N-Q 1 davidson_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on May 11, 2017



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)


Douglas G. Hess, President
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)


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



Date of fiscal year end: June 30, 2017



Date of reporting period:  March 31, 2017

 
Item 1. Schedules of Investments.
 
Davidson Multi-Cap Equity Fund
Schedule of Investments
March 31, 2017 (Unaudited)
 
Shares
  
COMMON STOCKS - 92.93%
  
Value
  
   
Aerospace & Defense - 1.80%
      
 
18,900
  
United Technologies Corp.
  
$
2,120,769
  
               
     
Air Freight & Logistics - 1.45%
        
 
8,720
  
Fedex Corp.
    
1,701,708
  
               
     
Banks - 7.15%
        
 
19,075
  
First Republic Bank
    
1,789,426
  
 
43,885
  
JPMorgan Chase & Co.
    
3,854,858
  
 
49,660
  
Wells Fargo & Co.
    
2,764,076
  
           
8,408,360
  
     
Beverages - 2.01%
        
 
21,090
  
PepsiCo, Inc.
    
2,359,127
  
               
     
Biotechnology - 5.66%
        
 
11,535
  
Amgen, Inc.
    
1,892,547
  
 
19,685
  
Celgene Corp. (a)
    
2,449,405
  
 
33,940
  
Gilead Sciences, Inc.
    
2,305,205
  
           
6,647,157
  
     
Capital Markets - 3.48%
        
 
42,655
  
Morgan Stanley
    
1,827,340
  
 
28,440
  
State Street Corp.
    
2,264,109
  
           
4,091,449
  
     
Chemicals - 3.72%
        
 
32,455
  
E.I. du pont de Nemours & Co.
    
2,607,110
  
 
14,840
  
Praxair, Inc.
    
1,760,024
  
           
4,367,134
  
     
Communications Equipment - 2.14%
        
 
74,430
  
Cisco Systems, Inc.
    
2,515,734
  
               
     
Diversified Telecommunication Services - 2.44%
        
 
50,124
  
Level 3 Communications, Inc. (a)
    
2,868,095
  
               
     
Electrical Equipment - 2.04%
        
 
32,320
  
Eaton Corp. PLC (b)
    
2,396,528
  
               
     
Energy Equipment & Services - 1.34%
        
 
26,250
  
Baker Hughes, Inc.
    
1,570,275
  
               
     
Food & Staples Retailing - 4.99%
        
 
110,625
  
Sprouts Farmers Market, Inc. (a)
    
2,557,650
  
 
35,090
  
United National Foods, Inc. (a)
    
1,516,941
  
 
24,750
  
Wal-Mart Stores, Inc.
    
1,783,980
  
           
5,858,571
  
     
Health Care Equipment & Supplies - 1.91%
        
 
12,210
  
Becton, Dickinson & Co.
    
2,239,802
  
 
   
Health Care Providers & Services - 3.94%
      
 
28,967
  
Express Scripts Holding Co. (a)
    
1,909,215
  
 
18,975
  
Laboratory Corporation of America Holdings (a)
    
2,722,343
  
           
4,631,558
  
     
Hotels, Restaurants & Leisure - 3.17%
        
 
13,605
  
Buffalo Wild Wings, Inc. (a)
    
2,078,164
  
 
3,704
  
Chipotle Mexican Grill, Inc. (a)
    
1,650,206
  
           
3,728,370
  
     
Household Products - 1.71%
        
 
40,295
  
Church & Dwight Co., Inc.
    
2,009,512
  
               
     
Industrial Conglomerates - 3.28%
        
 
10,180
  
3M Co.
    
1,947,739
  
 
63,870
  
General Electric Co.
    
1,903,326
  
           
3,851,065
  
     
Insurance - 2.21%
        
 
41,145
  
Principal Financial Group, Inc.
    
2,596,661
  
               
     
Internet Software & Services - 5.37%
        
 
759
  
Alphabet, Inc. - Class A (a)
    
643,480
  
 
4,363
  
Alphabet, Inc. - Class C (a)
    
3,619,370
  
 
14,430
  
Facebook, Inc. (a)
    
2,049,782
  
           
6,312,632
  
     
Life Sciences Tools & Services - 1.36%
        
 
10,255
  
Waters Corp. (a)
    
1,602,959
  
               
     
Machinery - 1.75%
        
 
42,475
  
Flowserve Corp.
    
2,056,639
  
               
     
Media - 4.04%
        
 
101,580
  
Interpublic Group of Cos., Inc.
    
2,495,821
  
 
69,695
  
Twenty-First Century Fox, Inc. - Class A
    
2,257,421
  
           
4,753,242
  
     
Multiline Retail - 1.24%
        
 
31,295
  
Nordstrom, Inc.
    
1,457,408
  
               
     
Multi-Utilities - 2.70%
        
 
28,765
  
Sempra Energy
    
3,178,532
  
               
     
Oil, Gas & Consumable Fuels - 5.81%
        
 
16,019
  
Chevron Corp.
    
