4.38%
        
 
149,200
  
CNO Financial Group, Inc.
    
2,667,696
  
               
     
Insurance: Multi-Line - 2.42%
        
 
31,704
  
Voya Financial, Inc.
    
1,472,017
  
               
     
Oil: Crude Producers - 3.58%
        
 
675,000
  
Chesapeake Energy Corp. (b)
    
1,923,750
  
 
90,455
  
HighPoint Resources Corp. (b)
    
253,274
  
           
2,177,024
  
     
Oil: Integrated - 3.21%
        
 
21,300
  
BP plc - ADR
    
875,856
  
 
17,434
  
Royal Dutch Shell plc - Class A - ADR
    
1,076,201
  
           
1,952,057
  
     
Pharmaceuticals - 15.00%
        
 
37,100
  
Eli Lilly & Co.
    
4,446,806
  
 
32,300
  
Merck & Co., Inc.
    
2,404,089
  
 
53,600
  
Pfizer, Inc.
    
2,275,320
  
           
9,126,215
  
     
Semiconductor and Semiconductor Equipment - 3.28%
        
 
22,900
  
NXP Semiconductors NV (a)
    
1,992,987
  

     
Shipping - 3.83%
        
 
59,080
  
Euronav SA (a)
    
459,642
  
 
139,712
  
Golar LNG Partners LP (a)
    
1,872,141
  
           
2,331,783
  
               
     
Specialty Retail - 2.96%
        
 
9,800
  
Home Depot, Inc.
    
1,798,594
  
               
     
Steel - 0.17%
        
 
2,215
  
Carpenter Technology Corp.
    
104,681
  
               
     
Tobacco - 0.52%
        
 
4,100
  
Philip Morris International, Inc.
    
314,552
  
               
     
Utilities: Electrical - 4.68%
        
 
11,600
  
Entergy Corp.
    
1,034,604
  
 
38,000
  
Exelon Corp.
    
1,814,880
  
           
2,849,484
  
     
TOTAL COMMON STOCKS (Cost $35,180,934)
    
60,714,124
  
               
     
SHORT-TERM INVESTMENTS - 1.20%
        
 
363,863
  
First American Government Obligations Fund, Institutional Class, 2.32% (c)
    
363,863
  
 
363,864
  
First American Treasury Obligations Fund, Institutional Class, 2.31% (c)
    
363,864
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $727,727)
    
727,727
  
               
     
Total Investments in Securities (Cost $35,908,661) - 100.99%
    
61,441,851
  
     
Liabilities in Excess of Other Assets - (0.99)%
    
(603,169
)
     
NET ASSETS - 100.00%
  
$
60,838,682
  

 
ADR
American Depository Receipt
    
 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2019.
    


 
Huber Capital Small Cap Value Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2019 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 97.42%
  
Value
  
   
Aluminum - 2.60%
      
 
16,346
  
Kaiser Aluminum Corp.
  
$
1,640,648
  
               
     
Asset Management & Custodian - 6.13%
        
 
521,883
  
Uranium Participation Corp. (a) (b)
    
1,898,551
  
 
21,930
  
Virtus Investment Partners, Inc.
    
1,973,042
  
           
3,871,593
  
     
Banks: Diversified - 12.23%
        
 
14,752
  
Atlantic Capital Bancshares, Inc. (b)
    
266,716
  
 
2,884
  
C&F Financial Corp.
    
144,142
  
 
22,359
  
Capstar Financial Holdings, Inc.
    
356,626
  
 
20,212
  
Carter Bank & Trust (b)
    
341,381
  
 
19,691
  
First Bancorp
    
724,038
  
 
7,977
  
First Citizens BancShares, Inc. - Class A
    
3,250,867
  
 
179,741
  
First Horizon National Corp.
    
2,638,598
  
           
7,722,368
  
     
Chemicals: Specialty - 5.89%
        
 
52,895
  
Innospec, Inc.
    
3,716,932
  
               
     
Commercial Vehicles & Parts - 1.42%
        
 
29,852
  
Miller Industries, Inc.
    
897,053
  
               
     
Communications Equipment - 10.17%
        
 
257,072
  
Comtech Telecommunications Corp.
    
