N-Q 1 american_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on July 29, 2016 

 
 
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)



Douglas G. Hess, President
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: (414) 765-6609




Date of fiscal year end:  February 28, 2017



Date of reporting period:  May 31, 2016
 
 

 
Item 1. Schedules of Investments.
American Trust Allegiance Fund
  
Schedule of Investments
  
at May 31, 2016 (Unaudited)
      
           
Shares
  
COMMON STOCKS: 98.51%
  
Value
  
   
Administrative Support and Services: 1.52%
      
 
8,510
  
PayPal Holdings, Inc.*
  
$
321,593
  
               
     
Air Transportation: 3.73%
        
 
18,640
  
Southwest Airlines Co.
    
791,827
  
               
     
Animal Production and Aquaculture: 0.67%
        
 
25,560
  
JBS SA - ADR
    
141,347
  
               
     
Apparel Manufacturing: 3.78%
        
 
12,860
  
VF Corp.
    
801,435
  
               
     
Broadcasting (except Internet): 8.41%
        
 
8,940
  
Comcast Corp. - Class A
    
565,902
  
 
14,700
  
Liberty Global PLC - Class A*#
    
549,045
  
 
6,750
  
The Walt Disney Co.
    
669,735
  
           
1,784,682
  
               
     
Chemical Manufacturing: 3.97%
        
 
3,420
  
Colgate-Palmolive Co.
    
240,802
  
 
5,470
  
Praxair, Inc.
    
600,934
  
           
841,736
  
               
     
Clothing and Clothing Accessories Stores: 1.88%
        
 
14,710
  
Hanesbrands, Inc.
    
398,200
  
               
     
Computer and Electronic Product Manufacturing: 12.05%
        
 
8,915
  
Apple, Inc.
    
890,252
  
 
21,570
  
Cisco Systems, Inc.
    
626,609
  
 
31,770
  
Infineon Technologies AG - ADR
    
474,644
  
 
6,570
  
IPG Photonics Corp.*
    
567,517
  
           
2,559,022
  
               
     
Construction of Buildings: 2.31%
        
 
10,760
  
Lennar Corp. - Class A
    
490,333
  
               
     
Couriers and Messengers: 2.00%
        
 
2,580
  
FedEx Corp.
    
425,623
  
               
     
Credit Intermediation and Related Activities: 3.92%
        
 
9,280
  
PNC Financial Services Group, Inc.
    
832,787
  
               
     
Electrical Equipment, Appliance, and Component: 2.14%
        
 
2,600
  
Whirlpool Corp.
    
454,012
  
               
     
Food and Beverage Stores: 3.34%
        
 
21,900
  
Whole Foods Market, Inc.
    
708,465
  
               
     
Food Manufacturing: 5.13%
        
 
5,980
  
Mondelez International, Inc. - Class A
    
266,050
  
 
10,840
  
Post Holdings, Inc.*
    
823,948
  
           
1,089,998
  
               
     
Insurance Carriers and Related Activities: 4.25%
        
 
6,420
  
Berkshire Hathaway, Inc. - Class B*
    
902,267
  
               
     
Leather and Allied Product Manufacturing: 1.25%
        
 
4,820
  
Nike, Inc. - Class B
    
266,160
  
               
     
Machinery Manufacturing: 9.09%
        
 
20,770
  
Applied Materials, Inc.
    
507,203
  
 
3,260
  
Cummins, Inc.
    
373,172
  
 
13,230
  
FANUC Corp. - ADR
    
335,513
  
 
8,620
  
Lam Research Corp.
    
713,822
  
           
1,929,710
  

 
           
   
Nonstore Retailers: 0.98%
      
 
8,510
  
eBay, Inc.*
    
208,155
  
               
     
Paper Manufacturing: 1.23%
        
 
19,550
  
Graphic Packaging Holding Co.
    
261,970
  
               
     
Petroleum and Coal Products Manufacturing: 3.58%
        
 
9,470
  
Phillips 66
    
761,009
  
               
     
Plastics and Rubber Products Manufacturing: 3.83%
        
 
29,055
  
Goodyear Tire & Rubber Co.
    
812,668
  
               
     
Publishing Industries (except Internet): 3.86%
        
 
1,650
  
Check Point Software Technologies Ltd.*#
    
140,200
  
 
12,830
  
Microsoft Corp.
    
