N-Q 1 chase_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on August 29, 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:  September 30, 2017



Date of reporting period:  June 30, 2017

Item 1. Schedules of Investments.
 
Chase Growth Fund
  
Schedule of Investments
  
at June 30, 2017 (Unaudited)
  
           
Shares
      
Value
  
   
COMMON STOCKS - 95.8%
      
   
Air Freight - 3.1%
      
 
10,880
  
FedEx Corp.
  
$
2,364,550
  
               
     
Biotechnology - 3.5%
        
 
20,060
  
Celgene Corp. *
    
2,605,192
  
               
     
Broadcast Media - 2.2%
        
 
42,400
  
Comcast Corp. - Class A
    
1,650,208
  
               
     
Building - 1.8%
        
 
55,100
  
PulteGroup, Inc.
    
1,351,603
  
               
     
Chemicals - 2.1%
        
 
15,150
  
Albemarle Corp.
    
1,598,931
  
               
     
Chemicals - Specialty - 3.6%
        
 
28,200
  
Celanese Corp. - Series A
    
2,677,308
  
               
     
Computer - Semiconductors - 2.4%
        
 
43,600
  
Applied Materials, Inc.
    
1,801,116
  
               
     
Computer Software - 9.6%
        
 
23,300
  
Adobe Systems, Inc. *
    
3,295,552
  
 
21,770
  
CDK Global, Inc.
    
1,351,046
  
 
37,800
  
Microsoft Corp.
    
2,605,554
  
           
7,252,152
  
     
Computer Software - Gaming - 1.8%
        
 
13,100
  
Electronic Arts, Inc. *
    
1,384,932
  
               
     
Conglomerates - 2.8%
        
 
15,610
  
Honeywell International, Inc.
    
2,080,657
  
               
     
Drugs - Proprietary - 3.2%
        
 
38,900
  
Zoetis, Inc.
    
2,426,582
  
               
     
Electrical Instruments - 4.2%
        
 
21,900
  
Danaher Corp.
    
1,848,141
  
 
7,350
  
Thermo Fisher Scientific, Inc.
    
1,282,354
  
           
3,130,495
  
     
Finance/Banks - 2.7%
        
 
20,420
  
First Republic Bank
    
2,044,042
  
               
     
Finance/Information Services - 10.5%
        
 
23,130
  
Fiserv, Inc. *
    
2,829,724
  
 
38,400
  
Vantiv, Inc. - Class A *
    
2,432,256
  
 
28,460
  
Visa, Inc. - Class A
    
2,668,979
  
           
7,930,959
  
     
Financial Services - Miscelleanous - 2.2%
        
 
24,960
  
Intercontinental Exchange, Inc.
    
1,645,363
  
               
     
 Food - 2.5%
        
 
31,200
  
Pinnacle Foods, Inc.
    
1,853,280
  
 
   
Health Care Benefits - 4.6%
      
 
18,710
  
UnitedHealth Group, Inc.
    
3,469,208
  
               
     
Health Care Services - 3.5%
        
 
29,400
  
Quintiles IMS Holdings, Inc. *
    
2,631,300
  
               
     
Internet Retail - 12.0%
        
 
19,910
  
Alibaba Group Holding Ltd. - ADR*
    
2,805,319
  
 
3,415
  
Amazon.com, Inc. *
    
3,305,720
  
 
1,540
  
Priceline Group, Inc. *
    
2,880,601
  
           
8,991,640
  
     
Internet Software & Services - 5.2%
        
 
1,869
  
Alphabet, Inc. - Class A *
    
1,737,572
  
 
14,560
  
Facebook, Inc. - Class A *
    
2,198,269
  
           
3,935,841
  
               
     
Real Estate Investment Trusts (REITs) - 2.0%
        
 
3,504
  
Equinix, Inc.
    
1,503,777
  
               
     
Retail - Apparel - 1.6%
        
 
13,090
  
Burlington Stores, Inc. *
    
1,204,149
  
               
     
Retail - Home Improvement - 4.1%
        
 
20,190
  
Home Depot, Inc.
    
