N-Q 1 poplar_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on August 24, 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)


(414) 765-6609
Registrant's telephone number, including area code




Date of fiscal year end:  September 30, 2016



Date of reporting period:  June 30, 2016
 
 
Item 1. Schedules of Investments.
Poplar Forest Partners Fund
  
Schedule of Investments
  
at June 30, 2016 (Unaudited)
  
   
Shares/ Principal Amount
      
Value
  
   
COMMON STOCKS - 95.9%
      
   
Banks - 9.0%
      
 
1,100,000
  
Bank of America Corp.
  
$
14,597,000
  
 
525,000
  
Citigroup, Inc.
    
22,254,750
  
 
225,000
  
JPMorgan Chase & Co.
    
13,981,500
  
           
50,833,250
  
     
Construction & Engineering - 4.3%
        
 
752,500
  
AECOM Technology Corp. (b)
    
23,906,925
  
               
     
Containers & Packaging - 0.9%
        
 
115,000
  
Sealed Air Corp.
    
5,286,550
  
               
     
Electronic Equipment, Instruments & Components - 3.4%
        
 
332,500
  
TE Connectivity Ltd. (a)
    
18,989,075
  
               
     
Energy Equipment & Services - 5.4%
        
 
490,000
  
Baker Hughes, Inc.
    
22,113,700
  
 
185,000
  
Halliburton Co.
    
8,378,650
  
           
30,492,350
  
     
Health Care Equipment & Supplies - 4.6%
        
 
110,000
  
St. Jude Medical, Inc.
    
8,580,000
  
 
145,000
  
Zimmer Biomet Holdings, Inc.
    
17,455,100
  
           
26,035,100
  
     
Health Care Providers & Services - 7.3%
        
 
125,000
  
Aetna Inc.
    
15,266,250
  
 
315,000
  
Quest Diagnostics, Inc.
    
25,644,150
  
           
40,910,400
  
     
Insurance - 13.1%
        
 
115,000
  
Allstate Corp.
    
8,044,250
  
 
435,000
  
American International Group, Inc.
    
23,007,150
  
 
550,000
  
Lincoln National Corp.
    
21,323,500
  
 
540,000
  
MetLife, Inc.
    
21,508,200
  
           
73,883,100
  
     
IT Services - 2.8%
        
 
104,000
  
International Business Machines Corp.
    
15,785,120
  
               
     
Leisure Products - 3.4%
        
 
615,000
  
Mattel, Inc.
    
19,243,350
  
               
     
Metals & Mining - 7.7%
        
 
1,315,000
  
Freeport-McMoRan Inc.
    
14,649,100
  
 
375,000
  
Reliance Steel & Aluminum Co.
    
28,837,500
  
           
43,486,600
  
     
Oil, Gas & Consumable Fuels - 8.2%
        
 
430,000
  
Antero Resources Corp. (b)
    
11,171,400
  
 
240,000
  
Chevron Corp.
    
25,159,200
  
 
269,900
  
Devon Energy Corp.
    
9,783,875
  
 
           
46,114,475
  
     
Personal Products - 1.8%
        
 
2,700,000
  
Avon Products, Inc.
    
10,206,000
  
               
     
Pharmaceuticals - 2.8%
        
 
200,000
  
Eli Lilly & Co.
    
15,750,000
  
               
     
Professional Services - 4.6%
        
 
214,000
  
Dun & Bradstreet Corp.
    
26,073,760
  
               
     
Semiconductors & Semiconductor Equipment - 2.3%
        
 
950,000
  
Intersil Corp. - Class A
    
12,863,000
  
               
     
Software - 3.7%
        
 
405,000
  
Microsoft Corp.
    
20,723,850
  
               
     
Technology Hardware, Storage & Peripherals - 4.5%
        
 
1,400,000
  
Hewlett Packard Enterprise Co.
    
25,578,000
  
               
     
Textiles, Apparel & Luxury Goods - 1.6%
        
 
215,000
  
Coach, Inc.
    
