style="font-family:Times New Roman;font-size:10pt;">



United States
SECUR ITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
x
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2015

or

¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-54992

A. Full title of the plan and address of the plan, if different from the issuer named below:


Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan


B. Name of the issue of the securities held pursuant to the plan and address of its principal executive office:

Advanced Emissions Solutions, Inc.
9135 South Ridgeline Boulevard, Suite 200
Highlands Ranch, Colorado 80129






Financial Statements and Supplemental Schedules

Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan

Years ended December 31, 2015 and 2014
with Report of Independent Registered Public Accounting Firm



1


Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan

Contents

2



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Trustee
Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan
Highlands Ranch, Colorado


We have audited the accompanying statements of net assets available for benefits of Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan (the “Plan”) as of December 31, 2015 and 2014, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2015 and 2014, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying Schedule of Assets (Held at End of Year) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated in all material respects in relation to the financial statements as a whole.



/s/ Hein & Associates LLP

Denver, Colorado
June 28, 2016


3


Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan

Statements of Net Assets Available for Benefits

As of December 31,
2015
2014
ASSETS
Nonparticipant directed investments at fair value
$
5,640,406

$
17,102,897

Self directed investment accounts at fair value
1,006,582

1,647,279

Total investments at fair value
6,646,988

18,750,176

Receivables
Employer contribution
360,770

558,187

Notes receivable from participants
36,046

44,926

Total receivables
396,816

603,113

Total assets
$
7,043,804

$
19,353,289

LIABILITIES
Other liabilities
$
64,402

$
42,028

Total liabilities
64,402

42,028

Net assets available for benefits
$
6,979,402

$
19,311,261



See accompanying notes to the financial statements.

4


Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan

Statements of Changes in Net Assets Available for Benefits

Years Ended December 31,
2015
2014
Additions:
Investments (loss) income:
Net depreciation in fair value of nonparticipant directed investments
$
(4,574,152
)
$
(2,096,804
)
Net depreciation in fair value of self directed investment accounts
(84,835
)
(47,236
)
Interest
898

64

Dividends
222,043

318,980

(4,436,046
)
(1,824,996
)
Contributions:
Employer
441,703

555,287

Participants
744,126

906,510

Rollover
30,450

38,140

Other
16,426

11,333

1,232,705

1,511,270

Interest income on notes receivable from participants
1,380

1,605

Total net additions
(3,201,961
)
(312,121
)
Deductions:
Participant withdrawals and distributions
9,126,801

1,663,206

Administrative expenses
3,097

3,498

Total deductions
9,129,898

1,666,704

Net change in net assets available for benefits
(12,331,859
)
(1,978,825
)
Net assets available for benefits at beginning of year
19,311,261

21,290,086

Net assets available for benefits at end of year
$
6,979,402

$
19,311,261


See accompanying notes to the financial statements.

5


Notes to Financial Statements
Note 1 - Description of the Plan
General
The Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan (the “Plan”) is a defined contribution plan covering the employees of Advanced Emissions Solutions, Inc., and its wholly-owned subsidiaries ADA-ES, Inc. and Advanced Clean Energy Solutions, LLC (collectively the "Company"). The Plan’s investments are held in a trust fund (the “Trust”) managed by the trustee, Capital Bank and Trust Company (the "Trustee"). The Plan’s administrators and record keepers are American Funds Distributors, Inc. and Advanced Emissions Solutions, Inc. (collectively the "Administrator").

Employees are eligible to participate in the Plan upon the employees' date of hire if they are at least 21 years of age.

