N-Q 1 ast_davidson-nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on November 14, 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, 2018



Date of reporting period:  September 30, 2017

 
Item 1. Schedules of Investments.
 
Davidson Multi Cap Equity Fund
  
Schedule of Investments
  
September 30, 2017 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 93.80%
  
Value
  
   
Aerospace & Defense - 1.80%
      
 
17,860
  
United Technologies Corp.
  
$
2,073,189
  
               
     
Air Freight & Logistics - 2.31%
        
 
11,775
  
Fedex Corp.
    
2,656,204
  
               
     
Banks - 7.36%
        
 
35,535
  
Citigroup, Inc.
    
2,584,816
  
 
18,210
  
First Republic Bank
    
1,902,217
  
 
41,585
  
JPMorgan Chase & Co.
    
3,971,783
  
           
8,458,816
  
     
Beverages - 1.94%
        
 
19,975
  
PepsiCo, Inc.
    
2,225,814
  
               
     
Biotechnology - 7.00%
        
 
14,591
  
Amgen, Inc.
    
2,720,492
  
 
18,700
  
Celgene Corp. (a)
    
2,726,834
  
 
32,115
  
Gilead Sciences, Inc.
    
2,601,957
  
           
8,049,283
  
     
Capital Markets - 3.94%
        
 
40,405
  
Morgan Stanley
    
1,946,309
  
 
26,985
  
State Street Corp.
    
2,578,147
  
           
4,524,456
  
     
Chemicals - 4.08%
        
 
39,373
  
DowDuPont, Inc. (a)
    
2,725,793
  
 
14,090
  
Praxair, Inc.
    
1,968,936
  
           
4,694,729
  
     
Communications Equipment - 2.66%
        
 
90,980
  
Cisco Systems, Inc.
    
3,059,657
  
               
     
Diversified Telecommunication Services - 2.37%
        
 
28,229
  
Level 3 Communications, Inc. (a)
    
1,504,323
  
 
35,290
  
Zayo Group Holdings, Inc. (a)
    
1,214,682
  
           
2,719,005
  
     
Electrical Equipment - 2.05%
        
 
30,610
  
Eaton Corp PLC (b)
    
2,350,542
  
               
     
Energy Equipment & Services - 1.23%
        
 
38,585
  
Baker Hughes, Inc.
    
1,412,983
  
               
     
Food & Staples Retailing - 3.32%
        
 
104,945
  
Sprouts Farmers Market, Inc. (a)
    
1,969,818
  
 
23,590
  
Wal-Mart Stores, Inc.
    
1,843,322
  
           
3,813,140
  
     
Health Care Equipment & Supplies - 1.96%
        
 
11,520
  
Becton, Dickinson & Co.
    
2,257,344
  
               
     
Health Care Providers & Services - 3.79%
        
 
27,327
  
Express Scripts Holding Co. (a)
    
1,730,346
  
 
17,415
  
Laboratory Corporation of America Holdings (a)
    
2,629,142
  
           
4,359,488
  
 
     
Hotels, Restaurants & Leisure - 2.12%
        
 
12,835
  
Buffalo Wild Wings, Inc. (a)
    
1,356,659
  
 
3,495
  
Chipotle Mexican Grill, Inc. (a)
    
1,075,866
  
           
2,432,525
  
     
Household Products - 1.61%
        
 
38,115
  
Church & Dwight Co., Inc.
    
1,846,672
  
               
     
Industrial Conglomerates - 3.03%
        
 
9,635
  
3M Co.
    
2,022,387
  
 
60,385
  
General Electric Co.
    
1,460,109
  
           
3,482,496
  
     
Insurance - 2.18%
        
 
39,020
  
Principal Financial Group, Inc.
    
2,510,547
  
               
     
Internet Software & Services - 6.05%
        
 
674
  
Alphabet, Inc. - Class A (a)
    
656,288
  
 
4,128
  
Alphabet, Inc. - Class C (a)
    
3,959,206
  
 
13,660
  
Facebook, Inc. (a)
    
2,334,084
  
           
6,949,578
  
     
Life Sciences Tools & Services - 1.51%
        
 
9,680
  
Waters Corp. (a)
    
1,737,754
  
               
     
Machinery - 1.49%
        
 
40,180
  
Flowserve Corp.
    
1,711,266
  
               
     
Media - 3.79%
        
 
125,730
  
Interpublic Group of Cos., Inc.
    
