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

As filed with the Securities and Exchange Commission on November 26, 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)


Registrant's telephone number, including area code: (626) 914-7363




Date of fiscal year end:  December 31, 2019



Date of reporting period:  September 30, 2019
Item 1. Schedules of Investments.

Capital Advisors Growth Fund
      
Schedule of Investments
      
at September 30, 2019 (Unaudited)
      
           
Shares
  
 
  
Value
  
   
COMMON STOCKS - 82.35%
      
   
Aerospace & Defense - 3.76%
      
 
11,860
  
Raytheon Co.
  
$
2,326,813
  
               
     
Asset Management - 3.94%
        
 
5,470
  
BlackRock, Inc.
    
2,437,651
  
               
     
Banks - Global - 3.52%
        
 
18,500
  
JPMorgan Chase & Co.
    
2,177,265
  
               
     
Business Services - 4.47%
        
 
16,075
  
Visa, Inc. - Class A
    
2,765,061
  
               
     
Business Software & Services - 4.95%
        
 
22,020
  
Microsoft Corp.
    
3,061,441
  
               
     
Catalog & Mail Order Houses - 3.48%
        
 
1,240
  
Amazon.com, Inc.*
    
2,152,528
  
               
     
Credit Services - 1.83%
        
 
10,910
  
PayPal Holdings, Inc.*
    
1,130,167
  
               
     
Diagnostics & Research - 5.98%
        
 
13,445
  
Danaher Corp.
    
1,941,861
  
 
6,015
  
Thermo Fisher Scientific, Inc.
    
1,751,989
  
           
3,693,850
  
     
Health Care Plans - 2.18%
        
 
6,170
  
UnitedHealth Group, Inc.
    
1,340,864
  
               
     
Industrial Distibution - 1.93%
        
 
30,490
  
HD Supply Holdings, Inc.*
    
1,194,446
  
               
     
Information Technology Services - 3.70%
        
 
11,882
  
Accenture PLC - Class A#
    
2,285,503
  
               
     
Internet Information Providers - 3.28%
        
 
420
  
Alphabet, Inc. - Class A*
    
512,879
  
 
1,242
  
Alphabet, Inc. - Class C*
    
1,513,998
  
           
2,026,877
  
     
Medical Devices - 3.22%
        
 
9,210
  
Stryker Corp.
    
1,992,123
  
               
     
Medical Instruments & Supplies - 1.56%
        
 
1,785
  
Intuitive Surgical, Inc.*
    
963,775
  
               
     
Money Center Banks - 3.26%
        
 
29,200
  
Citigroup, Inc.
    
2,017,136
  
     
Personal Computers - 4.57%
        
 
12,615
  
Apple, Inc.
    
2,825,382
  
               
     
Personal Products - 4.40%
        
 
21,885
  
Procter & Gamble Co.
    
2,722,056
  
               
     
Personal Services - 1.95%
        
 
7,900
  
Bright Horizons Family Solutions, Inc.*
    
1,204,750
  
               
     
Processed & Packaged Goods - 3.80%
        
 
17,130
  
PepsiCo, Inc.
    
2,348,523
  
               
     
Real Estate Development - 5.59%
        
 
65,100
  
Brookfield Asset Manangement, Inc. - Class A#
    
3,456,159
  
               
     
Rental & Leasing Services - 2.75%
        
 
26,500
  
Aaron's, Inc.
    
1,702,890
  
               
     
Scientific Research & Development Services - 1.46%
        
 
13,430
  
CRISPR Therapeutics AG*#
    
550,496
  
 
15,440
  
Editas Medicine, Inc.*
    
351,106
  
           
901,602
  
               
     
Semiconductor Equipment & Materials - 2.11%
        
 
26,085
  
Applied Materials, Inc.
    
1,301,641
  
               
     
Software - Application - 2.00%
        
 
4,650
  
Intuit, Inc.
    
1,236,621
  
               
     
Specialty Retail - Other - 2.66%
        
 
9,815
  
Alibaba Group Holding Ltd. - ADR*
    
1,641,362
  
     
Total Common Stocks (Cost $34,507,070)
    
50,906,486
  
               
     
EXCHANGE-TRADED FUNDS - 2.45%
        
 
19,880
  
SPDR S&P Biotech ETF
    
1,515,850
  
     
Total Exchange-Traded Funds (Cost $1,630,226)
    
1,515,850
  
               
     
SHORT-TERM INVESTMENTS - 14.66%
        
 
9,062,012
  
First American Government Obligations Fund, Class X, 1.87%† (Cost $9,062,012)
    
9,062,012
  
     
Total Investments in Securities (Cost $45,199,308) - 99.46%
    
61,484,348
  
     
Other Assets in Excess of Liabilities - 0.54%
    
334,888
  
     
Net Assets - 100.00%
  
$
61,819,236
  
               
     
 * Non-income producing security.
        
     
 # U.S. traded security of a foreign issuer.
        
     
† Rate shown is the 7-day annualized yield as of September 30, 2019.
        
     
 ADR - American Depository Receipt
        
     
 ETF - Exchange-Traded Fund
        
Capital Advisors Growth Fund
Notes to Schedule of Investments
September 30, 2019 (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 and exchange-traded funds, 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 the Fund’s 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 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, 2019:

 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
  Aerospace & Defense
  
$
2,326,813
    
$
-
    
$
-
    
$
2,326,813
  
  Consumer Goods
    
5,070,579
      
-
      
-
      
5,070,579
  
  Financial
    
13,983,438
      
-
      
-
      
13,983,438
  
  Healthcare
    
8,892,215
      
-
      
-
      
8,892,215
  
  Industrial
    
2,897,336
      
-
      
-
      
2,897,336
  
  Services
    
6,300,282
      
-
      
-
      
6,300,282
  
  Technology
    
11,435,823
      
-
      
-
      
11,435,823
  
Total Common Stocks
    
50,906,486
      
-
      
-
      
50,906,486
  
Exchange-Traded Funds
    
1,515,850
      
-
      
-
      
1,515,850
  
Short-Term Investments
    
9,062,012
      
-
      
-
      
9,062,012
  
Total Investments in Securities
  
$
61,484,348
    
$
-
    
$
-
    
$
61,484,348
  

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, 2019, the end of the reporting period.  During the period ended September 30, 2019, the Fund 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:11/18/2019                                                                       


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:11/18/2019                                                                       


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

Date:11/18/2019                                                                       

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