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

As filed with the Securities and Exchange Commission on 3/30/2020



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)


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




Date of fiscal year end:  October 31, 2020


Date of reporting period:  January 31, 2020
Item 1. Schedules of Investments.

Edgar Lomax Value Fund
  
Schedule of Investments
  
January 31, 2020 (Unaudited)
  
   
Shares
  
COMMON STOCKS - 97.44%
  
Value
  
   
Beverage and Tobacco Product Manufacturing - 4.26%
      
 
3,850
  
Altria Group, Inc.
  
$
182,991
  
 
71,200
  
Coca-Cola Co.
    
4,158,080
  
 
6,300
  
PepsiCo, Inc.
    
894,726
  
           
5,235,797
  
     
Broadcasting (Except Internet) - 2.64%
        
 
46,000
  
Comcast Corp. - Class A
    
1,986,740
  
 
9,091
  
Walt Disney Co.
    
1,257,376
  
           
3,244,116
  
     
Chemical Manufacturing - 6.29%
        
 
9,800
  
AbbVie, Inc.
    
793,996
  
 
13,500
  
Bristol-Myers Squibb Co.
    
849,825
  
 
15,800
  
Dow, Inc.
    
727,906
  
 
144,102
  
Pfizer, Inc.
    
5,366,358
  
           
7,738,085
  
     
Computer and Electronic Product Manufacturing - 9.30%
        
 
126,600
  
Cisco Systems, Inc.
    
5,819,802
  
 
22,000
  
Intel Corp.
    
1,406,460
  
 
15,400
  
Raytheon Co.
    
3,402,476
  
 
6,700
  
Texas Instruments, Inc.
    
808,355
  
           
11,437,093
  
     
Couriers and Messengers - 0.62%
        
 
7,400
  
United Parcel Service, Inc. - Class B
    
766,048
  
               
     
Credit Intermediation and Related Activities - 7.96%
        
 
3,700
  
American Express Co.
    
480,519
  
 
26,200
  
Bank of New York Mellon Corp.
    
1,173,236
  
 
45,700
  
Capital One Financial Corp.
    
4,560,860
  
 
13,600
  
Citigroup, Inc.
    
1,011,976
  
 
13,700
  
JPMorgan Chase & Co.
    
1,813,332
  
 
16,100
  
Wells Fargo & Co.
    
755,734
  
           
9,795,657
  
     
Electrical Equipment, Appliance, and Component Manufacturing - 1.01%
        
 
17,300
  
Emerson Electric Co.
    
1,239,199
  
               
     
Food Manufacturing - 2.39%
        
 
26,900
  
Kraft Heinz Co.
    
785,480
  
 
37,500
  
Mondelez International, Inc. - Class A
    
2,151,750
  
           
2,937,230
  
     
General Merchandise Stores - 0.76%
        
 
8,500
  
Target Corp.
    
941,290
  
               
     
Health and Personal Care Stores - 4.44%
        
 
107,500
  
Walgreens Boots Alliance, Inc.
    
5,466,375
  
               
     
Insurance Carriers and Related Activities - 10.07%
        
 
54,900
  
Allstate Corp.
    
6,507,846
  
 
118,300
  
MetLife, Inc.
    
5,880,693
  
           
12,388,539
  
     
Machinery Manufacturing - 1.22%
        
 
11,400
  
Caterpillar, Inc.
    
1,497,390
  
               
     
Merchant Wholesalers, Durable Goods - 3.25%
        
 
12,400
  
3M Co.
    
1,967,384
  
 
11,700
  
Honeywell International, Inc.
    
2,026,674
  
           
3,994,058
  
     
Oil and Gas Extraction - 0.68%
        
 
21,000
  
Occidental Petroleum Corp.
    
834,120
  
               
     
Petroleum and Coal Products Manufacturing - 8.58%
        
 
46,800
  
Chevron Corp.
    
5,014,152
  
 
89,200
  
Exxon Mobil Corp.
    
5,541,104
  
           
10,555,256
  
     
Professional, Scientific, and Technical Services - 2.62%
        
 
22,400
  
International Business Machines Corp.
    
3,219,552
  
               
     
Rail Transportation - 1.44%
        
 
9,900
  
Union Pacific Corp.
    
