0000894189-19-006618.txt : 20190930 0000894189-19-006618.hdr.sgml : 20190930 20190930155605 ACCESSION NUMBER: 0000894189-19-006618 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190731 FILED AS OF DATE: 20190930 DATE AS OF CHANGE: 20190930 EFFECTIVENESS DATE: 20190930 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: 191126085 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 S000018427 Huber Capital Equity Income Fund C000050919 Investor Class HULIX C000106239 Institutional Class HULEX 0001027596 S000018428 Huber Capital Small Cap Value Fund C000050920 Investor Class HUSIX C000106240 Institutional Class HUSEX 0001027596 S000039416 Huber Capital Diversified Large Cap Value Fund C000121467 Investor Class HUDIX C000121468 Institutional Class HUDEX 0001027596 S000052294 Huber Capital Mid Cap Value Fund C000164420 Investor Class HUMDX C000164421 Institutional Class HUMEX N-Q 1 ast-huber_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on 9/30/2019



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)


(626) 914-7363
Registrant's telephone number, including area code



Date of fiscal year end:  October 31, 2019



Date of reporting period:  July 31, 2019
Item 1. Schedules of Investments.
 
Huber Capital Equity Income Fund
  
SCHEDULE OF INVESTMENTS at July 31, 2019 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 99.77%
  
Value
  
   
Aerospace & Defense - 8.55%
      
 
15,600
  
Northrop Grumman Corp.
  
$
5,390,892
  
               
     
Air Transport - 0.54%
        
 
2,000
  
FedEx Corp.
    
341,060
  
               
     
Banks: Diversified - 3.85%
        
 
36,400
  
SunTrust Banks, Inc.
    
2,424,240
  
               
     
Chemicals: Specialty - 0.04%
        
 
300
  
Innospec, Inc.
    
28,014
  
               
     
Communications Equipment - 3.17%
        
 
67,100
  
Comtech Telecommunications Corp.
    
1,996,896
  
               
     
Computer Services, Software & Systems - 10.96%
        
 
50,700
  
Microsoft Corp.
    
6,908,889
  
               
     
Computer Technology - 1.54%
        
 
31,800
  
Hewlett Packard Enterprise Co.
    
456,966
  
 
24,300
  
HP, Inc.
    
511,272
  
           
968,238
  
     
Diversified Financial Services - 14.92%
        
 
53,200
  
Bank of America Corp.
    
1,632,176
  
 
45,000
  
Citigroup, Inc.
    
3,202,200
  
 
39,400
  
JPMorgan Chase & Co.
    
4,570,400
  
           
9,404,776
  
     
Diversified Retail - 2.57%
        
 
14,700
  
Wal-Mart Stores, Inc.
    
1,622,586
  
               
     
Electronic Components - 0.89%
        
 
6,095
  
TE Connectivity Ltd.
    
563,178
  
               
     
Engineering & Contracting Services - 9.99%
        
 
238,741
  
KBR, Inc.
    
6,297,987
  
               
     
Financial Data & Systems - 1.77%
        
 
4,100
  
Mastercard, Inc. - Class A
    
1,116,307
  
               
     
Foods - 2.77%
        
 
3,300
  
ConAgra Foods, Inc.
    
95,271
  
 
20,800
  
Tyson Foods, Inc. - Class A
    
1,653,600
  
           
1,748,871
  
     
Homebuilding - 0.82%
        
 
13,666
  
Lennar Corp. - Class B
    
519,308
  
               
     
Insurance: Life - 4.00%
        
 
149,200
  
CNO Financial Group, Inc.
    
2,522,972
  
               
     
Insurance: Multi-Line - 2.83%
        
 
31,704
  
Voya Financial, Inc.
    
1,780,814
  
               
     
Oil: Crude Producers - 2.25%
        
 
594,532
  
Chesapeake Energy Corp. (b)
    
1,076,103
  
 
273,800
  
HighPoint Resources Corp. (b)
    
342,250
  
           
1,418,353
  
     
Oil: Integrated - 0.80%
        
 
7,300
  
BP plc - ADR
    
290,102
  
 
3,434
  
Royal Dutch Shell plc - Class A - ADR
    
215,964
  
           
506,066
  
     
Pharmaceuticals - 13.96%
        
 
37,100
  
Eli Lilly & Co.
    