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts.
Contributions
Each year, participants may contribute up to 100% of annual compensation, either on a "before-tax" deferred compensation or on an "after-tax" ("Roth contributions") basis, not to exceed $18,000 in 2015 and $17,500 in 2014 (or $24,000 and $23,000 , respectively, for individuals age 50 or older electing to make catch-up contributions). Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans ("rollover"). Participants direct the investment of their contributions into various investment options offered by the Plan. The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 2% of eligible compensation and their contributions invested in a designated target date fund based upon age until retirement until changed by the participant. The Company can elect to contribute up to 100% of the first 7% of base compensation that a participant qualifying for the Company match contributes to the Plan, excluding any catch-up contributions. Participants are eligible to begin receiving the Company match following the completion of one Year of Service, as defined in the Plan. The matching Company contribution may be in the form of cash or Advanced Emissions Solutions, Inc. common stock. Additionally, the Company may make nonelective contributions to the Plan. Participants are eligible to receive the nonelective Company contribution if they have completed one Year of Service and 501 Hours of Service, as defined in the Plan, during the applicable Plan Year, which is January 1 - December 31.
The Company did not have any non-cash employer matching contributions in the form of common stock to the Plan for the years ended December 31, 2015 and December 31, 2014 .
Participant Accounts
Each participant’s account is credited with the participant’s contributions and Company matching contributions, as well as allocations of the Company’s elective contributions and Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on participant earnings, account balances, or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting
Participants are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company’s matching and nonelective contribution portions of their accounts is based on years of continuous service. A participant vests in the employer portion of the matching and nonelective contributions based on the following schedule:
Years of Service
Vested Percentage
Less than 2
—%
2
20%
3
40%
4
60%
5
80%
6
100%

6


A participant also becomes 100% vested in the Company match and nonelective contributions if the participant is employed on or after the Normal Retirement Age (e.g., 65 as defined in the Plan), if the participant terminates employment due to their death or as a result of becoming disabled or if the Company terminates the Plan.
Administrative Expenses
Each participants account is charged with an allocation of administrative expenses.
Notes receivable from participants
Subject to their account balance, participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. The loans are secured by 50% of the balance in the participant’s account. The loan interest rate, determined at the time of the loan, is set monthly at 1% above the prime rate, as defined in the Plan. Principal and interest is paid ratably through monthly payroll deductions and partial repayments or accelerated payments are permitted. These loans are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are deducted from participants' accounts as incurred. No allowance for credit losses has been recorded as of December 31, 2015 or 2014 .
Payment of Benefits
On termination of service due to death, disability, or retirement, a participant may elect to receive either a lump sum amount equal to the value of the participant’s vested interest in his or her account, or installments over a period of not more than their assumed life expectancy (or the assumed life expectancies of the participant and their beneficiary).
Forfeited Accounts
At December 31, 2015 and 2014 , forfeited accounts totaled $87,177 and $77,593 respectively. The unvested balance as of December 31, 2015 and December 31, 2014 were used to reduce employer contributions that were receivable as of the end of the respective Plan year.

The above information is intended as a general description of the Plan’s operating guidelines.  Reference should be made to the Plan documents for more specific provisions.
Note 2 - Summary of Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's valuation policies utilize information provided by the investment advisers and custodians.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net (depreciation) appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
Notes receivable from participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are deducted from participants' accounts and are expensed when they are incurred.
Payment of Benefits
Benefits are recorded when paid.

7


Expenses
Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in expenses. Investment related expenses are presented as administrative expenses in the statement of change in net assets available for benefits. The Company pays the audit fees on behalf of the Plan.
Recent Accounting Pronouncements
In May 2015, the FASB issued ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Assets Value per Share (or Its Equivalent)”, (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 will be effective for the Plan beginning in 2016, with early adoption permitted, and will be applied retrospectively. The Plan elected to adopt ASU 2015-07 effective January 1, 2015. There was no material impact to the Company's financial statements or disclosures from the adoption of this standard.
In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-12, "Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient", ("ASU 2015-12"). ASU 2015-12 simplifies certain aspects of employee benefit plan accounting while satisfying the needs of users of financial statements, including plan participants and the Department of Labor. ASU 2015-12 is effective for plan years beginning after December 15, 2015, with early adoption permitted. The Plan elected to adopt ASU 2015-12 effective January 1, 2015. As allowed by this ASU, the historical disclosure of individual investments which comprise 5% or more of total net assets available for benefits, as well as the net appreciation or depreciation of fair values by type has been eliminated. The adoption of ASU 2015-12 did not have an impact on the reported net assets or changes in net assets.

