N-Q 1 ast-poplar_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on 8/29/19



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:  September 30, 2019


Date of reporting period:  June 30, 2019
Item 1. Schedules of Investments.

Poplar Forest Partners Fund
      
Schedule of Investments
      
at June 30, 2019 (Unaudited)
      
           
Shares/Principal Amount
      
Value
  
   
COMMON STOCKS - 95.7%
      
   
Air Freight & Logistics - 1.1%
      
 
48,000
  
United Parcel Service, Inc. - Class B
  
$
4,956,960
  
               
     
Banks - 6.6%
        
 
540,000
  
Bank of America Corp.
    
15,660,000
  
 
190,000
  
Citigroup, Inc.
    
13,305,700
  
           
28,965,700
  
     
Capital Markets - 0.9%
        
 
90,000
  
E*TRADE Financial Corp.
    
4,014,000
  
               
     
Communications Equipment - 3.6%
        
 
210,000
  
Qualcomm, Inc.
    
15,974,700
  
               
     
Consumer Finance - 4.7%
        
 
665,000
  
Ally Financial, Inc.
    
20,608,350
  
               
     
Diversified Financial Services - 3.4%
        
 
710,000
  
AXA Equitable Holdings, Inc.
    
14,839,000
  
               
     
Diversified Telecommunication Services - 2.2%
        
 
145,000
  
AT&T, Inc.
    
4,858,950
  
 
405,000
  
CenturyLink, Inc.
    
4,762,800
  
           
9,621,750
  
     
Energy Equipment & Services - 3.2%
        
 
570,000
  
Baker Hughes, Inc.
    
14,039,100
  
               
     
Food & Staples Retailing - 6.3%
        
 
215,000
  
CVS Health Corp.
    
11,715,350
  
 
725,000
  
Kroger Co.
    
15,739,750
  
           
27,455,100
  
     
Food Products - 2.4%
        
 
405,000
  
Conagra Brands, Inc.
    
10,740,600
  
               
     
Health Care Equipment & Supplies - 2.9%
        
 
109,000
  
Zimmer Biomet Holdings, Inc.
    
12,833,660
  
               
     
Health Care Providers & Services - 6.8%
        
 
245,000
  
AmerisourceBergen Corp.
    
20,888,700
  
 
165,000
  
DaVita, Inc. (a)
    
9,282,900
  
           
30,171,600
  
     
Household Durables - 1.1%
        
 
325,000
  
Newell Brands, Inc.
    
5,011,500
  
     
Insurance - 9.8%
        
 
450,000
  
American International Group, Inc.
    
23,976,000
  
 
297,500
  
Lincoln National Corp.
    
19,173,875
  
           
43,149,875
  
     
IT Services - 3.9%
        
 
310,000
  
DXC Technology Co.
    
17,096,500
  
               
     
Media - 1.0%
        
 
90,000
  
CBS Corp. - Class B
    
4,491,000
  
               
     
Metals & Mining - 4.7%
        
 
220,000
  
Reliance Steel & Aluminum Co.
    
20,816,400
  
               
     
Oil, Gas & Consumable Fuels - 6.6%
        
 
565,000
  
Antero Resources Corp. (a)
    
3,124,450
  
 
445,000
  
Devon Energy Corp.
    
12,691,400
  
 
585,000
  
Noble Energy, Inc.
    
13,104,000
  
           
28,919,850
  
     
Pharmaceuticals - 6.4%
        
 
125,000
  
Eli Lilly & Co.
    
13,848,750
  
 
172,500
  
Merck & Co., Inc.
    
14,464,125
  
           
28,312,875
  
               
     
Specialty Retail - 3.3%
        
 
94,000
  
Advance Auto Parts, Inc.
    
14,489,160
  
               
     
Technology Hardware, Storage & Peripherals - 7.9%
        
 
1,010,000
  
Hewlett Packard Enterprise Co.
    
15,099,500
  
 
144,000
  
International Business Machines Corp.
    
19,857,600
  
           
34,957,100
  
     
Textiles, Apparel & Luxury Goods - 2.9%
        
 
395,000
  
Tapestry, Inc.
    