4,042,045
  
 
32,300
  
Merck & Co., Inc.
    
2,680,577
  
 
53,600
  
Pfizer, Inc.
    
2,081,824
  
           
8,804,446
  
     
Semiconductor and Semiconductor Equipment - 1.97%
        
 
12,000
  
NXP Semiconductors NV (a)
    
1,240,680
  
               
     
Shipping - 2.90%
        
 
154,512
  
Golar LNG Partners LP (a)
    
1,827,877
  
               
     
Specialty Retail - 3.32%
        
 
9,800
  
Home Depot, Inc.
    
2,094,162
  
               
     
Steel - 0.16%
        
 
2,215
  
Carpenter Technology Corp.
    
99,697
  
               
     
Tobacco - 0.54%
        
 
4,100
  
Philip Morris International, Inc.
    
342,801
  
               
     
Utilities: Electrical - 4.66%
        
 
11,600
  
Entergy Corp.
    
1,225,192
  
 
38,000
  
Exelon Corp.
    
1,712,280
  
           
2,937,472
  
     
TOTAL COMMON STOCKS (Cost $30,126,462)
    
62,906,582
  
     
 
        
     
SHORT-TERM INVESTMENTS - 0.31%
        
 
96,899
  
First American Government Obligations Fund, Class X, 2.24% (c)
    
96,899
  
 
96,899
  
First American Treasury Obligations Fund, Class X, 2.21% (c)
    
96,899
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $193,798)
    
193,798
  
               
     
Total Investments in Securities (Cost $30,320,260) - 100.08%
    
63,100,380
  
     
Liabilities in Excess of Other Assets - (0.08)%
    
(51,057
)
     
NET ASSETS - 100.00%
  
$
63,049,323
  

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

Huber Capital Small Cap Value Fund
      
SCHEDULE OF INVESTMENTS at July 31, 2019 (Unaudited)
        
           
Shares
  
COMMON STOCKS - 99.54%
  
Value
  
   
Aluminum - 3.15%
      
 
13,845
  
Kaiser Aluminum Corp.
  
$
1,332,858
  
               
     
Asset Management & Custodian - 4.40%
        
 
59,983
  
Uranium Participation Corp. (a) (b)
    
196,792
  
 
15,530
  
Virtus Investment Partners, Inc.
    
1,664,195
  
           
1,860,987
  
     
Banks: Diversified - 15.34%
        
 
2,084
  
C&F Financial Corp.
    
113,161
  
 
5,700
  
Capstar Financial Holdings, Inc.
    
92,340
  
 
19,691
  
First Bancorp
    
727,386
  
 
7,977
  
First Citizens BancShares, Inc. - Class A
    
3,725,419
  
 
111,741
  
First Horizon National Corp.
    
1,832,552
  
           
6,490,858
  
     
Chemicals: Specialty - 8.98%
        
 
40,695
  
Innospec, Inc.
    
3,800,099
  
               
     
Commercial Vehicles & Parts - 1.95%
        
 
26,452
  
Miller Industries, Inc.
    
825,831
  
               
     
Communications Equipment - 13.97%
        
 
198,672
  
Comtech Telecommunications Corp.
    
5,912,479
  
               
     
Computer Services, Software & Systems - 5.73%
        
 
28,400
  
Science Applications International Corp.
    
2,424,508
  
               
     
Consumer Lending - 10.47%
        
 
90,207
  
Enova International, Inc. (b)
    
2,431,079
  
 
128,971
  
EZCORP, Inc. - Class A (b)
    
1,270,364
  
 
11,655
  
Nelnet, Inc. - Class A
    
729,137
  
           
4,430,580
  
     
Containers & Packaging - 1.22%
        
 
11,883
  
UFP Technologies, Inc. (b)
    
517,624
  
               
     
Diversified Manufacturing Operations - 0.71%
        
 
12,891
  
Harsco Corp. (b)
    
302,423
  
               
     
Engineering & Contracting Services - 8.82%
        
 
141,505
  
KBR, Inc.
    
