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

As filed with the Securities and Exchange Commission on 3/31/2020



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, 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, 2020



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

Huber Capital Equity Income Fund
      
SCHEDULE OF INVESTMENTS at January 31, 2020 (Unaudited)
    
           
Shares
  
COMMON STOCKS - 99.71%
  
Value
  
   
Aerospace & Defense - 11.09%
      
 
15,600
  
Northrop Grumman Corp.
  
$
5,843,292
  
               
     
Banks Diversified - 4.61%
        
 
47,138
  
Truist Financial Corp.
    
2,430,907
  
               
     
Communications Equipment - 0.79%
        
 
14,367
  
Comtech Telecommunications Corp.
    
415,350
  
               
     
Computer Services, Software & Systems - 16.38%
        
 
50,700
  
Microsoft Corp.
    
8,630,661
  
               
     
Computer Technology - 1.64%
        
 
29,900
  
Hewlett Packard Enterprise Co.
    
416,507
  
 
21,100
  
HP, Inc.
    
449,852
  
           
866,359
  
     
Diversified Financial Services - 12.80%
        
 
42,200
  
Bank of America Corp.
    
1,385,426
  
 
13,090
  
Citigroup, Inc.
    
974,027
  
 
33,100
  
JPMorgan Chase & Co.
    
4,381,116
  
           
6,740,569
  
     
Diversified Retail - 0.02%
        
 
100
  
Wal-Mart Stores, Inc.
    
11,449
  
               
     
Electronic Components - 1.07%
        
 
6,095
  
TE Connectivity Ltd.
    
561,837
  
               
     
Engineering & Contracting Services - 9.35%
        
 
181,130
  
KBR, Inc.
    
4,926,736
  
               
     
Entertainment - 0.50%
        
 
1,900
  
Walt Disney Co.
    
262,789
  
               
     
Financial Data & Systems - 2.46%
        
 
4,100
  
Mastercard, Inc. - Class A
    
1,295,354
  
               
     
Foods - 3.27%
        
 
100
  
ConAgra Foods, Inc.
    
3,292
  
 
20,800
  
Tyson Foods, Inc. - Class A
    
1,718,704
  
           
1,721,996
  
     
Homebuilding - 1.01%
        
 
10,093
  
Lennar Corp. - Class B
    
529,983
  
               
     
Insurance: Life - 4.51%
        
 
135,100
  
CNO Financial Group, Inc.
    
2,376,409
  
               
     
Insurance: Multi-Line - 0.26%
        
 
2,304
  
Voya Financial, Inc.
    
137,618
  
               
     
Oil: Integrated - 0.01%
        
 
100
  
Royal Dutch Shell plc - Class A - ADR
    
5,215
  
               
     
Pharmaceuticals - 16.30%
        
 
37,100
  
Eli Lilly & Co.
    
5,180,644
  
 
32,300
  
Merck & Co., Inc.
    
2,759,712
  
 
17,300
  
Pfizer, Inc.
    
644,252
  
           
8,584,608
  
     
Semiconductor and Semiconductor Equipment - 0.24%
        
 
1,000
  
NXP Semiconductors NV (a)
    
126,860
  
     
Shipping - 2.10%
        
 
161,546
  
Golar LNG Partners LP (a)
    
1,103,359
  
               
     
Specialty Retail - 4.24%
        
 
9,800
  
Home Depot, Inc.
    
2,235,380
  
               
     
Steel - 0.09%
        
 
1,200
  
Carpenter Technology Corp.
    
47,688
  
               
     
Tobacco - 0.64%
        
 
4,100
  
Philip Morris International, Inc.
    
339,070
  
               
     
Utilities: Electrical - 6.33%
        
 
11,600
  
Entergy Corp.
    
1,525,632
  
 
38,000
  
Exelon Corp.
    
1,808,420
  
           
3,334,052
  
     
TOTAL COMMON STOCKS (Cost $19,397,650)
    
52,527,541
  
               
     
MONEY MARKET FUNDS - 0.83%
        
 
217,193
  
First American Government Obligations Fund, Institutional Class, 1.49% (b)
    
217,193
  
 
217,193
  
First American Treasury Obligations Fund, Institutional Class, 1.50% (b)
    
217,193
  
     
TOTAL MONEY MARKET FUNDS (Cost $434,386)
    
434,386
  
               
     
Total Investments in Securities (Cost $19,832,036) - 100.54%
    
52,961,927
  
     
Liabilities in Excess of Other Assets - (0.54)%
    
(282,411
)
     
NET ASSETS - 100.00%
  
$
52,679,516
  

 
ADR
American Depository Receipt
    
 
(a)
Foreign issued security.
    