12,533,350
  
               
     
Trading Companies & Distributors - 4.0%
        
 
237,500
  
MSC Industrial Direct Inc. - Class A
    
17,636,750
  
               
     
TOTAL COMMON STOCKS (Cost $356,662,249)
    
421,634,880
  
               
     
SHORT-TERM INVESTMENTS - 4.9%
        
     
Money Market Fund - 1.8%
        
 
8,088,150
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 2.19% (b)
    
8,088,150
  
     
U.S. Treasury Bills - 3.1%
        
$
2,300,000
  
1.94%, 7/02/19 (c)
    
2,299,876
  
 
2,300,000
  
1.93%, 7/09/19 (c)
    
2,299,013
  
 
2,200,000
  
2.04%, 7/16/19 (c)
    
2,198,127
  
 
2,225,000
  
2.06%, 7/23/19 (c)
    
2,222,199
  
 
2,200,000
  
2.14%, 7/30/19 (c)
    
2,196,212
  
 
1,250,000
  
1.98%, 10/24/19 (c)
    
1,242,079
  
 
1,250,000
  
1.94%, 2/27/20 (c)
    
1,233,745
  
           
13,691,251
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $21,772,968)
    
21,779,401
  
     
Total Investments in Securities (Cost $378,435,217) - 100.6%
    
443,414,281
  
     
Liabilities in Excess of Other Assets - (0.6)%
    
(2,587,352
)
     
NET ASSETS - 100.0%
  
$
440,826,929
  

 
(a)
  
Non-income producing security.
    
 
(b)
  
Rate shown is the 7-day annualized yield at June 30, 2019.
    
 
(c)
  
Rate shown is the discount rate at June 30, 2019.
    

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Poplar Forest Cornerstone Fund
      
Schedule of Investments
      
at June 30, 2019 (Unaudited)
      
           
Shares/Principal Amount
      
Value
  
   
COMMON STOCKS - 66.6%
      
   
Air Freight & Logistics - 0.7%
      
 
1,800
  
United Parcel Service, Inc. - Class B
  
$
185,886
  
               
     
Banks - 4.9%
        
 
15,800
  
Bank of America Corp.
    
458,200
  
 
7,700
  
Citigroup, Inc.
    
539,231
  
 
1,650
  
SVB Financial Group (a)
    
370,573
  
           
1,368,004
  
     
Capital Markets - 0.6%
        
 
3,900
  
E*TRADE Financial Corp.
    
173,940
  
               
     
Communications Equipment - 3.2%
        
 
4,000
  
Cisco Systems, Inc.
    
218,920
  
 
8,900
  
Qualcomm, Inc.
    
677,023
  
           
895,943
  
     
Consumer Finance - 3.3%
        
 
29,000
  
Ally Financial, Inc.
    
898,710
  
               
     
Diversified Financial Services - 2.3%
        
 
30,000
  
AXA Equitable Holdings, Inc.
    
627,000
  
               
     
Diversified Telecommunication Services - 1.4%
        
 
5,800
  
AT&T, Inc.
    
194,358
  
 
17,000
  
CenturyLink, Inc.
    
199,920
  
           
394,278
  
     
Energy Equipment & Services - 2.2%
        
 
24,500
  
Baker Hughes, Inc.
    
603,435
  
               
     
Food & Staples Retailing - 4.1%
        
 
8,600
  
CVS Health Corp.
    
468,614
  
 
30,700
  
Kroger Co.
    
666,497
  
           
1,135,111
  
     
Food Products - 1.6%
        
 
16,200
  
Conagra Brands, Inc.
    
429,624
  
               
     
Health Care Equipment & Supplies - 1.9%
        
 
4,500
  
Zimmer Biomet Holdings, Inc.
    
529,830
  
               
     
Health Care Providers & Services - 4.5%
        
 
10,200
  
AmerisourceBergen Corp.
    
869,652
  
 
6,900
  
DaVita, Inc. (a)
    
388,194
  
           
1,257,846
  
     
Household Durables - 0.7%
        
 
13,300
  
Newell Brands, Inc.
    
205,086
  
               
     
Insurance - 6.2%
        
 
16,900
  
American International Group, Inc.
    
900,432
  
 
12,800
  
Lincoln National Corp.
    
824,960
  
           
1,725,392
  
     
IT Services - 2.6%
        
 
13,000
  
DXC Technology Co.
    
716,950
  
     
Media - 0.7%
        
 
3,700
  
CBS Corp. - Class B
    
184,630
  
               
     
Metals & Mining - 2.7%
        
 
7,900
  
Reliance Steel & Aluminum Co.
    
747,498
  
               
     
Oil, Gas & Consumable Fuels - 4.3%
        
 
23,200
  
Antero Resources Corp. (a)
    
128,296
  
 
16,700
  
Devon Energy Corp.
    
476,284
  
 
26,200
  
Noble Energy, Inc.
    
586,880
  
           
1,191,460
  
     
Pharmaceuticals - 4.9%
        
 
5,000
  
Eli Lilly & Co.
    
553,950
  
 
9,500
  
Merck & Co., Inc.
    
796,575
  
           
1,350,525
  
     
Professional Services - 1.7%
        
 
3,450
  
Equifax, Inc.
    