3,732,902
  
               
     
Equity REIT - Timber - 0.27%
        
 
11,360
  
CatchMark Timber Trust, Inc. - Class A
    
115,418
  
               
     
Exploration & Production - 0.71%
        
 
69,126
  
SRC Energy, Inc. (b)
    
282,034
  
 
1,000
  
Whiting Petroleum Corp. (b)
    
17,680
  
           
299,714
  
     
Health Care Equipment & Surplus - 3.13%
        
 
15,151
  
CONMED Corp.
    
1,323,440
  
               
     
Health Care Facilities - 0.11%
        
 
2,056
  
Tenet Healthcare Corp. (b)
    
48,460
  
               
     
Health Care Providers & Services - 0.82%
        
 
20,000
  
Hanger, Inc. (b)
    
345,000
  
               
     
Homebuilding - 0.46%
        
 
10,000
  
William Lyon Homes - Class A (b)
    
196,400
  
               
     
Insurance: Life - 3.98%
        
 
99,687
  
CNO Financial Group, Inc.
    
1,685,707
  
               
     
Motion Picture and Video Industries - 1.57%
        
 
56,200
  
AMC Entertainment Holdings, Inc. - Class A
    
664,846
  
               
     
Oil: Crude Producers - 0.12%
        
 
27,303
  
Chesapeake Energy Corp. (b)
    
49,418
  
               
     
Oil Well Equipment & Services - 0.67%
        
 
198,013
  
Superior Energy Services, Inc. (b)
    
179,637
  
 
67,700
  
TETRA Technologies, Inc. (b)
    
105,612
  
           
285,249
  
     
Real Estate Investment Trusts (REITs) - 2.74%
        
 
25,108
  
Granite Real Estate Investment Trust (a)
    
1,161,496
  
               
     
Restaurants - 0.64%
        
 
20,042
  
Boston Pizza Royalties Income Fund (a)
    
269,697
  
               
     
Shipping - 0.13%
        
 
4,600
  
Golar LNG Partners LP (a)
    
54,418
  
               
     
Steel - 1.32%
        
 
12,446
  
Carpenter Technology Corp.
    
560,194
  
               
     
Transportation Infrastructure - 2.51%
        
 
101,064
  
Wesco Aircraft Holdings, Inc. (b)
    
1,064,204
  
               
     
Utilities: Electrical - 5.62%
        
 
9,500
  
Black Hills Corp.
    
751,925
  
 
29,645
  
Portland General Electric Co.
    
1,626,028
  
           
2,377,953
  
     
TOTAL COMMON STOCKS (Cost $21,610,020)
    
42,132,763
  
               
               
     
SHORT-TERM INVESTMENTS - 0.58%
        
 
123,101
  
First American Government Obligations Fund, Class X, 2.24% (c)
    
123,101
  
 
123,102
  
First American Treasury Obligations Fund, Class X, 2.21% (c)
    
123,102
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $246,203)
    
246,203
  
               
     
Total Investments in Securities (Cost $21,856,223) - 100.12%
    
42,378,966
  
     
Liabilities in Excess of Other Assets - (0.12)%
    
(52,888
)
     
NET ASSETS - 100.00%
  
$
42,326,078
  

 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of July 31, 2019.
Huber Capital Diversified Large Cap Value Fund
  
SCHEDULE OF INVESTMENTS at July 31, 2019 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 95.59%
  
Value
  
   
Aerospace & Defense - 4.85%
      
 
700
  
Northrop Grumman Corp.
  
$
241,899
  
               
     
Air Transport - 1.37%
        
 
400
  
FedEx Corp.
    
68,212
  
               
     
Banks: Diversified - 1.87%
        
 
1,400
  
SunTrust Banks, Inc.
    
93,240
  
               
     
Chemicals: Specialty - 0.21%
        
 
114
  
Innospec, Inc.
    
