N-Q 1 davidson_93008nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS davidson_93008nq.htm
As filed with the Securities and Exchange Commission on November 14, 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: June 30, 2009



Date of reporting period:  September 30, 2008

Item 1. Schedules of Investments.
Davidson Multi-Cap Core Fund
      
Schedule of Investments
      
September 30, 2008 (Unaudited)
      
           
           
           
           
Shares
  
COMMON STOCKS - 96.80%
  
Value
  
   
Aerospace & Defense - 4.02%
      
                   1,065
  
Alliant Techsystems, Inc. (a)
$
               100,046
  
                   1,630
  
United Technologies Corp.
  
                 97,898
  
       
               197,944
  
   
Air Freight & Logistics - 1.94%
      
                   1,210
  
FedEx Corp.
  
                 95,638
  
   
Beverages - 2.47%
      
                   1,705
  
PepsiCo, Inc.
  
               121,515
  
   
Biotechnology - 2.10%
      
                   1,740
  
Amgen, Inc. (a)
  
               103,130
  
   
Capital Markets - 1.79%
      
                   1,550
  
State Street Corp.
  
                 88,164
  
   
Chemicals - 3.59%
      
                   2,130
  
E.I. du pont de Nemours & Co.
  
                 85,839
  
                   1,265
  
Praxair, Inc.
  
                 90,751
  
       
               176,590
  
   
Commercial Banks - 4.03%
      
                   3,895
  
TCF Financial Corp.
  
                 70,110
  
                   3,415
  
Wells Fargo & Co.
  
               128,165
  
       
               198,275
  
   
Commercial Services & Supplies - 1.88%
      
                   3,780
  
Herman Miller, Inc.
  
                 92,497
  
   
Communications Equipment - 3.67%
      
                   4,815
  
Cisco Systems, Inc. (a)
  
               108,626
  
                   3,425
  
Juniper Networks, Inc. (a)
  
                 72,165
  
       
               180,791
  
   
Computers & Peripherals - 3.63%
      
 475
  
Apple, Inc. (a)
  
                 53,989
  
                   1,065
  
International Business Machines Corp.
  
               124,562
  
       
               178,551
  
   
Diversified Financial Services - 4.72%
      
                   2,730
  
JPMorgan Chase & Co.
  
               127,491
  
                   2,410
  
Principal Financial Group, Inc.
  
               104,811
  
       
               232,302
  
   
Diversified Telecommunication Services - 1.71%
      
                   2,615
  
Verizon Communications, Inc.
  
                 83,915
  
   
Energy Equipment & Services - 4.15%
      
                   1,775
  
Baker Hughes, Inc.
  
               107,459
  
 880
  
Transocean, Inc. (a)(b)
  
                 96,659
  
       
               204,118
  
   
Food & Staples Retailing - 1.99%
      
                   1,505
  
Costco Wholesale Corp.
  
                 97,720
  
   
Food Products - 3.05%
      
                   2,955
  
Archer-Daniels-Midland Co.
  
                 64,744
  
                   7,145
  
Tyson Foods, Inc. - Class A
  
                 85,311
  
       
               150,055
  
   
Health Care Equipment & Supplies - 2.06%
      
                   1,260
  
Becton, Dickinson & Co.
  
               101,128
  
   
Health Care Providers & Services - 4.73%
      
                   3,155
  
Healthways, Inc. (a)
  
                 50,890
  
                   2,035
  
Medco Health Solutions, Inc. (a)
  
                 91,575
  
                   2,185
  
Pharmaceutical Product Development, Inc.
  
                 90,350
  
       
               232,815
  
   
Health Care Technology - 1.40%
      
                   3,645
  
IMS Health, Inc.
  
                 68,927
  
   
Hotels, Restaurants & Leisure - 1.23%
      
                   2,910
  
Royal Caribbean Cruises Ltd. (b)
  
                 60,382
  
   
Industrial Conglomerates - 3.72%
      
                   1,445
  
3M Co.
  