6,419,088
  
               
     
Computer Services, Software & Systems - 3.02%
        
 
28,400
  
Science Applications International Corp.
    
1,906,776
  
               
     
Consumer Lending - 6.79%
        
 
90,207
  
Enova International, Inc. (b)
    
2,079,271
  
 
170,771
  
EZCORP, Inc. - Class A (b)
    
1,591,586
  
 
11,655
  
Nelnet, Inc. - Class A
    
613,053
  
           
4,283,910
  
     
Containers & Packaging - 0.62%
        
 
11,883
  
UFP Technologies, Inc. (b)
    
392,139
  
               
     
Diversified Manufacturing Operations - 1.23%
        
 
36,358
  
Harsco Corp. (b)
    
774,425
  
               
     
Engineering & Contracting Services - 7.54%
        
 
276,805
  
KBR, Inc.
    
4,761,046
  
               
     
Equity REIT - Timber - 0.51%
        
 
35,174
  
CatchMark Timber Trust, Inc. - Class A
    
323,249
  
               
     
Health Care Equipment & Surplus - 1.78%
        
 
15,951
  
CONMED Corp.
    
1,122,153
  
               
     
Health Care Facilities - 1.24%
        
 
35,614
  
Tenet Healthcare Corp. (b)
    
783,152
  
               
     
Health Care Providers & Services - 2.96%
        
 
89,100
  
Hanger, Inc. (b)
    
1,869,318
  
               
     
Homebuilding - 0.64%
        
 
30,475
  
William Lyon Homes - Class A (b)
    
404,099
  
               
     
Household Equipment & Products - 1.52%
        
 
35,272
  
Tupperware Brands Corp.
    
961,867
  
               
     
Insurance: Life - 2.82%
        
 
99,687
  
CNO Financial Group, Inc.
    
1,782,403
  
               
     
Oil: Crude Producers - 4.84%
        
 
702,700
  
Chesapeake Energy Corp. (b)
    
2,002,695
  
 
374,600
  
HighPoint Resources Corp. (b)
    
1,048,880
  
           
3,051,575
  
               
     
Oil, Gas & Consumable Fuels - 1.11%
        
 
39,821
  
Hoegh LNG Partners LP (a)
    
702,841
  
               
     
Oil Well Equipment & Services - 0.80%
        
 
45,800
  
Superior Energy Services, Inc. (b)
    
179,078
  
 
153,213
  
TETRA Technologies, Inc. (b)
    
326,344
  
           
505,422
  

     
Real Estate Investment Trusts (REITs) - 5.70%
        
 
56,208
  
Granite Real Estate Investment Trust (a)
    
2,570,392
  
 
32,035
  
Office Properties Income Trust
    
1,026,081
  
           
3,596,473
  
     
Restaurants - 2.11%
        
 
66,942
  
Boston Pizza Royalties Income Fund (a)
    
854,384
  
 
62,974
  
Pizza Pizza Royalty Corp. (a)
    
478,793
  
           
1,333,177
  
     
Shipping - 4.86%
        
 
80,886
  
Golar LNG Ltd. (a)
    
1,801,331
  
 
1,266,125
  
Teekay Tankers Ltd. - Class A
    
1,266,125
  
           
3,067,456
  
     
Steel - 1.31%
        
 
17,446
  
Carpenter Technology Corp.
    
824,498
  
               
     
Telecommunications Equipment - 2.14%
        
 
43,014
  
ARRIS International plc (a) (b)
    
1,350,209
  
               
     
Transportation Infrastructure - 1.36%
        
 
97,829
  
Wesco Aircraft Holdings, Inc. (b)
    
855,025
  
               
     
Utilities: Electrical - 4.08%
        
 
16,800
  
Black Hills Corp.
    
1,140,552
  
 
29,645
  
Portland General Electric Co.
    
1,432,446
  
           
2,572,998
  
               
     
TOTAL COMMON STOCKS (Cost $51,644,719)
    
61,491,893
  
               
     
SHORT-TERM INVESTMENTS - 2.86%
        
 
904,039
  
First American Government Obligations Fund, Institutional Class, 2.32% (c)
    
904,039
  
 
904,039
  
First American Treasury Obligations Fund, Institutional Class, 2.31% (c)
    
904,039
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,808,078)
    
1,808,078
  
               
     
Total Investments in Securities (Cost $53,452,797) - 100.28%
    
63,299,971
  
     
Liabilities in Excess of Other Assets - (0.28)%
    
(178,794
)
     
NET ASSETS - 100.00%
  
$
63,121,177
  

 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2019.
    