8,759,100
  
               
     
Trading Companies & Distributors - 4.5%
        
 
355,000
  
MSC Industrial Direct Inc. - Class A
    
25,048,800
  
     
TOTAL COMMON STOCKS (Cost $450,498,051)
    
539,968,805
  
               
     
SHORT-TERM INVESTMENTS - 3.6%
        
     
Money Market Fund
        
 
8,981,390
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 0.26% (c)
    
8,981,390
  
     
U.S. Treasury Bill
        
$
1,900,000
  
0.175%, 7/21/16 (d)
    
1,899,816
  
 
1,900,000
  
0.220%, 8/18/16 (d)
    
1,899,443
  
 
1,900,000
  
0.237%, 9/22/16 (d)
    
1,898,962
  
 
1,900,000
  
0.225%, 10/20/16 (d)
    
1,898,683
  
 
1,900,000
  
0.246%, 11/17/16 (d)
    
1,898,197
  
 
1,900,000
  
0.279%, 12/22/16 (d)
    
1,897,437
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $20,370,840)
    
20,373,928
  
               
     
Total Investments in Securities (Cost $470,868,891) - 99.5%
    
560,342,733
  
     
Other Assets in Excess of Liabilities - 0.5%
    
2,867,574
  
     
NET ASSETS - 100.0%
  
$
563,210,307
  
   
(a)  
 
U.S. traded security of a foreign issuer.
        
(b)  
 
Non-income producing security.
        
(c)  
 
Rate shown is the 7-day annualized yield at June 30, 2016.
        
(d)  
 
Rate shown is the discount rate at June 30, 2016.
        
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
  
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
  
 
Poplar Forest Outliers Fund
  
Schedule of Investments
  
at June 30, 2016 (Unaudited)
  
   
Shares
      
Value
  
   
COMMON STOCKS - 86.5%
      
   
Banks - 4.3%
      
 
1,950
  
CIT Group Inc.
  
$
62,225
  
 
1,300
  
SVB Financial Group (b)
    
123,708
  
           
185,933
  
     
Building Products - 1.0%
        
 
1,100
  
Armstrong World Industries, Inc. (b)
    
43,065
  
               
     
Commercial Services & Supplies - 2.6%
        
 
2,200
  
Clean Harbors, Inc. (b)
    
114,642
  
               
     
Communications Equipment - 4.5%
        
 
2,950
  
Motorola Solutions, Inc.
    
194,612
  
               
     
Construction & Engineering - 2.6%
        
 
3,530
  
AECOM Technology Corp. (b)
    
112,148
  
               
     
Diversified Consumer Services - 5.2%
        
 
6,550
  
H&R Block, Inc.
    
150,650
  
 
1,550
  
Strayer Education, Inc. (b)
    
76,151
  
           
226,801
  
     
Energy Equipment & Services - 4.7%
        
 
1,400
  
Baker Hughes, Inc.
    
63,182
  
 
300
  
Core Laboratories N.V. (a)
    
37,167
  
 
1,750
  
Dril-Quip, Inc. (b)
    
102,252
  
           
202,601
  
     
Health Care Equipment & Supplies - 10.2%
        
 
2,200
  
St. Jude Medical, Inc.
    
171,600
  
 
2,250
  
Zimmer Biomet Holdings, Inc.
    
270,855
  
           
442,455
  
     
Health Care Providers & Services - 11.9%
        
 
2,150
  
Aetna Inc.
    
262,580
  
 
1,200
  
AmerisourceBergen Corp.
    
95,184
  
 
650
  
Humana, Inc.
    
116,922
  
 
510
  
Quest Diagnostics, Inc.
    
41,519
  
           
516,205
  
     
Insurance - 5.1%
        
 
6,600
  
Progressive Corp.
    
221,100
  
               
     
Leisure Products - 3.4%
        
 
4,700
  
Mattel, Inc.
    
147,063
  
               
     
Machinery - 2.1%
        
 
6,700
  
NN, Inc.
    
93,733
  
               
     
Metals & Mining - 4.1%
        
 
2,300
  
Reliance Steel & Aluminum Co.
    
176,870
  
               
     
Oil, Gas & Consumable Fuels - 3.4%
        
 
449
  
Devon Energy Corp.
    
16,276
  
 
1,700
  
EQT Corp.
    
131,631
  
           
147,907
  
     
Pharmaceuticals - 2.5%
        
 
6,600
  
Horizon Pharma Plc (a) (b)
    
108,702
  
               
     
Professional Services - 7.2%
        
 
1,650
  
Dun & Bradstreet Corp.
    