                 98,708
  
                   3,315
  
General Electric Co.
  
                 84,532
  
       
               183,240
  
   
Insurance - 2.65%
      
                   2,505
  
StanCorp Financial Group, Inc.
  
               130,260
  
   
Internet & Catalog Retail - 1.81%
      
                   2,080
  
Blue Nile, Inc. (a)
  
                 89,170
  
   
Internet Software & Services - 3.29%
      
                   6,250
  
Ariba, Inc. (a)
  
                 88,312
  
                      184
  
Google, Inc. - Class A (a)
  
                 73,696
  
       
               162,008
  
   
IT Services - 2.16%
      
                   2,245
  
Fiserv, Inc. (a)
  
               106,233
  
   
Media - 1.55%
      
                   2,410
  
The McGraw-Hill Companies, Inc.
  
                 76,180
  
   
Multiline Retail - 1.72%
      
                   2,940
  
Nordstrom, Inc.
  
                 84,731
  
   
Multi-Utilities & Unregulated Power - 1.90%
      
                   1,855
  
Sempra Energy
  
                 93,622
  
   
Oil & Gas - 6.57%
      
                   1,695
  
Exxon Mobil Corp.
  
               131,634
  
                   4,250
  
Frontier Oil Corp.
  
                 78,285
  
                   2,845
  
Marathon Oil Corp.
  
               113,430
  
       
               323,349
  
   
Oil, Gas & Consumable Fuels - 2.07%
      
                   1,115
  
Devon Energy Corp.
  
               101,688
  
   
Personal Products - 2.24%
      
                   2,205
  
The Estee Lauder Cos., Inc. - Class A
  
               110,051
  
   
Pharmaceuticals - 3.46%
      
                   1,155
  
Genzyme Corp. (a)
  
                 93,428
  
                   2,085
  
Wyeth
  
                 77,020
  
       
               170,448
  
   
Real Estate - 2.24%
      
                   8,195
  
Annaly Capital Management, Inc.
  
               110,223
  
   
Semiconductor & Semiconductor Equipment - 1.84%
      
                   5,975
  
Applied Materials, Inc.
  
                 90,402
  
   
Software - 2.18%
      
                   3,390
  
Intuit, Inc. (a)
  
               107,158
  
   
Specialty Retail - 1.76%
      
                   2,315
  
Best Buy Co., Inc.
  
                 86,812
  
   
Wireless Telecommunication Services - 1.48%
      
                   1,915
  
NII Holdings, Inc. (a)
  
                 72,617
  
           
   
TOTAL COMMON STOCKS (Cost $5,248,588)
  
            4,762,649
  
           
           
Shares
  
SHORT-TERM INVESTMENTS - 2.68%
  
Value
  
               131,881
  
Fidelity Institutional Government Portfolio
  
               131,881
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $131,881)
  
               131,881
  
           
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $5,380,469) - 99.48%
            4,894,530
  
   
Other Assets in Excess of Liabilities - 0.52%
  
                 25,753
  
   
NET ASSETS - 100.00%
$
            4,920,283
  
           
 
 (a) Non-income producing security.
 (b) U.S. traded security of a foreign issuer.
 
 
The cost basis of investments for federal income tax purposes at September 30, 2008 was as follows*:
         
Cost of investments
 $
     5,380,469
    
         
Gross unrealized appreciation
 $
          75,666
    
Gross unrealized depreciation
  
        (561,605
)
  
Net unrealized depreciation
  $
    (485,939
 )  
         
* Because tax adjustments are calculated annually, the above table does not reflect the tax adjustments outstanding.
 

FAS 157 – Summary of Fair Value Exposure at September 30, 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 September 30, 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
$4,894,530
$4,894,530
$          —
$       —
Total
$4,894,530
$4,894,530
 
$          —
$       —


 
 
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    11/11/2008                                                                



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    11/11/2008                                                                

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

Date    11/10/2008                                                                

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