N-Q 1 coldstream_n-q.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
As filed with the Securities and Exchange Commission on August 29, 2016
 
 
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) 765-6611
Registrant's telephone number, including area code




Date of fiscal year end:  March 31, 2017



Date of reporting period:  June 30, 2016
 

 
Item 1. Schedules of Investments.
Meydenbauer Dividend Growth Fund
  
Schedule of Investments
  
at June 30, 2016 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 97.41%
  
Value
  
   
Ambulatory Health Care Services - 2.21%
      
 
15,000
  
Quest Diagnostics, Inc.
  
$
1,221,150
  
     
Building Material and Garden Equipment - 2.55%
        
 
11,000
  
Home Depot, Inc.
    
1,404,590
  
     
Chemical Manufacturing - 4.78%
        
 
23,000
  
AbbVie, Inc.
    
1,423,930
  
 
10,000
  
Johnson & Johnson
    
1,213,000
  
           
2,636,930
  
     
Computer and Electronic Product Manufacturing - 16.16%
        
 
12,000
  
Apple, Inc.
    
1,147,200
  
 
58,000
  
Applied Materials, Inc.
    
1,390,260
  
 
60,000
  
Cisco Systems, Inc.
    
1,721,400
  
 
15,000
  
Harris Corp.
    
1,251,600
  
 
36,800
  
Intel Corp.
    
1,207,040
  
 
30,000
  
Maxim Integrated Products, Inc.
    
1,070,700
  
 
8,300
  
Raytheon Co.
    
1,128,385
  
           
8,916,585
  
     
Couriers and Messengers - 2.15%
        
 
11,000
  
United Parcel Service, Inc. - Class B
    
1,184,920
  
     
Credit Intermediation and Related Activities - 5.93%
        
 
111,000
  
Huntington Bancshares, Inc.
    
992,340
  
 
18,000
  
JPMorgan Chase & Co.
    
1,118,520
  
 
75,000
  
Umpqua Holdings Corp.
    
1,160,250
  
           
3,271,110
  
     
Electrical Equipment, Appliance, and Component Manufacturing - 2.72%
        
 
9,000
  
Whirlpool Corp.
    
1,499,760
  
     
Food Manufacturing - 2.21%
        
 
8,000
  
J.M. Smucker Co.
    
1,219,280
  
     
Food Services and Drinking Places - 1.84%
        
 
16,000
  
Darden Restaurants, Inc.
    
1,013,440
  
     
Furniture and Related Product Manufacturing - 4.12%
        
 
26,000
  
Johnson Controls, Inc.
    
1,150,760
  
 
22,000
  
Leggett & Platt, Inc.
    
1,124,420
  
           
2,275,180
  
     
General Merchandise Stores - 1.77%
        
 
14,000
  
Target Corp.
    
977,480
  
     
Health and Personal Care Stores - 2.26%
        
 
15,000
  
Walgreen Co.
    
1,249,050
  
     
Insurance Carriers and Related Activities - 1.98%
        
 
16,000
  
Marsh & McLennan Cos., Inc.
    
1,095,360
  
     
Machinery Manufacturing - 4.76%
        
 
48,000
  
General Electric Co.
    
1,511,040
  
 
16,000
  
Scotts Miracle-Gro Co. - Class A
    
1,118,560
  
           
2,629,600
  
     
Merchant Wholesalers, Nondurable Goods - 2.12%
        
 
 
15,000
  
Cardinal Health, Inc.
    
1,170,150
  
     
Miscellaneous Manufacturing - 1.97%
        
 
6,200
  
3M Co.
    
1,085,744
  
     
Paper Manufacturing - 2.03%
        
 
26,500
  
International Paper Co.
    
1,123,070
  
     
Petroleum and Coal Products Manufacturing - 4.11%
        
 
10,300
  
Chevron Corp.
    
1,079,749
  
 
12,700
  
Exxon Mobil Corp.
    
1,190,498
  
           
2,270,247
  
     
Plastics and Rubber Products Manufacturing - 2.08%
        
 
11,000
  
Illinois Tool Works, Inc.
    
1,145,760
  
     
Professional, Scientific, and Technical Services - 10.22%
        
 
10,000
  
Accenture plc - Class A (a)
    
1,132,900
  
 
7,000
  
Amgen, Inc.
    
1,065,050
  
 
16,800
  
Broadridge Financial Solutions, Inc.
    