201,036
  
 
1,400
  
Verisk Analytics, Inc. (b)
    
113,512
  
           
314,548
  
     
Real Estate Management & Development - 1.3%
        
 
493
  
Howard Hughes Corp. (b)
    
56,360
  
               
     
Semiconductors & Semiconductor Equipment - 1.6%
        
 
5,000
  
Micron Technology, Inc. (b)
    
68,800
  
               
     
Software - 3.5%
        
 
1,900
  
Check Point Software Technologies, Ltd. (a) (b)
    
151,392
  
               
     
Specialty Retail - 2.1%
        
 
6,700
  
Party City Holdco, Inc. (b)
    
93,197
  
               
     
Technology Hardware, Storage & Peripherals - 0.2%
        
 
209
  
Western Digital Corp.
    
9,871
  
               
     
Textiles, Apparel & Luxury Goods - 3.0%
        
 
4,500
  
Gildan Activewear, Inc. (a)
    
131,985
  
     
TOTAL COMMON STOCKS (Cost $3,774,225)
    
3,759,990
  
               
     
MONEY MARKET FUNDS - 13.9%
        
 
429,000
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 0.26% (c)
    
429,000
  
 
173,963
  
STIT-Treasury Portfolio, 0.27% (c)
    
173,963
  
     
Total Money Market Funds (Cost $602,963)
    
602,963
  
               
     
Total Investments in Securities (Cost $4,377,188) - 100.4%
    
4,362,953
  
     
Liabilities in Excess of Other Assets - (0.4)%
    
(17,394
)
     
NET ASSETS - 100.0%
  
$
4,345,559
  
   
(a) 
 
U.S. traded security of a foreign issuer.
        
(b) 
 
Non-income producing security.
        
(c) 
 
Rate shown is the 7-day annualized yield at June 30, 2016.
        
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
  
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
  
               
 
Poplar Forest Cornerstone Fund
  
Schedule of Investments
  
at June 30, 2016 (Unaudited)
  
   
Shares/ Principal Amount
      
Value
  
   
COMMON STOCKS - 66.2%
      
   
Banks - 5.9%
      
 
19,700
  
Bank of America Corp.
  
$
261,419
  
 
10,400
  
Citigroup, Inc.
    
440,856
  
 
5,000
  
JPMorgan Chase & Co.
    
310,700
  
 
1,300
  
SVB Financial Group (b)
    
123,708
  
           
1,136,683
  
     
Beverages - 1.3%
        
 
2,300
  
PepsiCo, Inc.
    
243,662
  
               
     
Capital Markets - 0.4%
        
 
2,600
  
Invesco Ltd. (a)
    
66,404
  
               
     
Communications Equipment - 1.9%
        
 
12,900
  
Cisco Systems, Inc.
    
370,101
  
               
     
Construction & Engineering - 1.3%
        
 
8,100
  
AECOM Technology Corp. (b)
    
257,337
  
               
     
Electrical Equipment - 1.1%
        
 
3,900
  
Emerson Electric Co.
    
203,424
  
               
     
Electronic Equipment, Instruments & Components - 1.6%
        
 
5,400
  
TE Connectivity Ltd. (a)
    
308,394
  
               
     
Energy Equipment & Services - 4.8%
        
 
10,300
  
Baker Hughes, Inc.
    
464,839
  
 
10,300
  
Halliburton Co.
    
466,487
  
           
931,326
  
     
Food & Staples Retailing - 0.6%
        
 
1,600
  
Wal-Mart Stores, Inc.
    
116,832
  
               
     
Health Care Equipment & Supplies - 5.2%
        
 
6,400
  
St. Jude Medical, Inc.
    
499,200
  
 
4,100
  
Zimmer Biomet Holdings, Inc.
    
493,558
  
           
992,758
  
     
Health Care Providers & Services - 1.8%
        
 
1,100
  
AmerisourceBergen Corp.
    
87,252
  
 
3,200
  
Quest Diagnostics, Inc.
    
260,512
  
           
347,764
  
     
Hotels, Restaurants & Leisure - 1.2%
        
 
5,400
  
Las Vegas Sands Corp.
    
234,846
  
               
     
Household Products - 0.8%
        
 
1,900
  
Procter & Gamble Co.
    
160,873
  
 
               
     
Industrial Conglomerates - 0.8%
        
 
5,000
  
General Electric Co.
    
