N-Q 1 amtrstfds_113008nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS amtrstfds_113008nq.htm
As filed with the Securities and Exchange Commission on January 29, 2009



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:  November 30, 2008

Item 1. Schedules of Investments.
 American Trust Allegiance Fund
      
 Schedule of Investments at November 30, 2008 (Unaudited)
      
           
 Shares
  
COMMON STOCKS - 92.69%
  
Value
  
           
   
Asset Management - 3.41%
      
             11,500
  
Brookfield Asset Management, Inc. - Class A#
$
166,405
  
             18,100
  
SEI Investments Co.
  
279,826
  
       
446,231
  
           
   
Chemicals - 4.83%
      
               2,700
  
Monsanto Co.
  
213,840
  
               7,100
  
Praxair, Inc.
  
419,255
  
       
633,095
  
           
   
Commercial Services & Supplies - 5.14%
      
             13,000
  
Iron Mountain, Inc.*
  
282,490
  
             13,400
  
Waste Management, Inc.
  
391,280
  
       
673,770
  
           
   
Communications Equipment - 4.81%
      
             12,100
  
Corning, Inc.
  
109,021
  
             11,400
  
QUALCOMM, Inc.
  
382,698
  
               3,250
  
Research In Motion Ltd.*#
  
138,027
  
       
629,746
  
           
   
Computer Hardware - 4.09%
      
               2,700
  
Apple, Inc.*
  
250,209
  
               3,500
  
International Business Machines Corp.
  
285,600
  
       
535,809
  
           
   
Computer Software - 4.77%
      
               5,900
  
Autodesk, Inc.*
  
97,881
  
             10,600
  
Citrix Systems, Inc.*
  
282,596
  
             12,100
  
Microsoft Corp.
  
244,662
  
       
625,139
  
           
   
Construction & Engineering - 3.27%
      
             11,800
  
ABB Ltd. - ADR
  
152,574
  
             12,400
  
Foster Wheeler Ltd.*#
  
276,024
  
       
428,598
  
           
   
Diversified Financial Services - 5.40%
      
             10,900
  
Bank of America Corp.
  
177,125
  
               1,020
  
The Goldman Sachs Group, Inc.
  
80,570
  
             10,700
  
State Street Corp.
  
450,577
  
       
708,272
  
           
   
Diversified Telecommunication Services - 2.36%
      
             10,800
  
AT&T, Inc.
  
308,448
  
           
   
Electrical Equipment - 1.01%
      
               3,700
  
Emerson Electric Co.
  
132,793
  
           
   
Energy Equipment & Services - 3.64%
      
               3,700
  
Diamond Offshore Drilling, Inc.
  
273,060
  
               7,100
  
Halliburton Co.
  
124,960
  
               9,500
  
Willbros Group, Inc.*#
  
78,565
  
       
476,585
  
           
   
Food Products - 2.94%
      
               6,100
  
General Mills, Inc.
  
385,337
  
           
   
Household Durables - 1.85%
      
             12,300
  
Tupperware Brands Corp.
  
241,941
  
           
   
Household Products - 9.04%
      
             16,000
  
Avon Products, Inc.
  
337,600
  
               7,027
  
Church & Dwight Co., Inc.
  
417,685
  
               6,605
  
Colgate-Palmolive Co.
  
429,787
  
       
1,185,072
  
           
   
Independent Power Producer - 2.69%
      
             14,900
  
NRG Energy, Inc.*
  
352,981
  
           
   
Industrial Machinery - 0.55%
      
               4,600
  
Ingersoll-Rand Co. Ltd. - Class A#
  
72,128
  
           
   
Insurance - 2.18%
      
             12,400
  
Willis Group Holdings Ltd.#
  
286,068
  
           
   
Internet & Catalog Retail - 0.89%
      
               8,900
  
eBay, Inc.*
  
116,857
  
           
   
Internet Services - 1.79%
      
                  800
  
Google, Inc. - Class A*
  
234,368
  
           
   
IT Services - 2.15%
      
               9,100
  
Accenture Ltd. - Class A#
  
281,918
  
           
   
Machinery - 1.20%
      
               4,500
  
Deere & Co.
  
156,645
  
           
   
Metals & Mining - 1.48%
      
               8,100
  
Freeport-McMoRan Copper & Gold, Inc.
  
194,319
  
           
   
Multiline Retail - 0.51%
      
               5,900
  
Nordstrom, Inc.
  
67,083
  
           
   
Networking Equipment - 1.97%
      
             15,620
  
Cisco Systems, Inc.*
  
258,355
  
           
   
Oil & Gas - 7.96%
      
               4,337
  
Chevron Corp.
  
342,666
  
               5,400
  
Devon Energy Corp.
  
390,636
  
               3,871
  
Exxon Mobil Corp.
  
