N-Q 1 mccarthy_nq93008.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS mccarthy_nq93008.htm
As filed with the Securities and Exchange Commission on November 26, 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.
 McCarthy Multi-Cap Stock Fund
        
 Schedule of Investments
        
 at September 30, 2008 (Unaudited)
        
             
 Shares
        
Value
  
   
COMMON STOCKS - 97.51%
        
   
Biotechnology - 5.79%
        
             36,700
  
Amgen, Inc.*+
  
$
2,175,209
  
   
Consumer Finance - 3.96%
        
             42,000
  
American Express Co.
    
1,488,060
  
   
Diversified Telecommunication Services - 3.21%
        
             43,210
  
AT&T, Inc.
    
1,206,423
  
   
Electronic Equipment & Instruments - 0.92%
        
             14,000
  
Avnet, Inc.*
    
344,820
  
   
Food Products - 4.21%
        
             81,300
  
ConAgra Foods, Inc.
    
1,582,098
  
   
Health Care Equipment & Supplies - 3.11%
        
             21,700
  
Covidien Ltd.
    
1,166,592
  
   
Health Care Providers & Services - 11.89%
        
             28,000
  
Humana, Inc.*
    
1,153,600
  
             17,480
  
UnitedHealth Group, Inc.
    
443,817
  
             53,980
  
WellCare Health Plans, Inc.*
    
1,943,280
  
             19,800
  
Wellpoint, Inc.*
    
926,046
  
         
4,466,743
  
   
IT Services - 4.65%
        
             18,000
  
Automatic Data Processing, Inc.
    
769,500
  
             39,628
  
Western Union Co.
    
977,623
  
         
1,747,123
  
   
Life Insurance - 4.83%
        
             21,900
  
FBL Financial Group, Inc. - Class A
    
610,791
  
             28,100
  
Lincoln National Corp.
    
1,202,961
  
         
1,813,752
  
   
Metals & Mining - 2.00%
        
             13,200
  
Freeport-McMoRan Copper & Gold, Inc.
    
750,420
  
   
Oil & Gas Drilling - 7.76%
        
             15,000
  
ENSCO International, Inc.
    
864,450
  
             17,430
  
Noble Corp.
    
765,177
  
             11,700
  
Transocean, Inc.*#
    
1,285,128
  
         
2,914,755
  
   
Oil & Gas Exploration & Production - 11.65%
        
               9,010
  
Anadarko Petroleum Corp.
    
437,075
  
               4,970
  
Apache Corp.
    
518,272
  
             25,300
  
Chesapeake Energy Corp.
    
907,258
  
             15,000
  
ConocoPhillips
    
1,098,750
  
             15,516
  
Devon Energy Corp.
    
1,415,059
  
         
4,376,414
  
   
Oil & Gas Refining & Marketing - 2.25%
        
             27,860
  
Valero Energy Corp.
    
844,158
  
   
Pharmaceuticals - 15.53%
        
             61,000
  
Bristol-Myers Squibb Co.
    
1,271,850
  
             22,946
  
Johnson & Johnson
    
1,589,699
  
           119,300
  
Mylan, Inc.*
    
1,362,406
  
             46,580
  
Schering-Plough Corp.
    
860,332
  
             36,440
  
Valeant Pharmaceuticals International*
    
745,927
  
         
5,830,214
  
   
Property & Casualty Insurance - 3.80%
        
             14,906
  
Argo Group International Holdings Ltd.*
    
549,286
  
                  200
  
Berkshire Hathaway Inc. - Class B*
    
879,000
  
         
1,428,286
  
   
Real Estate Management & Development - 1.74%
        
             15,000
  
Jones Lang LaSalle, Inc.
    
652,200
  
   
Reinsurers - 8.12%
        
             11,400
  
Everest Re Group, Ltd.
    
986,442
  
             46,270
  
Montpelier Re Holdings Ltd.
    
763,918
  
             25,000
  
RenaissanceRe Holdings Ltd.
    
1,300,000
  
         
3,050,360
  
   
Software - 2.09%
        
             29,400
  
Microsoft Corp.
    
784,686
  
   
TOTAL COMMON STOCKS (Cost $37,691,465)
    
36,622,313
  
             
   
PREFERRED STOCKS - 1.94%
        
   
Pharmaceuticals - 1.94%
        
               4,225
  
Schering-Plough Corp. (Cost $887,260)
    
731,009
  
             
   
SHORT-TERM INVESTMENTS - 1.04%
        
           389,451
  
Federated Cash Trust Money Market Fund (Cost $389,451)
  
389,451
  
   
Total Investments in Securities (Cost $38,968,176) - 100.49%
    
37,742,773
  
   
Liabilities in Excess of Other Assets - (0.49)%
    
(184,685
 )
   
NET ASSETS - 100.00%
  
$
37,558,088
  
             
* Non-income producing security.
        
# U.S. traded security of a foreign issuer.
        
+ Security is subject to a written call option.
        
 
 
 
Schedule of Call Options Written
      
at September 30, 2008 (Unaudited)
      
           
 Contracts
        
Value
  
 360
  
Amgen, Inc.
      
   
    Expiring January, 2009, Exercise Price: $60.00
   $ 172,800  
   
Total Call Options Written  (Premiums received $263,159)
   $ 172,800  
             
 
 
 
The cost basis of investments for federal income tax purposes at September 30, 2008 was as follows**:

Cost of investments (long positions)
$
38,968,176
    
Cost of investments (short positions)
  
(263,159
) 
  
 
$
38,705,017
    
         
Gross unrealized appreciation
$
2,450,902
    
Gross unrealized depreciation
  
(3,585,946
) 
  
Net unrealized depreciation
$
(1,135,044
 )   
         

**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 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
$37,742,773
$37,742,773
  $          —
 $         —
 Other Financial
    Instruments*
90,359
90,359
              —
            —
Total
$37,833,132
$37,833,132
 
  $          —
$         —

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as written options, which are valued at the unrealized appreciation on the instrument.

 
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    11/20/2008                                                            



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    11/20/2008                                                            

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

Date    11/20/2008                                                             

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