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




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)


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




Date of fiscal year end:  March 31, 2020


Date of reporting period:  December 31, 2019

 
Item 1. Schedules of Investments.


Aasgard Small & Mid-Cap Fund
  
Schedule of Investments
  
at December 31, 2019 (Unaudited)
  
             

Shares  
COMMON STOCKS - 90.94%
  
Value
  
   
Administrative and Support Services - 5.56%
      
 
10,045
  
Broadridge Financial Solutions, Inc.
  
$
1,240,959
  
 
17,750
  
Robert Half International, Inc.
    
1,120,913
  
 
28,050
  
Rollins, Inc.
    
930,138
  
           
3,292,010
  
     
Air Transportation - 1.81%
        
 
15,800
  
Alaska Air Group, Inc.
    
1,070,450
  
     
Ambulatory Health Care Services - 3.92%
        
 
11,400
  
Quest Diagnostics, Inc.
    
1,217,406
  
 
9,625
  
U.S. Physical Therapy, Inc.
    
1,100,619
  
           
2,318,025
  
     
Computer and Electronic Product Manufacturing - 12.47%
        
 
10,740
  
Amphenol Corp.
    
1,162,390
  
 
20,625
  
FLIR Systems, Inc.
    
1,073,944
  
 
19,625
  
Maxim Integrated Products, Inc.
    
1,207,134
  
 
12,430
  
Microchip Technology, Inc.
    
1,301,670
  
 
9,885
  
ResMed, Inc.
    
1,531,878
  
 
11,305
  
Xilinx, Inc.
    
1,105,290
  
           
7,382,306
  
     
Construction of Buildings - 2.42%
        
 
36,870
  
PulteGroup, Inc.
    
1,430,556
  
     
Credit Intermediation and Related Activities - 7.57%
        
 
18,979
  
Commerce Bancshares, Inc.
    
1,289,416
  
 
14,170
  
Prosperity Bancshares, Inc.
    
1,018,681
  
 
15,560
  
UMB Financial Corp.
    
1,068,039
  
 
28,600
  
United Bankshares, Inc.
    
1,105,676
  
           
4,481,812
  
     
Data Processing, Hosting, and Related Services - 2.00%
        
 
4,410
  
FactSet Research Systems, Inc.
    
1,183,203
  
     
Electrical Equipment, Appliance, and Component Manufacturing - 1.73%
        
 
4,210
  
Lennox International, Inc.
    
1,027,114
  
     
Food Manufacturing - 3.69%
        
 
45,610
  
Flowers Foods, Inc.
    
991,561
  
 
6,480
  
J&J Snack Foods Corp.
    
1,194,070
  
           
2,185,631
  
     
Funds, Trusts, and Other Financial Vehicles - 2.39%
        
 
14,480
  
Garmin Ltd.
    
1,412,669
  
     
Furniture and Home Furnishings Stores - 2.33%
        
 
18,760
  
Williams-Sonoma, Inc.
    
1,377,734
  
     
Insurance Carriers and Related Activities - 3.76%
        
 
48,020
  
Old Republic International Corp.
    
1,074,207
  
 
7,065
  
Reinsurance Group of America, Inc.
    
1,152,019
  
           
2,226,226
  
     
Machinery Manufacturing - 2.03%
        
 
6,980
  
IDEX Corp.
    
1,200,560
  
     
Merchant Wholesalers, Nondurable Goods - 4.19%
        
 
18,275
  
RPM International, Inc.
    
1,402,789
  
 
11,505
  
Tractor Supply Co.
    
1,075,027
  
           
2,477,816
  
     
Miscellaneous Manufacturing - 5.47%
        
 
6,625
  
Hasbro, Inc.
    
699,666
  
 
11,265
  
Hill-Rom Holdings, Inc.
    
1,278,916
  
 
8,260
  
STERIS plc
    
1,258,989
  
           
3,237,571
  
     
Motion Picture and Video Industries - 1.56%
        
 
27,330
  
Cinemark Holdings, Inc.
    
925,121
  
     
Nursing and Residential Care Facilities - 1.97%
        
 
13,495
  
National HealthCare Corp.
    
1,166,373
  
     
Paper Manufacturing - 1.92%
        
 
18,430
  
Sonoco Products Co.
    
1,137,500
  
     
Pipeline Transportation - 1.65%
        
 
23,946
  
Targa Resources Corp.
    
977,715
  
     
Professional, Scientific, and Technical Services - 4.82%
        
 
11,590
  
CDW Corp.
    
1,655,515
  
 
8,225
  
Jack Henry & Associates, Inc.
    
1,198,136
  
           
2,853,651
  

     
Publishing Industries (except Internet) - 0.95%
        
 
17,420
  
Meredith Corp.
    
