As filed with the Securities and Exchange Commission on February 26, 2013
 
 
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
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5 th Floor
Milwaukee, Wisconsin 53202
(Name and address of agent for service)


(414) 765-6609
Registrant's telephone number, including area code




Date of fiscal year end:   March 31, 2013



Date of reporting period:   December 31, 2012

 
 
 
 
 
 
Item 1. Schedules of Investments.
 
Coldstream Dividend Growth Fund
Schedule of Investments
at December 31, 2012 (Unaudited)
         
Shares
 
COMMON STOCKS - 93.95%
 
Value
   
Beverage and Tobacco Product Manufacturing - 8.79%
   
25,165  
Altria Group, Inc.
  $ 790,684
27,620  
Coca-Cola Co.
    1,001,225
14,895  
PepsiCo, Inc.
    1,019,265
9,870  
Philip Morris International, Inc.
    825,527
          3,636,701
   
Chemical Manufacturing - 10.41%
     
22,400  
Abbott Laboratories
    1,467,200
11,525  
Colgate Palmolive Co.
    1,204,823
12,200  
Johnson & Johnson
    855,220
19,000  
Merck & Co., Inc.
    777,860
          4,305,103
   
Computer and Electronic Product Manufacturing - 9.56%
     
2,350  
Apple, Inc.
    1,252,621
47,900  
Cisco Systems, Inc.
    941,235
4,500  
International Business Machines Corp.
    861,975
25,060  
Xilinx, Inc.
    899,654
          3,955,485
   
Credit Intermediation and Related Activities - 2.12%
     
14,000  
Ameriprise Financial, Inc.
    876,820
   
Fabricated Metal Product Manufacturing - 2.24%
     
20,000  
Crane Co.
    925,600
   
Food and Beverage Stores - 1.97%
     
45,000  
Safeway, Inc.
    814,050
   
Food Manufacturing - 3.95%
     
14,000  
H.J. Heinz Co.
    807,520
13,000  
McCormick & Co., Inc.
    825,890
          1,633,410
   
Food Services and Drinking Places - 2.04%
     
9,575  
McDonald's Corp.
    844,611
   
General Merchandise Stores - 4.91%
     
21,000  
Macy's, Inc.
    819,420
20,500  
Target Corp.
    1,212,985
          2,032,405
   
Health and Personal Care Stores - 2.24%
     
25,000  
Walgreen Co.
    925,250
   
Insurance Carriers and Related Activities - 3.85%
     
15,015  
Aflac, Inc.
    797,597
23,000  
Marsh & McLennan Cos., Inc.
    792,810
          1,590,407
   
Machinery Manufacturing - 7.77%
     
10,000  
Caterpillar, Inc.
    895,800
10,000  
Deere & Co.
    864,200
69,285  
General Electric Co.
    1,454,292
          3,214,292
   
Merchant Wholesalers, Nondurable Goods - 1.99%
     
20,000  
Cardinal Health, Inc.
    823,600
   
Miscellaneous Manufacturing - 4.43%
     
9,000  
3M Co.
    835,650
24,300  
Medtronic, Inc.
    996,786
          1,832,436
   
Oil and Gas Extraction - 3.44%
     
11,900  
Enterprise Products Partners L.P.
    595,952
27,000  
Marathon Oil Corp.
    827,820
          1,423,772
   
Petroleum and Coal Products Manufacturing - 8.37%
     
9,565  
Chevron Corp.
    1,034,359
17,735  
ConocoPhillips
    1,028,452
9,500  
Exxon Mobil Corp.
    822,225
10,867  
Phillips 66
    577,038
          3,462,074
   
Pipeline Transportation - 2.92%
     
19,000  
Copano Energy LLC
    600,970
13,400  
Plains All American Pipeline, L.P.
    606,216
          1,207,186
   
Publishing Industries (except Internet) - 2.64%
     
40,905  
Microsoft Corp.
    1,093,391
   
Rail Transportation - 2.13%
     
7,000  
Union Pacific Corp.
    880,040
   
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.00%
     
4,000  
BlackRock, Inc.
    826,840
   
Support Activities for Mining - 2.01%
     
14,000  
Ensco PLC - Class A (a)
    829,920
   
Transportation Equipment Manufacturing - 4.17%
     
13,000  
Honeywell International, Inc.
    825,110
18,000  
Magna International, Inc. (a)
    900,360
          1,725,470
           
   
TOTAL COMMON STOCKS (Cost $36,999,999)
    38,858,863
           
Shares
 
SHORT-TERM INVESTMENTS - 5.94%
 
Value
2,458,253  
Fidelity Institutional Money Market Portfolio - Class I, 0.14% (b)
    2,458,253
   
TOTAL SHORT-TERM INVESTMENTS (Cost $2,458,253)
    2,458,253
           
   
TOTAL INVESTMENTS IN SECURITIES (Cost $39,458,252) - 99.89%
    41,317,116
   
Other Assets in Excess of Liabilities - 0.11%
    47,298
   
NET ASSETS - 100.00%
  $ 41,364,414
           
     (a)
U.S. traded security of a foreign issuer.
     
    (b)
Rate shown is the 7-day annualized yield as of December 31, 2012.
     
 
 

 
 
 
 
Note 1 – Securities Valuation

The Coldstream Dividend Growth Fund’s (the “Fund”) investments in securities are carried at their fair value. 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 securities having a maturity of 60 days or less are valued at their amortized cost, which approximates market value.  To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees ("Board"). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in either level 2 or level 3 of the fair value hierarchy.

The Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Fund’s administrator.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed and ratified by the Board.

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 December 31, 2012:
 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                     
  Accommodation and Food  Services
$ 844,611     $ -     $ -     $ 844,611  
  Finance and Insurance
  3,294,067       -       -       3,294,067  
  Information
  1,093,391       -       -       1,093,391  
  Manufacturing
  24,690,571       -       -       24,690,571  
  Mining, Quarrying, and Oil  and Gas Extraction
  2,253,692        -        -       2,253,692  
  Retail Trade
  3,771,705       -       -       3,771,705  
  Transportation and  Warehousing
  2,087,226        -        -       2,087,226  
  Wholesale Trade
  823,600       -       -       823,600  
Total Common Stocks
  38,858,863       -       -       38,858,863  
Short-Term Investments
  2,458,253       -       -       2,458,253  
Total Investments in Securities
$ 41,317,116     $ -     $ -     $ 41,317,116  

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 December 31, 2012, the end of the reporting period.  The Fund recognized no transfers to/from Level 1 or Level 2.  There were no Level 3 securities held in the Fund during the period ended December 31, 2012.
 

 
 
 
 
 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at December 31, 2012 was as follows*:

Cost of investments
  $ 39,505,120  
         
Gross unrealized appreciation
  $ 2,282,421  
Gross unrealized depreciation
    (470,425 )
Net unrealized appreciation
  $ 1,811,996  
 
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent annual report.

 
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/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 (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

Date­­ 12/12 /2013                                                                                                                                                                            



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

Date 12/12 /2013                                                                                                                                                                            

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

Date 12/12 /2013                                                                           

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