10,645
  
               
     
Communications Equipment - 1.49%
        
 
2,500
  
Comtech Telecommunications Corp.
    
74,400
  
               
     
Computer Services, Software & Systems - 9.03%
        
 
2,600
  
Microsoft Corp.
    
354,302
  
 
1,700
  
Oracle Corp.
    
95,710
  
           
450,012
  
     
Computer Technology - 1.55%
        
 
3,600
  
Hewlett Packard Enterprise Co.
    
51,732
  
 
1,200
  
HP, Inc.
    
25,248
  
           
76,980
  
     
Diversified Financial Services - 13.30%
        
 
6,100
  
Bank of America Corp.
    
187,148
  
 
3,100
  
Citigroup, Inc.
    
220,596
  
 
2,200
  
JPMorgan Chase & Co.
    
255,201
  
           
662,945
  
     
Diversified Retail - 3.32%
        
 
1,500
  
Wal-Mart Stores, Inc.
    
165,570
  
               
     
Diversified Telecommunication Services - 3.28%
        
 
4,793
  
AT&T, Inc.
    
163,201
  
               
     
Electronic Components - 0.56%
        
 
300
  
TE Connectivity Ltd.
    
27,720
  
               
     
Engineering & Contracting Services - 8.86%
        
 
16,730
  
KBR, Inc.
    
441,337
  
               
     
Financial Data & Systems - 3.00%
        
 
550
  
Mastercard, Inc. - Class A
    
149,749
  
               
     
Foods - 2.43%
        
 
500
  
Lamb Weston Holdings, Inc.
    
33,560
  
 
1,100
  
Tyson Foods, Inc. - Class A
    
87,450
  
           
121,010
  
     
Homebuilding - 0.91%
        
 
1,191
  
Lennar Corp. - Class B
    
45,258
  
               
     
Household Equipment & Products - 0.28%
        
 
900
  
Tupperware Brands Corp.
    
13,779
  
               
     
Insurance Carriers - 0.71%
        
 
907
  
Brighthouse Financial, Inc. (b)
    
35,527
  
               
     
Insurance: Life - 2.47%
        
 
7,273
  
CNO Financial Group, Inc.
    
122,986
  
               
     
Insurance: Multi-Line - 1.01%
        
 
900
  
Voya Financial, Inc.
    
50,553
  
               
     
Integrated Utilities - 1.01%
        
 
1,150
  
FirstEnergy Corp.
    
50,566
  
               
     
IT Services - 0.19%
        
 
171
  
DXC Technology Co.
    
9,537
  
               
     
Oil: Crude Producers - 2.19%
        
 
47,190
  
Chesapeake Energy Corp. (b)
    
85,414
  
 
19,143
  
HighPoint Resources Corp. (b)
    
23,929
  
           
109,343
  
     
Oil, Gas & Consumable Fuels - 0.47%
        
 
400
  
ConocoPhillips
    
23,632
  
               
     
Oil: Integrated - 2.66%
        
 
1,600
  
BP plc - ADR
    
63,584
  
 
1,100
  
Royal Dutch Shell plc - Class A - ADR
    
69,179
  
           
132,763
  
     
Pharmaceuticals - 10.31%
        
 
2,000
  
Eli Lilly & Co.
    
217,900
  
 
1,100
  
Merck & Co., Inc.
    
91,289
  
 
1,800
  
Mylan NV (b)
    
37,620
  
 
4,300
  
Pfizer, Inc.
    
167,012
  
           
513,821
  
     
Semiconductor and Semiconductor Equipment - 1.88%
        
 
900
  
NXP Semiconductors NV (a)
    
93,051
  
               
     
Shipping - 2.84%
        
 
11,956
  
Golar LNG Partners LP (a)
    
141,439
  
               
     
Specialty Retail - 2.57%
        
 
600
  
Home Depot, Inc.
    
128,214
  
               
     
Steel - 1.36%
        
 
1,500
  
Carpenter Technology Corp.
    
67,515
  
               
     
Tobacco - 3.36%
        
 
2,000
  
Philip Morris International, Inc.
    