310,261
  
       
1,043,563
  
           
   
Real Estate Investment Trusts - 0.94%
      
               2,300
  
Vornado Realty Trust
  
122,935
  
           
   
Semiconductor Equipment - 0.66%
      
               4,600
  
KLA-Tencor Corp.
  
86,526
  
           
   
Semiconductors - 1.92%
      
             18,200
  
Intel Corp.
  
251,160
  
           
   
Specialty Retail - 6.35%
      
             14,000
  
American Eagle Outfitters, Inc.
  
134,400
  
             14,400
  
Coach, Inc.*
  
257,760
  
               5,220
  
Nike, Inc. - Class B
  
277,965
  
               9,325
  
Staples, Inc.
  
161,882
  
       
832,007
  
           
   
Utilities - Pipelines - 2.89%
      
             23,300
  
Spectra Energy Corp.
  
378,858
  
           
   
TOTAL COMMON STOCKS (Cost $15,825,509)
  
12,146,607
  
           
 Shares
  
SHORT-TERM INVESTMENTS - 7.37%
  
Value
  
           
           194,856
  
Fidelity Institutional Money Market Government Portfolio - Class I
194,856
  
           794,582
  
Reserve Primary Fund - Class 45+‡
  
770,745
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $989,438)
  
965,601
  
           
   
Total Investments in Securities (Cost $16,814,947) - 100.06%
  
13,112,208
  
   
Liabilities in Excess of Other Assets - (0.06)%
  
(7,792
 )
   
Net Assets - 100.00%
$
13,104,416
  
           
 
* Non-income producing security.
# U.S. traded security of a foreign issuer.
+Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
‡ Illiquid security.  As of November 30, 2008, the security had a value of $770,745 or 5.88% of net assets.
   The security was acquired between April 21, 2008 and October 22, 2008, and has a cost of $794,582.
ADR - American Depository Receipt
 
The cost basis of investments for federal income tax purposes at November 30, 2008 was as follows**:

Cost of investments
$
16,836,225
  
       
Gross unrealized appreciation
$
603,106
  
Gross unrealized depreciation
  
   (4,327,123
 ) 
Net unrealized depreciation
$
(3,724,017
 ) 
       

**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 or semi-annual report.
 
FAS 157 – Summary of Fair Value Exposure at November 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 November 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
$13,112,208
$12,341,463
     $770,745
$          —
Total
$13,112,208
$12,341,463
 
     $770,745
$          —

 
 
 American Trust Energy Alternatives Fund
      
 Schedule of Investments at November 30, 2008 (Unaudited)
      
           
 Shares
  
COMMON STOCKS - 90.97%
  
Value†
  
           
   
Asset Management - 0.46%
      
                  600
  
Brookfield Asset Management, Inc. - Class A#
$
8,682
  
           
   
Automobiles - 3.88%
      
               3,300
  
Honda Motor Co., Ltd. - ADR
  
72,864
  
           
   
Building Products - 1.02%
      
               1,200
  
Owens Corning, Inc.*
  
19,140
  
           
   
Chemicals - Specialty - 9.66%
      
                  700
  
FMC Corp.
  
30,590
  
                  900
  
Praxair, Inc.
  
53,145
  
             16,000
  
Toray Industries, Inc.* (JPY)
  
77,346
  
                  200
  
Wacker Chemie AG* (EUR)
  
20,160
  
       
181,241
  
           
   
Commercial Services & Supplies - 2.34%
      
               2,200
  
Covanta Holding Corp.*
  
43,890
  
           
   
Construction & Engineering - 3.52%
      
               1,000
  
ABB Ltd. - ADR
  
12,930
  
               1,800
  
Abengoa S.A. (EUR)
  
26,117
  
                  200
  
Acciona S.A. (EUR)
  
18,028
  
                  400
  
Foster Wheeler Ltd.*#
  
8,904
  
       
65,979
  
           
   
Diversified Financial Services - 0.57%
      
                  800
  
Climate Exchange PLC* (GBP)
  
10,587
  
           
   
Electric Utilities - 8.10%
      
               3,600
  
Companhia Energetica de Minas Gerais - CEMIG - ADR
  
56,988
  
               9,700
  
EDP - Energias de Portugal, S.A. (EUR)
  
32,819
  
               1,800
  
Enersis S.A. - ADR
  
23,508
  
             10,100
  
TrustPower Ltd. (NZD)
  
38,590
  
       
151,905
  
           
   
Electrical Equipment - 21.12%
      
               2,900
  
Evergreen Solar, Inc.*
  
7,917
  
               1,300
  
First Solar, Inc.*
  
162,292
  
               3,800
  
FuelCell Energy, Inc.*
  
16,568
  
               1,900
  
Gamesa Corporacion Tecnologica, S.A. (EUR)
  
