N-Q 1 ast-at_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on January 28, 2020



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)


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




Date of fiscal year end:  February 29, 2020



Date of reporting period:  November 30, 2019
Item 1. Schedules of Investments.
 
American Trust Allegiance Fund
  
Schedule of Investments
  
at November 30, 2019 (Unaudited)
      
           
Shares
  
COMMON STOCKS: 86.61%
  
Value
  
   
Administrative Support and Services: 1.09%
      
 
2,560
  
PayPal Holdings, Inc.*
  
$
276,506
  
               
     
Air Transportation: 1.92%
        
 
8,470
  
Southwest Airlines Co.
    
488,211
  
               
     
Apparel Manufacturing: 2.00%
        
 
5,735
  
VF Corp.
    
507,777
  
               
     
Broadcasting (except Internet): 3.78%
        
 
17,620
  
CBS Corp. - Class B+
    
711,496
  
 
5,620
  
Comcast Corp. - Class A
    
248,123
  
           
959,619
  
               
     
Chemical Manufacturing: 3.19%
        
 
3,990
  
Albemarle Corp.
    
260,866
  
 
5,920
  
LyondellBasell Industries N.V. - Class A#
    
547,837
  
           
808,703
  
               
     
Computer and Electronic Product Manufacturing: 13.11%
        
 
3,815
  
Apple, Inc.
    
1,019,559
  
 
2,380
  
Northrop Grumman Corp.
    
837,213
  
 
8,240
  
NXP Semiconductors N.V.#
    
952,379
  
 
8,120
  
Sony Corp. - ADR
    
515,458
  
           
3,324,609
  
               
     
Construction of Buildings: 3.29%
        
 
14,000
  
Lennar Corp. - Class A
    
835,100
  
               
     
Couriers and Messengers: 2.85%
        
 
4,525
  
FedEx Corp.
    
724,226
  
               
     
Credit Intermediation and Related Activities: 2.39%
        
 
2,870
  
Credicorp Ltd.#
    
606,115
  
               
     
Data Processing, Hosting, and Related Services: 2.06%
        
 
15,420
  
Pagseguro Digital Ltd. - Class A*#
    
523,355
  
               
     
Food Manufacturing: 5.90%
        
 
7,610
  
Kellogg Co.
    
495,563
  
 
1,420
  
McCormick & Co., Inc.+
    
240,335
  
 
14,475
  
Mondelez International, Inc. - Class A
    
760,516
  
           
1,496,414
  
               
     
General Merchandise Stores: 4.72%
        
 
9,570
  
Target Corp.
    
1,196,346
  
               
     
Insurance Carriers and Related Activities: 4.83%
        
 
19,000
  
AIA Group Ltd. - ADR
    
760,380
  
 
2,110
  
Berkshire Hathaway, Inc. - Class B*
    
464,833
  
           
1,225,213
  
               
     
Machinery Manufacturing: 4.77%
        
 
4,530
  
Lam Research Corp.
    
1,208,740
  
               
     
Merchant Wholesalers, Durable Goods: 0.86%
        
 
5,220
  
Gentherm, Inc.*
    
218,457
  
     
Miscellaneous Manufacturing: 2.48%
        
 
13,000
  
Nintendo Co., Ltd. - ADR
    
629,070
  
               
     
Oil and Gas Extraction: 3.56%
        
 
13,260
  
Occidental Petroleum Corp.
    
511,438
  
 
3,060
  
Pioneer Natural Resources Co.
    
391,190
  
           
902,628
  
     
Other Information Services: 2.35%
        
 
2,955
  
Facebook, Inc. - Class A*
    
595,846
  
               
     
Professional, Scientific, and Technical Services: 5.18%
        
 
14,260
  
Jacobs Engineering Group, Inc.
    
1,313,203
  
               
     
Publishing Industries (except Internet): 5.88%
        
 
7,790
  
Citrix Systems, Inc.
    
878,790
  
 
4,040
  
Microsoft Corp.
    
