N-Q 1 coldstrm_123110nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS coldstrm_123110nq.htm
As filed with the Securities and Exchange Commission on February 15, 2011



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, 5th 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, 2011



Date of reporting period:  December 31, 2010
 
 
 
 
Item 1. Schedules of Investments.
Coldstream Dividend Growth Fund
      
Schedule of Investments
      
December 31, 2010 (Unaudited)
      
           
           
Shares
  
COMMON STOCKS - 92.92%
  
Value
  
   
Aerospace Product and Parts Manufacturing - 5.23%
      
  14,400  
Boeing Co.
   $ 939,744  
  8,850  
United Technologies Corp.
     696,672  
            1,636,416  
     
Animal Slaughtering and Processing - 1.99%
        
  12,125  
Hormel Foods Corp.
     621,528  
     
Beverage Manufacturing - 4.78%
        
  10,810  
Coca-Cola Co.
     710,974  
  11,995  
PepsiCo, Inc.
     783,633  
            1,494,607  
     
Communications Equipment Manufacturing - 1.98%
        
  13,655  
Harris Corp.
     618,572  
     
Computer and Peripheral Equipment Manufacturing - 2.82%
        
  6,015  
International Business Machines Corp.
     882,761  
     
Dairy Product Manufacturing - 1.86%
        
  11,750  
H.J. Heinz Co.
     581,155  
     
Depository Credit Intermediation - 3.03%
        
  22,310  
JPMorgan Chase & Co.
     946,390  
     
Grain and Oilseed Milling - 3.05%
        
  26,750  
General Mills, Inc.
     952,032  
     
Health and Personal Care Stores - 1.99%
        
  16,000  
Walgreen Co.
     623,360  
     
Insurance Carriers - 3.35%
        
  18,530  
Aflac, Inc.
     1,045,648  
     
Limited-Service Eating Places - 3.04%
        
  12,375  
McDonald's Corp.
     949,905  
     
Medical Equipment and Supplies Manufacturing - 7.32%
        
  7,100  
3M Co.
     612,730  
  10,480  
Becton, Dickinson & Co.
     885,770  
  21,300  
Medtronic, Inc.
     790,017  
            2,288,517  
     
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing - 1.83%
        
  8,835  
Northrop Grumman Corp.
     572,331  
     
Nondepository Credit Intermediation - 2.06%
        
  15,000  
American Express Co.
     643,800  
     
Oil and Gas Extraction - 2.01%
        
  17,000  
Marathon Oil Corp.
     629,510  
     
Other General Merchandise Stores - 2.91%
        
  16,865  
Wal-Mart Stores, Inc.
     909,529  
     
Other General Purpose Machinery Manufacturing - 1.96%
        
  11,500  
Illinois Tool Works, Inc.
     614,100  
     
Petroleum and Coal Products Manufacturing - 5.09%
        
  9,325  
Chevron Corp.
     850,906  
  10,880  
ConocoPhillips
     740,928  
            1,591,834  
     
Pharmaceutical and Medicine Manufacturing - 5.94%
        
  22,880  
Abbott Laboratories
     1,096,181  
  12,295  
Johnson & Johnson
     760,446  
            1,856,627  
     
Rail Transportation - 6.03%
        
  14,520  
CSX Corp.
     938,137  
  15,075  
Norfolk Southern Corp.
     947,012  
            1,885,149  
     
Securities and Commodity Contracts Intermediation and Brokerage - 1.98%
        
  3,250  
BlackRock, Inc.
     619,385  
     
Semiconductor and Other Electronic Component Manufacturing - 8.01%
        
  29,500  
Intel Corp.
     620,385  
  17,540  
Microchip Technology, Inc.
     600,043  
  17,605  
Texas Instruments, Inc.
     572,163  
  24,560  
Xilinx, Inc.
     711,749  
            2,504,340  
     
Ship and Boat Building - 1.98%
        
  8,700  
General Dynamics Corp.
     617,352  
     
Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 5.76%
        
  13,935  
Clorox Co.
     881,807  
  11,425  
Colgate Palmolive Co.
     918,227  
            1,800,034  
     
Software Publishers - 3.00%
        
  33,590  
Microsoft Corp.
     937,833  
     
Tobacco Manufacturing - 3.92%
        
  25,165  
Altria Group, Inc.
     619,562  
  10,370  
Philip Morris International, Inc.
     606,956  
            1,226,518  
               
     
TOTAL COMMON STOCKS (Cost $27,736,614)
     29,049,233  
               
               
Shares
  
SHORT-TERM INVESTMENTS - 9.85%
  
Value
  
  3,080,611  
Fidelity Institutional Money Market Portfolio - Class I, 0.21% (a)
     3,080,611  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $3,080,611)
     3,080,611  
               
     
TOTAL INVESTMENTS IN SECURITIES  (Cost $30,817,225) - 102.77%
     32,129,844  
     
Liabilities in Excess of Other Assets - (2.77)%
     (867,517 )
     
NET ASSETS - 100.00%
   $ 31,262,327  
               
 
 
 (a) Rate shown is the 7-day yield as of December 31, 2010.
    
           
The cost basis of investments for federal income tax purposes at December 31, 2010 was as follows*:
           
Cost of investments
  
 $   30,817,225
      
           
Gross unrealized appreciation
 $     1,566,402
      
Gross unrealized depreciation
         (253,783
 )    
Net unrealized appreciation
 $     1,312,619
      
           
* Because tax adjustments are calculated annually, the above table does not include tax adjustments.
 
Summary of Fair Value Exposure at December 31, 2010 (Unaudited)

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 major 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 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, 2010:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Accommodation and Food
     Services
   $ 949,905     $ —     $ —     $ 949,905  
  Finance and Insurance
     3,255,223       —       —       3,255,223  
  Information
     937,833       —       —       937,833  
  Manufacturing
     19,858,724       —       —       19,858,724  
  Mining
     629,510       —       —       629,510  
  Retail Trade
     1,532,890       —       —       1,532,890  
  Transportation and
     Warehousing
     1,885,148        —        —        1,885,148  
Total Equity
     29,049,233       —       —       29,049,233  
                                 
Short-Term Investments
     3,080,611       —       —       3,080,611  
                                 
Total Investments in Securities
   $ 32,129,844     $ —     $ —     $ 32,129,844  


Transfers between levels are recognized at the end of the reporting period.  During the period ended December 31, 2010, the Fund recognized no significant transfers to/from Level 1 or Level 2.
 
 
 
 
 
 
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    2/9/2011                                                                 



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    2/9/2011                                                                 

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

Date    2/9/2011                                                                 

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