167,220
  
               
     
Utilities: Electrical - 6.25%
        
 
300
  
American Electric Power Co., Inc.
    
26,343
  
 
900
  
Entergy Corp.
    
95,058
  
 
3,300
  
Exelon Corp.
    
148,698
  
 
200
  
NextEra Energy, Inc.
    
41,434
  
           
311,533
  
     
TOTAL COMMON STOCKS (Cost $3,084,714)
    
4,763,657
  
               
     
 
        
     
SHORT-TERM INVESTMENTS- 4.59%
        
 
114,391
  
First American Government Obligations Fund, Class X, 2.24% (c)
    
114,391
  
 
114,391
  
First American Treasury Obligations Fund, Class X, 2.21% (c)
    
114,391
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $228,782)
    
228,782
  
               
     
Total Investments in Securities (Cost $3,313,496) - 100.18%
    
4,992,439
  
     
Liabilities in Excess of Other Assets - (0.18)%
    
(9,088
)
     
NET ASSETS - 100.00%
  
$
4,983,351
  

ADR
American Depository Receipt
(a)
Foreign issued security.
(b)
Non-income producing security.
(c)
Rate shown is the 7-day annualized yield as of July 31, 2019.
   
Huber Capital Mid Cap Value Fund
      
SCHEDULE OF INVESTMENTS at July 31, 2019 (Unaudited)
        
           
Shares
  
COMMON STOCKS - 100.03%
  
Value
  
   
Aluminum - 1.05%
      
 
200
  
Kaiser Aluminum Corp.
  
$
19,254
  
               
     
Asset Management & Custodian - 5.26%
        
 
19,600
  
Uranium Participation Corp. (a) (b)
    
64,304
  
 
300
  
Virtus Investment Partners, Inc.
    
32,148
  
           
96,452
  
     
Banks: Diversified - 10.21%
        
 
600
  
Atlantic Capital Bancshares, Inc. (b)
    
11,034
  
 
100
  
First Citizens BancShares, Inc. - Class A
    
46,702
  
 
5,100
  
First Horizon National Corp.
    
83,640
  
 
1,200
  
Regions Financial Corp.
    
19,116
  
 
400
  
SunTrust Banks, Inc.
    
26,640
  
           
187,132
  
     
Chemicals: Specialty - 1.84%
        
 
361
  
Innospec, Inc.
    
33,710
  
               
     
Commercial Vehicles & Parts - 4.94%
        
 
2,900
  
Miller Industries, Inc.
    
90,538
  
               
     
Communications Equipment - 9.77%
        
 
6,016
  
Comtech Telecommunications Corp.
    
179,035
  
               
     
Computer Services, Software & Systems - 1.86%
        
 
400
  
Science Applications International Corp.
    
34,148
  
               
     
Computer Technology - 0.78%
        
 
1,000
  
Hewlett Packard Enterprise Co.
    
14,370
  
               
     
Consumer Lending - 6.42%
        
 
2,600
  
Enova International, Inc. (b)
    
70,070
  
 
4,839
  
EZCORP, Inc. - Class A (b)
    
47,664
  
           
117,734
  
               
     
Diversified Manufacturing Operations - 1.54%
        
 
1,200
  
Harsco Corp. (b)
    
28,152
  
               
     
Engineering & Contracting Services - 8.90%
        
 
6,182
  
KBR, Inc.
    
163,081
  
               
     
Foods - 4.02%
        
 
1,000
  
ConAgra Foods, Inc.
    
28,870
  
 
666
  
Lamb Weston Holdings, Inc.
    
44,702
  
           
73,572
  
     
Health Care Equipment & Surplus - 1.43%
        
 
300
  
CONMED Corp.
    
26,205
  
               
     
Health Care Facilities - 1.54%
        
 
1,200
  
Tenet Healthcare Corp. (b)
    
28,284
  
               
     
Health Care Providers & Services - 3.90%
        
 
4,138
  
Hanger, Inc. (b)
    
71,381
  
               
     
Homebuilding - 0.36%
        
 
172
  
Lennar Corp. - Class B
    
6,536
  
               
     
Household Equipment & Products - 0.81%
        
 
970
  
Tupperware Brands Corp.
    