3,097,146
  
               
     
Semiconductors - 3.1%
        
 
9,970
  
Broadcom Ltd.+
    
2,323,509
  
               
     
Telecommunication Services - 1.5%
        
 
30,400
  
CommScope Holding Co., Inc. *
    
1,156,112
  
               
     
TOTAL COMMON STOCKS (Cost $56,829,726)
    
72,110,052
  
               
     
SHORT-TERM INVESTMENTS - 4.3%
        
 
3,243,904
  
Invesco STIT Treasury Portfolio - Institutional Class, 0.85%#
    
3,243,904
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $3,243,904)
    
3,243,904
  
     
Total Investments in Securities (Cost $60,073,630) - 100.10%
    
75,353,956
  
     
Liabilities in Excess of Other Assets - (0.10)%
    
(72,819)
 
     
NET ASSETS - 100.00%
  
$
75,281,137
  
   
 
ADR - American Depository Receipt
        
+
U.S. traded security of a foreign issuer.
        
*
Non-income producing security.
        
#
Rate shown is the 7-day annualized yield as of June 30, 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.
           

Chase Mid-Cap Growth Fund
  
Schedule of Investments
  
at June 30, 2017 (Unaudited)
  
           
Shares
      
Value
  
   
COMMON STOCKS - 97.0%
      
   
Asset Management - 2.5%
      
 
12,700
  
Eaton Vance Corp.
  
$
600,964
  
               
     
Auto/Auto Parts - 2.4%
        
 
4,040
  
Lear Corp.
    
574,003
  
               
     
Biotechnology - 2.0%
        
 
11,300
  
Supernus Pharmaceuticals, Inc. *
    
487,030
  
               
     
Building - 6.8%
        
 
19,300
  
Masco Corp.
    
737,453
  
 
35,900
  
PulteGroup, Inc.
    
880,627
  
           
1,618,080
  
     
Business Services - 3.0%
        
 
7,000
  
MSCI, Inc.
    
720,930
  
               
     
Chemicals - 3.1%
        
 
7,110
  
Albemarle Corp.
    
750,390
  
               
     
Chemicals - Specialty - 3.3%
        
 
4,300
  
Celanese Corp. - Series A
    
408,242
  
 
14,600
  
Huntsman Corp.
    
377,264
  
           
785,506
  
     
Computer Software - 5.3%
        
 
5,235
  
j2 Global, Inc.
    
445,446
  
 
21,300
  
SS&C Technologies Holdings, Inc.
    
818,133
  
           
1,263,579
  
     
Computer - Storage - 2.5%
        
 
14,800
  
NetApp, Inc.
    
592,740
  
               
     
Energy/Alternative - 3.0%
        
 
12,100
  
Ormat Technologies, Inc.
    
710,028
  
               
     
Engineering & Construction - 2.0%
        
 
10,600
  
Tetra Tech, Inc.
    
484,950
  
               
     
Finance/Banks - 1.6%
        
 
16,500
  
Sterling Bancorp
    
383,625
  
               
     
Finance/Information Services - 2.9%
        
 
10,800
  
Vantiv, Inc. - Class A *
    
684,072
  
               
     
Financial Services - Miscellaneous - 6.3%
        
 
9,700
  
Broadridge Financial Solutions, Inc.
    
732,932
  
 
8,500
  
CBOE Holdings, Inc.
    
776,900
  
           
1,509,832
  
     
 Food - 4.8%
        
 
17,100
  
Performance Food Group Co. *
    
468,540
  
 
11,600
  
Pinnacle Foods, Inc.
    
689,040
  
           
1,157,580
  
     
Health Care Services - 5.8%
        
 
5,900
  
Amedisys, Inc. *
    
370,579
  
 
13,600
  
PRA Health Sciences, Inc. *
    
1,020,136
  
           
1,390,715
  
     
Industrial Distributors - 1.6%
        
 
7,800
  
Beacon Roofing Supply, Inc. *
    
382,200
  
 
   
Machinery - 2.2%
      
 
7,660
  
Toro Co.
    
530,762
  
               
     
Medical Supplies - 2.9%
        
 
2,210
  
C.R. Bard, Inc.
    
698,603
  
               
     
Medical Systems/Equipment - 2.0%
        
 
6,100
  
Hill-Rom Holdings, Inc.
    
485,621
  
               
     
Office Products - 3.4%
        
 
9,300
  
Avery Dennison Corp.
    
821,841
  
               
     
Personal Care - 1.5%
        
 
1,210
  
Ulta Beauty, Inc. *
    
347,681
  
               
     
Real Estate Investment Trusts (REITs) - 4.0%
        
 
9,400
  
CoreSite Realty Corp.
    
