N-Q 1 rigel_123108nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS rigel_123108nq.htm
As filed with the Securities and Exchange Commission on February 27, 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:  September 30, 2009



Date of reporting period:  December 31, 2008
 
Item 1. Schedules of Investments.
     
Schedule of Investments
      
at December 31, 2008 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 95.56%
      
   
Aerospace & Defense - 2.00%
      
26,447
  
Raytheon Co.
$
1,349,855
  
           
   
Air Freight & Logistics - 4.27%
      
37,367
  
C. H. Robinson Worldwide, Inc.
  
2,056,306
  
24,792
  
Expeditors International of Washington, Inc.
  
824,830
  
       
2,881,136
  
           
   
Biotechnology - 11.50%
      
22,041
  
Amgen, Inc.*
  
1,272,868
  
36,278
  
Celgene Corp.*
  
2,005,448
  
17,301
  
Cephalon, Inc.*
  
1,332,869
  
12,261
  
Genentech, Inc.*
  
1,016,559
  
41,788
  
Gilead Sciences, Inc.*
  
2,137,038
  
       
7,764,782
  
           
   
Capital Markets - 1.51%
      
63,135
  
The Charles Schwab Corp.
  
1,020,893
  
           
   
Chemicals - 3.63%
      
15,928
  
Monsanto Co.
  
1,120,535
  
11,310
  
Potash Corporation of Saskatchewan, Inc.#
  
828,118
  
8,464
  
Praxair, Inc.
  
502,423
  
       
2,451,076
  
           
   
Communications Equipment - 1.34%
      
25,267
  
QUALCOMM, Inc.
  
905,317
  
           
   
Computers & Peripherals - 5.96%
      
55,352
  
Hewlett-Packard Co.
  
2,008,724
  
23,963
  
International Business Machines Corp.
  
2,016,726
  
       
4,025,450
  
           
   
Diversified Consumer Services - 2.74%
      
24,151
  
Apollo Group, Inc. - Class A*
  
1,850,450
  
           
   
Electronic Equipment & Instruments - 1.47%
      
32,319
  
FLIR Systems, Inc.*
  
991,547
  
           
   
Energy Equipment & Services - 2.14%
      
31,168
  
Cameron International Corp.*
  
638,944
  
32,904
  
National-Oilwell Varco, Inc.*
  
804,174
  
       
1,443,118
  
           
   
Food & Staples Retailing - 7.28%
      
17,976
  
Costco Wholesale Corp.
  
943,740
  
59,253
  
The Kroger Co.
  
1,564,872
  
42,987
  
Wal-Mart Stores, Inc.
  
2,409,851
  
       
4,918,463
  
           
   
Food Products - 3.50%
      
29,085
  
Campbell Soup Co.
  
872,841
  
24,515
  
General Mills, Inc.
  
1,489,286
  
       
2,362,127
  
           
   
Health Care Equipment & Supplies - 3.46%
      
24,842
  
Baxter International, Inc.
  
1,331,283
  
11,957
  
C. R. Bard, Inc.
  
1,007,497
  
       
2,338,780
  
           
   
Health Care Providers & Services - 2.90%
      
46,782
  
Medco Health Solutions, Inc.*
  
1,960,634
  
           
   
Hotels, Restaurants & Leisure - 3.47%
      
37,678
  
McDonald's Corp.
  
2,343,195
  
           
   
Household Products - 1.92%
      
20,936
  
Procter & Gamble Co.
  
1,294,263
  
           
   
Insurance - 3.05%
      
20,778
  
AFLAC, Inc.
  
952,464
  
24,177
  
Aon Corp.
  
1,104,405
  
       
2,056,869
  
           
   
IT Services - 3.94%
      
28,078
  
Accenture Ltd.#
  
920,678
  
22,772
  
Affiliated Computer Services, Inc.*
  
1,046,373
  
4,850
  
MasterCard, Inc. - Class A
  
693,210
  
       
2,660,261
  
           
   
Media - 2.06%
      
60,652
  
The DIRECTV Group, Inc.*
  
1,389,537
  
           
   
Oil, Gas & Consumable Fuels - 8.03%
      
10,570
  
Devon Energy Corp.
  
694,555
  
12,600
  
EOG Resources, Inc.
  
838,908
  
10,919
  
Hess Corp.
  
585,695
  
26,789
  
Occidental Petroleum Corp.
  