14,851
  
               
     
Insurance: Life - 2.36%
        
 
2,560
  
CNO Financial Group, Inc.
    
43,290
  
               
     
Integrated Utilities - 1.92%
        
 
800
  
FirstEnergy Corp.
    
35,176
  
               
     
Motion Picture and Video Industries - 1.81%
        
 
2,800
  
AMC Entertainment Holdings, Inc. - Class A
    
33,124
  
               
     
Oil: Crude Producers - 1.57%
        
 
15,938
  
Chesapeake Energy Corp. (b)
    
28,848
  
               
     
Oil and Gas Extraction - 1.83%
        
 
900
  
Continental Resources Inc. (b)
    
33,453
  
               
     
Oil Well Equipment & Services - 4.86%
        
 
70,300
  
Superior Energy Services, Inc. (b)
    
63,776
  
 
15,700
  
TETRA Technologies, Inc. (b)
    
24,492
  
 
100
  
Valaris plc (a)
    
819
  
           
89,087
  
     
Real Estate Investment Trusts (REITs) - 4.32%
        
 
1,100
  
Granite Real Estate Investment Trust (a)
    
50,886
  
 
1,000
  
Office Properties Income Trust
    
28,170
  
           
79,056
  
               
     
Semiconductor and Semiconductor Equipment - 1.69%
        
 
300
  
NXP Semiconductors NV (a)
    
31,017
  
               
     
Shipping - 6.65%
        
 
2,300
  
Golar LNG Ltd. (a)
    
38,962
  
 
5,538
  
Golar LNG Partners LP (a)
    
65,515
  
 
14,178
  
Teekay Tankers Ltd. - Class A (b)
    
17,439
  
           
121,916
  
     
Steel - 0.98%
        
 
400
  
Carpenter Technology Corp.
    
18,004
  
               
     
Transportation Infrastructure - 3.02%
        
 
5,258
  
Wesco Aircraft Holdings, Inc. (b)
    
55,367
  
               
     
Utilities: Electrical - 4.39%
        
 
400
  
Entergy Corp.
    
42,248
  
 
358
  
Evergy, Inc.
    
21,655
  
 
300
  
Portland General Electric Co.
    
16,455
  
           
80,358
  
     
TOTAL COMMON STOCKS (Cost $1,435,027)
    
1,833,131
  
               
     
SHORT-TERM INVESTMENTS - 0.05%
        
 
454
  
First American Government Obligations Fund, Class X, 2.24% (c)
    
454
  
 
454
  
First American Treasury Obligations Fund, Class X, 2.21% (c)
    
454
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $908)
    
908
  
               
     
Total Investments in Securities (Cost $1,435,935) - 100.08%
    
1,834,039
  
     
Liabilities in Excess of Other Assets - (0.08)%
    
(1,514
)
     
NET ASSETS - 100.00%
  
$
1,832,525
  

 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of July 31, 2019.
Huber Capital Funds
Notes to Schedule of Investments
July 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, 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 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 July 31, 2019:
Equity Income Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
4,236,055
    