8


Note 3 - Investments

The following table presents nonparticipant directed investments by general type:
As of December 31,
2015
2014
Advanced Emissions Solutions, Inc. common stock
$
784,309

$
9,975,537

Money market funds
45,529

77,593

Mutual funds
4,810,568

7,049,767

$
5,640,406

$
17,102,897


During 2015 and 2014 , the components of the investment (loss) income related to the Plan's nonparticipant directed investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value and earned interest and dividends as follows:
Years Ended December 31,
2015
2014
Investments (loss) income:
Net depreciation in fair value of nonparticipant directed investments
$
(4,574,152
)
$
(2,096,804
)
Dividends
206,301

286,962

$
(4,367,851
)
$
(1,809,842
)

The following table presents participant directed investments by general type:
As of December 31,
2015
2014
Common Stocks
$
704,861

$
738,093

Money market
229,826

732,906

Mutual Funds
71,895

176,280

$
1,006,582

$
1,647,279


During 2015 and 2014 , the components of the investment (loss) income related to the Plan's participant directed investments (including gains and losses on investments bought and sold, as well as held during the year) depreciated in value and earned interest and dividends as follows:
Years Ended December 31,
2015
2014
Investments (loss) income:
Net depreciation in fair value of nonparticipant directed investments
$
(84,835
)
$
(47,236
)
Interest
898

64

Dividends
15,742

32,018

$
(68,195
)
$
(15,154
)
Note 4 - Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the hierarchy prescribed in the accounting guidance for fair value measurements, based upon the available inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows:


9


Level 1 Inputs - Quoted priced (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date;

Level 2 Inputs - Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including but not limited to quoted prices in markets that are not active, quoted prices in active markets for similar assets or liabilities and observable inputs other than quoted prices such as interest rates or yield curves;

Level 3 Inputs - Unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk

The following is a description of the valuation techniques and inputs used for each major class of assets measured by the Plan. There have been no changes in the methodologies used at December 31, 2015 and 2014 .

Advanced Emissions Solutions, Inc. common stock: The Company’s stock is valued using the closing market price reported on the NASDAQ on the last business day of the year. Historically the market price of the Company's stock was reported on the NASDAQ Capital Markets, but as of March 30, 2015, the Company's common stock was delisted from the NASDAQ Capital Markets and now trades on the OTC Pink® Marketplace - Limited Information Tier under the trading symbol "ADES".

Common stock: Valued at the closing price reported on the active market on which the individual securities are traded.

Mutual funds: Valued at the daily closing prices as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

Self Directed Accounts: The Self Directed Accounts hold common stock, mutual funds and money market funds. The common stock is valued at the closing price reported on the active market on which the individual securities are traded.
The mutual funds and money market funds are valued at the quoted NAV of shares held by the Plan at year-end.

The following tables set forth by level within the fair value hierarchy the Plan investment assets at fair value, as of December 31, 2015 and 2014 . As required by Financial Accounting Standards Codification 820, Fair Value Measurement and Disclosures , assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements:

As of December 31, 2015
Fair Value Measurement Using
Level 1
Level 2
Level 3
Assets at Fair Value
Advanced Emissions Solutions, Inc. common stock
*
$
784,309

$

$

$
784,309

Common stock
704,861



704,861

Money market
229,826



229,826

Mutual funds
**
4,927,992



4,927,992

Total assets at fair value
$
6,646,988

$

$

$
6,646,988



10


As of December 31, 2014
Fair Value Measurement Using
Level 1
Level 2
Level 3
Assets at Fair Value
Advanced Emissions Solutions, Inc. common stock
*
$
9,975,537

$

$

$
9,975,537

Common stock
738,093



738,093

Money market
732,906



732,906

Mutual funds
**
7,303,640



7,303,640

Total assets at fair value
$
18,750,176

$

$

$
18,750,176


*Nonparticipant-directed
** Nonparticipant-directed and participant directed

Note 5 - Tax Status
The underlying standardized prototype plan has received an opinion letter from the Internal Revenue Service (the “IRS”) dated March 31, 2014 stating that the written form of the underlying prototype document is qualified under Section 401 of the Internal Revenue Code (the "Code"). Any employer adopting this form of the plan will be considered to have a plan qualified under Section 401 of the Code and therefore, the related trust is tax-exempt. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes the Plan is qualified and the related trust is tax-exempt.

