N-Q 1 ast-chase_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on 8/29/19



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:  June 30, 2019
Item 1. Schedules of Investments.
 
Chase Growth Fund
      
Schedule of Investments
      
at June 30, 2019 (Unaudited)
      
           
Shares
  
COMMON STOCKS - 96.8%
  
Value
  
   
Auto/Auto Parts - 3.8%
      
 
2,510
  
AutoZone, Inc. *
  
$
2,759,670
  
               
     
Broadcast Media - 2.6%
        
 
43,448
  
Comcast Corp. - Class A
    
1,836,981
  
               
     
Brokerage - 1.5%
        
 
13,590
  
LPL Financial Holdings, Inc.
    
1,108,536
  
               
     
Building - 3.1%
        
 
16,437
  
Vulcan Materials Co.
    
2,256,964
  
               
     
Computer - Networking - 2.5%
        
 
33,150
  
Cisco Systems, Inc.
    
1,814,300
  
               
     
Computer Software - 8.2%
        
 
10,170
  
Adobe Systems, Inc. *
    
2,996,590
  
 
21,685
  
Microsoft Corp.
    
2,904,923
  
           
5,901,513
  
     
Conglomerates - 4.7%
        
 
9,693
  
Carlisle Companies, Inc.
    
1,360,994
  
 
11,570
  
Honeywell International, Inc.
    
2,020,006
  
           
3,381,000
  
     
Defense - 3.6%
        
 
7,105
  
Lockheed Martin Corp.
    
2,582,952
  
               
     
Drugs - Proprietary - 6.3%
        
 
15,255
  
Merck & Co., Inc.
    
1,279,132
  
 
28,720
  
Zoetis, Inc.
    
3,259,433
  
           
4,538,565
  
     
Electrical Equipment - 3.1%
        
 
8,015
  
Lennox International, Inc.
    
2,204,125
  
               
     
Electrical Instruments - 2.2%
        
 
5,340
  
Thermo Fisher Scientific, Inc.
    
1,568,251
  
               
     
Finance/Information Services - 20.7%
        
 
15,357
  
Euronet Worldwide, Inc. *
    
2,583,662
  
 
24,220
  
Fiserv, Inc. *
    
2,207,895
  
 
12,680
  
MasterCard, Inc. - Class A
    
3,354,241
  
 
18,540
  
PayPal Holdings, Inc. *
    
2,122,088
  
 
20,765
  
Visa, Inc. - Class A
    
3,603,766
  
 
7,955
  
Worldpay, Inc. - Class A *
    
974,885
  
           
14,846,537
  
     
Financial Services - Diversified - 4.9%
        
 
17,430
  
American Express Co.
    
2,151,559
  
 
17,270
  
Discover Financial Services
    
1,339,979
  
           
3,491,538
  
     
 Food - 2.8%
        
 
19,170
  
Post Holdings, Inc. *
    
1,993,105
  
               
     
Health Care Services - 2.6%
        
 
11,512
  
IQVIA Holdings, Inc. *
    
1,852,281
  
               
     
Internet Retail - 4.3%
        
 
1,610
  
Amazon.com, Inc. *
    
3,048,744
  
     
Medical Products - 2.1%
        
 
4,510
  
Teleflex, Inc.
    
1,493,487
  
               
     
Metals - Precious - 2.2%
        
 
36,060
  
Kirkland Lake Gold Ltd. +
    
1,547,695
  
               
     
Railroad - 3.0%
        
 
28,270
  
CSX Corp.
    
2,187,250
  
               
     
Restaurants - 2.6%
        
 
16,665
  
Yum! Brands, Inc.
    
1,844,316
  
               
     
Retail - Discount - 3.7%
        
 
19,480
  
Dollar General Corp.
    
