N-Q 1 ast_chase-nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on March 1, 2019



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)



Jeffrey T. Rauman, 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)


(414) 765-6872
Registrant's telephone number, including area code




Date of fiscal year end:  September 30, 2019



Date of reporting period:  December 31, 2018

Item 1. Schedules of Investments.
 
Chase Growth Fund
  
Schedule of Investments
  
at December 31, 2018 (Unaudited)
  
           
Shares
      
Value
  
   
COMMON STOCKS - 96.9%
      
   
Airlines - 1.7%
      
 
12,910
  
United Continental Holdings, Inc. *
  
$
1,080,954
  
               
     
Broadcast Media - 1.7%
        
 
43,805
  
Discovery, Inc. - Class A *
    
1,083,736
  
               
     
Building Products - 2.8%
        
 
42,220
  
USG Corp.
    
1,801,105
  
               
     
Chemicals - Fertilizers - 2.0%
        
 
43,905
  
Mosaic Co.
    
1,282,465
  
               
     
Computer Software - 9.9%
        
 
14,740
  
Adobe Systems, Inc. *
    
3,334,778
  
 
30,170
  
Microsoft Corp.
    
3,064,367
  
           
6,399,145
  
     
Conglomerates - 2.6%
        
 
12,480
  
Honeywell International, Inc.
    
1,648,858
  
               
     
Drugs - Proprietary - 7.2%
        
 
26,380
  
Merck & Co., Inc.
    
2,015,696
  
 
30,990
  
Zoetis, Inc.
    
2,650,884
  
           
4,666,580
  
     
Electrical Equipment - 2.8%
        
 
8,265
  
Lennox International, Inc.
    
1,808,878
  
               
     
Electrical Instruments - 2.1%
        
 
5,950
  
Thermo Fisher Scientific, Inc.
    
1,331,551
  
               
     
Finance/Information Services - 17.5%
        
 
26,140
  
Fiserv, Inc. *
    
1,921,029
  
 
10,050
  
Global Payments, Inc.
    
1,036,456
  
 
13,830
  
MasterCard, Inc. - Class A
    
2,609,030
  
 
19,710
  
PayPal Holdings, Inc. *
    
1,657,414
  
 
22,660
  
Visa, Inc. - Class A
    
2,989,760
  
 
13,335
  
Worldpay, Inc. - Class A *
    
1,019,194
  
           
11,232,883
  
     
Financial Services - Miscellaneous - 2.4%
        
 
20,330
  
Intercontinental Exchange, Inc.
    
1,531,459
  
               
     
 Food - 1.6%
        
 
11,400
  
Post Holdings, Inc. *
    
1,016,082
  
               
     
Health Care Benefits - 10.1%
        
 
4,276
  
Anthem, Inc.
    
1,123,006
  
 
14,790
  
Centene Corp. *
    
1,705,287
  
 
14,610
  
UnitedHealth Group, Inc.
    
3,639,643
  
           
6,467,936
  
     
Health Care Services - 4.2%
        
 
23,420
  
IQVIA Holdings, Inc. *
    
2,720,701
  
               
     
Internet Retail - 5.3%
        
 
2,286
  
Amazon.com, Inc. *
    
3,433,503
  
               

     
Internet Software & Services - 4.8%
        
 
2,949
  
Alphabet, Inc. - Class A *
    
3,081,587
  
               
     
Leisure Time - 1.7%
        
 
10,145
  
Walt Disney Co.
    
1,112,399
  
               
     
Railroad - 2.2%
        
 
22,640
  
CSX Corp.
    
1,406,623
  
               
     
Retail - Apparel - 2.7%
        
 
10,680
  
Burlington Stores, Inc. *
    
1,737,316
  
               
     
Retail - Discount - 2.9%
        
 
17,160
  
Dollar General Corp.
    
1,854,653
  
               
     
Retail - Home Improvement - 4.3%
        
 
16,070
  
Home Depot, Inc.
    