Accounting principles generally accepted in the United States (“US GAAP”) require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015 , there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2012.
Note 6 - Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

11


Note 7 - Transactions with Parties-in-Interest
Party-in-interest transactions include the investment in the common stock of the Company and funds maintained by American Funds. Permissible Plan loans to participants are also party-in-interest transactions. These transactions are exempt from the prohibited rules under ERISA.
Note 8 - Contribution Corrections

Excess Employer Contributions
During 2015, the Company incorrectly matched employee contributions that included severance compensation in the amount of $41,648 . The excess contributions were adjusted as of December 31, 2015 by allocating the excess contributions from the participants account to the forfeitures balance.

Delinquent Participant Contributions
The Company failed to transmit certain participant contributions to the Plan within the time period prescribed by ERISA during the years 2007 through 2014. Late transmissions of participant contributions constitute a prohibited transaction under ERISA section 406, regardless of materiality. The Company transmitted all the delinquent participant contributions to the Plan. The Company reimbursed the Plan for lost earnings in the amount of $8,820 on July 21, 2015.
Note 9 - Excess Contributions Payable to Participants
The Plan is subject to certain non-discrimination rules under ERISA and the Code. For the years ended December 31, 2015 and 2014 , the Company was required to aggregate the Plan with the Profit Sharing Retirement Plan of BCSI, LLC (the “BCSI Plan”), a wholly owned subsidiary of Advanced Emissions Solutions, Inc., for required non-discrimination tests. Although the Plan passed all material required non-discrimination tests when evaluated alone, the Plan failed certain of the non-discrimination tests under the Code when aggregated with the BCSI Plan. The specific test failures were due to lower contribution percentages by non-highly compensated eligible employees relative to the contribution percentages of highly compensated eligible employees of the Company and BCSI, LLC. In order to meet the requirements of the non-discrimination rules, certain participants will forfeit a portion of the Company match and the Plan will refund a portion of the contributions made by highly compensated participants, in accordance with applicable provisions of the Code. The forfeitures of the Company match are reflected net of the employer contribution receivable on the Statements of Net Assets Available for Benefits . The refunds are included within Other liabilities in the Statements of Net Assets Available for Benefits . Employer and participant contributions on the Statements of Changes in Net Assets Available for Benefits are reflected net of the refundable contributions. Employer contributions were reduced by zero and $4,215 , and Participant contributions were reduced by $38,141 and $42,028 , for the years ended December 31, 2015 and 2014 , respectively, as a result of the excess contributions.
Note 10 - Partial Plan Termination
As a result of a reduction of the Plan Sponsor’s workforce in 2015, the Plan experienced a partial plan termination as defined by ERISA. Under ERISA, a partial plan termination may occur if a significant percentage of the Plan participants are terminated because of an action taken by the Plan Sponsor. If a partial plan termination occurs, full vesting is required for the participants terminated as a result of the employer-initiated action, but the remaining participants’ vesting continues to be determined according to the plan provisions.
All terminated employees who were participants in the Plan were fully vested in their account balances at the later of the date of the partial plan termination or the date a participant was subsequently involuntarily terminated. As of December 31, 2015, the Plan has recorded a receivable from the Company and payable to participant for $26,261 related to former plan participants who have withdrawn funds from the Plan but have yet to be paid their vested amount.


12


Note 11 - Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 due to the Form 5500 being prepared on a cash basis:
As of December 31,
2015
2014
Net assets available for benefits per the financial statements
$
6,979,402

$
19,311,261

Employer contribution receivable
(360,770
)
(558,187
)
Contributions payable to participants
64,402

42,028

Net assets available for benefits per the Form 5500
$
6,683,034

$
18,795,102


The following is a reconciliation of the changes in net assets available for benefits per the financial statements to the changes in net assets available for benefits per the Form 5500 due to the Form 5500 being prepared on a cash basis:
Years Ended December 31,
2015
2014
Net change in net assets available for benefits per the financial statements
$
(12,331,859
)
$
(1,978,825
)
Employer contributions receivable allocated to participants at December 31
113,361

(413,592
)
Excess contributions payable to participants
64,402

42,028

Prior year excess contributions paid to participants
42,028


Net change in net assets available for benefits per the Form 5500
$
(12,112,068
)
$
(2,350,389
)

13


Note 12 - Subsequent events

The Plan utilized $45,529 of the unallocated forfeitures balance in order to adjust all outstanding contributions due to Plan participants as of December 31, 2015 .