2,632,917
  
               
     
Telecommunication Equipment - 3.3%
        
 
247,460
  
Telefonaktiebolaget LM Ericsson - ADR
    
2,350,870
  
               
     
Wireless Telecommunication - 3.0%
        
 
28,745
  
T-Mobile US, Inc. *
    
2,131,154
  
               
     
TOTAL COMMON STOCKS (Cost $48,973,289)
    
69,372,751
  
               
     
SHORT-TERM INVESTMENTS - 3.3%
        
 
2,379,713
  
Invesco STIT Treasury Portfolio - Institutional Class, 2.22% #
    
2,379,713
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $2,379,713)
    
2,379,713
  
               
     
Total Investments in Securities (Cost $51,353,002) - 100.1%
    
71,752,464
  
     
Liabilities in Excess of Other Assets - (0.1)%
    
(76,544
)
     
NET ASSETS - 100.0%
  
$
71,675,920
  

ADR
  
American Depository Receipt
    
*
  
Non-income producing security.
    
+
  
U.S. traded security of a foreign issuer.
    
#
  
Rate shown is the 7-day annualized yield as of June 30, 2019.
  

 
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 June 30, 2019 (Unaudited)
      
           
Shares
  
COMMON STOCKS - 96.8%
  
Value
  
   
Aerospace & Aircraft - 3.5%
      
 
9,670
  
Hexcel Corp.
  
$
782,110
  
               
     
Apparel - 3.0%
        
 
17,380
  
Gildan Activewear, Inc. +
    
672,258
  
               
     
Asset Management - 2.9%
        
 
19,870
  
Federated Investors, Inc. - Class B
    
645,775
  
               
     
Auto/Auto Parts - 1.8%
        
 
355
  
AutoZone, Inc. *
    
390,312
  
               
     
Brokerage - 2.5%
        
 
6,640
  
LPL Financial Holdings, Inc.
    
541,625
  
               
     
Building - 3.5%
        
 
5,705
  
Vulcan Materials Co.
    
783,354
  
               
     
Building Products - 3.2%
        
 
7,370
  
Armstrong World Industries, Inc.
    
716,364
  
               
     
Business Services - 6.5%
        
 
3,744
  
MSCI, Inc.
    
894,030
  
 
8,025
  
TriNet Group, Inc. *
    
544,095
  
           
1,438,125
  
     
Computer Software - 5.0%
        
 
6,330
  
EPAM Systems, Inc. *
    
1,095,723
  
               
     
Conglomerates - 3.0%
        
 
4,790
  
Carlisle Companies, Inc.
    
672,564
  
               
     
Electrical Equipment - 3.2%
        
 
2,570
  
Lennox International, Inc.
    
706,750
  
               
     
Electrical Instruments - 2.3%
        
 
5,704
  
Keysight Technologies, Inc. *
    
512,276
  
               
     
Engineering & Construction - 1.9%
        
 
8,030
  
MasTec, Inc. *
    
413,786
  
               
     
Finance/Information Services - 8.5%
        
 
5,600
  
Euronet Worldwide, Inc. *
    
942,144
  
 
5,833
  
Global Payments, Inc.
    
934,038
  
           
1,876,182
  
     
Financial Services - Mortgage Related - 3.9%
        
 
30,360
  
NMI Holdings, Inc. - Class A *
    
861,920
  
               
     
 Food - 1.8%
        
 
3,725
  
Post Holdings, Inc. *
    
387,288
  
               
     
Footwear - 2.8%
        
 
3,550
  
Deckers Outdoor Corp. *
    
624,693
  
     
Health Care Services - 2.2%
        
 
4,145
  
LHC Group, Inc. *
    
495,659
  
               
     
Information Services - 3.0%
        
 
17,285
  
PagSeguro Digital Ltd. - Class A * +
    
673,596
  
               
     
Insurance - Property/Casualty/Title - 5.5%
        
 
6,290
  
Kemper Corp.
    
542,764
  
 
8,890
  
Selective Insurance Group, Inc.
    
665,772
  
           
1,208,536
  
     
Leisure Time - 2.8%
        
 
8,499
  
Planet Fitness, Inc. - Class A *
    
615,668
  
               
     
Medical Products - 1.8%
        
 
1,190
  
Teleflex, Inc.
    
394,069
  
               
     
Medical Systems/Equipment - 4.2%
        
 
11,890
  
Bruker Corp.
    