$
-
    
$
-
    
$
4,236,055
  
  Consumer Staples
    
2,091,672
      
-
      
-
      
2,091,672
  
  Energy
    
1,924,419
      
-
      
-
      
1,924,419
  
  Financial Services
    
16,132,802
      
-
      
-
      
16,132,802
  
  Health Care
    
8,804,446
      
-
      
-
      
8,804,446
  
  Information Technology
    
4,353,883
      
-
      
-
      
4,353,883
  
  Materials & Processing
    
127,711
      
-
      
-
      
127,711
  
  Producer Durables
    
13,857,817
      
-
      
-
      
13,857,817
  
  Technology
    
8,440,305
      
-
      
-
      
8,440,305
  
  Utilities
    
2,937,472
      
-
      
-
      
2,937,472
  
Total Common Stocks
    
62,906,582
      
-
      
-
      
62,906,582
  
Short-Term Investments
    
193,798
      
-
      
-
      
193,798
  
Total Investments in Securities
  
$
63,100,380
    
$
-
    
$
-
    
$
63,100,380
  

Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
664,846
    
$
-
    
$
-
    
$
664,846
  
  Consumer Discretionary
    
466,097
      
-
      
-
      
466,097
  
  Energy
    
688,800
      
-
      
-
      
688,800
  
  Financial Services
    
15,745,045
      
-
      
-
      
15,745,045
  
  Health Care
    
1,716,900
      
-
      
-
      
1,716,900
  
  Industrials
    
1,064,204
      
-
      
-
      
1,064,204
  
  Information Technology
    
5,912,479
      
-
      
-
      
5,912,479
  
  Materials & Processing
    
6,210,775
      
-
      
-
      
6,210,775
  
  Producer Durables
    
4,861,156
      
-
      
-
      
4,861,156
  
  Technology
    
2,424,508
      
-
      
-
      
2,424,508
  
  Utilities
    
2,377,953
      
-
      
-
      
2,377,953
  
Total Common Stocks
    
42,132,763
      
-
      
-
      
42,132,763
  
Short-Term Investments
    
246,203
      
-
      
-
      
246,203
  
Total Investments in Securities
  
$
42,378,966
    
$
-
    
$
-
    
$
42,378,966
  

Diversified Large Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
163,202
    
$
-
    
$
-
    
$
163,202
  
  Consumer Discretionary
    
352,821
      
-
      
-
      
352,821
  
  Consumer Staples
    
288,230
      
-
      
-
      
288,230
  
  Energy
    
265,738
      
-
      
-
      
265,738
  
  Financial Services
    
1,114,999
      
-
      
-
      
1,114,999
  
  Health Care
    
513,821
      
-
      
-
      
513,821
  
  Information Technology
    
176,988
      
-
      
-
      
176,988
  
  Materials & Processing
    
78,160
      
-
      
-
      
78,160
  
  Producer Durables
    
892,888
      
-
      
-
      
892,888
  
  Technology
    
554,712
      
-
      
-
      
554,712
  
  Utilities
    
362,098
      
-
      
-
      
362,098
  
Total Common Stocks
    
4,763,657
      
-
      
-
      
4,763,657
  
Short-Term Investments
    
228,782
      
-
      
-
      
228,782
  
Total Investments in Securities
  
$
4,992,439
    
$
-
    
$
-
    
$
4,992,439
  
Mid Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
33,124
    
$
-
    
$
-
    
$
33,124
  
  Consumer Discretionary
    
21,387
      
-
      
-
      
21,387
  
  Consumer Staples
    
73,572
      
-
      
-
      
73,572
  
  Energy
    
273,303
      
-
      
-
      
273,303
  
  Financial Services
    
444,608
      
-
      
-
      
444,608
  
  Health Care
    
125,870
      
-
      
-
      
125,870
  
  Industrials
    
174,057
      
-
      
-
      
174,057
  
  Information Technology
    
421,652
      
-
      
-
      
421,652
  
  Materials & Processing
    
70,968
      
-
      
-
      
70,968
  
  Real Estate
    
79,056
      
-
      
-
      
79,056
  
  Utilities
    
115,534
      
-
      
-
      
115,534
  
Total Common Stocks
    
1,833,131
      
-
      
-
      
1,833,131
  
Short-Term Investments
    
908
      
-
      
-
      
908
  
Total Investments in Securities
  
$
1,834,039
    
$
-
    
$
-
    
$
1,834,039
  

Refer to the Funds’ schedule of investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at July 31, 2019, the end of the reporting period.  The Funds recognized no transfers to/from Level 1 or Level 2.

There were no Level 3 securities held in the Funds during the period ended July 31, 2019.
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 9/30/2019      

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 9/30/2019   

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

Date 9/30/2019   

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

 EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS
 
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: 9/30/2019
/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:  9/30/2019
/s/ Cheryl L. King                                        
 
Cheryl L. King, Vice President/Treasurer/
Principal Financial Officer