1,095,360
  
 
48,000
  
Interpublic Group of Cos., Inc.
    
1,108,800
  
 
18,700
  
Lamar Advertising Co. - Class A
    
1,239,810
  
           
5,641,920
  
     
Publishing Industries (except Internet) - 2.60%
        
 
28,000
  
Microsoft Corp.
    
1,432,760
  
     
Rail Transportation - 2.05%
        
 
13,300
  
Norfolk Southern Corp.
    
1,132,229
  
     
Real Estate - 2.17%
        
 
11,000
  
Digital Realty Trust, Inc.
    
1,198,890
  
     
Transportation Equipment Manufacturing - 10.50%
        
 
9,000
  
Boeing Co.
    
1,168,830
  
 
45,000
  
General Motors Co.
    
1,273,500
  
 
10,000
  
Honeywell International, Inc.
    
1,163,200
  
 
5,000
  
Lockheed Martin Corp.
    
1,240,850
  
 
27,000
  
Magna International, Inc. (a)
    
946,890
  
           
5,793,270
  
     
Wholesale Electronic Markets and Agents and Brokers - 2.12%
        
 
28,000
  
KAR Auction Services, Inc.
    
1,168,720
  
               
     
TOTAL COMMON STOCKS (Cost $47,495,099)
    
53,757,195
  
               
Shares
  
MONEY MARKET FUNDS - 5.03%
  
Value
  
 
2,773,078
  
Fidelity Institutional Government Portfolio - Class I, 0.26% (b)
    
2,773,078
  
     
TOTAL MONEY MARKET FUNDS (Cost $2,773,078)
    
2,773,078
  
               
     
TOTAL INVESTMENTS IN SECURITIES (Cost $50,268,177) - 102.44%
    
56,530,273
  
     
Liabilities in Excess of Other Assets - (2.44)%
    
(1,345,853
)
     
NET ASSETS - 100.00%
  
$
55,184,420
  
               
(a)  
 
U.S. traded security of a foreign issuer.
        
(b)  
 
Rate shown is the 7-day annualized yield as of June 30, 2016.
        
               
 
Aasgard Dividend Growth Small & Mid-Cap Fund
  
Schedule of Investments
  
at June 30, 2016 (Unaudited)
  
           
Shares
  
COMMON STOCKS - 82.60%
  
Value
  
   
Apparel Manufacturing - 3.84%
      
 
4,490
  
Cintas Corp.
  
$
440,604
  
 
14,800
  
Weyco Group, Inc.
    
411,144
  
           
851,748
  
     
Building Material and Garden Equipment and Supplies Dealers - 1.63%
        
 
8,140
  
Fastenal Co.
    
361,335
  
     
Chemical Manufacturing - 6.14%
        
 
4,230
  
Bio-Techne Corp.
    
477,017
  
 
4,270
  
Church & Dwight Co., Inc.
    
439,340
  
 
6,240
  
Sensient Technologies Corp.
    
443,290
  
           
1,359,647
  
     
Computer and Electronic Product Manufacturing - 9.12%
        
 
11,890
  
FLIR Systems, Inc.
    
367,996
  
 
16,370
  
Juniper Networks, Inc.
    
368,161
  
 
10,280
  
Plantronics, Inc.
    
452,320
  
 
6,850
  
ResMed, Inc.
    
433,126
  
 
8,680
  
Xilinx, Inc.
    
400,408
  
           
2,022,011
  
     
Credit Intermediation and Related Activities - 1.79%
        
 
25,610
  
Umpqua Holdings Corp.
    
396,187
  
     
Electrical Equipment, Appliance, and Component Manufacturing - 4.03%
        
 
5,190
  
A.O. Smith Corp.
    
457,291
  
 
6,270
  
Dover Corp.
    
434,636
  
           
891,927
  
     
Food and Beverage Stores - 1.91%
        
 
13,240
  
Whole Foods Market, Inc.
    
423,945
  
     
Food Manufacturing - 1.96%
        
 
4,080
  
McCormick & Co., Inc.
    
435,214
  
     
Food Services and Drinking Places - 3.57%
        
 
8,740
  
Brinker International, Inc.
    
397,932
  
 
6,200
  
Darden Restaurants, Inc.
    
392,708
  
           
790,640
  
     
Furniture and Related Product Manufacturing - 3.62%
        
 
8,310
  
Leggett & Platt, Inc.
    