973,182
  
               
     
Retail - Apparel - 3.2%
        
 
8,200
  
Burlington Stores, Inc. *
    
754,318
  
               
     
Retail - Discount - 2.7%
        
 
15,000
  
Ollie's Bargain Outlet Holdings, Inc. *
    
639,000
  
               
     
Semiconductors - 9.7%
        
 
6,800
  
Cavium, Inc. *
    
422,484
  
 
17,200
  
Entegris, Inc. *
    
377,540
  
 
11,100
  
Microchip Technology, Inc.
    
856,698
  
 
46,100
  
ON Semiconductor Corp. *
    
647,244
  
           
2,303,966
  
     
Service Companies - 2.6%
        
 
6,900
  
Dycom Industries, Inc. *
    
617,688
  
               
               
     
Telecommunication Equipment - 2.3%
        
 
9,600
  
Lumentum Holdings, Inc. *
    
547,680
  
               
     
Telecommunication Services - 1.6%
        
 
9,800
  
CommScope Holding Co., Inc. *
    
372,694
  
               
     
TOTAL COMMON STOCKS (Cost $19,849,445)
    
23,189,260
  
               
     
SHORT-TERM INVESTMENTS - 3.1%
        
 
730,659
  
Invesco STIT Treasury Portfolio - Institutional Class, 0.85%#
    
730,659
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $730,659)
    
730,659
  
     
Total Investments in Securities (Cost $20,580,104) - 100.10%
    
23,919,919
  
     
Liabilities in Excess of Other Assets - (0.10)%
    
(25,036)
 
     
NET ASSETS - 100.00%
  
$
23,894,883
  
   
*
Non-income producing security.
        
#
Rate shown is the 7-day annualized yield as of June 30, 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.
 
Chase Funds
Notes to Schedule of Investments
June 30, 2017 (Unaudited)

Note 1 – Securities Valuation

The Chase 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).

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 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 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 June 30, 2017:

 
Chase Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
13,489,427
    
$
-
    
$
-
    
$
13,489,427
  
  Consumer Staples
    
1,853,280
      
-
      
-
      
1,853,280
  
  Financials
    
3,689,405
      
-
      
-
      
3,689,405
  
  Health Care
    
14,262,778
      
-
      
-
      
14,262,778
  
  Industrials
    
4,445,207
      
-
      
-
      
4,445,207
  
  Materials
    
4,276,239
      
-
      
-
      
4,276,239
  
  Real Estate
    
1,503,777
      
-
      
-
      
1,503,777
  
  Technology
    
28,589,939
      
-
      
-
      
28,589,939
  
Total Common Stocks
    
72,110,052
      
-
      
-
      
72,110,052
  
Short-Term Investments
    
3,243,904
      
-
      
-
      
3,243,904
  
Total Investments in Securities
  
$
75,353,956
    
$
-
    
$
-
    
$
75,353,956
  

Chase Mid-Cap Growth Fund
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
3,195,630
    
$
-
    
$
-
    
$
3,195,630
  
  Consumer Staples
    
1,157,580
      
-
      
-
      
1,157,580
  
  Financials
    
2,482,419
      
-
      
-
      
2,482,419
  
  Health Care
    
3,061,969
      
-
      
-
      
3,061,969
  
  Industrials
    
2,753,052
      
-
      
-
      
2,753,052
  
  Materials
    
2,357,737
      
-
      
-
      
2,357,737
  
  Real Estate
    
973,182
      
-
      
-
      
973,182
  
  Technology
    
6,497,663
      
-
      
-
      
6,497,663
  
  Utilities
    
710,028
      
-
      
-
      
710,028
  
Total Common Stocks
    
23,189,260
      
-
      
-
      
23,189,260
  
Short-Term Investments
    
730,659
      
-
      
-
      
730,659
  
Total Investments in Securities
  
$
23,919,919
    
$
-
    
$
-
    
$
23,919,919
  

Refer to the Funds' schedule of investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at June 30, 2017, 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, 2017.

Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at June 30, 2017 was as follows*:

Chase Growth Fund

Cost of investments
  
$
60,073,630
  
         
Gross unrealized appreciation
  
$
15,517,226
  
Gross unrealized depreciation
    
(236,900)
 
Net unrealized appreciation
  
$
15,280,326
  
         

Chase Mid-Cap Growth Fund

Cost of investments
  
$
20,580,104
  
         
Gross unrealized appreciation
  
$
3,607,250
  
Gross unrealized depreciation
    
(267,435)
 
Net unrealized appreciation
  
$
3,339,815
  
         
 
*Because tax adjustments are calculated annually at the end of the Funds' 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 Funds' 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                                              8/22/2017                                     


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                                              8/22/2017                                            
 

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

Date                                              8/22/2017                                              

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