 
Huber Capital Diversified Large Cap Value Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2019 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 97.78%
  
Value
  
   
Aerospace & Defense - 4.21%
      
 
700
  
Northrop Grumman Corp.
  
$
192,885
  
               
     
Air Transport - 1.55%
        
 
400
  
FedEx Corp.
    
71,028
  
               
     
Banks: Diversified - 1.82%
        
 
1,400
  
SunTrust Banks, Inc.
    
83,188
  
               
     
Chemicals: Specialty - 0.18%
        
 
114
  
Innospec, Inc.
    
8,011
  
               
     
Communications Equipment - 0.60%
        
 
1,100
  
Comtech Telecommunications Corp.
    
27,467
  
               
     
Computer Services, Software & Systems - 7.80%
        
 
2,600
  
Microsoft Corp.
    
271,518
  
 
1,700
  
Oracle Corp.
    
85,391
  
           
356,909
  
     
Computer Technology - 1.80%
        
 
3,600
  
Hewlett Packard Enterprise Co.
    
56,124
  
 
1,200
  
HP, Inc.
    
26,436
  
           
82,560
  
     
Diversified Financial Services - 13.14%
        
 
6,100
  
Bank of America Corp.
    
173,667
  
 
3,100
  
Citigroup, Inc.
    
199,826
  
 
2,200
  
JPMorgan Chase & Co.
    
227,700
  
           
601,193
  
     
Diversified Retail - 3.14%
        
 
1,500
  
Wal-Mart Stores, Inc.
    
143,745
  
               
     
Diversified Telecommunications Services - 0.85%
        
 
1,293
  
AT&T, Inc.
    
38,868
  
               
     
Electronic Components - 0.53%
        
 
300
  
TE Connectivity Ltd.
    
24,285
  
               
     
Engineering & Contracting Services - 6.77%
        
 
600
  
Fluor Corp.
    
21,942
  
 
16,730
  
KBR, Inc.
    
287,756
  
           
309,698
  
     
Financial Data & Systems - 2.54%
        
 
550
  
Mastercard, Inc. - Class A
    
116,122
  
               
     
Foods - 2.94%
        
 
1,400
  
ConAgra Foods, Inc.
    
30,296
  
 
500
  
Lamb Weston Holdings, Inc.
    
36,150
  
 
1,100
  
Tyson Foods, Inc. - Class A
    
68,112
  
           
134,558
  
     
Homebuilding - 0.99%
        
 
1,191
  
Lennar Corp. - Class B
    
45,401
  
               
     
Household Equipment & Products - 1.37%
        
 
2,300
  
Tupperware Brands Corp.
    
62,721
  
               
     
Insurance Carriers - 1.63%
        
 
2,000
  
Brighthouse Financial, Inc. (b)
    
74,680
  
               
     
Insurance: Life - 2.84%
        
 
7,273
  
CNO Financial Group, Inc.
    
130,041
  
               
     
Insurance: Multi-Line - 1.48%
        
 
600
  
American International Group, Inc.
    
25,938
  
 
900
  
Voya Financial, Inc.
    
41,787
  
           
67,725
  
     
Internet Marketing & Direct Retail - 1.76%
        
 
3,700
  
Qurate Retail, Inc. (b)
    
80,474
  
               
     
IT Services - 0.24%
        
 
171
  
DXC Technology Co.
    
10,965
  
               
     
Oil: Crude Producers - 2.91%
        
 
43,700
  
Chesapeake Energy Corp. (b)
    
124,545
  
 
3,100
  
HighPoint Resources Corp. (b)
    
8,680
  
           
133,225
  

     
Oil, Gas & Consumable Fuels - 0.59%
        
 
400
  
ConocoPhillips
    
27,076
  
               
     
Oil: Integrated - 3.33%
        
 
1,600
  
BP plc - ADR
    
65,792
  
 
1,400
  
Royal Dutch Shell plc - Class A - ADR
    
86,422
  
           
152,214
  
     
Pharmaceuticals - 11.33%
        
 
100
  
Allergan plc (a)
    
14,398
  
 
2,000
  
Eli Lilly & Co.
    