466,578
  
               
     
Specialty Retail - 2.3%
        
 
4,100
  
Advance Auto Parts, Inc.
    
631,974
  
               
     
Technology Hardware, Storage & Peripherals - 5.2%
        
 
39,700
  
Hewlett Packard Enterprise Co.
    
593,515
  
 
6,200
  
International Business Machines Corp.
    
854,980
  
           
1,448,495
  
     
Textiles, Apparel & Luxury Goods - 1.9%
        
 
16,500
  
Tapestry, Inc.
    
523,545
  
               
     
Trading Companies & Distributors - 2.7%
        
 
10,200
  
MSC Industrial Direct Inc. - Class A
    
757,452
  
               
     
TOTAL COMMON STOCKS (Cost $16,743,290)
    
18,449,192
  
               
     
REITS - 1.1%
        
     
Equity Real Estate Investment Trusts (REITs) - 1.1%
        
 
16,500
  
Brixmor Property Group, Inc.
    
295,020
  
               
     
TOTAL REITS (Cost $295,811)
    
295,020
  
               
     
CORPORATE BONDS - 15.1%
        
     
Diversified Financial Services - 0.9%
        
     
General Electric Co.
        
$
250,000
  
5.300%, 2/11/21
    
259,099
  
     
Health Care Equipment & Supplies - 2.7%
        
     
Becton Dickinson and Co.
        
 
750,000
  
3.250%, 11/12/20
    
757,203
  
     
Health Care Providers & Services - 1.3%
        
     
Cardinal Health, Inc.
        
 
350,000
  
2.616%, 6/15/22
    
352,237
  
     
Industrial Conglomerates - 1.8%
        
     
General Electric Co.
        
 
494,000
  
2.200%, 1/9/20
    
492,735
  
     
Oil, Gas & Consumable Fuels - 2.8%
        
     
Devon Energy Corp.
        
 
750,000
  
4.000%, 7/15/21
    
769,612
  
       Oil, Gas Services & Equipment - 2.8%        


   Schlumberger Holdings Corp.        

750,000    4.000%, 12/21/25 (e)      794,510  
     
Professional Services - 2.8%
        
     
Equifax, Inc.
        
 
750,000
  
3.300%, 12/15/22
    
766,988
  
     
TOTAL CORPORATE BONDS (Cost $4,092,211)
    
4,192,384
  
               
     
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 9.7%
        
     
U.S. Government Agency - 1.8%
        
     
FHLMC
        
 
500,000
  
1.500%, 9/30/21 (b)
    
499,590
  
               
     
U.S. Treasury Notes - 7.9%
        
     
U.S. Treasury Note TIPS
        
 
714,762
  
0.125%, 4/15/20
    
707,372
  
 
745,186
  
0.125%, 1/15/22
    
740,706
  
 
753,368
  
0.125%, 7/15/24
    
752,355
  
           
2,200,433
  
               
     
TOTAL U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES (Cost $2,714,021)
    
2,700,023
  
               
     
SHORT-TERM INVESTMENTS - 9.5%
        
     
Money Market Fund - 3.3%
        
 
927,783
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class, 2.19% (d)
    
927,783
  
     
U.S. Treasury Bills - 6.2%
        
$
140,000
  
1.93%, 7/02/19 (c)
    
139,992
  
 
140,000
  
1.93%, 7/09/19 (c)
    
139,940
  
 
140,000
  
2.04%, 7/16/19 (c)
    
139,881
  
 
185,000
  
2.05%, 7/18/19 (c)
    
184,821
  
 
135,000
  
2.06%, 7/23/19 (c)
    
134,830
  
 
135,000
  
2.14%, 7/30/19 (c)
    
134,768
  
 
125,000
  
2.09%, 8/15/19 (c)
    
124,674
  
 
125,000
  
2.06%, 9/12/19 (c)
    
124,478
  
 
100,000
  
1.98%, 10/24/19 (c)
    
99,366
  
 
95,000
  
1.90%, 1/30/20 (c)
    
93,933
  
 
100,000
  
1.94%, 2/27/20 (c)
    
98,700
  
 
100,000
  
1.92%, 4/23/20 (c)
    
98,413
  
 
100,000
  
1.91%, 5/21/20 (c)
    
98,278
  
 
95,000
  
1.87%, 6/18/20 (c)
    
93,256
  
           
1,705,330
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $2,631,285)
    
2,633,113
  
               
     
Total Investments in Securities (Cost $26,476,618) - 102.0%
    
28,269,732
  
     
Liabilities in Excess of Other Assets - (2.0)%
    
(561,675
)
     
NET ASSETS - 100.0%
  
$
27,708,057
  

     
REIT - Real Estate Investment Trust
    
     
FHLMC - Federal Home Loan Mortgage Corporation
    
     
TIPS - Treasury Inflation Protected Securities
    
 
(a)
  
Non-income producing security.
    