As a result of a reduction of the Plan Sponsor’s workforce in 2016 and 2015, the Plan will experience a partial plan termination as defined by ERISA in 2016. As such, full vesting is required for the participants terminated as a result of the employer-initiated action, but the remaining participants’ vesting continues to be determined according to the plan provisions.



14


Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan
Schedule H, line 4i - Schedule of Assets (Held at End of Year)

December 31, 2015

EIN: 27-5472457
Plan Number: 001
Identify of Issue, Borrower, Lessor or Similar Party
Description of Investments, including Maturity Date, Rate of Interest, Collateral, Par of Maturity Value
Cost
Current Value
Common Stock:
Advanced Emissions Solutions, Inc. common stock
*
109,847

Shares
1,308,683

$
784,309

Self-directed Common Stock:
Amerco Inc.
12

Shares
**
4,674

FMC Corp.
195

Shares
**
7,630

Apple Inc.
739

Shares
**
77,787

AFLAC Inc.
300

Shares
**
17,970

BP p.l.c.
203

Shares
**
6,338

The Walt Disney Company
403

Shares
**
42,347

Phillips 66
90

Shares
**
6,546

National Oilwell Varco, Inc.
300

Shares
**
10,047

MSC Industrial Direct Co. Inc.
200

Shares
**
11,254

Activision Blizzrd, Inc.
1,089

Shares
**
42,155

Bio-Techne Corp.
200

Shares
**
18,000

CarMax Inc.
154

Shares
**
8,311

Visa Inc.
200

Shares
**
15,510

ConocoPhillips
102

Shares
**
4,741

Canadian Natl Railway Company
400

Shares
**
22,352

Vail Resorts Inc.
150

Shares
**
19,199

Vivint Solar, Inc.
100

Shares
**
956

CaesarStone Sdot-Yam Ltd.
60

Shares
**
2,600

UnitedHealth Group Incorporated
370

Shares
**
43,527

Polaris Industries Inc.
115

Shares
**
9,884

Costco Wholesale Corporation
60

Shares
**
9,690

Groupon, Inc.
4,100

Shares
**
12,587

RMR Group, Inc.
14

Shares
**
202

Rosetta Stone, Inc.
2,500

Shares
**
16,725

Microsoft Corporation
97

Shares
**
5,380

Costco Wholesale Corporation
49

Shares
**
7,986

Nabors Industries Ltd.
100

Shares
**
851

Government Properties Income Trust
1,328

Shares
**
21,069

JPMorgan Chase & Co.
43

Shares
**
2,839

The Goldman Sachs Group Inc.
25

Shares
**
4,522

Express Scripts Holding Company
234

Shares
**
20,454

Casey's General Stores, Inc.
10

Shares
**
1,205

Alcoa Inc.
101

Shares
**
996

Enbridge Energy Partners, L.P.
250

Shares
**
5,768


15


Identify of Issue, Borrower, Lessor or Similar Party
Description of Investments, including Maturity Date, Rate of Interest, Collateral, Par of Maturity Value
Cost
Current Value
Lowe's Companies Inc.
167

