As filed with the Securities and Exchange Commission on March 1, 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)


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




Date of fiscal year end:  September 30, 2018



Date of reporting period:  December 31, 2017

Item 1. Schedules of Investments.
 
Chase Growth Fund
  
Schedule of Investments
  
at December 31, 2017 (Unaudited)
  
           
Shares
      
Value
  
   
COMMON STOCKS - 96.6%
      
   
Air Freight - 3.2%
      
 
9,990
  
FedEx Corp.
  
$
2,492,905
  
               
     
Brokerage - 2.2%
        
 
33,840
  
E*Trade Financial Corp. *
    
1,677,449
  
               
     
Building - 4.6%
        
 
42,620
  
Masco Corp.
    
1,872,723
  
 
50,270
  
PulteGroup, Inc.
    
1,671,477
  
           
3,544,200
  
     
Building Products - 2.2%
        
 
18,600
  
Owens Corning
    
1,710,084
  
               
     
Chemicals - 2.3%
        
 
14,010
  
Albemarle Corp.
    
1,791,739
  
               
     
Chemicals - Specialty - 5.7%
        
 
25,780
  
Celanese Corp. - Series A
    
2,760,522
  
 
3,970
  
Sherwin-Williams Co.
    
1,627,859
  
           
4,388,381
  
     
Computer - Semiconductors - 1.5%
        
 
22,970
  
Applied Materials, Inc.
    
1,174,226
  
               
     
Computer Hardware - 3.0%
        
 
13,445
  
Apple Inc.
    
2,275,297
  
               
     
Computer Software - 7.7%
        
 
17,150
  
Adobe Systems, Inc. *
    
3,005,366
  
 
34,610
  
Microsoft Corp.
    
2,960,539
  
           
5,965,905
  
     
Computer Software - Gaming - 1.7%
        
 
12,170
  
Electronic Arts, Inc. *
    
1,278,580
  
               
     
Conglomerates - 2.9%
        
 
14,320
  
Honeywell International, Inc.
    
2,196,115
  
               
     
Drugs - Proprietary - 3.3%
        
 
35,550
  
Zoetis, Inc.
    
2,561,022
  
               
     
Electrical Instruments - 1.7%
        
 
6,820
  
Thermo Fisher Scientific, Inc.
    
1,294,982
  
               
     
Engineering/Construction - 2.0%
        
 
40,180
  
Quanta Services, Inc. *
    
1,571,440
  
               
 
     
Finance/Information Services - 10.2%
        
 
15,240
  
Fiserv, Inc. *
    
1,998,421
  
 
17,040
  
Global Payments Inc.
    
1,708,090
  
 
16,560
  
Vantiv, Inc. - Class A *
    
1,217,988
  
 
25,990
  
Visa, Inc. - Class A
    
2,963,380
  
           
7,887,879
  
     
Financial Services - Diversified - 2.4%
        
 
36,970
  
Voya Financial, Inc.
    
1,828,906
  
               
     
Financial Services - Miscellaneous - 2.1%
        
 
22,860
  
Intercontinental Exchange, Inc.
    
1,613,002
  
               
     
Health Care Benefits - 4.9%
        
 
17,140
  
UnitedHealth Group, Inc.
    
3,778,684
  
               
     
Health Care Services - 3.4%
        
 
26,870
  
IQVIA Holdings, Inc. *
    
2,630,573
  
               
     
Internet Retail - 8.0%
        
 
18,250
  
Alibaba Group Holding Ltd. - ADR*
    
3,146,847
  
 
2,616
  
Amazon.com, Inc. *
    
3,059,334
  
           
6,206,181
  
     
Internet Software & Services - 7.7%
        
 
3,399
  
Alphabet, Inc. - Class A *
    
3,580,507
  
 
13,340
  
Facebook, Inc. - Class A *
    
2,353,976
  
           
5,934,483
  
     
Machinery - 2.5%
        
 
9,560
  
Parker-Hannifin Corp.
    
1,907,985
  
               
     
Real Estate Investment Trusts (REITs) - 2.0%
        
 
3,314
  
Equinix, Inc.
    
1,501,971
  
               
     
Retail - Apparel - 1.9%
        
 
12,000
  
Burlington Stores, Inc. *
    
1,476,360
  
               
     
Retail - Home Improvement - 4.5%
        
 
18,430
  
Home Depot, Inc.
    