239,720
  
 
1,100
  
Merck & Co., Inc.
    
81,873
  
 
4,300
  
Pfizer, Inc.
    
182,535
  
           
518,526
  
     
Semiconductor and Semiconductor Equipment - 3.80%
        
 
2,000
  
NXP Semiconductors NV (a)
    
174,060
  
               
     
Shipping - 4.49%
        
 
5,800
  
Euronav SA (a)
    
45,124
  
 
11,956
  
Golar LNG Partners LP (a)
    
160,210
  
           
205,334
  
     
Specialty Retail - 2.41%
        
 
600
  
Home Depot, Inc.
    
110,118
  
               
     
Telecommunications Equipment - 1.72%
        
 
2,500
  
ARRIS International plc (a) (b)
    
78,475
  
               
     
Tobacco - 2.52%
        
 
1,500
  
Philip Morris International, Inc.
    
115,080
  
               
     
Utilities: Electrical - 6.50%
        
 
300
  
American Electric Power Co., Inc.
    
23,736
  
 
900
  
Entergy Corp.
    
80,271
  
 
3,300
  
Exelon Corp.
    
157,608
  
 
200
  
NextEra Energy, Inc.
    
35,796
  
           
297,411
  
     
TOTAL COMMON STOCKS (Cost $3,230,368)
    
4,474,043
  
               
     
SHORT-TERM INVESTMENTS - 2.61%
        
 
59,654
  
First American Government Obligations Fund, Institutional Class, 2.32% (c)
    
59,654
  
 
59,653
  
First American Treasury Obligations Fund, Institutional Class, 2.31% (c)
    
59,653
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $119,307)
    
119,307
  
               
     
Total Investments in Securities (Cost $3,349,675) - 100.39%
    
4,593,350
  
     
Liabilities in Excess of Other Assets - (0.39)%
    
(17,869
)
     
NET ASSETS - 100.00%
  
$
4,575,481
  

 
ADR
American Depository Receipt
    
 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2019.
    


 
Huber Capital Mid Cap Value Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2019 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 98.52%
  
Value
  
   
Aluminum - 1.19%
      
 
200
  
Kaiser Aluminum Corp.
  
$
20,074
  
               
     
Asset Management & Custodian - 5.84%
        
 
19,600
  
Uranium Participation Corp. (a) (b)
    
71,303
  
 
300
  
Virtus Investment Partners, Inc.
    
26,991
  
           
98,294
  
     
Banks: Diversified - 8.80%
        
 
1,100
  
Atlantic Capital Bancshares, Inc. (b)
    
19,888
  
 
100
  
First Citizens BancShares, Inc. - Class A
    
40,753
  
 
3,100
  
First Horizon National Corp.
    
45,508
  
 
1,200
  
Regions Financial Corp.
    
18,204
  
 
400
  
SunTrust Banks, Inc.
    
23,768
  
           
148,121
  
     
Chemicals: Specialty - 4.42%
        
 
1,060
  
Innospec, Inc.
    
74,486
  
               
     
Communications Equipment - 8.77%
        
 
5,916
  
Comtech Telecommunications Corp.
    
147,722
  
               
     
Computer Services, Software & Systems - 1.60%
        
 
400
  
Science Applications International Corp.
    
26,856
  
               
     
Computer Technology - 0.93%
        
 
1,000
  
Hewlett Packard Enterprise Co.
    
15,590
  
               
     
Consumer Lending - 7.72%
        
 
3,700
  
Enova International, Inc. (b)
    
85,285
  
 
4,800
  
EZCORP, Inc. - Class A (b)
    
44,736
  
           
130,021
  
     
Diversified Manufacturing Operations - 1.52%
        
 
1,200
  
Harsco Corp. (b)
    
25,560
  
               
     
Engineering & Contracting Services - 6.64%
        
 
6,501
  
KBR, Inc.
    