157,400
  
               
     
Insurance - 8.1%
        
 
9,800
  
American International Group, Inc.
    
518,322
  
 
13,500
  
Lincoln National Corp.
    
523,395
  
 
13,100
  
MetLife, Inc.
    
521,773
  
           
1,563,490
  
     
IT Services - 2.6%
        
 
3,300
  
International Business Machines Corp.
    
500,874
  
               
     
Leisure Products - 2.5%
        
 
15,400
  
Mattel, Inc.
    
481,866
  
               
     
Metals & Mining - 3.6%
        
 
28,500
  
Freeport-McMoRan Inc.
    
317,490
  
 
4,800
  
Reliance Steel & Aluminum Co.
    
369,120
  
           
686,610
  
     
Oil, Gas & Consumable Fuels - 5.0%
        
 
4,600
  
Antero Resources Corp. (b)
    
119,508
  
 
4,700
  
Chevron Corp.
    
492,701
  
 
9,400
  
Devon Energy Corp.
    
340,750
  
           
952,959
  
     
Pharmaceuticals - 4.2%
        
 
3,250
  
Abbott Laboratories
    
127,758
  
 
4,200
  
Eli Lilly & Co.
    
330,750
  
 
1,450
  
Johnson & Johnson
    
175,885
  
 
2,900
  
Merck & Co, Inc.
    
167,069
  
           
801,462
  
     
Professional Services - 2.7%
        
 
4,300
  
Dun & Bradstreet Corp.
    
523,912
  
               
     
Software - 2.2%
        
 
8,300
  
Microsoft Corp.
    
424,711
  
               
     
Technology Hardware, Storage & Peripherals - 2.7%
        
 
28,500
  
Hewlett Packard Enterprise Co.
    
520,695
  
               
     
Textiles, Apparel & Luxury Goods - 1.8%
        
 
8,600
  
Coach, Inc.
    
350,364
  
               
     
Trading Companies & Distributors - 2.1%
        
 
5,800
  
MSC Industrial Direct Inc. - Class A
    
409,248
  
     
TOTAL COMMON STOCKS (Cost $12,088,563)
    
12,743,995
  
               
     
CORPORATE BONDS - 16.3%
        
     
Chemicals - 1.4%
        
     
Praxair, Inc.
        
$
250,000
  
4.50%, 8/15/19
    
275,486
  
     
Depository Credit Intermediation - 4.2%
        
     
Bank of America Corp.
        
 
 
400,000
  
2.60%, 1/15/19
    
409,557
  
     
JPMorgan Chase Bank, N.A.
        
 
375,000
  
6.00%, 10/1/17
    
396,151
  
           
805,708
  
     
Health Care Equipment & Supplies - 1.6%
        
     
Becton Dickinson and Co.
        
 
300,000
  
1.80%, 12/15/17
    
302,560
  
     
Nondepository Credit Intermediation - 1.3%
        
     
General Electric Capital Corp.
        
 
250,000
  
3.35%, 10/17/16
    
251,943
  
     
Oil, Gas & Consumable Fuels - 4.4%
        
     
Devon Energy Corp.
        
 
425,000
  
4.00%, 7/15/21
    
430,585
  
     
Marathon Oil Corp.
        
 
400,000
  
5.90%, 3/15/18
    
415,102
  
           
845,687
  
     
Semiconductors & Semiconductor Equipment - 1.8%
        
     
Altera Corp.
        
 
350,000
  
1.75%, 5/15/17
    
352,916
  
     
Technology Hardware, Storage & Peripherals - 1.6%
        
     
EMC Corp.
        
 
320,000
  
1.875%, 6/1/18
    
313,710
  
     
TOTAL CORPORATE BONDS (Cost $3,119,604)
    
3,148,010
  
               
     
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 8.9%
        
     
U.S. Government Agencies
        
     
FHLMC
        
 
410,000
  
0.75%, 4/26/19 (c)
    
410,238
  
 
335,000
  
1.00%, 3/30/21 (c)
    
335,311
  
           
745,549
  
     
U.S. Treasury Bond
        
     
U.S. Treasury Bond TIPS
        
 
464,869
  
0.125%, 4/15/20
    
475,725
  
     
U.S. Treasury Note
        
     
U.S. Treasury Note TIPS
        
 
470,414
  
0.125%, 1/15/22
    
479,938
  
           
955,663
  
     
TOTAL U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES (Cost $1,687,032)
    
