N-Q 1 ast-logan_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
 

As filed with the Securities and Exchange Commission on September 18, 2018



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/Chief Executive Officer
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) 765-6872




Date of fiscal year end:  April 30, 2019



Date of reporting period:  July 31, 2018
Item 1. Schedules of Investments.
 
Logan Capital Large Cap Growth Fund
            
Schedule of Investments
            
July 31, 2018 (Unaudited)
            
             
   
Shares
    
Value
  
COMMON STOCKS - 98.46%
            
Consumer Discretionary - 23.80%
            
Amazon.com, Inc. (a)
    
1,154
    
$
2,051,166
  
Dick's Sporting Goods, Inc.
    
12,908
      
440,679
  
Foot Locker, Inc.
    
8,508
      
415,275
  
Hanesbrands, Inc.
    
23,807
      
529,944
  
Home Depot, Inc.
    
4,268
      
843,015
  
Netflix, Inc. (a)
    
5,155
      
1,739,555
  
Nike, Inc.
    
6,143
      
472,458
  
Starbucks Corp.
    
11,048
      
578,805
  
Williams-Sonoma, Inc.
    
10,753
      
628,943
  
             
7,699,840
  
Consumer Staples - 8.38%
                
Constellation Brands, Inc.
    
3,300
      
693,759
  
Estee Lauder Companies, Inc.
    
6,150
      
829,881
  
Monster Beverage Corp. (a)
    
14,590
      
875,692
  
Spectrum Brands Holdings, Inc. (a)
    
3,575
      
312,348
  
             
2,711,680
  
Financials - 0.48%
                
S&P Global, Inc.
    
775
      
155,341
  
Health Care - 14.76%
                
Agilent Technologies, Inc.
    
5,390
      
355,956
  
Align Technology, Inc. (a)
    
5,023
      
1,791,453
  
AmerisourceBergen Corp.
    
5,799
      
474,532
  
Celgene Corp. (a)
    
4,312
      
388,468
  
Mettler-Toledo International, Inc. (a)
    
1,142
      
676,646
  
Waters Corp. (a)
    
3,050
      
601,674
  
Zoetis, Inc.
    
5,626
      
486,536
  
             
4,775,265
  
Industrials - 7.94%
                
Acuity Brands, Inc.
    
2,092
      
290,851
  
Cintas Corp.
    
2,793
      
571,112
  
Nordson Corp.
    
3,210
      
430,493
  
United Rentals, Inc. (a)
    
2,605
      
387,624
  
Verisk Analytics, Inc. (a)
    
5,927
      
655,645
  
WABCO Holdings, Inc. (a)
    
1,847
      
232,131
  
             
2,567,856
  
Information Technology - 41.50%
                
Adobe Systems, Inc. (a)
    
650
      
159,042
  
Alliance Data Systems Corp.
    
1,358
      
305,387
  
Alphabet, Inc. - Class A (a)
    
413
      
506,842
  
Alphabet, Inc. - Class C (a)
    
413
      
502,728
  
Amphenol Corp.
    
12,784
      
1,195,432
  
Apple, Inc.
    
8,923
      
1,697,958
  
Broadcom, Inc.
    
5,137
      
1,139,233
  
Cognizant Technology Solutions - Class A
    
7,943
      
647,354
  
Electronic Arts, Inc. (a)
    
6,829
      
879,234
  
EPAM Systems, Inc. (a)
    
2,475
      
322,270
  
Facebook, Inc. (a)
    
5,823
      
1,004,933
  
Fiserv, Inc. (a)
    
8,216
      
620,144
  
FleetCor Technologies, Inc. (a)
    
3,010
      
653,170
  
Global Payments, Inc.
    
11,165
      
1,256,844
  
IPG Photonics Corp. (a)
    
2,681
      
439,791
  
MasterCard, Inc.
    