2,613,926
  
 
65,965
  
Twenty-First Century Fox, Inc. - Class A
    
1,740,157
  
           
4,354,083
  
     
Multiline Retail - 1.22%
        
 
29,660
  
Nordstrom, Inc.
    
1,398,469
  
               
     
Multi-Utilities - 2.70%
        
 
27,230
  
Sempra Energy
    
3,107,760
  
               
     
Oil, Gas & Consumable Fuels - 4.55%
        
 
27,274
  
Chevron Corp.
    
3,204,695
  
 
149,180
  
Marathon Oil Corp.
    
2,022,881
  
           
5,227,576
  
     
Professional Services - 2.06%
        
 
57,235
  
Nielsen Holdings PLC (b)
    
2,372,391
  
               
     
Semiconductors & Semiconductor Equipment - 2.27%
        
 
32,615
  
Silicon Laboratories, Inc. (a)
    
2,605,939
  
               
     
Software - 7.50%
        
 
65,685
  
Fortinet, Inc. (a)
    
2,354,150
  
 
12,320
  
Intuit
    
1,751,165
  
 
42,650
  
Microsoft Corp.
    
3,176,999
  
 
17,825
  
Tableau Software, Inc. - Class A (a)
    
1,334,914
  
           
8,617,228
  
     
Technology Hardware, Storage & Peripherals - 3.42%
        
 
25,511
  
Apple, Inc.
    
3,931,755
  
               
     
Textiles, Apparel & Luxury Goods - 2.49%
        
 
91,390
  
Gildan Activewear, Inc. (b)
    
2,858,679
  
     
TOTAL COMMON STOCKS (Cost $72,917,455)
    
107,799,368
  
               
 
     
REITS - 3.51%
        
 
70,270
  
CubeSmart
    
1,824,209
  
 
101,530
  
Starwood Property Trust, Inc.
    
2,205,232
  
     
TOTAL REITS (Cost $3,955,639)
    
4,029,441
  
               
     
MONEY MARKET FUNDS - 2.68%
        
 
3,083,186
  
Fidelity Institutional Government Portfolio - Class I, 0.91% (c)
    
3,083,186
  
     
TOTAL MONEY MARKET FUNDS (Cost $3,083,186)
    
3,083,186
  
               
     
Total Investments in Securities (Cost ($79,956,280) - 99.99%
    
114,911,995
  
     
Other Assets in Excess of Liabilities - 0.01%
    
8,877
  
     
NET ASSETS - 100.00%
  
$
114,920,872
  
 
 
 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 September 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.
    

Davidson Multi-Cap Equity Fund
Notes to the Schedule of Investments
September 30, 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 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 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 September 30, 2017:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
11,043,757
    
$
-
    
$
-
    
$
11,043,757
  
  Consumer Staples
    
7,885,626
      
-
      
-
      
7,885,626
  
  Energy
    
6,640,559
      
-
      
-
      
6,640,559
  
  Financials
    
15,493,818
      
-
      
-
      
15,493,818
  
  Health Care
    
16,403,869
      
-
      
-
      
16,403,869
  
  Industrials
    
14,646,088
      
-
      
-
      
14,646,088
  
  Information Technology
    
25,164,157
      
-
      
-
      
25,164,157
  
  Materials
    
4,694,729
      
-
      
-
      
4,694,729
  
  Telecommunication Services
    
2,719,005
      
-
      
-
      
2,719,005
  
  Utilities
    
3,107,760
      
-
      
-
      
3,107,760
  
Total Common Stocks
    
107,799,368
      
-
      
-
      
107,799,368
  
REITs
                                
  Financials
    
2,205,232
      
-
      
-
      
2,205,232
  
  Real Estate
    
1,824,209
      
-
      
-
      
1,824,209
  
Total REITs
    
4.029,441
      
-
      
-
      
4.029,441
  
Short-Term Investments
    
3,083,186
      
-
      
-
      
3,083,186
  
Total Investments in Securities
  
$
114,911,995
    
$
-
    
$
-
    
$
114,911,995
  


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 September 30, 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 September 30, 2017.


Note 2 – Federal Income Taxes

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


Cost of investments
  
$
79,956,280
  
         
Gross unrealized appreciation
  
$
36,896,002
  
Gross unrealized depreciation
    
(1,940,287
)
Net unrealized appreciation
  
$
34,955,715
  


*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:                                   11/10/2017                                               



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                                   11/10/2017                                             

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

Date                                   11/10/2017                                             

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