424,724
  
 
7,250
  
Williams-Sonoma, Inc.
    
377,943
  
           
802,667
  
     
Health and Personal Care Stores - 1.84%
        
 
10,885
  
Owens & Minor, Inc.
    
406,881
  
     
Insurance Carriers and Related Activities - 7.33%
        
 
4,540
  
Hanover Insurance Group, Inc.
    
384,175
  
 
31,840
  
Maiden Holdings Ltd.
    
389,722
  
 
4,260
  
Reinsurance Group of America, Inc.
    
413,177
  
 
7,090
  
Safety Insurance Group, Inc.
    
436,602
  
           
1,623,676
  
     
Machinery Manufacturing - 3.78%
        
 
4,970
  
Lam Research Corp.
    
417,778
  
 
3,770
  
Stanley Black & Decker, Inc.
    
419,300
  
           
837,078
  
     
Management of Companies and Enterprises - 2.05%
        
 
14,970
  
Arrow Financial Corp.
    
453,441
  
   
Merchant Wholesalers, Durable Goods - 3.91%
      
 
5,750
  
Reliance Steel & Aluminum Co.
    
442,175
  
 
3,010
  
Watsco, Inc.
    
423,477
  
           
865,652
  
     
Miscellaneous Manufacturing - 3.75%
        
 
4,980
  
Hasbro, Inc.
    
418,270
  
 
8,200
  
Hill-Rom Holdings, Inc.
    
413,690
  
           
831,960
  
     
Nursing and Residential Care Facilities - 1.88%
        
 
6,430
  
National Healthcare Corp.
    
416,278
  
     
Petroleum and Coal Products Manufacturing - 1.30%
        
 
12,150
  
HollyFrontier Corp.
    
288,805
  
     
Pipeline Transportation - 4.34%
        
 
11,230
  
New Jersey Resources Corp.
    
432,917
  
 
24,440
  
Williams Cos., Inc.
    
528,637
  
           
961,554
  
     
Professional, Scientific, and Technical Services - 7.20%
        
 
6,750
  
Broadridge Financial Solutions, Inc.
    
440,100
  
 
14,220
  
Convergys Corp.
    
355,500
  
 
4,800
  
Jack Henry & Associates, Inc.
    
418,896
  
 
7,960
  
Leidos Holdings, Inc.
    
381,045
  
           
1,595,541
  
     
Telecommunications - 1.90%
        
 
5,420
  
ATN International, Inc.
    
421,730
  
     
Transportation Equipment Manufacturing - 3.70%
        
 
4,300
  
Polaris Industries, Inc.
    
351,568
  
 
11,780
  
Standard Motor Products, Inc.
    
468,608
  
           
820,176
  
     
Utilities - 2.01%
        
 
9,950
  
Avista Corp.
    
445,760
  
               
     
TOTAL COMMON STOCKS (Cost $17,621,212)
    
18,303,853
  
               
Shares
  
REITS - 10.33%
  
Value
  
 
4,450
  
Digital Realty Trust, Inc.
    
485,005
  
 
6,010
  
EPR Properties
    
484,887
  
 
2,570
  
Federal Realty Investment Trust
    
425,464
  
 
8,680
  
LTC Properties, Inc.
    
449,016
  
 
6,420
  
Realty Income Corp.
    
445,291
  
     
TOTAL REITS (Cost $2,009,160)
    
2,289,663
  
               
Shares
  
CLOSED-END FUNDS - 1.91%
  
Value
  
 
12,910
  
Main Street Capital Corp.
    
424,093
  
     
TOTAL CLOSED-END FUNDS (Cost $401,734)
    
424,093
  
               
Shares
  
MONEY MARKET FUNDS - 4.27%
  
Value
  
 
945,741
  
Fidelity Institutional Government Portfolio - Class I, 0.26% (a)
    
945,741
  
     
TOTAL MONEY MARKET FUNDS (Cost $945,741)
    
945,741
  
               
     
TOTAL INVESTMENTS IN SECURITIES (Cost $20,977,847) - 99.11%
    
21,963,350
  
     
Other Assets in Excess of Liabilities - 0.89%
    
197,063
  
     
NET ASSETS - 100.00%
  
$
22,160,413
  
               
               
(a)
  
Rate shown is the 7-day annualized yield as of June 30, 2016.
        