 
(b)
Rate shown is the 7-day annualized yield as of January 31, 2020.
Huber Capital Small Cap Value Fund
      
SCHEDULE OF INVESTMENTS at January 31, 2020 (Unaudited)
    
           
Shares
  
COMMON STOCKS - 99.05%
  
Value
  
   
Aluminum - 3.12%
      
 
12,422
  
Kaiser Aluminum Corp.
  
$
1,244,064
  
               
     
Asset Management & Custodian - 2.38%
        
 
7,723
  
Virtus Investment Partners, Inc.
    
950,161
  
               
     
Banks: Diversified - 16.43%
        
 
2,084
  
C&F Financial Corp.
    
104,304
  
 
5,700
  
Capstar Financial Holdings, Inc.
    
85,329
  
 
19,691
  
First Bancorp
    
698,637
  
 
7,977
  
First Citizens BancShares, Inc. - Class A
    
4,202,443
  
 
91,741
  
First Horizon National Corp.
    
1,467,856
  
           
6,558,569
  
     
Chemicals: Specialty - 10.27%
        
 
40,695
  
Innospec, Inc.
    
4,099,207
  
               
     
Commercial Vehicles & Parts - 3.75%
        
 
43,476
  
Miller Industries, Inc.
    
1,496,009
  
               
     
Communications Equipment - 12.57%
        
 
158,971
  
Comtech Telecommunications Corp.
    
4,595,852
  
 
44,500
  
Gilat Satellite Networks Ltd. (a)
    
421,860
  
           
5,017,712
  
     
Computer Services, Software & Systems - 5.14%
        
 
23,400
  
Science Applications International Corp.
    
2,053,818
  
               
     
Consumer Lending - 7.02%
        
 
85,207
  
Enova International, Inc. (b)
    
2,135,287
  
 
11,655
  
Nelnet, Inc. - Class A
    
667,365
  
           
2,802,652
  
     
Containers & Packaging - 1.39%
        
 
11,883
  
UFP Technologies, Inc. (b)
    
554,104
  
               
     
Diversified Manufacturing Operations - 0.00%
        
 
100
  
Harsco Corp. (b)
    
1,490
  
               
     
Engineering & Contracting Services - 9.40%
        
 
138,005
  
KBR, Inc.
    
3,753,736
  
               
     
Equity REIT - Timber - 0.03%
        
 
1,100
  
CatchMark Timber Trust, Inc. - Class A
    
11,286
  
               
     
Health Care Equipment & Surplus - 3.86%
        
 
15,151
  
CONMED Corp.
    
1,540,554
  
               
     
Health Care Facilities - 0.01%
        
 
100
  
Tenet Healthcare Corp. (b)
    
3,164
  
               
     
Health Care Providers & Services - 1.16%
        
 
19,000
  
Hanger, Inc. (b)
    
464,170
  
               
     
Homebuilding - 0.58%
        
 
10,000
  
William Lyon Homes - Class A (b)
    
231,900
  
               
     
Insurance: Life - 4.39%
        
 
99,687
  
CNO Financial Group, Inc.
    
1,753,494
  
               
     
Metals & Mining: Diversified - 0.13%
        
 
64,815
  
Uranium Energy Corp. (b)
    
53,790
  
               
     
Motion Picture and Video Industries - 0.82%
        
 
50,200
  
AMC Entertainment Holdings, Inc. - Class A
    
327,304
  
               
     
Oil Well Equipment & Services - 0.15%
        
 
11,481
  
Superior Energy Services, Inc. (b)
    
60,160
  
               
     
Real Estate Investment Trusts (REITs) - 4.59%
        
 
25,108
  
Granite Real Estate Investment Trust (a)
    
1,356,083
  
 
14,000
  
Office Properties Income Trust
    
476,420
  
           
1,832,503
  
     
Shipping - 4.18%
        
 
136,909
  
Golar LNG Ltd. (a)
    
1,317,065
  
 
4,135
  
Golar LNG Partners LP (a)
    
28,242
  
 
19,887
  
Teekay Tankers Ltd. (b)
    
323,959
  
           
1,669,266
  
     
Steel - 1.97%
        
 
19,846
  
Carpenter Technology Corp.
    