593,906
  
 
3,276
  
Hill Rom Holdings, Inc.
    
342,735
  
           
936,641
  
     
Metals - Precious - 3.5%
        
 
18,030
  
Kirkland Lake Gold Ltd. +
    
773,848
  
               
     
Personal Care - 1.6%
        
 
991
  
Ulta Beauty, Inc. *
    
343,768
  
               
     
Restaurants - 2.4%
        
 
4,425
  
Darden Restaurants, Inc.
    
538,655
  
               
     
Retail - Discount - 1.8%
        
 
4,656
  
Ollie's Bargain Outlet Holdings, Inc. *
    
405,584
  
               
     
Semiconductors - 1.5%
        
 
2,960
  
Mellanox Technologies Ltd. * +
    
327,583
  
               
     
Service Companies - 4.1%
        
 
13,824
  
Booz Allen Hamilton Holding Corp.
    
915,287
  
               
     
Shipping - 1.5%
        
 
4,270
  
Kirby Corp. *
    
337,330
  
               
     
Telecommunication Equipment - 1.6%
        
 
26,320
  
Viavi Solutions, Inc. *
    
349,793
  
               
     
TOTAL COMMON STOCKS (Cost $16,548,607)
    
21,437,122
  
               
     
SHORT-TERM INVESTMENTS - 3.9%
        
 
868,164
  
Invesco STIT Treasury Portfolio - Institutional Class, 2.22% #
    
868,164
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $868,164)
    
868,164
  
     
Total Investments in Securities (Cost $17,416,771) - 100.7%
    
22,305,286
  
     
Liabilities in Excess of Other Assets - (0.7)%
    
(162,817
)
     
NET ASSETS - 100.0%
  
$
22,142,469
  

*
  
Non-income producing security.
    
+
  
U.S. traded security of a foreign issuer.
    
#
  
Rate shown is the 7-day annualized yield as of June 30, 2019.
  
 
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
June 30, 2019 (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 the Funds’ administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services.  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, 2019:
Chase Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communication Services
  
$
2,131,155
    
$
-
    
$
-
    
$
2,131,155
  
  Consumer Discretionary
    
12,122,628
      
-
      
-
      
12,122,628
  
  Consumer Staples
    
1,993,105
      
-
      
-
      
1,993,105
  
  Financials
    
4,600,075
      
-
      
-
      
4,600,075
  
  Health Care
    
7,959,096
      
-
      
-
      
7,959,096
  
  Industrials
    
11,848,813
      
-
      
-
      
11,848,813
  
  Materials
    
3,804,660
      
-
      
-
      
3,804,660
  
  Technology
    
24,913,219
      
-
      
-
      
24,913,219
  
Total Common Stocks
    
69,372,751
      
-
      
-
      
69,372,751
  
Short-Term Investments
    
2,379,713
      
-
      
-
      
2,379,713
  
Total Investments in Securities
  
$
71,752,464
    
$
-
    
$
-
    
$
71,752,464
  

Chase Mid-Cap Growth Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Consumer Discretionary
  
$
3,590,939
    
$
-
    
$
-
    
$
3,590,939
  
  Consumer Staples
    
387,288
      
-
      
-
      
387,288
  
  Financials
    
4,151,886
      
-
      
-
      
4,151,886
  
  Health Care
    
1,432,300
      
-
      
-
      
1,432,300
  
  Industrials
    
4,567,067
      
-
      
-
      
4,567,067
  
  Materials
    
1,557,201
      
-
      
-
      
1,557,201
  
  Technology
    
5,750,441
      
-
      
-
      
5,750,441
  
Total Common Stocks
    
21,437,122
      
-
      
-
      
21,437,122
  
Short-Term Investments
    
868,164
      
-
      
-
      
868,164
  
Total Investments in Securities
  
$
22,305,286
    
$
-
    
$
-
    
$
22,305,286
  

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, 2019, the end of the reporting period.  During the period ended June 30, 2019, 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  8/27/19                                                                                                                  


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  8/27/19                                                                                                                      


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

Date  8/26/19                                                                                                                            


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