3,493,038
  
               
     
Semiconductors - 3.0%
        
 
9,110
  
Broadcom Ltd. +
    
2,340,359
  
               
     
TOTAL COMMON STOCKS (Cost $53,706,903)
    
74,521,746
  
               
 
     
SHORT-TERM INVESTMENTS - 0.8%
        
 
628,013
  
Invesco STIT Treasury Portfolio - Institutional Class, 1.17%#
    
628,013
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $628,013)
    
628,013
  
     
Total Investments in Securities (Cost $54,334,916) - 97.4%
    
75,149,759
  
     
Other Assets in Excess of Liabilities - 2.6%
    
2,019,382
  
     
NET ASSETS - 100.0%
  
$
77,169,141
  
 
 
 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 December 31, 2017.
    
 
 
    
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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, 2017 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 95.5%
      
   
Apparel - 1.8%
      
 
2,900
  
PVH Corp.
  
$
397,909
  
               
     
Asset Management - 2.6%
        
 
10,337
  
Eaton Vance Corp.
    
582,903
  
               
     
Auto/Auto Parts - 4.1%
        
 
3,237
  
Lear Corp.
    
571,848
  
 
15,228
  
Meritor, Inc. *
    
357,249
  
           
929,097
  
     
Biotechnology - 1.6%
        
 
9,343
  
Supernus Pharmaceuticals, Inc. *
    
372,319
  
               
     
Brokerage - 2.2%
        
 
9,920
  
E*Trade Financial Corp. *
    
491,734
  
               
     
Building - 7.2%
        
 
15,608
  
Masco Corp.
    
685,816
  
 
28,506
  
PulteGroup, Inc.
    
947,824
  
           
1,633,640
  
     
Building Products - 2.6%
        
 
6,443
  
Owens Corning
    
592,369
  
               
     
Business Services - 3.1%
        
 
5,604
  
MSCI, Inc.
    
709,130
  
               
     
Chemicals - 3.2%
        
 
5,691
  
Albemarle Corp.
    
727,822
  
               
     
Chemicals - Specialty - 2.3%
        
 
4,896
  
Celanese Corp. - Series A
    
524,264
  
               
     
Computer Software - 6.5%
        
 
7,375
  
EPAM Systems, Inc. *
    
792,296
  
 
16,989
  
SS&C Technologies Holdings, Inc.
    
687,715
  
           
1,480,011
  
     
Computer - Storage - 1.6%
        
 
6,491
  
NetApp, Inc.
    
359,082
  
               
     
Electrical Instruments - 3.8%
        
 
1,765
  
Coherent, Inc. *
    
498,118
  
 
7,292
  
Novanta, Inc. * +
    
364,600
  
           
862,718
  
 
     
Energy/Alternative - 1.8%
        
 
6,279
  
Ormat Technologies, Inc.
    
401,605
  
               
     
Engineering/Construction - 2.9%
        
 
13,747
  
Tetra Tech, Inc.
    
661,918
  
               
     
Finance/Information Services - 4.8%
        
 
6,803
  
Global Payments Inc.
    
681,932
  
 
5,545
  
Vantiv, Inc. - Class A *
    
407,835
  
           
1,089,767
  
     
Financial Services - Diversified - 2.3%
        
 
10,421
  
Voya Financial, Inc.
    
515,527
  
               
     
Financial Services - Miscellaneous - 6.8%
        
 
7,835
  
Broadridge Financial Solutions, Inc.
    
709,695
  
 
6,753
  
CBOE Holdings, Inc.
    
841,356
  
           
1,551,051
  
     
 Food - 2.0%
        
 
13,697
  
Performance Food Group Co. *
    
453,371
  
               
     
Health Care Services - 4.3%
        
 
10,805
  
PRA Health Sciences, Inc. *
    
984,011
  
               
     
Leisure Time - 4.8%
        
 
14,274
  
Planet Fitness, Inc. - Class A *
    
494,309
  
 
3,884
  
Thor Industries, Inc.
    
585,396
  
           
1,079,705
  
     
Medical Systems/Equipment - 2.9%
        
 
7,814
  
Hill Rom Holdings, Inc.
    