2,761,147
  
               
     
Telecommunication Equipment - 2.6%
        
 
190,080
  
Telefonaktiebolaget LM Ericsson - ADR
    
1,686,010
  
               
     
Wireless Telecommunication - 1.8%
        
 
17,895
  
T-Mobile US, Inc. *
    
1,138,301
  
               
     
TOTAL COMMON STOCKS (Cost $47,549,182)
    
62,283,872
  
               
     
SHORT-TERM INVESTMENTS - 3.4%
        
 
2,182,284
  
Invesco STIT Treasury Portfolio - Institutional Class, 2.30% #
    
2,182,284
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $2,182,284)
    
2,182,284
  
     
Total Investments in Securities (Cost $49,731,466) - 100.3%
    
64,466,156
  
     
Liabilities in Excess of Other Assets - (0.3)%
    
(171,713
)
     
NET ASSETS - 100.0%
  
$
64,294,443
  
   
ADR
  
American Depository Receipt
        
 
*
  
Non-income producing security.
        
 
#
  
Rate shown is the 7-day annualized yield as of December 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 U.S. Bancorp Fund Services, LLC.
  
     
     

Chase Mid-Cap Growth Fund
      
Schedule of Investments
      
at December 31, 2018 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 97.3%
      
   
Biotechnology - 5.0%
      
 
11,080
  
Emergent BioSolutions, Inc. *
  
$
656,822
  
 
17,080
  
Innoviva, Inc. *
    
298,046
  
           
954,868
  
     
Broadcast Media - 1.3%
        
 
10,170
  
Discovery, Inc. - Class A *
    
251,606
  
               
     
Brokerage - 2.4%
        
 
7,520
  
LPL Financial Holdings, Inc.
    
459,322
  
               
     
Building Products - 6.3%
        
 
7,990
  
Armstrong World Industries, Inc.
    
465,098
  
 
17,010
  
USG Corp.
    
725,646
  
           
1,190,744
  
     
Business Services - 3.1%
        
 
4,024
  
MSCI, Inc.
    
593,258
  
               
     
Chemicals - Fertilizers - 2.7%
        
 
17,700
  
Mosaic Co.
    
517,017
  
               
     
Computer - Storage - 1.9%
        
 
5,921
  
NetApp, Inc.
    
353,306
  
               
     
Computer Software - 7.8%
        
 
6,745
  
EPAM Systems, Inc. *
    
782,487
  
 
15,509
  
SS&C Technologies Holdings, Inc.
    
699,611
  
           
1,482,098
  
     
Drugs - Proprietary - 1.5%
        
 
14,490
  
Horizon Pharma plc *+
    
283,135
  
               
     
Electrical Equipment - 3.2%
        
 
2,775
  
Lennox International, Inc.
    
607,336
  
               
     
Electrical Instruments - 3.7%
        
 
11,255
  
Keysight Technologies, Inc. *
    
698,710
  
               
     
Electronics - 1.9%
        
 
9,910
  
Avnet, Inc.
    
357,751
  
               
     
Finance/Information Services - 8.1%
        
 
5,965
  
Euronet Worldwide, Inc. *
    
610,697
  
 
6,293
  
Global Payments, Inc.
    
648,997
  
 
3,530
  
Worldpay, Inc. - Class A *
    
269,798
  
           
1,529,492
  
     
Financial Services - Miscellaneous - 2.0%
        
 
3,960
  
Broadridge Financial Solutions, Inc.
    
381,150
  
               
     
 Food - 3.1%
        
 
6,560
  
Post Holdings, Inc. *
    
584,693
  
               
     
Footwear - 2.5%
        
 
3,660
  
Deckers Outdoor Corp. *
    
468,297
  
               

     
Health Care Services - 7.1%
        
 
7,450
  
Encompass Health Corp.
    
459,665
  
 
4,310
  
LHC Group, Inc. *
    
404,623
  
 
5,295
  
PRA Health Sciences, Inc. *
    
486,928
  
           
1,351,216
  
     
Insurance - Property/Casualty/Title - 3.1%
        
 
9,575
  
Selective Insurance Group, Inc.
    
583,501
  
               
     
Leisure Time - 3.7%
        
 
13,204
  
Planet Fitness, Inc. - Class A *
    
707,998
  
               
     
Medical Products - 2.7%
        
 
9,210
  
Merit Medical Systems, Inc. *
    
514,010
  
               
     
Medical Systems/Equipment - 3.4%
        
 
7,214
  
Hill Rom Holdings, Inc.
    