1,701,212
  
               
     
SHORT-TERM INVESTMENTS - 10.3%
        
 
883,652
  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 0.26% (e)
    
883,652
  
     
U.S. Treasury Bill
        
$
180,000
  
0.175%, 7/21/16 (d)
    
179,983
  
 
185,000
  
0.220%, 8/18/16 (d)
    
184,946
  
 
185,000
  
0.237%, 9/22/16 (d)
    
184,899
  
 
180,000
  
0.225%, 10/20/16 (d)
    
179,875
  
 
185,000
  
0.246%, 11/17/16 (d)
    
184,825
  
 
185,000
  
0.279%, 12/22/16 (d)
    
184,750
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,982,541)
    
1,982,930
  
               
     
Total Investments in Securities (Cost $18,877,740) - 101.7%
    
19,576,147
  
     
Liabilities in Excess of Other Assets - (1.7)%
    
(323,368
)
     
NET ASSETS - 100.0%
  
$
19,252,779
  
   
     
FHLMC - Federal Home Loan Mortgage Corporation
        
     
TIPS - Treasury Inflation Protected Securities
        
(a) 
 
U.S. traded security of a foreign issuer.
        
(b) 
 
Non-income producing security.
        
(c) 
 
Step-up bond; the interest rate shown is the rate in effect as of June 30, 2016.
        
(d) 
 
Rate shown is the discount rate at June 30, 2016.
        
(e) 
 
Rate shown is the 7-day annualized yield at June 30, 2016.
        
               
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor
  
Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
  
 
 
 
Note 1 – Securities Valuation

The Poplar Forest Funds’ (the “Fund or 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).

The Funds’ investments are carried at their fair value. 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.  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.
Debt securities are valued at their bid prices furnished by an independent pricing service using valuation methods that are designed to represent fair value. These valuation methods can include matrix pricing and other analytical pricing models, market transactions, and dealer-supplied valuations. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most debt securities are categorized in level 2 of the fair value hierarchy.
Exchange-traded options are valued at the composite price, using the National Best Bid and Offer quotes. Specifically, composite pricing looks at the last trades on the exchanges where the options are traded. If there are no trades for the option on a given business day, composite option pricing calculates the mean of the highest bid price and the lowest ask price across the exchanges where the option is traded. Exchange-traded options that are actively traded 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 Advisors Series Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Funds’ 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 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 each 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 each 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 June 30, 2016:

Poplar Forest Partners Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
28,002,450
    
$
-
    
$
-
    
$
28,002,450
  
Consumer Staples
    
10,206,000
      
-
      
-
      
10,206,000
  
Energy
    
76,606,825
      
-
      
-
      
76,606,825
  
Financials
    
124,716,350
      
-
      
-
      
124,716,350
  
Healthcare
    
82,695,500
      
-
      
-
      
82,695,500
  
Industrials
    
75,029,485
      
-
      
-
      
75,029,485
  
Information Technology
    
93,939,045
      
-
      
-
      
93,939,045
  
Materials
    
48,773,150
      
-
      
-
      
48,773,150
  
Total Common Stocks
    
539,968,805
      
-
      
-
      
539,968,805
  
Short-Term Investments
    
8,981,390
      
11,392,538
      
-
      
20,373,928
  
Total Investments in Securities
  
$
548,950,195
    
$
11,392,538
    
$
-
    
$
560,342,733
  
                                 

Poplar Forest Outliers Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
599,046
    
$
-
    
$
-
    
$
599,046
  
Energy
    
350,508
      
-
      
-
      
350,508
  
Financials
    
463,393
      
-
      
-
      
463,393
  
Health Care
    
1,067,362
      
-
      
-
      
1,067,362
  
Industrials
    
678,136
      
-
      
-
      
678,136
  
Information Technology
    
424,675
      
-
      
-
      
424,675
  
Materials
    
176,870
      
-
      
-
      
176,870
  
Total Common Stocks
    
3,759,990
      
-
      
-
      
3,759,990
  
Short-Term Investments
    
602,963
      
-
      
-
      
602,963
  
Total Investments in Securities
  
$
4,362,953
    
$
-
    
$
-
    
$
4,362,953
  
                                 




Poplar Forest Cornerstone Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Common Stocks
                        
