N-Q 1 ata_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ata_nq.htm
As filed with the Securities and Exchange Commission on July 29, 2008



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 St.
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Jeanine M. Bajczyk
Advisors Series Trust
615 East Michigan St.
Milwaukee, WI 53202

(Name and address of agent for service)


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



Date of fiscal year end:  February 28, 2009



Date of reporting period:  May 31, 2008

Item 1. Schedules of Investments.
 American Trust Allegiance Fund
    
 Schedule of Investments at May 31, 2008 (Unaudited)
    
         
 Shares
  
COMMON STOCKS - 90.34%
  
Value
         
   
Asset Management - 4.50%
    
               1,950
  
Affiliated Managers Group, Inc.*
$
199,875
             12,300
  
Brookfield Asset Management, Inc. - Class A#
  
452,640
                  492
  
Brookfield Infrastructure Partners L.P.#
  
9,279
             14,300
  
SEI Investments Co.
  
344,916
       
1,006,710
         
   
Banks - 1.19%
    
               1,700
  
Unibanco - Uniao de Bancos Brasileiros S.A. - GDR
  
266,679
         
   
Chemicals - Specialty - 4.66%
    
               4,384
  
Ecolab, Inc.
  
196,535
               9,400
  
International Flavors & Fragrances, Inc.
  
394,424
               8,400
  
Rohm & Haas Co.
  
453,432
       
1,044,391
         
   
Commercial Services & Supplies - 3.75%
    
             12,300
  
Iron Mountain, Inc.*
  
369,369
             14,250
  
Republic Services, Inc.
  
469,253
       
838,622
         
   
Communications Equipment - 7.92%
    
             14,400
  
Corning, Inc.
  
393,696
             17,400
  
QUALCOMM, Inc.
  
844,596
               3,850
  
Research In Motion Ltd.*#
  
534,649
       
1,772,941
         
   
Computer Hardware - 3.74%
    
               3,000
  
Apple, Inc.*
  
566,250
               2,100
  
International Business Machines Corp.
  
271,803
       
838,053
         
   
Computer Software - 3.72%
    
             11,400
  
Citrix Systems, Inc.*
  
390,222
             20,400
  
Symantec Corp.*
  
443,292
       
833,514
         
   
Construction & Engineering - 1.18%
    
               8,100
  
ABB Ltd. - ADR
  
263,088
         
   
Diversified Financial Services - 2.56%
    
               1,120
  
The Goldman Sachs Group, Inc.
  
197,579
               5,200
  
State Street Corp.
  
374,504
       
572,083
         
   
Diversified Telecommunication Services - 2.89%
    
             16,200
  
AT&T, Inc.
  
646,380
         
   
Electrical Equipment - 1.01%
    
               3,900
  
Emerson Electric Co.
  
226,902
         
   
Energy Equipment & Services - 1.98%
    
               4,387
  
Schlumberger Ltd.#
  
443,657
         
   
Food Products - 4.21%
    
               7,900
  
General Mills, Inc.
  
499,280
             11,300
  
Hershey Foods Corp.
  
442,847
       
942,127
         
   
Household Products - 7.89%
    
             11,100
  
Avon Products, Inc.
  
433,566
             12,327
  
Church & Dwight Co., Inc.
  
701,776
               8,505
  
Colgate-Palmolive Co.
  
632,432
       
1,767,774
         
   
Independent Power Producer - 2.97%
    
             16,000
  
NRG Energy, Inc.*
  
665,440
         
   
Industrial Machinery - 3.00%
    
               8,510
  
Illinois Tool Works, Inc.
  
456,987
               4,900
  
Ingersoll-Rand Co. Ltd. - Class A#
  
215,796
       
672,783
         
   
Insurance - Multi-Line - 1.25%
    
               7,800
  
American International Group, Inc.
  
280,800
         
   
Internet & Catalog Retail - 2.71%
    
             20,200
  
eBay, Inc.*
  
606,202
         
   
Internet Services - 2.35%
    
                  900
  
Google, Inc. - Class A*
  
527,220
         
   
IT Services - 1.00%
    
               5,200
  
Automatic Data Processing, Inc.
  
223,860
         
   
Machinery - 1.74%
    
               4,800
  
Deere & Co.
  
390,432
         
   
Multiline Retail - 0.98%
    
               6,300
  
Nordstrom, Inc.
  
220,374
         
   
Networking Equipment - 2.00%
    
             16,720
  
Cisco Systems, Inc.*
  
446,758
         
   
Oil & Gas - 9.80%
    
               4,637
  
Chevron Corp.
  
459,759
               4,700
  
Devon Energy Corp.
  
544,918
               4,671
  
Exxon Mobil Corp.
  
414,598
               4,050
  
Suncor Energy, Inc.#
  
276,817
               9,800
  
Valero Energy Corp.
  
498,232
       
2,194,324
         
   
Real Estate Investment Trusts - 1.09%
    
               2,500
  
Vornado Realty Trust
  
244,325
         
   
Semiconductor Equipment - 1.01%
    
               4,900
  
KLA-Tencor Corp.
  
225,988
         
   
Semiconductors - 3.03%
    
             19,500
  
Intel Corp.
  
452,010
               6,950
  
Texas Instruments, Inc.
  
225,736
       
677,746
         
   
Specialty Retail - 3.19%
    
               7,020
  
Nike, Inc. - Class B
  
479,958
             10,025
  
Staples, Inc.
  
235,086
       
715,044
         
   
Utilities - Pipelines - 3.02%
    
             25,000
  
Spectra Energy Corp.
  
675,500
         
   
TOTAL COMMON STOCKS (Cost $18,195,913)
  
20,229,717
         
         
 Shares
  
EXCHANGE TRADED NOTES - 1.72%
  
Value
         
             35,000
  
ELEMENTS Rogers International Commodity Index -
    
   
             Agriculture Total Return* (Cost $414,449)
  
385,000
         
         
 Shares
  
SHORT-TERM INVESTMENTS - 7.87%
  
Value
         
        1,762,776
  
Reserve Primary Fund - Class 45 (Cost $1,762,776)
  
1,762,776
         
   
Total Investments in Securities (Cost $20,373,138) - 99.93%
  
22,377,493
   
Other Assets in Excess of Liabilities - 0.07%
  
14,554
   
Net Assets - 100.00%
$
22,392,047
         
 
* Non-income producing security.
    
# U.S. traded security of a foreign issuer.
    
ADR - American Depository Receipt
    
GDR - Global Depository Receipt
    

The cost basis of investments for federal income tax purposes at May 31, 2008 was as follows**:

Cost of investments
$
20,394,416
    
         
Gross unrealized appreciation
$
3,028,297
    
Gross unrealized depreciation
  
(1,045,220
)
  
Net unrealized appreciation
$
1,983,077
    
         

**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.

FAS 157 – Summary of Fair Value Exposure at May 31, 2008

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), effective with the beginning of the Fund’s fiscal year.  SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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 May 31, 2008:

   
Fair Value Measurements at Reporting Date Using
   
Quoted Prices in Active Markets for Identical Assets
Significant Other Observable Inputs
Significant Unobservable Inputs
Description
Total
(Level 1)
(Level 2)
(Level 3)
         
Investments in Securities
$22,377,493
$22,377,493
$          —
$          —
Total
$22,377,493
$22,377,493
 
$          —
$          —

 
 
 
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”)) 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 and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(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) that occurred during the Registrant's last fiscal quarter that has materially affected, or is 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 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   7/21/2008                                                                 



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   7/21/2008                                                                 

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

Date   7/21/2008                                                                 

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