658,642
  
               
     
Office Products - 3.8%
        
 
7,563
  
Avery Dennison Corp.
    
868,686
  
               
     
Real Estate Investment Trusts (REITs) - 2.0%
        
 
4,024
  
CoreSite Realty Corp.
    
458,334
  
               
     
Retail - Apparel - 3.6%
        
 
6,533
  
Burlington Stores, Inc. *
    
803,755
  
               
     
Retail - Discount - 2.8%
        
 
12,046
  
Ollie's Bargain Outlet Holdings, Inc. *
    
641,450
  
               
     
Semiconductors - 8.1%
        
 
25,500
  
Cypress Semiconductor Corp.
    
388,620
  
 
13,718
  
Entegris, Inc.
    
417,713
  
 
4,914
  
Microchip Technology, Inc.
    
431,843
  
 
28,596
  
ON Semiconductor Corp. *
    
598,800
  
           
1,836,976
  
     
TOTAL COMMON STOCKS (Cost $16,769,938)
    
21,667,796
  
               
 
     
SHORT-TERM INVESTMENTS - 0.0%
        
 
103
  
Invesco STIT Treasury Portfolio - Institutional Class, 1.17%#
    
103
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $103)
    
103
  
     
Total Investments in Securities (Cost $16,770,041) - 95.5%
    
21,667,899
  
     
Other Assets in Excess of Liabilities - 4.5%
    
1,023,557
  
     
NET ASSETS - 100.0%
  
$
22,691,456
  
 
 
 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 December 31, 2017.
    
       
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor 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, 2017 (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, 2017:

Chase Growth Fund

 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Consumer Discretionary
$9,700,209
  
            $-
  
                $-
  
$9,700,209
  Financials
5,119,356
  
                -
  
                -
  
5,119,356
  Health Care
10,265,261
  
-
  
-
  
10,265,261
  Industrials
11,751,251
  
                -
  
                -
  
11,751,251
  Materials
6,180,120
  
                -
  
                -
  
6,180,120
  Real Estate
1,501,971
  
                -
  
                -
  
1,501,971
  Technology
30,003,578
  
-
  
-
  
30,003,578
Total Common Stocks
74,521,746
  
                -
  
                -
  
74,521,746
Short-Term Investments
628,013
  
                -
  
                -
  
628,013
Total Investments in Securities
$74,149,759
  
                $-
  
                $-
  
$74,149,759

Chase Mid-Cap Growth Fund
 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Consumer Discretionary
$4,442,491
  
            $-
  
                $-
  
$4,442,491
  Consumer Staples
453,371
  
                -
  
                -
  
453,371
  Financials
3,140,651
  
                -
  
                -
  
3,140,651
  Health Care
2,014,972
  
-
  
-
  
2,014,972
  Industrials
2,297,352
  
                -
  
                -
  
2,297,352
  Materials
2,120,772
  
                -
  
                -
  
2,120,772
  Real Estate
458,334
  
-
  
-
  
458,334
  Technology
6,338,248
  
-
  
-
  
6,338,248
  Utilities
401,605
  
-
  
-
  
401,605
Total Common Stocks
21,667,796
  
                -
  
                -
  
21,667,796
Short-Term Investments
103
  
                -
  
                -
  
103
Total Investments in Securities
$21,667,899
  
                $-
  
                $-
  
$21,667,899

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, 2017, the end of the reporting period.  The Funds recognized no transfers to/from Level 1 or Level 2.  There were no Level 3 securities held in the Funds during the period ended December 31, 2017.
Item 2. Controls and Procedures.
 
(a)
The Registrant's President/Chief Executive Officer/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, 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                                       February 23, 2018                                                    


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/ Douglas G. Hess                                                            
                                              Douglas G. Hess, President/Chief Executive
                                   Officer/Principal Executive Officer
 
Date                                       February 23, 2018                                                              

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

Date                                               February 23, 2018                                                      

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


CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; 

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 2/23/18
/s/ Douglas G. Hess                                               
 
Douglas G. Hess, President/Chief Executive
Officer/Principal Executive Officer
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; 

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 2/23/18
/s/ Cheryl L. King                               
 
Cheryl L. King,
Treasurer/Principal Financial Officer