Consumer Discretionary
  
$
1,067,076
    
$
-
    
$
-
    
$
1,067,076
  
Consumer Staples
    
521,367
      
-
      
-
      
521,367
  
Energy
    
1,884,285
      
-
      
-
      
1,884,285
  
Financials
    
2,766,577
      
-
      
-
      
2,766,577
  
Health Care
    
2,141,984
      
-
      
-
      
2,141,984
  
Industrials
    
1,551,321
      
-
      
-
      
1,551,321
  
Information Technology
    
2,124,775
      
-
      
-
      
2,124,775
  
Materials
    
686,610
      
-
      
-
      
686,610
  
Total Common Stocks
    
12,743,995
      
-
      
-
      
12,743,995
  
Fixed Income
                                
Corporate Bonds
    
-
      
3,148,010
      
-
      
3,148,010
  
U.S. Government Agencies and Instrumentalities
    
-
      
1,701,212
      
-
      
1,701,212
  
Total Fixed Income
    
-
      
4,849,222
      
-
      
4,849,222
  
Short-Term Investments
    
883,652
      
1,099,278
      
-
      
1,982,930
  
Total Investments in Securities
  
$
13,627,647
    
$
5,948,500
    
$
-
    
$
19,576,147
  
                                 

Refer to the Funds’ schedules of investments for a detailed break-out of securities by industry classification.  Transfers between levels are recognized at June 30, 2016, 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 June 30, 2016.

Note 2 – Derivative Transactions

The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.
The Funds may utilize options for hedging purposes as well as direct investment. Some options strategies, including buying puts, tend to hedge the Funds’ investments against price fluctuations. Other strategies, such as writing puts and calls and buying calls, tend to increase market exposure. Options contracts may be combined with each other in order to adjust the risk and return characteristics of each Fund’s overall strategy in a manner deemed appropriate to the Adviser and consistent with a Fund’s investment objective and policies. When a call or put option is written, an amount equal to the premium received is recorded as a liability. The liability is marked-to-market daily to reflect the current fair value of the written option. When a written option expires, a gain is realized in the amount of the premium originally received. If a closing purchase contract is entered into, a gain or loss is realized in the amount of the original premium less the cost of the closing transaction. If a written call option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are increased by the premium originally received. If a written option is exercised, the amount of the premium originally received reduces the cost of the security which is purchased upon the exercise of the option.
With options, there is minimal counterparty credit risk to the Funds since the options are covered or secured, which means that the Funds will own the underlying security or, to the extent it does not hold the security, will maintain liquid assets consisting of cash, short-term securities, or equity or debt securities equal to the market value of the security underlying the option, marked to market daily.
Options purchased are recorded as investments and marked-to-market daily to reflect the current fair value of the option contract. If an option purchased expires, a loss is realized in the amount of the cost of the option contract. If a closing transaction is entered into, a gain or loss is realized to the extent that the proceeds from the sale are greater or less than the cost of the option. If a purchase put option is exercised, a gain or loss is realized from the sale of the underlying security by adjusting the proceeds from such sale by the amount of the premium originally paid. If a purchased call option is exercised, the cost of the security purchased upon exercise is increased by the premium originally paid.
 
During the period ended June 30, 2016, the Funds did not hold written options.
Note 3 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at June 30, 2016 was as follows*:

Poplar Forest Partners Fund

Cost of investments
  
$
471,272,239
  
         
Gross unrealized appreciation
  
$
110,603,921
  
Gross unrealized depreciation
    
(21,533,427
)
Net unrealized appreciation
  
$
89,070,494
  


Poplar Forest Outliers Fund

Cost of investments
  
$
4,377,952
  
         
Gross unrealized appreciation
  
$
192,841
  
Gross unrealized depreciation
    
(207,840
)
Net unrealized depreciation
  
$
(14,999
)

Poplar Forest Cornerstone Fund

Cost of investments
  
$
18,877,740
  
         
Gross unrealized appreciation
  
$
1,134,190
  
Gross unrealized depreciation
    
(435,783
)
Net unrealized appreciation
  
$
698,407
  

* Because tax adjustments are calculated annually, the above table reflects 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 Funds’ most recent annual or semi-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 8/9/16                                                                                        
 
 
 
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  8/9/16                                                                                         

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

 
Date  8/9/16                                                                                       

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