611,575
  
           
1,490,365
  
     
Real Estate: 3.56%
        
 
15,846
  
CBRE Group, Inc. - Class A*
    
903,539
  
               
     
Securities, Commodity Contracts, and Other Finance: 1.82%
        
 
10,415
  
E*TRADE Financial Corp.
    
461,384
  
               
     
Support Activities for Mining: 2.32%
        
 
9,830
  
ConocoPhillips
    
589,210
  
               
     
Utilities: 2.70%
        
 
70,700
  
Enel Americas SA - ADR
    
683,669
  
     
TOTAL COMMON STOCKS (Cost $16,831,333)
    
21,968,305
  
               
               
     
REITs: 8.43%
        
     
Real Estate: 5.46%
        
 
1,310
  
American Tower Corp.
    
280,379
  
 
3,440
  
Boston Properties, Inc.
    
476,578
  
 
12,000
  
Spirit Realty Capital, Inc.
    
628,800
  
           
1,385,757
  
               
     
Warehousing and Storage: 2.97%
        
 
23,460
  
Iron Mountain, Inc.
    
753,535
  
     
TOTAL REITs (Cost $1,888,966)
    
2,139,292
  
               
               
     
Money Market Funds: 5.04%
        
 
1,277,363
  
Fidelity Investments Money Market Government Portfolio - Class I, 1.53%†
    
1,277,363
  
     
TOTAL Money Market Funds (Cost $1,277,363)
    
1,277,363
  
     
Total Investments in Securities (Cost $19,997,662): 100.08%
    
25,384,960
  
     
Liabilities in Excess of Other Assets: (0.08)%
    
(21,396
)
     
Net Assets: 100.00%
  
$
25,363,564
  

* Non-income producing security.
        
# U.S. traded security of a foreign issuer.
        
† Rate shown is the 7-day annualized yield as of November 30, 2019.
        
+ Non-voting shares.
        
ADR - American Depository Receipt
        
REIT - Real Estate Investment Trust
        
         
American Trust Allegiance Fund
Notes to Schedule of Investments
November 30, 2019 (Unaudited)

Note 1 – Securities Valuation

The American Trust Allegiance Fund’s (the “Fund”) investments in securities are carried at their fair value. Equity securities, including common stocks and real estate investment trusts, 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, including money market funds, are generally priced at their net asset value per share provided by the service agent of the funds and will be classified in level 1 of the fair value hierarchy.

The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).

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 Fund’s 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 Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types.  These inputs are summarized in the three broad levels listed below:


 •
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the 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 Fund’s securities as of November 30, 2019:

   
Level 1
    
Level 2
    
Level 3
    
Total
Common Stocks
                      
  Construction
  
$
835,100
    
$
-
    
$
-
    
$
835,100
  Finance and Insurance
    
2,292,712
      
-
      
-
      
2,292,712
  Information
    
3,249,845
      
-
      
-
      
3,249,845
  Manufacturing
    
8,193,770
      
-
      
-
      
8,193,770
  Mining
    
1,491,838
      
-
      
-
      
1,491,838
  Professional, Scientific and
                              
Technical Trade
    
1,909,049
       -
      -
     
1,909,049
  Real Estate, Rental, and Leasing
    
903,539
      
-
      
-
      
903,539
  Retail Trade
    
1,196,346
      
-
      
-
      
1,196,346
  Transportation and Warehousing
    
1,212,437
      
-
      
-
      
1,212,437
  Utilities
    
683,669
      
-
      
-
      
683,669
Total Common Stocks
    
21,968,305
      
-
      
-
      
21,968,305
REITs
    
2,139,292
      
-
      
-
      
2,139,292
Money Market Funds
    
1,277,363
      
-
      
-
      
1,277,363
Total Investments in Securities
  
$
25,384,960
    
$
-
    
$
-
    
$
25,384,960

Refer to the Fund’s schedule of investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at November 30, 2019, the end of the reporting period. During the period ended November 30, 2019, the Fund 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 1/21/2020                                                                                       


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 1/21/2020                                                                                      


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

Date 1/21/2020                                                                                      

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