Shares
**
12,699

Clean Energy Fuels Corp.
130

Shares
**
468

Discover Communications, Inc.
600

Shares
**
15,132

Carter Holdings
10

Shares
**
890

Hasbro Inc.
350

Shares
**
23,576

FireEye Inc.
96

Shares
**
1,991

Gilead Sciences Inc.
41

Shares
**
4,149

Albemarle Corporation
119

Shares
**
6,665

Under Armour, Inc. Class A
86

Shares
**
6,933

Orbital ATK, Inc.
50

Shares
**
4,467

Vista Outdoor, Inc.
100

Shares
**
4,451

NOW Inc.
75

Shares
**
1,187

Chipotle Mexican Grill, Inc.
25

Shares
**
11,996

3D Systems Corporation
800

Shares
**
6,952

Berkshire Hathaway Inc.
200

Shares
**
26,408

Amazon.com Inc.
100

Shares
**
67,589

Encana Corporation
500

Shares
**
2,545

The ExOne Company
496

Shares
**
4,980

Alphabet, Inc. Class A
5

Shares
**
3,890

Alphabet, Inc. Class C
5

Shares
**
3,794

Venaxis, Inc.
39,400

Shares
**
11,997

Mutual Funds:
American Funds Europacific GR R2
*
4,446

Shares
201,992

196,270

American Funds Growth Fund of Amer R2
*
7,331

Shares
262,101

291,035

American Funds New Economy R2
*
675

Shares
24,787

23,091

American Funds New Perspective R2
*
69

Shares
2,549

2,399

American Funds New World R2
*
1,739

Shares
90,826

84,378

American Funds Small Cap World R2
*
5,324

Shares
210,107

214,305

Employer Stock Awaiting Purchase Fund
*

Shares


Franklin Small Cap Growth C
384

Shares
6,274

5,663

Investco Endeavor Fund C
364

Shares
6,615

5,232

Invesco Energy C
7,020

Shares
240,364

136,672

Invesco Gold & Precious Metals Fund C
49,746

Shares
340,510

142,772

American Funds American Mutual R2
*
1,351

Shares
48,015

45,258

American Funds Capital World G/I R2
*
10,525

Shares
407,274

451,404

American Funds Fundamental Invs R2
*
1,080

Shares
52,548

54,502

American Funds Washington Mutual R2
*
284

Shares
11,411

10,788

Franklin Mutual European C
1,385

Shares
28,095

26,281

American Funds Capital Inc Bldr R2
*
2,395

Shares
130,727

133,760

Alliancebern High Income C
28,151

Shares
260,885

228,303

Templeton Global Bond C
4,140

Shares
53,573

48,022

American Funds Money Market R2
*
57,617

Shares
57,617

57,617

American Funds 2015 Target Date Fund R2
*
3,933

Shares
41,956

40,076


16


Identify of Issue, Borrower, Lessor or Similar Party
Description of Investments, including Maturity Date, Rate of Interest, Collateral, Par of Maturity Value
Cost
Current Value
American Funds 2020 Target Date Fund R2
*
25,935

Shares
254,898

282,689

American Funds 2025 Target Date Fund R2
*
56,402

Shares
585,182

640,730

American Funds 2030 Target Date Fund R2
*
23,552

Shares
275,059

279,562

American Funds 2035 Target Date Fund R2
*
29,240

Shares
343,571

348,247

American Funds 2040 Target Date Fund R2
*
27,945

Shares
288,204

338,131

American Funds 2045 Target Date Fund R2
*
28,254

Shares
323,128

344,417

American Funds 2050 Target Date Fund R2
*
25,194

Shares
294,195

301,070

American Funds 2055 Target Date Fund R2
*
5,260

Shares
77,618

77,894

Self-directed Mutual Funds:
Calamos Ground Fund A

Shares
**

American Funds Capital World Gr&Inc Fund A
480

Shares
**
20,788

James Mid Cap Fund
87

Shares
**
1,191

American Funds Capital World Gr&Inc Fund F1
768

Shares
**
33,312

American Funds Washington Mutual Fund F1
433

Shares
16,604

American Funds Income Fund of America A

Shares
**

American Funds AMCAP Fund A

Shares
**

Money Market Funds:
American Funds Money Market R2
*
45,529

Units
45,529

45,529

Self-directed Money Market Funds:
TD Ameritrade Money Market Portfolio Class A


Units
**
229,826

Participant loans
*
Interest rates are 4.25% with various maturities
36,046

$
6,683,034


* Indicates party-in-interest to the Plan.
** Cost omitted for self directed investments.


17


SIGNATURE
The Plan . Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Administrator of the Plan has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Advanced Emissions Solutions, Inc. Profit Sharing Retirement Plan
(Name of Plan)
Date: June 28, 2016
By:
Advanced Emissions Solutions, Inc.
Plan Administrator
By:
/s/ L. Heath Sampson
L. Heath Sampson
President, Chief Executive Officer and Treasurer




18


Exhibit Index

Exhibit No.
Description
23.1
Consent of Independent Registered Public Accounting Firm


19

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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