N-Q 1 ast-capadv_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
 
As filed with the Securities and Exchange Commission on November 29, 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)



Emily R. Enslow, Vice President/Secretary
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 10th 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:  December 31, 2018



Date of reporting period:  September 30, 2018
Item 1. Schedules of Investments.
 

Capital Advisors Growth Fund

Schedule of Investments

at September 30, 2018 (Unaudited)

 

Shares       Value
        COMMON STOCKS - 83.23%        
        Application Software - 2.75%        
  9,970     Salesforce.com, Inc.*   $ 1,585,529  
                 
        Asset Management - 2.43%        
  2,975     BlackRock, Inc.     1,402,207  
                 
        Auto Dealerships - 3.56%        
  27,500     CarMax, Inc.*     2,053,425  
                 
        Auto Parts - 3.08%        
  11,700     Aptiv PLC#     981,630  
  5,500     Lear Corp.     797,500  
              1,779,130  
                 
        Biotechnology - 3.08%        
  19,880     Celgene Corp.*     1,779,061  
                 
        Business Services - 4.96%        
  19,085     Visa, Inc. - Class A     2,864,468  
                 
        Business Software & Services - 4.62%        
  23,320     Microsoft Corp.     2,667,108  
                 
        Catalog & Mail Order Houses - 4.94%        
  1,425     Amazon.com, Inc.*     2,854,275  
                 
        Credit Services - 1.91%        
  12,525     PayPal Holdings, Inc.*     1,100,196  
                 
        Diagnostics & Research - 2.55        
  13,525     Danaher Corp.     1,469,627  
                 
        Drug Manufacturers - 2.71%        
  22,050     Merck & Co., Inc.     1,564,227  
                 
        Health Care Plans - 4.21%        
  9,105     UnitedHealth Group, Inc.     2,422,294  
                 
        Independent Oil & Gas - 1.99%        
  16,800     Continental Resources, Inc.*     1,147,104  
                 
        Internet Information Providers - 4.54%        
  1,090     Alphabet, Inc. - Class A*     1,315,717  
  1,092     Alphabet, Inc. - Class C*     1,303,269  
              2,618,986  
                 
        Major Airlines - 2.88%        
  28,760     Delta Air Lines, Inc.     1,663,191  
                 
        Medical Laboratories & Research - 3.02%        
  10,045     Laboratory Corp. of America Holdings*     1,744,616  
                 
        Money Center Banks - 3.63%        
  29,200     Citigroup, Inc.     2,094,808  
                 
        Personal Computers - 4.93%        
  12,615     Apple, Inc.     2,847,710  
                 
        Personal Products - 3.16%        
  21,885     Procter & Gamble Co.     1,821,489  
                 
        Personal Services - 2.57%        
  12,600     Bright Horizons Family Solutions, Inc.*     1,484,784  
                 
        Processed & Packaged Goods - 3.02%        
  15,610     PepsiCo, Inc.     1,745,198  
                 
        Real Estate Development - 4.54%        
  58,900     Brookfield Asset Manangement, Inc. - Class A#     2,622,817  
                 
        Scientific Research & Development Services - 2.54%        
  13,430     CRISPR Therapeutics AG*#     595,620  
  15,440     Editas Medicine, Inc.*     491,301  
  13,290     Intellia Therapeutics, Inc.*     380,360  
              1,467,281  
        Scientific & Technical Instruments - 1.04%        
  3,500     Coherent, Inc.*     602,665  
                 
        Software - Application - 2.10        
  5,340     Intuit, Inc.     1,214,316  
                 
        Specialty Retail - Other - 2.47%        
  8,640     Alibaba Group Holding Ltd. - ADR*     1,423,526  
        Total Common Stocks (Cost $31,854,681)     48,040,038  
                 
        SHORT-TERM INVESTMENTS - 14.30%        
  8,255,005     Fidelity Investments Money Market Government Portfolio, Class I, 1.92%† (Cost $8,255,005)     8,255,005  
        Total Investments in Securities (Cost $40,109,686) - 97.53%     56,295,043  
        Other Assets in Excess of Liabilities - 2.47%     1,425,781  
       

Net Assets - 100.00%

   $ 57,720,824  

 

   * Non-income producing security.
   # U.S. traded security of a foreign issuer.
  † Rate shown is the 7-day annualized yield as of September 30, 2018.
   ADR - American Depository Receipt

 

 

 

Capital Advisors Growth Fund

Notes to Schedule of Investments

September 30, 2018 (Unaudited)

 

Note 1 – Securities Valuation

 

The Capital Advisors Growth Fund’s (the “Fund”) investments in securities are carried at their fair value. Equity securities, including common stocks 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.

 

The 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).

 

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 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, 2018:

 

      Level 1   Level 2   Level 3   Total
  Common Stocks                
  Basic Materials   $ 1,147,104     $ —       $ —       $ 1,147,104  
  Consumer Goods     5,345,817       —         —         5,345,817  
  Financial     10,084,496       —         —         10,084,496  
  Healthcare     10,447,106       —         —         10,447,106  
  Services     9,479,201       —         —         9,479,201  
  Technology     11,536,314       —         —         11,536,314  
  Total Common Stocks     48,040,038       —         —         48,040,038  
  Short-Term Investments     8,255,005       —         —         8,255,005  
  Total Investments in Securities   $ 56,295,043     $ —       $ —       $ 56,295,043  

 

 

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, 2018, the end of the reporting period. The Fund recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the period ended September 30, 2018.

 

Item 2. Controls and Procedures.
 
(a)
The Registrant’s Vice President/Secretary/Principal Executive Officer and Vice President/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/ Emily R. Enslow                                                                                                                
Emily R. Enslow, Vice President/Secretary/Principal Executive Officer

Date     11/26/18                                                                                                                                                                     


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/ Emily R. Enslow                                                                                                                
 Emily R. Enslow, Vice President/Secretary/Principal Executive Officer

Date    11/26/18                                                                                                                                                                      
 

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

Date     11/26/18                                                                                                                                                                    

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