788,680
  
               
     
Utilities: Electrical - 5.71%
        
 
5,500
  
Black Hills Corp.
    
456,665
  
 
29,645
  
Portland General Electric Co.
    
1,823,168
  
           
2,279,833
  
     
TOTAL COMMON STOCKS (Cost $20,487,985)
    
39,547,626
  
               
     
MONEY MARKET FUNDS - 1.20%
        
 
239,712
  
First American Government Obligations Fund, Institutional Class, 1.49% (c)
    
239,712
  
 
239,713
  
First American Treasury Obligations Fund, Institutional Class, 1.50% (c)
    
239,713
  
     
TOTAL MONEY MARKET FUNDS (Cost $479,425)
    
479,425
  
               
     
Total Investments in Securities (Cost $20,967,410) - 100.25%
    
40,027,051
  
     
Liabilities in Excess of Other Assets - (0.25)%
    
(100,846
)
     
NET ASSETS - 100.00%
  
$
39,926,205
  

 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2020.
Huber Capital Diversified Large Cap Value Fund
      
SCHEDULE OF INVESTMENTS at January 31, 2020 (Unaudited)
    
           
Shares
  
COMMON STOCKS - 98.02%
  
Value
  
   
Aerospace & Defense - 5.03%
      
 
700
  
Northrop Grumman Corp.
  
$
262,199
  
               
     
Air Transport - 0.83%
        
 
300
  
FedEx Corp.
    
43,392
  
               
     
Banks: Diversified - 2.35%
        
 
400
  
IBERIABANK Corp.
    
29,084
  
 
1,813
  
Truist Financial Corp.
    
93,496
  
           
122,580
  
     
Capital Markets - 0.91%
        
 
200
  
Goldman Sachs Group, Inc.
    
47,550
  
               
     
Chemicals: Specialty - 0.22%
        
 
114
  
Innospec, Inc.
    
11,483
  
               
     
Communications Equipment - 2.22%
        
 
4,000
  
Comtech Telecommunications Corp.
    
115,640
  
               
     
Computer Services, Software & Systems - 11.01%
        
 
2,600
  
Microsoft Corp.
    
442,598
  
 
1,500
  
Oracle Corp.
    
78,675
  
 
600
  
Science Applications International Corp.
    
52,662
  
           
573,935
  
     
Computer Technology - 0.95%
        
 
1,700
  
Hewlett Packard Enterprise Co.
    
23,681
  
 
1,200
  
HP, Inc.
    
25,584
  
           
49,265
  
     
Diversified Financial Services - 12.43%
        
 
5,100
  
Bank of America Corp.
    
167,433
  
 
2,900
  
Citigroup, Inc.
    
215,789
  
 
2,000
  
JPMorgan Chase & Co.
    
264,720
  
           
647,942
  
     
Diversified Retail - 3.30%
        
 
1,500
  
Wal-Mart Stores, Inc.
    
171,735
  
               
     
Diversified Telecommunication Services - 3.46%
        
 
4,793
  
AT&T, Inc.
    
180,313
  
               
     
Electronic Components - 0.53%
        
 
300
  
TE Connectivity Ltd.
    
27,654
  
               
     
Engineering & Contracting Services - 8.73%
        
 
16,730
  
KBR, Inc.
    
455,056
  
               
     
Entertainment - 1.06%
        
 
400
  
Walt Disney Co.
    
55,324
  
               
     
Financial Data & Systems - 3.72%
        
 
550
  
Mastercard, Inc. - Class A
    
173,767
  
 
100
  
Visa, Inc. - Class A
    
19,897
  
           
193,664
  
     
Foods - 2.62%
        
 
500
  
Lamb Weston Holdings, Inc.
    
45,655
  
 
1,100
  
Tyson Foods, Inc. - Class A
    
90,893
  
           
136,548
  
     
Homebuilding - 1.10%
        
 
1,091
  
Lennar Corp. - Class B
    
57,288
  
               
     
Insurance: Life - 1.64%
        
 
4,873
  
CNO Financial Group, Inc.
    