7,667
      
1,518,066
  
Paycom Software, Inc. (a)
    
3,206
      
340,638
  
Trimble, Inc. (a)
    
6,768
      
238,910
  
             
13,427,976
  
Materials - 1.60%
                
Sherwin-Williams Co.
    
1,178
      
519,180
  
TOTAL COMMON STOCKS (Cost $16,120,986)
            
31,857,138
  
                 
SHORT-TERM INVESTMENTS - 1.72%
                
Money Market Funds - 1.72%
                
Fidelity Government Portfolio - Class I, 1.80% (b)
    
557,242
      
557,242
  
TOTAL SHORT-TERM INVESTMENTS (Cost $557,242)
            
557,242
  
Total Investments (Cost $16,678,228) - 100.18%
            
32,414,380
  
Liabilities in Excess of Other Assets - (0.18)%
            
(57,236
)
TOTAL NET ASSETS - 100.00%
          
$
32,357,144
  
 
Percentages are stated as a percent of net assets.
        
 
  
(a)
Non-income producing security.
      
(b)
The rate shown represents the fund's 7-day yield as of July 31, 2018.
      
           
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the
      
 
exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").
      
 
GICS is a service mark of MSCI and S&P and has been licensed for use by Logan Capital
      
 
Management, Inc.
      
Note 1 - Summary of Fair Value Measurements at July 31, 2018 (Unaudited)
    The Logan Capital Large Cap Growth Fund (the "Fund") has adopted authoritative fair valuation 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 major 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 Fund's investments in securities are carried at their fair value. The Fund computes its net asset value per share as of the close of regular trading on the
New York Stock Exchange (4:00pm, EST).
             
    Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.
                     
    Equity Securities - Equity securities, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed-end mutual
funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the
exchange on which they are primarily traded on the day of valuation or, if there has been no sale 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.  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 - 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.
                    
                     
    Investment Companies – Investments in open-end mutual funds, including money market funds, are generally priced at their net asset value per share
provided by the service agent of the Fund and will be classified in Level 1 of the fair value hierarchy.
        
                     
    Exchange-Traded Notes – Investments in exchange-traded notes are actively traded on a national securities exchange and are valued based on the last
sales price from the exchange and are categorized in Level 1 of the fair value hierarchy.
        
                     
    Derivative Instruments – Listed derivatives, including options, rights, warrants and futures that are actively traded are valued based on quoted prices from
the exchange and are categorized in Level 1 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 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.  The following is a
summary of the fair valuation hierarchy of the Large Cap Growth Fund's securities as of July 31, 2018:
        
 
                         
Logan Capital Large Cap Growth Fund
                        
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
7,699,840
    
$
-
    
$
-
    
$
7,699,840
  
Consumer Staples
    
2,711,680
      
-
      
-
      
2,711,680
  
Financials
    
155,341
      
-
      
-
      
155,341
  
Health Care
    
4,775,265
      
-
      
-
      
4,775,265
  
Industrials
    
2,567,856
      
-
      
-
      
2,567,856
  
Information Technology
    
13,427,976
      
-
      
-
      
13,427,976
  
Materials
    
519,180
      
-
      
-
      
519,180
  
Total Common Stocks
    
31,857,138
      
-
      
-
      
31,857,138
  
Short-Term Investments
    
557,242
      
-
      
-
      
557,242
  
Total Investments in Securities
  
$
32,414,380
    
$
-
    
$
-
    
$
32,414,380
  
 
     Refer to the Fund's Schedule of Investments for a detailed break-out of holdings by industry classifications. Transfers between levels are recognized at
July 31, 2018, the end of the reporting period.  The Fund recognized no transfers between levels at July 31, 2018. There were no Level 3 securities held in
the Fund during the period ended July 31, 2018.
 
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, as amended, 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/Chief Executive Officer/
 Principal Executive Officer

Date  8/21/2018                                                                                                                                      
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, 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/Chief Executive Officer/
 Principal Executive Officer

Date 8/21/2018                                                                                                                                        

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

Date 8/21/2018                                                                                                                                        

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