31,671
  
               2,800
  
Nordex AG* (EUR)
  
37,317
  
                  300
  
Q-Cells AG* (EUR)
  
10,005
  
                  400
  
SGL Carbon AG* (EUR)
  
10,388
  
                  350
  
SMA Solar Technology AG* (EUR)
  
16,008
  
               4,000
  
Solar Capital Ltd.* (EUR)
  
11,384
  
                  301
  
SunPower Corp. - Class B*
  
7,832
  
               2,600
  
Suntech Power Holdings Co., Ltd.* - ADR
  
22,204
  
               1,400
  
Vestas Wind Systems A/S* (DKK)
  
62,563
  
       
396,149
  
           
   
Electronic Equipment, Instruments & Components - 0.43%
      
               2,000
  
Comverge, Inc.*
  
8,120
  
           
   
Food Products - 11.33%
      
               4,500
  
Archer-Daniels-Midland Co.
  
123,210
  
               9,000
  
Cosan Ltd. - Class A*#
  
27,630
  
               5,500
  
Cresud S.A.C.I.F.y A. - ADR
  
34,980
  
           118,000
  
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk* (IDR)
  
26,740
  
       
212,560
  
           
   
Independent Power Producers & Energy Traders - 6.09%
      
           982,000
  
Energy Development Corp. (PHP)
  
51,130
  
               2,100
  
Ormat Technologies, Inc.
  
63,210
  
       
114,340
  
           
   
Industrial Conglomerates - 1.38%
      
               4,500
  
Orkla ASA (NOK)
  
25,901
  
           
   
Machinery - 7.74%
      
             18,300
  
Ebara Corp. (JPY)
  
34,467
  
             22,000
  
Hansen Transmissions* (GBP)
  
29,859
  
                  400
  
Meyer Burger Technology AG* (CHF)
  
42,768
  
               2,900
  
NGK Insulators, Ltd. (JPY)
  
30,830
  
                  100
  
OC Oerlikon Corp. AG* (CHF)
  
7,187
  
       
145,111
  
           
   
Oil, Gas & Consumable Fuels - 2.84%
      
               1,100
  
Kinder Morgan Energy Partners, L.P.
  
53,339
  
           
   
Real Estate Investment Trusts - 1.60%
      
                  900
  
Rayonier, Inc.
  
30,060
  
           
   
Real Estate Management & Development - 0.86%
      
               2,700
  
Forest City Enterprises, Inc. - Class A
  
16,092
  
           
   
Road & Rail - 0.82%
      
                  700
  
Kansas City Southern*
  
15,344
  
           
   
Semiconductors & Semiconductor Equipment - 1.53%
      
               3,000
  
Applied Materials, Inc.
  
28,740
  
           
   
Software- 5.68%
      
               4,000
  
Citrix Systems, Inc.*
  
106,640
  
           
   
TOTAL COMMON STOCKS (Cost $3,145,257)
  
1,706,684
  
           
 Shares
  
SHORT-TERM INVESTMENTS - 8.88%
  
Value
  
           
             72,554
  
Fidelity Institutional Money Market Government Portfolio - Class I
  
72,554
  
             96,966
  
Reserve Primary Fund - Class 45+‡
  
94,057
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $169,520)
  
166,611
  
           
   
Total Investments in Securities (Cost $3,314,777) - 99.85%
  
1,873,295
  
   
Assets in Excess of Other Liabilities - 0.15%
  
2,874
  
   
Net Assets - 100.00%
$
1,876,169
  
           
 
 † Denominated in U.S. dollars unless otherwise noted.
* Non-income producing security.
# U.S. traded security of a foreign issuer.
+ Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
‡ Illiquid security.  As of November 30, 2008, the security had a value of $94,057 or 5.01% of net assets.
  The security was acquired between September 4, 2008 and October 22, 2008, and has a cost of $96,966.
ADR - American Depository Receipt
CHF - Swiss Franc
DKK - Danish Krone
EUR - European Euro
GBP - British Pound
IDR - Indonesian Rupiah
JPY - Japanese Yen
NOK - Norwegian Krone
NZD - New Zealand Dollar
PHP - Philippine Peso
 
The cost basis of investments for federal income tax purposes at November 30, 2008 was as follows**:

Cost of investments
$
3,314,777
  
       
Gross unrealized appreciation
$
8,636
  
Gross unrealized depreciation
  
   (1,450,118
) 
Net unrealized depreciation
$
(1,441,482
) 
       

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

FAS 157 – Summary of Fair Value Exposure at November 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 November 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
$1,873,295
$1,779,238
      $94,057
$          —
Total
$1,873,295
$1,779,238
 
      $94,057
$          —

 
 
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   1/27/2009                                                               



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   1/27/2009                                                               

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

Date   1/23/2009                                                               

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