85,716
  
               
     
Insurance: Multi-Line - 1.03%
        
 
900
  
Voya Financial, Inc.
    
53,757
  
               
     
Integrated Utilities - 2.97%
        
 
3,050
  
FirstEnergy Corp.
    
154,910
  
               
     
Oil: Integrated - 2.14%
        
 
1,500
  
BP plc - ADR
    
54,195
  
 
1,100
  
Royal Dutch Shell plc - Class A - ADR
    
57,365
  
           
111,560
  
     
Pharmaceuticals - 10.23%
        
 
2,000
  
Eli Lilly & Co.
    
279,280
  
 
1,100
  
Merck & Co., Inc.
    
93,984
  
 
4,300
  
Pfizer, Inc.
    
160,132
  
           
533,396
  
     
Real Estate Investment Trusts (REITs) - 0.31%
        
 
300
  
Granite Real Estate Investment Trust (a)
    
16,203
  
               
     
Semiconductor and Semiconductor Equipment - 0.49%
        
 
200
  
NXP Semiconductors NV (a)
    
25,372
  
               
     
Shipping - 3.55%
        
 
5,100
  
Euronav SA (a)
    
50,388
  
 
15,919
  
Golar LNG Partners LP (a)
    
108,727
  
 
1,601
  
Teekay Tankers Ltd. (b)
    
26,080
  
           
185,195
  
     
Specialty Retail - 2.63%
        
 
600
  
Home Depot, Inc.
    
136,860
  
               
     
Steel - 1.68%
        
 
2,200
  
Carpenter Technology Corp.
    
87,428
  
               
     
Tobacco - 3.97%
        
 
2,500
  
Philip Morris International, Inc.
    
206,750
  
               
     
Utilities: Electrical - 6.91%
        
 
300
  
American Electric Power Co., Inc.
    
31,266
  
 
900
  
Entergy Corp.
    
118,368
  
 
3,300
  
Exelon Corp.
    
157,047
  
 
200
  
NextEra Energy, Inc.
    
53,640
  
           
360,321
  
     
TOTAL COMMON STOCKS (Cost $3,075,897)
    
5,109,036
  
               
     
MONEY MARKET FUNDS - 2.59%
        
 
67,420
  
First American Government Obligations Fund, Institutional Class, 1.49% (c)
    
67,420
  
 
67,420
  
First American Treasury Obligations Fund, Institutional Class, 1.50% (c)
    
67,420
  
     
TOTAL MONEY MARKET FUNDS (Cost $134,840)
    
134,840
  
               
     
Total Investments in Securities (Cost $3,210,737) - 100.61%
    
5,243,876
  
     
Liabilities in Excess of Other Assets - (0.61)%
    
(31,559
)
     
NET ASSETS - 100.00%
  
$
5,212,317
  

 
ADR
American Depository Receipt
    
 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2020.
Huber Capital Mid Cap Value Fund
      
SCHEDULE OF INVESTMENTS at January 31, 2020 (Unaudited)
    
           
Shares
  
COMMON STOCKS - 87.48%
  
Value
  
   
Aluminum - 1.10%
      
 
200
  
Kaiser Aluminum Corp.
  
$
20,030
  
               
     
Asset Management & Custodian - 5.21%
        
 
19,600
  
Uranium Participation Corp. (a) (b)
    
57,020
  
 
309
  
Virtus Investment Partners, Inc.
    
38,016
  
           
95,036
  
     
Banks: Diversified - 8.50%
        
 
600
  
Atlantic Cap Bancshares, Inc. (b)
    
11,322
  
 
100
  
First Citizens BancShares, Inc. - Class A
    
52,682
  
 
5,700
  
First Horizon National Corp.
    
91,200
  
           
155,204
  
     
Chemicals: Specialty - 1.99%
        
 
361
  
Innospec, Inc.
    
36,364
  
               
     
Commercial Vehicles & Parts - 3.71%
        
 
1,967
  
Miller Industries, Inc.
    
67,684
  
               
     
Communications Equipment - 10.06%
        
 
6,351
  
Comtech Telecommunications Corp.
    
183,607
  
               
     
Computer Services, Software & Systems - 1.44%
        
 
300
  
Science Applications International Corp.
    