1,776,258
  
               
     
Real Estate - 3.19%
        
 
96,100
  
Bank of America Corp.
    
3,154,963
  
 
5,800
  
Simon Property Group, Inc.
    
772,270
  
           
3,927,233
  
     
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 3.19%
        
 
900
  
BlackRock, Inc.
    
474,615
  
 
13,300
  
Gilead Sciences, Inc.
    
840,560
  
 
9,000
  
Goldman Sachs Group, Inc.
    
2,139,750
  
 
9,100
  
Morgan Stanley
    
475,566
  
           
3,930,491
  
     
Support Activities for Mining - 0.59%
        
 
21,500
  
Schlumberger, Ltd. (a)
    
720,465
  
               
     
Telecommunications - 6.72%
        
 
142,500
  
AT&T, Inc.
    
5,360,850
  
 
49,000
  
Verizon Communications, Inc.
    
2,912,560
  
           
8,273,410
  
     
Transportation Equipment Manufacturing - 5.50%
        
 
93,000
  
Ford Motor Co.
    
820,260
  
 
15,000
  
General Dynamics Corp.
    
2,631,600
  
 
23,600
  
General Motors Co.
    
788,004
  
 
2,800
  
Lockheed Martin Corp.
    
1,198,736
  
 
8,800
  
United Technologies Corp.
    
1,321,760
  
           
6,760,360
  
     
Utilities - 10.72%
        
 
23,900
  
Duke Energy Corp.
    
2,333,357
  
 
134,200
  
Exelon Corp.
    
6,386,578
  
 
40,900
  
Kinder Morgan, Inc.
    
853,583
  
 
51,400
  
Southern Co.
    
3,618,560
  
           
13,192,078
  
     
TOTAL COMMON STOCKS (Cost $115,093,237)
    
119,870,100
  
               
Shares
  
MONEY MARKET FUND - 2.30%
  
Value
  
 
2,835,418
  
Invesco STIT-Treasury Portfolio - Institutional Class, 1.48% (b)
    
2,835,418
  
     
TOTAL MONEY MARKET FUND (Cost $2,835,418)
    
2,835,418
  
     
Total Investments in Securities (Cost $117,928,655) - 99.74%
    
122,705,518
  
     
Other Assets in Excess of Liabilities - 0.26%
    
318,353
  
     
TOTAL NET ASSETS - 100.00%
  
$
123,023,871
  
   
     
(a) U.S. traded security of a foreign issuer.
        
     
(b) Rate shown is the 7-day annualized yield as of January 31, 2020.
        
Edgar Lomax Value Fund
Notes to Schedule of Investments
January 31, 2020 (Unaudited)

Note 1 – Securities Valuation
 
The Edgar Lomax Value Fund’s (the “Fund”) investments 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 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. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized on level 1 of the fair value hierarchy.
 
 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.
 
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 January 31, 2020:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Finance and Insurance
  
$
26,114,687
      
-
      
-
    
$
26,114,687
  
  Information
    
11,517,526
      
-
      
-
      
11,517,526
  
  Manufacturing
    
47,400,410
      
-
      
-
      
47,400,410
  
  Mining, Quarrying, and Oil
       and Gas Extraction
    
1,554,585
      
-
      
-
      
1,554,585
  
  Professional, Scientific, and
       Technical Services
    
3,219,552
      
-
              
3,219,552
  
  Real Estate
    
3,927,233
      
-
      
-
      
3,927,233
  
  Retail Trade
    
6,407,665
      
-
      
-
      
6,407,665
  
  Transportation and Warehousing
    
2,542,306
      
-
      
-
      
2,542,306
  
  Utilities
    
13,192,078
      
-
      
-
      
13,192,078
  
  Wholesale Trade
    
3,994,058
      
-
      
-
      
3,994,058
  
Total Common Stocks
    
119,870,100
      
-
      
-
      
119,870,100
  
Money Market Fund
    
2,835,418
      
-
      
-
      
2,835,418
  
Total Investments in Securities
  
$
122,705,518
    
$
-
    
$
-
    
$
122,705,518
  

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 January 31, 2020, the end of the reporting period.  During the period ended January 31, 2020, 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  3/26/2020                                                                     


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  3/26/2020                                                                   
 

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

Date 3/26/2020                                                                                                       


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