1,607,072
  
58,602
  
Southwestern Energy Co.*
  
1,697,700
  
       
5,423,930
  
           
   
Pharmaceuticals - 6.41%
      
36,003
  
Abbott Laboratories
  
1,921,480
  
58,471
  
Bristol-Myers Squibb Co.
  
1,359,451
  
17,523
  
Johnson & Johnson
  
1,048,401
  
       
4,329,332
  
           
   
Road & Rail - 1.36%
      
19,521
  
Norfolk Southern Corp.
  
918,463
  
           
   
Software - 5.47%
      
22,473
  
BMC Software, Inc.*
  
604,748
  
25,875
  
McAfee, Inc.*
  
894,499
  
123,775
  
Oracle Corp.*
  
2,194,531
  
       
3,693,778
  
           
   
Specialty Retail - 1.00%
      
4,819
  
AutoZone, Inc.*
  
672,106
  
           
   
Textiles, Apparel & Luxury Goods - 1.17%
      
15,560
  
NIKE, Inc. - Class B
  
793,560
  
           
   
Thrifts & Mortgage Finance - 2.18%
      
92,424
  
Hudson City Bancorp, Inc.
  
1,475,087
  
           
   
Trading Companies & Distributors - 1.80%
      
11,952
  
Fastenal Co.
  
416,527
  
10,120
  
W.W. Grainger, Inc.
  
797,861
  
       
1,214,388
  
           
   
Total Common Stocks (Cost $66,788,013)
  
64,528,397
  
           
   
SHORT-TERM INVESTMENTS - 4.26%
      
993,504
  
Aim Liquid Assets
  
993,504
  
1,884,205
  
AIM STIT-STIC Prime Portfolio
  
1,884,205
  
   
Total Short-Term Investments (Cost $2,877,709)
  
2,877,709
  
           
   
Total Investments in Securities (Cost $69,665,722) - 99.82%
  
67,406,106
  
   
Other Assets in Excess of Liabilities - 0.18%
  
119,441
  
   
Net Assets - 100.00%
$
67,525,547
  
           
* Non-income producing security.
      
# U.S. traded security of a foreign issuer.
      

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

Cost of investments
$
71,512,049
  
       
Gross unrealized appreciation
$
2,321,313
  
Gross unrealized depreciation
  
   (6,427,256
 )
Net unrealized depreciation
$
(4,105,943
 )
       

**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
$67,406,106
$67,406,106
$          —
$          —
Total
$67,406,106
$67,406,106
 
$          —
$          —
 

 Rigel U.S. Equity Small-Mid Cap Growth Fund
      
 Schedule of Investments
      
 at December 31, 2008 (Unaudited)
      
           
 Shares
      
Value
  
   
COMMON STOCKS - 98.58%
      
   
Aerospace & Defense - 2.90%
      
               1,800
  
Aerovironment, Inc.*
$
66,258
  
                  938
  
Axsys Technologies, Inc.*
  
51,459
  
       
117,717
  
           
   
Biotechnology - 9.48%
      
               1,525
  
Alexion Pharmaceuticals, Inc.*
  
55,190
  
               1,400
  
Cephalon, Inc.*
  
107,856
  
               2,025
  
Emergent Biosolutions, Inc.*
  
52,873
  
               1,050
  
Myriad Genetics, Inc.*
  
69,573
  
               1,300
  
OSI Pharmaceuticals, Inc.*
  
50,765
  
                  775
  
United Therapeutics Corp.*
  
48,476
  
       
384,733
  
   
Chemicals - 1.77%
      
               4,675
  
Calgon Carbon Corp.*
  
71,808
  
           
   
Commercial Banks - 2.51%
      
               2,275
  
Bank of the Ozarks, Inc.
  
67,431
  
               1,800
  
Glacier Bancorp, Inc.
  
34,236
  
       
101,667
  
           
   
Commercial Services & Supplies - 4.87%
      
                  860
  
Clean Harbors, Inc.*
  
54,558
  
               1,200
  
I H S, Inc.*
  
44,904
  
               1,887
  
Stericycle, Inc.*
  
98,275
  
       
197,737
  
           
   
Communications Equipment - 1.49%
      
               2,650
  
F5 Networks, Inc.*
  
60,579
  
           
   
Construction & Engineering - 1.25%
      
               1,650
  
Aecom Technology Corp.*
  
50,704
  
           
   
Diversified Consumer Services - 4.68%
      
               1,700
  
American Public Education, Inc.*
  
63,223
  
                  875
  
Capella Education Co.*
  
51,415
  
                  350
  
Strayer Education, Inc.
  