638,800
  
               
     
Metals - Precious - 3.5%
        
 
25,080
  
Kirkland Lake Gold Ltd. +
    
654,337
  
               
     
Personal Care - 1.3%
        
 
1,036
  
Ulta Beauty, Inc. *
    
253,654
  
               
     
Railroad - 1.8%
        
 
3,500
  
Kansas City Southern
    
334,075
  
               
     
Retail - Apparel - 5.1%
        
 
5,963
  
Burlington Stores, Inc. *
    
970,001
  
               
     
Retail - Discount - 2.3%
        
 
6,601
  
Ollie's Bargain Outlet Holdings, Inc. *
    
439,033
  
               
     
Semiconductors - 3.5%
        
 
7,275
  
Mellanox Technologies Ltd. *+
    
672,065
  
               
     
Telecommunication Equipment - 3.3%
        
 
18,705
  
Ciena Corp. *
    
634,287
  
               
     
TOTAL COMMON STOCKS (Cost $16,470,412)
    
18,465,760
  
               
     
SHORT-TERM INVESTMENTS - 4.3%
        
 
804,935
  
Invesco STIT Treasury Portfolio - Institutional Class, 2.30% #
    
804,935
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $804,935)
    
804,935
  
     
Total Investments in Securities (Cost $17,275,347) - 101.6%
    
19,270,695
  
     
Liabilities in Excess of Other Assets - (1.6)%
    
(296,621
)
     
NET ASSETS - 100.0%
  
$
18,974,074
  
               
 
*
  
Non-income producing security.
        
 
+
  
U.S. traded security of a foreign issuer.
        
 
#
  
Rate shown is the 7-day annualized yield as of December 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 U.S. Bancorp Fund Services, LLC.
  
               

Chase Funds
Notes to Schedule of Investments
December 31, 2018 (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 December 31, 2018:


Chase Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
6,416,023
    
$
-
    
$
-
    
$
6,416,023
  
  Consumer Discretionary
    
9,786,619
      
-
      
-
      
9,786,619
  
  Consumer Staples
    
1,016,082
      
-
      
-
      
1,016,082
  
  Financials
    
1,531,459
      
-
      
-
      
1,531,459
  
  Health Care
    
15,186,768
      
-
      
-
      
15,186,768
  
  Industrials
    
7,746,418
      
-
      
-
      
7,746,418
  
  Materials
    
1,282,465
      
-
      
-
      
1,282,465
  
  Technology
    
19,318,038
      
-
      
-
      
19,318,038
  
Total Common Stocks
    
62,283,872
      
-
      
-
      
62,283,872
  
Short-Term Investments
    
2,182,284
      
-
      
-
      
2,182,284
  
Total Investments in Securities
  
$
64,466,156
    
$
-
    
$
-
    
$
64,466,156
  

Chase Mid-Cap Growth Fund
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
251,606
    
$
-
    
$
-
    
$
251,606
  
  Consumer Discretionary
    
2,838,983
      
-
      
-
      
2,838,983
  
  Consumer Staples
    
584,693
      
-
      
-
      
584,693
  
  Financials
    
1,636,081
      
-
      
-
      
1,636,081
  
  Health Care
    
3,742,029
      
-
      
-
      
3,742,029
  
  Industrials
    
2,132,155
      
-
      
-
      
2,132,155
  
  Materials
    
1,171,354
      
-
      
-
      
1,171,354
  
  Technology
    
6,108,859
      
-
      
-
      
6,108,859
  
Total Common Stocks
    
18,465,760
      
-
      
-
      
18,465,760
  
Short-Term Investments
    
804,935
      
-
      
-
      
804,935
  
Total Investments in Securities
  
$
19,270,695
    
$
-
    
$
-
    
$
19,270,695
  

Refer to the Funds’ schedule of investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at December 31, 2018, the end of the reporting period.  During the period ended December 31, 2018, the Funds recognized no transfers between levels.
 
Item 2. Controls and Procedures.
 
(a)
The Registrant’s President/Chief Executive Officer/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/ Jeffrey T. Rauman                                         
                                                        Jeffrey T. Rauman, President/Chief Executive
                                                        Officer/Principal Executive Officer

Date                                                       3/1/19                                           


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/ Jeffrey T. Rauman                                         
                                        Jeffrey T. Rauman, President/Chief Executive
                                        Officer/Principal Executive Officer

Date                                                       3/1/19                                           

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

Date                                                       2/22/19                                           

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