111,816
  
               
     
Foods - 4.40%
        
 
1,200
  
ConAgra Foods, Inc.
    
25,968
  
 
666
  
Lamb Weston Holdings, Inc.
    
48,152
  
           
74,120
  
               
     
Health Care Equipment & Surplus - 1.25%
        
 
300
  
CONMED Corp.
    
21,105
  
               
     
Health Care Facilities - 1.57%
        
 
1,200
  
Tenet Healthcare Corp. (b)
    
26,388
  
               
     
Health Care Providers & Services - 3.91%
        
 
3,138
  
Hanger, Inc. (b)
    
65,835
  
               
     
Homebuilding - 0.39%
        
 
172
  
Lennar Corp. - Class B
    
6,557
  
               
     
Household Equipment & Products - 1.13%
        
 
700
  
Tupperware Brands Corp.
    
19,089
  
               
     
Insurance: Life - 1.76%
        
 
1,660
  
CNO Financial Group, Inc.
    
29,681
  
               
     
Internet Marketing & Direct Retail - 3.78%
        
 
2,925
  
Qurate Retail, Inc. (b)
    
63,619
  
               
     
Oil: Crude Producers - 5.58%
        
 
23,263
  
Chesapeake Energy Corp. (b)
    
66,300
  
 
9,888
  
HighPoint Resources Corp. (b)
    
27,686
  
           
93,986
  
     
Oil Well Equipment & Services - 2.09%
        
 
8,000
  
Ensco plc - Class A
    
35,200
  
               
     
Real Estate Investment Trusts (REITs) - 6.74%
        
 
1,100
  
Granite Real Estate Investment Trust (a)
    
50,303
  
 
1,975
  
Office Properties Income Trust
    
63,259
  
           
113,562
  
     
Semiconductor and Semiconductor Equipment - 3.62%
        
 
700
  
NXP Semiconductors NV (a)
    
60,921
  

     
Shipping - 8.81%
        
 
1,100
  
Golar LNG Ltd. (a)
    
24,497
  
 
4,165
  
Golar LNG Partners LP (a)
    
55,811
  
 
67,967
  
Teekay Tankers Ltd. - Class A
    
67,967
  
           
148,275
  
     
Telecommunications Equipment - 1.86%
        
 
1,000
  
ARRIS International plc (a) (b)
    
31,390
  
               
     
Utilities: Electrical - 4.20%
        
 
400
  
Entergy Corp.
    
35,676
  
 
358
  
Evergy, Inc.
    
20,521
  
 
300
  
Portland General Electric Co.
    
14,496
  
           
70,693
  
     
TOTAL COMMON STOCKS (Cost $1,399,144)
    
1,658,961
  
               
     
SHORT-TERM INVESTMENTS - 3.03%
        
 
25,540
  
First American Government Obligations Fund, Institutional Class, 2.32% (c)
    
25,540
  
 
25,541
  
First American Treasury Obligations Fund, Institutional Clas , 2.31% (c)
    
25,541
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $51,081)
    
51,081
  
               
     
Total Investments in Securities (Cost $1,450,225) - 101.55%
    
1,710,042
  
     
Liabilities in Excess of Other Assets - (1.55)%
    
(26,154
)
     
NET ASSETS - 100.00%
  
$
1,683,888
  

 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2019.
    


 
Huber Capital Funds
Notes to Schedule of Investments
January 31, 2019 (Unaudited)

Note 1 – Securities Valuation

The Huber Capital Funds’ (the “Funds”) investments in securities are carried at their fair value. Each 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 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.  The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.  Exchange rates are provided daily by a recognized independent pricing agent.  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 Advisors Series Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Funds’ 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 Funds have 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 Funds have 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 Funds’ securities as of January 31, 2019:


Equity Income Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
4,633,607
    
$
-
    
$
-
    
$
4,633,607
  
  Consumer Staples
    
1,933,580
      
-
      
-
      
1,933,580
  
  Energy
    
4,129,081
      
-
      
-
      
4,129,081
  
  Financial Services
    
14,795,805
      
-
      
-
      
14,795,805
  
  Health Care
    
9,126,215
      
-
      
-
      
9,126,215
  
  Information Technology
    
3,675,139
      
-
      
-
      
3,675,139
  
  Materials & Processing
    
125,762
      
-
      
-
      
125,762
  
  Producer Durables
    
12,626,369
      
-
      
-
      
12,626,369
  
  Technology
    
6,819,082
      
-
      
-
      
6,819,082
  
  Utilities
    
2,849,484
      
-
      
-
      
2,849,484
  
Total Common Stocks
    
60,714,124
      
-
      
-
      
60,714,124
  
Short-Term Investments
    
727,727
      
-
      
-
      
727,727
  
Total Investments in Securities
  
$
61,441,851
    
$
-
    
$
-
    
$
61,441,851
  

Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
2,699,143
    
$
-
    
$
-
    
$
2,699,143
  
  Energy
    
6,061,169
      
-
      
-
      
6,061,169
  
  Financial Services
    
20,553,915
      
-
      
-
      
20,553,915
  
  Health Care
    
3,774,623
      
-
      
-
      
3,774,623
  
  Industrials
    
855,025
      
-
      
-
      
855,025
  
  Information Technology
    
6,419,088
      
-
      
-
      
6,419,088
  
  Materials & Processing
    
6,574,217
      
-
      
-
      
6,574,217
  
  Producer Durables
    
7,698,649
      
-
      
-
      
7,698,649
  
  Real Estate
    
1,026,081
      
-
      
-
      
1,026,081
  
  Technology
    
3,256,985
      
-
      
-
      
3,256,985
  
  Utilities
    
2,572,998
      
-
      
-
      
2,572,998
  
Total Common Stocks
    
61,491,893
      
-
      
-
      
61,491,893
  
Short-Term Investments
    
1,808,078
      
-
      
-
      
1,808,078
  
Total Investments in Securities
  
$
63,299,971
    
$
-
    
$
-
    
$
63,299,971
  

Diversified Large Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
481,327
    
$
-
    
$
-
    
$
481,327
  
  Consumer Staples
    
249,638
      
-
      
-
      
249,638
  
  Energy
    
312,515
      
-
      
-
      
312,515
  
  Financial Services
    
1,072,949
      
-
      
-
      
1,072,949
  
  Health Care
    
518,526
      
-
      
-
      
518,526
  
  Information Technology
    
212,492
      
-
      
-
      
212,492
  
  Materials & Processing
    
8,011
      
-
      
-
      
8,011
  
  Producer Durables
    
778,945
      
-
      
-
      
778,945
  
  Technology
    
542,229
      
-
      
-
      
542,229
  
  Utilities
    
297,411
      
-
      
-
      
297,411
  
Total Common Stocks
    
4,474,043
      
-
      
-
      
4,474,043
  
Short-Term Investments
    
119,307
      
-
      
-
      
119,307
  
Total Investments in Securities
  
$
4,593,350
    
$
-
    
$
-
    
$
4,593,350
  


Mid Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
89,264
    
$
-
    
$
-
    
$
89,264
  
  Consumer Staples
    
74,120
      
-
      
-
      
74,120
  
  Energy
    
277,461
      
-
      
-
      
277,461
  
  Financial Services
    
406,116
      
-
      
-
      
406,116
  
  Health Care
    
113,328
      
-
      
-
      
113,328
  
  Industrials
    
137,377
      
-
      
-
      
137,377
  
  Information Technology
    
251,090
      
-
      
-
      
251,090
  
  Materials & Processing
    
94,560
      
-
      
-
      
94,560
  
  Real Estate
    
113,562
      
-
      
-
      
113,562
  
  Technology
    
31,390
      
-
      
-
      
31,390
  
  Utilities
    
70,693
      
-
      
-
      
70,693
  
Total Common Stocks
    
1,658,961
      
-
      
-
      
1,658,961
  
Short-Term Investments
    
51,081
      
-
      
-
      
51,081
  
Total Investments in Securities
  
$
1,710,042
    
$
-
    
$
-
    
$
1,710,042
  

Refer to the Funds’ schedule of investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at January 31, 2019, the end of the reporting period.  During the period ended January 31, 2019 the Funds recognized no transfers between levels.

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 3/29/2019                                                                                                                          



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 3/29/2019                                                                                                                        


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

Date 3/28/2019                                                                                                                        

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