679,990
  
           
820,190
  
               
     
Real Estate: 1.00%
        
 
7,096
  
CBRE Group, Inc. - Class A*
    
211,816
  
               
     
Rental and Leasing Services: 2.54%
        
 
13,810
  
AerCap Holdings NV*#
    
539,833
  
               
     
Securities, Commodity Contracts, and Other Financial Investments and Related Activities: 1.89%
        
 
8,750
  
Oaktree Capital Group, LLC - Class A*
    
400,925
  
               
     
Support Activities for Mining: 1.77%
        
 
4,920
  
Schlumberger Ltd.#
    
375,396
  
               
     
Telecommunications: 2.31%
        
 
4,640
  
American Tower Corp.
    
490,819
  
               
     
Transportation Equipment Manufacturing: 3.54%
        
 
6,960
  
WABCO Holdings, Inc.*
    
750,984
  
               
     
Utilities: 2.54%
        
 
5,030
  
Sempra Energy
    
538,814
  
     
TOTAL COMMON STOCKS (Cost $18,440,491)
    
20,911,776
  
               
     
SHORT-TERM INVESTMENTS: 1.71%
        
 
363,675
  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.24%†
    
363,675
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $363,675)
    
363,675
  
               
     
Total Investments in Securities (Cost $18,804,166): 100.22%
    
21,275,451
  
     
Liabilities in Excess of Other Assets: (0.22)%
    
(46,696
)
     
Net Assets: 100.00%
  
$
21,228,755
  
   
               
* Non-income producing security.
        
# U.S. traded security of a foreign issuer.
        
† Rate shown is the 7-day annualized yield as of May 31, 2016.
        
ADR - American Depository Receipt
        
               
 
American Trust Allegiance Fund
Notes to Schedule of Investments
May 31, 2016 (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, 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 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.

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 U.S. Bancorp Fund Services, LLC, the Fund’s administrator.  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 May 31, 2016:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Administrative Support
                        
    and Waste Management
  
$
321,593
    
$
-
    
$
-
    
$
321,593
  
  Agriculture, Forestry,
    Fishing, and Hunting
    
141,347
      
-
      
-
      
141,347
  
  Construction
    
490,333
      
-
      
-
      
490,333
  
  Finance and Insurance
    
2,135,979
      
-
      
-
      
2,135,979
  
  Information
    
2,604,872
      
-
      
-
      
2,604,872
  
  Manufacturing
    
9,767,695
      
-
      
-
      
9,767,695
  
  Mining
    
1,136,405
      
-
      
-
      
1,136,405
  
  Real Estate, Rental, and Leasing
    
1,242,468
      
-
      
-
      
1,242,468
  
Retail Trade
    
1,314,820
      
-
      
-
      
1,314,820
  
Transportation and Warehousing
    
1,217,450
      
-
      
-
      
1,217,450
  
  Utilities
    
538,814
      
-
      
-
      
538,814
  
Total Common Stocks
    
20,911,776
      
-
      
-
      
20,911,776
  
Short-Term Investments
    
363,675
      
-
      
-
      
363,675
  
Total Investments in Securities
  
$
21,275,451
    
$
-
    
$
-
    
$
21,275,451
  
 
 
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 May 31, 2016, the end of the reporting period. The Fund recognized no significant transfers to/from level 1 or level 2. There were no level 3 securities held in the Fund during the period ended May 31, 2016.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2016 was as follows*:


Cost of investments
  
$
18,804,166
  
         
Gross unrealized appreciation
  
$
3,409,076
  
Gross unrealized depreciation
    
(937,791
)
Net unrealized appreciation
  
$
2,471,285
  
         

* Because tax adjustments are calculated annually, the above tables reflect the tax adjustments outstanding at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
Item 2. Controls and Procedures.
(a)
The Registrant’s President/Principal Executive Officer and 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/ Douglas G. Hess                                    
                                              Douglas G. Hess, President

 
Date-- 7/20/2016                                                                                         



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/ Douglas G. Hess                                    
                                               Douglas G. Hess, President

 
Date 7/20/2016                                                                                            

 
 
By (Signature and Title)* /s/ Cheryl L. King                                         
                                              Cheryl L. King, Treasurer

 
Date 7/20/2016                                                                                           

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