1,719,960
  
 
38,180
  
Devon Energy Corp.
    
1,592,869
  
 
21,175
  
Exxon Mobil Corp.
    
1,736,562
  
 
112,280
  
Marathon Oil Corp.
    
1,774,024
  
           
6,823,415
  
     
Professional Services - 2.12%
        
 
60,450
  
Nielsen Holdings PLC (b)
    
2,497,190
  
               
     
Semiconductors & Semiconductor Equipment - 2.16%
        
 
34,570
  
Silicon Laboratories, Inc. (a)
    
2,542,623
  
 
   
Software - 7.01%
      
 
69,445
  
Fortinet, Inc. (a)
    
2,663,216
  
 
22,490
  
Intuit
    
2,608,615
  
 
44,995
  
Microsoft Corp.
    
2,963,371
  
           
8,235,202
  
     
Specialty Retail - 1.63%
        
 
39,415
  
Dicks Sporting Goods, Inc.
    
1,917,934
  
               
     
Technology Hardware, Storage & Peripherals - 3.30%
        
 
26,966
  
Apple, Inc.
    
3,873,936
  
     
TOTAL COMMON STOCKS (Cost $76,634,481)
    
109,213,587
  
               
     
REITS - 3.69%
        
 
114,845
  
Redwood Trust, Inc.
    
1,907,575
  
 
107,300
  
Starwood Property Trust, Inc.
    
2,422,834
  
     
TOTAL REITS (Cost $4,199,143)
    
4,330,409
  
               
     
EXCHANGE TRADED FUNDS - 2.12%
        
 
17,800
  
iShares Russell 3000 ETF
    
2,490,220
  
     
TOTAL EXCHANGE TRADED FUNDS (Cost $2,512,023)
    
2,490,220
  
               
     
MONEY MARKET FUNDS - 1.24%
        
 
1,460,937
  
Fidelity Institutional Government Portfolio - Class I, 0.56% (c)
    
1,460,937
  
     
TOTAL MONEY MARKET FUNDS (Cost $1,460,937)
    
1,460,937
  
               
     
Total Investments in Securities (Cost ($84,806,584) - 99.98%
    
117,495,153
  
     
Other Assets in Excess of Liabilities - 0.02%
    
24,212
  
     
NET ASSETS - 100.00%
  
$
117,519,365
  
 
 
 PLC
 Public Limited Company
    
 
 REIT
 Real Estate Investment Trust
    
 
 (a)
 Non-income producing security.
    
 
 (b)
 U.S. traded security of a foreign issuer.
    
 
 (c)
 Rate shown is the 7-day annualized yield as of March 31, 2017.
    
         
 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.  

Davidson Multi-Cap Equity Fund
Notes to the Schedule of Investments
March 31, 2017 (Unaudited)

Note 1 – Securities Valuation

 
The Davidson Multi-Cap Equity Fund's (the "Fund") investments in securities are carried at their fair value. The Fund determines the fair value of its investments and computes its 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. 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.
 
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 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 March 31, 2017:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
11,856,954
    
$
-
    
$
-
    
$
11,856,954
  
  Consumer Staples
    
10,227,210
      
-
      
-
      
10,227,210
  
  Energy
    
8,393,690
      
-
      
-
      
8,393,690
  
  Financials
    
15,096,469
      
-
      
-
      
15,096,469
  
  Health Care
    
15,121,476
      
-
      
-
      
15,121,476
  
  Industrials
    
14,623,899
      
-
      
-
      
14,623,899
  
  Information Technology
    
23,480,127
      
-
      
-
      
23,480,127
  
  Materials
    
4,367,134
      
-
      
-
      
4,367,134
  
  Telecommunication Services
    
2,868,095
      
-
      
-
      
2,868,095
  
  Utilities
    
3,178,533
      
-
      
-
      
3,178,533
  
Total Common Stocks
    
109,213,587
      
-
      
-
      
109,213,587
  
REITs
                                
  Financials
    
4,330,409
      
-
      
-
      
4,330,409
  
Total REITs
    
4,330,409
      
-
      
-
      
4,330,409
  
Exchange Traded Funds
    
2,490,220
      
-
      
-
      
2,490,220
  
Short-Term Investments
    
1,460,937
      
-
      
-
      
1,460,937
  
Total Investments in Securities
  
$
117,495,153
    
$
-
    
$
-
    
$
117,495,153
  


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 March 31, 2017, the end of the reporting period. The Fund recognized no transfers between levels. There were no Level 3 securities held in the Fund during the period ended March 31, 2017.


Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at March 31, 2017 was as follows*:


Cost of investments
  
$
84,806,584
  
         
Gross unrealized appreciation
  
$
34,917,419
  
Gross unrealized depreciation
    
(2,228,850)
 
Net unrealized appreciation
  
$
32,688,569
  


*Because tax adjustments are calculated annually at the end of the Fund's fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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: April 28, 2017                                                                                



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 April 28, 2017                                                                                    
 

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

Date April 28, 2017                                                                                     

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