N-Q 1 astchase_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS astchase_nq.htm
 
As filed with the Securities and Exchange Commission on February 24, 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 E. Michigan St.
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Jeanine M. Bajczyk
Advisors Series Trust
615 E. 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: September 30, 2009



Date of reporting period: December 31, 2008
 
 

 
Item 1. Schedules of Investments.
 
Chase Growth Fund
      
Schedule of Investments
      
at December 31, 2008 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 96.0%
      
   
Asset Management - 3.2%
      
  909,400  
Charles Schwab Corp.
   $ 14,704,998  
     
Beverage - 3.0%
        
  254,600  
PepsiCo, Inc.
     13,944,442  
     
Biotechnology - 11.2%
        
  371,300  
Amgen Inc.*
     21,442,575  
  191,500  
Genzyme Corp.*
     12,709,855  
  353,800  
Gilead Sciences, Inc.*
     18,093,332  
            52,245,762  
     
Chemicals - Specialty - 2.3%
        
  184,100  
Praxair, Inc.
     10,928,176  
     
Computer Hardware - 2.8%
        
  156,000  
International Business Machines Corp.
     13,128,960  
     
Computer Software & Services - 2.6%
        
  249,000  
CA Inc.
     4,613,970  
  567,900  
Symantec Corp.*
     7,678,008  
            12,291,978  
     
Conglomerates - 1.7%
        
  139,700  
3M Co.
     8,038,338  
     
Consumer Goods/Services - 4.2%
        
  313,800  
Procter & Gamble Co.
     19,399,116  
     
Defense - 1.3%
        
  69,600  
Lockheed Martin Corp.
     5,851,968  
     
Drugs - Generic - 4.9%
        
  536,900  
Teva Pharmaceutical Industries Ltd. - ADR
     22,855,833  
     
Drugs - Proprietary - 4.4%
        
  202,700  
Abbott Laboratories
     10,818,099  
  237,900  
Eli Lilly & Co.
     9,580,233  
            20,398,332  
     
Education Services - 3.8%
        
  228,100  
Apollo Group Inc. - Class A*
     17,477,022  
     
Energy/Integrated - 3.8%
        
  224,400  
Exxon Mobil Corp.
     17,913,852  
     
Finance/Banks - 4.4%
        
  700,300  
Wells Fargo & Co.
     20,644,844  
     
Food - 5.2%
        
  185,000  
Kellogg Co.
     8,112,250  
  709,000  
Sysco Corp.
     16,264,460  
            24,376,710  
     
Health Care Products - 4.5%
        
  350,900  
Johnson & Johnson
     20,994,347  
     
Health Care Services - 2.5%
        
  210,100  
Express Scripts, Inc.*
     11,551,298  
     
Information Services - 4.0%
        
  479,700  
Automatic Data Processing, Inc.
     18,871,398  
     
Medical Products - 2.9%
        
  256,100  
Baxter International, Inc.
     13,724,399  
     
Office Products - 0.7%
        
  185,700  
Staples, Inc.
     3,327,744  
     
Restaurants - 5.7%
        
  427,500  
McDonald's Corp.
     26,586,225  
 
 
 
 
     
Retail - Discount - 5.1%
        
  422,000  
Wal-Mart Stores, Inc.
     23,657,320  
     
Retail - Home Improvement - 3.6%
        
  771,200  
Lowe's Companies, Inc.
     16,596,224  
     
Service Companies - 4.2%
        
  597,000  
Accenture Ltd. - Class A
     19,575,630  
     
Waste Disposal - 4.0%
        
  566,300  
Waste Management, Inc.
     18,767,182  
     
TOTAL COMMON STOCKS (Cost $472,305,689)
     447,852,098  
               
     
SHORT-TERM INVESTMENTS - 4.3%
        
  20,287,201  
Federated Treasury Cash Series II Fund
     20,287,201  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $20,287,201)
     20,287,201  
     
Total Investments in Securities (Cost $492,592,890) - 100.3%
     468,139,299  
     
Other Liabilities in Excess of Assets - (0.3%)
     (1,598,125 )
     
NET ASSETS - 100.0%
   $ 466,541,174  
               
 
ADR - American Depositary Receipt
      
* Non-income producing security.
      
         
The cost basis of investments for federal tax purposes at December 31, 2008 was as follows**:
         
Cost of investments
$492,592,890
    
Gross unrealized appreciation
$23,869,469
    
Gross unrealized depreciation
(48,323,060
 )  
Net unrealized depreciation
($24,453,591
 )  
         
**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 December 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 December 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
$468,139,299
$468,139,299
$          -
$          -
Total
$468,139,299
$468,139,299
 
$          -
$          -

 
 
 
Chase Mid-Cap Growth Fund
        
Schedule of Investments
        
at December 31, 2008 (Unaudited)
        