 
(b)
  
Step-up bond; pays one interest rate for a certain period and a higher rate thereafter. The interest rate
    
     
shown is the rate in effect as of June 30, 2019, and will increase to 2.25% on October 1, 2019.
    
 
(c)
  
Rate shown is the discount rate at June 30, 2019.
    
 
(d)
  
Rate shown is the 7-day annualized yield at June 30, 2019.
    
 
(e)
  
Security purchased within the terms of a private placement memorandum, exempt
    
     
from registration under Rule 144A of the Securites Act of 1933, as amended, and
    
     
may be sold only to dealers in the program or other "qualified institutional buyers."
    
     
Poplar Forest Capital, LLC, the Fund's adviser, has determined that such security is liquid in
    
     
accordance with the liquidity guidelines approved by the Board of Trustees of Advisors Series Trust.
    
     
As of June 30, 2019, the value of these investments was $794,510 or 2.8% of total net assets.
    
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's
 
Financial Services LLC (“S&P”).  GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
Note 1 – Securities Valuation

The Poplar Forest Funds’ (the “Fund” or “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).

The Funds’ investments are carried at their fair value. 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.  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.
 
Debt securities are valued at their bid prices furnished by an independent pricing service using valuation methods that are designed to represent fair value. These valuation methods can include matrix pricing and other analytical pricing models, market transactions, and dealer-supplied valuations. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most debt securities are categorized in level 2 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 the Funds’ administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board.  These procedures consider many factors, including the type of security, size of holding, trading volume and news events.  All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.

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

The 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 each 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 each 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 June 30, 2019:

Poplar Forest Partners Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Communication Services
  
$
9,621,750
    
$
-
    
$
-
    
$
9,621,750
  
Consumer Discretionary
    
36,525,010
      
-
      
-
      
36,525,010
  
Consumer Staples
    
38,195,700
      
-
      
-
      
38,195,700
  
Energy
    
42,958,950
      
-
      
-
      
42,958,950
  
Financials
    
111,576,925
      
-
      
-
      
111,576,925
  
Health Care
    
71,318,135
      
-
      
-
      
71,318,135
  
Industrials
    
22,593,710
      
-
      
-
      
22,593,710
  
Information Technology
    
68,028,300
      
-
      
-
      
68,028,300
  
Materials
    
20,816,400
      
-
      
-
      
20,816,400
  
Total Common Stocks
    
421,634,880
      
-
      
-
      
421,634,880
  
Short-Term Investments
    
8,088,150
      
13,691,251
      
-
      
21,779,401
  
Total Investments in Securities
  
$
429,723,030
    
$
13,691,251
    
$
-
    
$
443,414,281
  
                                 

Poplar Forest Cornerstone Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Communication Services
  
$
394,278
    
$
-
    
$
-
    
$
394,278
  
Consumer Discretionary
    
1,545,235
      
-
      
-
      
1,545,235
  
Consumer Staples
    
1,564,735
      
-
      
-
      
1,564,735
  
Energy
    
1,794,895
      
-
      
-
      
1,794,895
  
Financials
    
4,793,046
      
-
      
-
      
4,793,046
  
Health Care
    
3,138,201
      
-
      
-
      
3,138,201
  
Industrials
    
1,409,916
      
-
      
-
      
1,409,916
  
Information Technology
    
3,061,388
      
-
      
-
      
3,061,388
  
Materials
    
747,498
        -        -      
747,498
  
Total Common Stocks
    
18,449,192
      
-
      
-
      
18,449,192
  
REITs
     295,020
      -
      -
      295,020
 
Fixed Income
                                
Corporate Bonds
    
-
      
4,192,384
      
-
      
4,192,384
  
U.S. Government Agencies and Instrumentalities
    
-
      
2,700,023
      
-
      
2,700,023
  
Total Fixed Income
    
-
      
6,892,407
      
-
      
6,892,407
  
Short-Term Investments
    
927,783
      
1,705,330
      
-
      
2,633,113
  
Total Investments in Securities
  
$
19,671,995
    
$
8,597,737
    
$
-
    
$
28,269,732
  

Refer to the Funds’ schedules of investments for a detailed break-out of securities by industry classification.  Transfers between levels are recognized at June 30, 2019, the end of the reporting period.  During the period ended June 30, 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 8/29/19                                                                                                   


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 8/29/19                                                                                                   


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

Date 8/16/19                                                                                                   


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