Coldstream Funds
Notes to Schedule of Investments
June 30, 2016 (Unaudited)

Note 1 – Securities Valuation

       The Meydenbauer Dividend Growth Fund and the Aasgard Dividend Growth Small & Mid-Cap Fund’s (each a “Fund” and collectively, the “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 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 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 Funds’ securities as of June 30, 2016:
Meydenbauer Dividend Growth Fund
                    
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Accommodation and Food Services
  
$
1,013,440
    
$
-
    
$
-
    
$
1,013,440
  
  Finance and Insurance
    
4,366,470
      
-
      
-
      
4,366,470
  
  Health Care and Social Assistance
    
1,221,150
      
-
      
-
      
1,221,150
  
  Information
    
1,432,760
      
-
      
-
      
1,432,760
  
  Manufacturing
    
30,595,426
      
-
      
-
      
30,595,426
  
  Professional, Scientific, and
     Technical Services
    
5,641,920
      
-
      
-
      
5,641,920
  
  Real Estate, Rental, and Leasing
    
1,198,890
      
-
      
-
      
1,198,890
  
  Retail Trade
    
3,631,120
      
-
      
-
      
3,631,120
  
  Transportation and Warehousing
    
2,317,149
      
-
      
-
      
2,317,149
  
  Wholesale Trade
    
2,338,870
      
-
      
-
      
2,338,870
  
Total Common Stocks
    
53,757,195
      
-
      
-
      
53,757,195
  
Money Market Funds
    
2,773,078
      
-
      
-
      
2,773,078
  
Total Investments in Securities
  
$
56,530,273
    
$
-
    
$
-
    
$
56,530,273
  

 
Aasgard Dividend Growth Small & Mid-Cap Fund
              
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Accommodation and Food Services
  
$
790,640
    
$
-
    
$
-
    
$
790,640
  
  Finance and Insurance
    
2,019,863
      
-
      
-
      
2,019,863
  
  Health Care and Social Assistance
    
416,278
      
-
      
-
      
416,278
  
  Information
    
421,730
      
-
      
-
      
421,730
  
  Management of Companies and
      Enterprises
    
453,442
      
-
      
-
      
453,442
  
  Manufacturing
    
8,763,290
      
-
      
-
      
8,763,290
  
  Professional, Scientific, and
     Technical Services
    
1,595,541
      
-
      
-
      
1,595,541
  
  Retail Trade
    
1,570,103
      
-
      
-
      
1,570,103
  
  Transportation and Warehousing
    
961,554
      
-
      
-
      
961,554
  
  Utilities
    
445,760
      
-
      
-
      
445,760
  
  Wholesale Trade
    
865,652
      
-
      
-
      
865,652
  
Total Common Stocks
    
18,303,853
      
-
      
-
      
18,303,853
  
REITs
    
2,289,663
      
-
      
-
      
2,289,663
  
Closed-End Funds
    
424,093
      
-
      
-
      
424,093
  
Money Market Funds
    
945,741
      
-
      
-
      
945,741
  
Total Investments in Securities
  
$
21,963,350
    
$
-
    
$
-
    
$
21,963,350
  
 
Refer to the Funds’ schedule of investments for a detailed break-out of securities by industry classification. Transfers between levels are recognized at June 30, 2016, 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 June 30, 2016.
Note 2 – Federal Income Taxes
The cost basis of investments for federal income tax purposes at June 30, 2016, was as follows*:
Meydenbauer Dividend Growth Fund
Cost of investments
  
$
50,268,177
  
         
Gross unrealized appreciation
  
$
7,470,289
  
Gross unrealized depreciation
    
(1,208,193
)
Net unrealized appreciation
  
$
6,262,096
  
 
 
* 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.

The Aasgard Dividend Growth Small & Mid-Cap Fund commenced operations on April 1, 2016. The cost basis of investments for federal income tax purposes at June 30, 2016 was as follows**:

Aasgard Dividend Growth Small & Mid-Cap Fund
Cost of investments
  
$
20,977,847
  
         
Gross unrealized appreciation
  
$
1,345,655
  
Gross unrealized depreciation
    
(360,152
)
Net unrealized appreciation
  
$
985,503
  

** Because tax adjustments are calculated annually, the above table does not include tax adjustments.
 
 
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, 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

 
Date  8/19/2016                                                                                      



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 8/19/2016                                                                                       

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

 
Date 8/19/2016                                                                                       

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