             
Shares
        
Value
  
   
COMMON STOCKS - 98.2%
        
   
Apparel - 2.7%
        
  11,100  
VF Corp.
     $ 607,947  
     
Auto/Auto Parts - 2.1%
          
  14,900  
O'Reilly Automotive, Inc.*
       458,026  
     
Beverage - 1.5%
          
  7,700  
Coca-Cola Femsa, S.A.B de C.V. - ADR
       335,027  
     
Biotechnology - 2.4%
          
  8,200  
Techne Corp.*
       529,064  
     
Brokerage - 1.7%
          
  8,000  
Stifel Financial Corp.*
       366,800  
     
Business Services - 1.8%
          
  8,200  
Watson Wyatt Worldwide Inc. - Class A
       392,124  
     
Chemicals - Specialty - 7.6%
          
  10,300  
Airgas, Inc.
       401,597  
  16,200  
Ecolab Inc.
       569,430  
  16,800  
Sigma-Aldrich Corp.
       709,632  
              1,680,659  
     
Computer Software & Services - 7.1%
          
  12,100  
CA Inc.
       224,213  
  20,800  
Citrix Systems, Inc.*
       490,256  
  18,600  
Solera Holdings Inc.*
       448,260  
  30,500  
Symantec Corp.*
       412,360  
              1,575,089  
     
Consumer Goods & Services - 1.4%
          
  8,200  
Matthews International Corp. - Class A
       300,776  
     
Education Services - 2.1%
          
  6,200  
Apollo Group Inc. - Class A*
       475,044  
     
Electrical Equipment - 2.4%
          
  17,500  
Ametek, Inc.
       528,675  
     
Electrical Instruments - 1.9%
          
  6,100  
Mettler-Toledo International Inc.*
       411,140  
     
Electronics - 1.6%
          
  15,100  
Amphenol Corp. - Class A
       362,098  
     
Energy/Oil & Gas Drilling - 1.1%
          
  15,500  
Atwood Oceanics, Inc.*
       236,840  
     
Energy/Oil & Gas Exploration & Production - 2.0%
          
  13,200  
Range Resources Corp.
       453,948  
     
Engineering/Construction - 4.5%
          
  10,700  
Fluor Corp.
       480,109  
  10,700  
Jacobs Engineering Group Inc.*
       514,670  
              994,779  
     
Food - 4.2%
          
  22,800  
Flowers Food, Inc.
       555,408  
  6,600  
Ralcorp Holdings, Inc.*
       385,440  
              940,848  
     
Health Care Services - 7.7%
          
  10,600  
Express Scripts, Inc.*
       582,788  
  13,200  
ICON plc - ADR*
       259,908  
  16,700  
Quest Diagnostics Inc.
       866,897  
              1,709,593  
     
Household Products - 4.6%
          
  18,200  
Church & Dwight Co., Inc.
       1,021,384  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
Internet Retail - 2.9%
          
  8,700  
Priceline.com, Inc.*
       640,755  
     
Machinery - 1.2%
          
  7,800  
Donaldson Company, Inc.
       262,470  
     
Medical Supplies - 3.4%
          
  9,000  
C. R. Bard, Inc.
       758,340  
     
Office Products - 3.4%
          
  41,700  
Staples, Inc.
       747,264  
     
Personal Care - 3.1%
          
  28,200  
Alberto-Culver Co.
       691,182  
     
Railroad - 2.1%
          
  15,300  
Genesee & Wyoming Inc. - Class A*
       466,650  
     
Restaurants - 2.9%
          
  26,900  
Burger King Holdings Inc.
       642,372  
     
Retail - Discount - 6.3%
          
  16,800  
Dollar Tree, Inc.*
       702,240  
  34,000  
The TJX Companies, Inc.
       699,380  
              1,401,620  
     
Retail - Specialty - 1.5%
          
  15,100  
GameStop Corp. - Class A*
       327,066  
     
Service Companies - 4.1%
          
  18,200  
Copart, Inc.*
       494,858  
  8,100  
Stericycle, Inc.*
       421,848  
              916,706  
     
Shipping - 2.7%
          
  21,500  
Kirby Corp.*
       588,240  
     
Utilities - Electric/Gas - 1.0%
          
  7,900  
Energen Corp.
       231,707  
     
Waste Disposal - 3.2%
          
  22,700  
Waste Connections, Inc.*
       716,639  
     
TOTAL COMMON STOCKS (Cost $25,646,264)
       21,770,872  
                 
     
SHORT-TERM INVESTMENTS - 0.6%
          
  133,807  
Federated Treasury Cash Series II Fund
       133,807  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $133,807)
       133,807  
     
Total Investments in Securities (Cost $25,780,071) - 98.8%
       21,904,679  
     
Other Assets in Excess of Liabilities - 1.2%
       270,238  
     
NET ASSETS - 100.0%
     $ 22,174,917  
                 
ADR - American Depositary Receipt
          
* Non-income producing security.
          
                 
The cost basis of investments for federal tax purposes at December 31, 2008 was as follows**:
        
                 
Cost of investments
$25,780,071
        
Gross unrealized appreciation
$1,001,944
        
Gross unrealized depreciation
(4,877,336
 )      
Net unrealized depreciation
($3,875,392
 )      
                 
**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 December 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 December 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
$21,904,679
$21,904,679
$          -
$          -
Total
$21,904,679
$21,904,679
 
$          -
$          -

 
 
 
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 Rule 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  2/10/09                                                                                                                                                                          



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  2/10/09                                                                                                                                                     

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

Date  2/10/09                                                                                               

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