26,331
  
               
     
Computer Technology - 0.46%
        
 
600
  
Hewlett Packard Enterprise Co.
    
8,358
  
               
     
Consumer Lending - 4.09%
        
 
2,980
  
Enova International, Inc. (b)
    
74,679
  
               
     
Diversified Manufacturing Operations - 0.98%
        
 
1,200
  
Harsco Corp. (b)
    
17,880
  
               
     
Engineering & Contracting Services - 9.21%
        
 
6,182
  
KBR, Inc.
    
168,151
  
               
     
Foods - 2.59%
        
 
700
  
ConAgra Foods, Inc.
    
23,044
  
 
266
  
Lamb Weston Holdings, Inc.
    
24,288
  
           
47,332
  
     
Health Care Equipment & Surplus - 1.67%
        
 
300
  
CONMED Corp.
    
30,504
  
               
     
Health Care Facilities - 2.08%
        
 
1,200
  
Tenet Healthcare Corp. (b)
    
37,968
  
               
     
Health Care Providers & Services - 2.86%
        
 
2,138
  
Hanger, Inc. (b)
    
52,231
  
               
     
Homebuilding - 0.50%
        
 
172
  
Lennar Corp. - Class B
    
9,032
  
               
     
Insurance: Life - 2.68%
        
 
2,784
  
CNO Financial Group, Inc.
    
48,971
  
               
     
Integrated Utilities - 4.73%
        
 
1,700
  
FirstEnergy Corp.
    
86,343
  
               
     
Metals & Mining: Diversified - 0.41%
        
 
9,032
  
Uranium Energy Corp. (b)
    
7,496
  
               
     
Motion Picture and Video Industries - 1.00%
        
 
2,800
  
AMC Entertainment Holdings, Inc. - Class A
    
18,256
  
               
     
Real Estate Investment Trusts (REITs) - 5.68%
        
 
1,100
  
Granite Real Estate Investment Trust (a)
    
59,411
  
 
1,300
  
Office Properties Income Trust
    
44,239
  
           
103,650
  
     
Shipping - 7.85%
        
 
6,300
  
Golar LNG Ltd. (a)
    
60,606
  
 
9,988
  
Golar LNG Partners LP (a)
    
68,218
  
 
892
  
Teekay Tankers Ltd. (b)
    
14,531
  
           
143,355
  
     
Steel - 2.18%
        
 
1,000
  
Carpenter Technology Corp.
    
39,740
  
     
Utilities: Electrical - 6.50%
        
 
400
  
Entergy Corp.
    
52,608
  
 
658
  
Evergy, Inc.
    
47,481
  
 
300
  
Portland General Electric Co.
    
18,450
  
           
118,539
  
     
TOTAL COMMON STOCKS (Cost $1,175,913)
    
1,596,741
  
               
     
MONEY MARKET FUNDS - 10.02%
        
 
91,447
  
First American Government Obligations Fund, Institutional Class , 1.49% (c)
    
91,447
  
 
91,447
  
First American Treasury Obligations Fund, Institutional Class, 1.50% (c)
    
91,447
  
     
TOTAL MONEY MARKET FUNDS (Cost $182,894)
    
182,894
  
               
     
Total Investments in Securities (Cost $1,358,807) - 97.50%
    
1,779,635
  
     
Other Assets in Excess of Liabilities - 2.50%
    
45,632
  
     
NET ASSETS - 100.00%
  
$
1,825,267
  

 
(a)
Foreign issued security.
    
 
(b)
Non-income producing security.
    
 
(c)
Rate shown is the 7-day annualized yield as of January 31, 2020.
Huber Capital Funds
Notes to Schedule of Investments
January 31, 2020 (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. 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.
 