565,627
  
     
Rental and Leasing Services - 2.46%
        
 
19,050
  
McGrath RentCorp
    
1,458,087
  
     
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.51%
        
 
3,925
  
MarketAxess Holdings, Inc.
    
1,488,007
  
     
Support Activities for Transportation - 1.97%
        
 
14,965
  
Expeditors International of Washington, Inc.
    
1,167,569
  
     
Transportation Equipment Manufacturing - 4.25%
        
 
13,030
  
Oshkosh Corp.
    
1,233,289
  
 
12,605
  
Polaris Industries, Inc.
    
1,281,929
  
           
2,515,218
  
     
Utilities - 5.54%
        
 
10,445
  
Atmos Energy Corp.
    
1,168,378
  
 
22,680
  
OGE Energy Corp.
    
1,008,579
  
 
14,545
  
ONEOK, Inc.
    
1,100,620
  
           
3,277,577
  
     
TOTAL COMMON STOCKS (Cost $42,324,411)
    
53,836,128
  
               
     
REITS - 7.99%
        
 
10,935
  
Camden Property Trust
    
1,160,204
  
 
14,910
  
EPR Properties
    
1,053,242
  
 
11,485
  
Extra Space Storage, Inc.
    
1,213,046
  
 
61,721
  
Medical Properties Trust, Inc.
    
1,302,930
  
     
TOTAL REITS (Cost $3,623,690)
    
4,729,422
  
               

Shares  
MONEY MARKET FUND - 1.01%
  
Value
  
 
596,462
  
Fidelity Investments Money Market Funds - Government Portfolio - Class I, 1.49% (a)
    
596,462
  
     
TOTAL MONEY MARKET FUND (Cost $596,462)
    
596,462
  
               
     
TOTAL INVESTMENTS IN SECURITIES (Cost $46,544,563) - 99.94%
    
59,162,012
  
     
Other Assets in Excess of Liabilities - 0.06%
    
37,993
  
     
NET ASSETS - 100.00%
  
$
59,200,005
  
   
     
REIT - Real Estate Investment Trust
        
     
(a) Rate shown is the 7-day annualized yield as of December 31, 2019.
        


 
Aasgard Small & Mid-Cap Fund
Notes to Schedule of Investments
December 31, 2019 (Unaudited)

Note 1 – Securities Valuation

       The Aasgard Small & Mid-Cap Fund’s (the “Fund”) investments in securities are carried at their fair value. The Fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading on the New York Stock Exchange (4:00 pm EST).
 
Equity securities, including common stocks, real estate investment trusts, and closed-end funds, that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price. Investments in open-end mutual funds, including money market funds, are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.
 
Short-term debt securities, including those securities having a maturity of 60 days or less, are valued at the evaluated mean between the bid and asked prices. To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.
 
The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Advisors Series Trust which is comprised of representatives from 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 Fund has the ability to access.
•
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.


The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s securities as of December 31, 2019:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Administrative Support and Waste
      Management
  
$
3,292,010
    
$
-
    
$
-
    
$
3,292,010
  
  Construction
    
1,430,556
      
-
      
-
      
1,430,556
  
  Finance and Insurance
    
9,608,714
      
-
      
-
      
9,608,714
  
  Health Care and Social Assistance
    
3,484,398
      
-
      
-
      
3,484,398
  
  Information
    
2,673,951
      
-
      
-
      
2,673,951
  
  Manufacturing
    
18,685,899
      
-
      
-
      
18,685,899
  
  Professional, Scientific, and
     Technical Services
    
2,853,651
      
-
      
-
      
2,853,651
  
  Real Estate and Rental and Leasing
    
1,458,087
      
-
      
-
      
1,458,087
  
  Retail Trade
    
1,377,734
      
-
      
-
      
1,377,734
  
  Transportation and Warehousing
    
3,215,735
      
-
      
-
      
3,215,735
  
  Utilities
    
3,277,577
      
-
      
-
      
3,277,577
  
  Wholesale Trade
    
2,477,816
      
-
      
-
      
2,477,816
  
Total Common Stocks
    
53,836,128
      
-
      
-
      
53,836,128
  
REITs
    
4,729,422
      
-
      
-
      
4,729,422
  
Money Market Fund
    
596,462
      
-
      
-
      
596,462
  
Total Investments in Securities
  
$
59,162,012
    
$
-
    
$
-
    
$
59,162,012
  

Refer to the Fund’s schedule of investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at December 31, 2019, the end of the reporting period. There were no transfers between levels during the period ended December 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  2/19/2020                                                                                 


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   2/19/2020                                                                                  


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

Date  2/17/2020                                                                                 


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