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 Advisors Series Trust which is comprised of representatives from the Funds' administrator, 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 January 31, 2020:

Equity Income Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
262,789
    
$
-
    
$
-
    
$
262,789
  
  Consumer Discretionary
    
2,776,812
      
-
      
-
      
2,776,812
  
  Consumer Staples
    
2,061,066
      
-
      
-
      
2,061,066
  
  Energy
    
5,215
      
-
      
-
      
5,215
  
  Financial Services
    
11,685,503
      
-
      
-
      
11,685,503
  
  Health Care
    
8,584,608
      
-
      
-
      
8,584,608
  
  Information Technology
    
1,837,564
      
-
      
-
      
1,837,564
  
  Materials & Processing
    
47,688
      
-
      
-
      
47,688
  
  Producer Durables
    
11,873,387
      
-
      
-
      
11,873,387
  
  Technology
    
10,058,857
      
-
      
-
      
10,058,857
  
  Utilities
    
3,334,052
      
-
      
-
      
3,334,052
  
Total Common Stocks
    
52,527,541
      
-
      
-
      
52,527,541
  
Money Market Funds
    
434,386
      
-
      
-
      
434,386
  
Total Investments in Securities
  
$
52,961,927
    
$
-
    
$
-
    
$
52,961,927
  

Small Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
327,304
    
$
-
    
$
-
    
$
327,304
  
  Consumer Discretionary
     231,900
      -
      -
      231,900
 
  Energy
    
1,783,216
      
-
      
-
      
1,783,216
  
  Financial Services
    
13,432,246
      
-
      
-
      
13,432,246
  
  Health Care
    
2,007,888
      
-
      
-
      
2,007,888
  
  Information Technology
    
5,017,712
      
-
      
-
      
5,017,712
  
  Materials & Processing
    
6,686,055
      
-
      
-
      
6,686,055
  
  Producer Durables
    
5,251,235
      
-
      
-
      
5,251,235
  
  Real Estate
    
476,420
      
-
      
-
      
476,420
  
  Technology
    
2,053,818
      
-
      
-
      
2,053,818
  
  Utilities
    
2,279,832
      
-
      
-
      
2,279,832
  
Total Common Stocks
    
39,547,626
      
-
      
-
      
39,547,626
  
Money Market Funds
    
479,425
      
-
      
-
      
479,425
  
Total Investments in Securities
  
$
40,027,051
    
$
-
    
$
-
    
$
40,027,051
  

Diversified Large Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
235,637
    
$
-
    
$
-
    
$
235,637
  
  Consumer Discretionary
    
365,883
      
-
      
-
      
365,883
  
  Consumer Staples
    
343,298
      
-
      
-
      
343,298
  
  Energy
    
137,640
      
-
      
-
      
137,640
  
  Financial Services
    
1,131,312
      
-
      
-
      
1,131,312
  
  Health Care
    
533,396
      
-
      
-
      
533,396
  
  Information Technology
    
213,571
      
-
      
-
      
213,571
  
  Materials & Processing
    
98,911
      
-
      
-
      
98,911
  
  Producer Durables
    
919,762
      
-
      
-
      
919,762
  
  Real Estate
    
16,203
      
-
      
-
      
16,203
  
  Technology
    
598,192
      
-
      
-
      
598,192
  
  Utilities
    
515,231
      
-
      
-
      
515,231
  
Total Common Stocks
    
5,109,036
      
-
      
-
      
5,109,036
  
Money Market Funds
    
134,840
      
-
      
-
      
134,840
  
Total Investments in Securities
  
$
5,243,876
    
$
-
    
$
-
    
$
5,243,876
  
Mid Cap Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
18,256
    
$
-
    
$
-
    
$
18,256
  
  Consumer Discretionary
    
9,032
      
-
      
-
      
9,032
  
  Consumer Staples
    
47,332
      
-
      
-
      
47,332
  
  Energy
    
150,850
      
-
      
-
      
150,850
  
  Financial Services
    
373,890
      
-
      
-
      
373,890
  
  Health Care
    
120,703
      
-
      
-
      
120,703
  
  Industrials
    
85,565
      
-
      
-
      
85,565
  
  Information Technology
    
386,447
      
-
      
-
      
386,447
  
  Materials & Processing
    
96,134
      
-
      
-
      
96,134
  
  Real Estate
    
103,650
      
-
      
-
      
103,650
  
  Utilities
    
204,882
      
-
      
-
      
204,882
  
Total Common Stocks
    
1,596,741
      
-
      
-
      
1,596,741
  
Money Market Funds
    
182,894
      
-
      
-
      
182,894
  
Total Investments in Securities
  
$
1,779,635
    
$
-
    
$
-
    
$
1,779,635
  

Refer to the Funds’ 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.  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 January 31, 2020.
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 3/23/2020                                                                          


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 3/23/2020                                                                          


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

Date 3/30/2020                                                                          

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