75,044
  
       
189,682
  
           
   
Diversified Financial Services - 1.32%
      
               2,175
  
The Nasdaq OMX Group, Inc.*
  
53,744
  
           
   
Electric Utilities - 1.59%
      
               1,475
  
ITC Holdings Corp.
  
64,428
  
           
   
Electronic Equipment & Instruments - 2.83%
      
               3,400
  
Cogent, Inc.*
  
46,138
  
               2,245
  
FLIR Systems, Inc.*
  
68,877
  
       
115,015
  
           
   
Energy Equipment & Services - 1.37%
      
                  925
  
Core Laboratories NV*#
  
55,371
  
           
   
Food Products - 4.67%
      
               2,050
  
Diamond Foods, Inc.
  
41,307
  
               2,550
  
Flowers Foods, Inc.
  
62,118
  
                  825
  
Green Mountain Coffee Roasters, Inc.*
  
31,927
  
                  925
  
Ralcorp Holdings, Inc.*
  
54,020
  
       
189,372
  
           
   
Health Care Equipment & Supplies - 3.08%
      
               2,550
  
Meridian Bioscience, Inc.
  
64,949
  
               1,850
  
Thoratec Corp.*
  
60,107
  
       
125,056
  
           
   
Health Care Providers & Services - 7.34%
      
               1,725
  
Amedisys, Inc.*
  
71,311
  
               2,532
  
athenahealth, Inc.*
  
95,254
  
               2,625
  
CardioNet, Inc.*
  
64,706
  
               1,850
  
LHC Group, Inc.*
  
66,600
  
       
297,871
  
           
   
Household Products - 1.97%
      
               1,425
  
Church & Dwight Co., Inc.
  
79,971
  
           
   
Internet Software & Services - 2.39%
      
               3,217
  
Open Text Corp.*#
  
96,928
  
           
   
IT Services - 6.18%
      
                  600
  
Global Payments, Inc.
  
19,674
  
               2,215
  
ManTech International Corp.*
  
120,031
  
               5,700
  
SAIC, Inc.*
  
111,036
  
       
250,741
  
           
   
Life Sciences Tools & Services - 6.71%
      
                  625
  
Bio-Rad Laboratories, Inc. - Class A*
  
47,069
  
               2,684
  
Icon plc - ADR
  
52,848
  
               2,200
  
Illumina, Inc.*
  
57,310
  
               1,950
  
Life Technologies Corp.*
  
45,454
  
               3,964
  
QIAGEN N.V.*#
  
69,608
  
       
272,289
  
           
   
Machinery - 3.85%
      
                  875
  
Flowserve Corp.
  
45,062
  
                  774
  
Valmont Industries, Inc.
  
47,493
  
               1,600
  
Wabtec Corp.
  
63,600
  
       
156,155
  
           
   
Metals & Mining - 1.95%
      
               1,350
  
Compass Minerals International, Inc.
  
79,191
  
           
   
Oil, Gas & Consumable Fuels - 4.15%
      
               2,280
  
Arena Resources, Inc.*
  
64,045
  
               1,275
  
CNX Gas Corp.*
  
34,807
  
               3,050
  
Concho Resources, Inc.*
  
69,601
  
       
168,453
  
           
   
Personal Products - 1.72%
      
                  975
  
Chattem, Inc.*
  
69,742
  
           
   
Road & Rail - 1.52%
      
               2,025
  
Genesee & Wyoming, Inc. - Class A*
  
61,762
  
           
   
Semiconductor & Semiconductor Equipment - 1.86%
      
               2,275
  
Altera Corp.
  
38,015
  
               1,700
  
Netlogic Microsystems, Inc.*
  
37,417
  
       
75,432
  
           
   
Software - 8.95%
      
               2,475
  
ANSYS, Inc.*
  
69,028
  
               1,894
  
Concur Technologies, Inc.*
  
62,161
  
               2,750
  
McAfee, Inc.*
  
95,068
  
               1,775
  
Quality Systems, Inc.
  
77,426
  
               2,475
  
Solera Holdings, Inc.*
  
59,648
  
       
363,331
  
           
   
Specialty Retail - 3.09%
      
               1,500
  
Aaron Rents, Inc.
  
39,930
  
               2,040
  
The Buckle, Inc.
  
44,513
  
               1,375
  
Ross Stores, Inc.
  
40,879
  
       
125,322
  
           
   
Textiles, Apparel & Luxury Goods - 1.53%
      
                  775
  
Deckers Outdoor Corp.*
  
61,899
  
           
   
Thrifts & Mortgage Finance - 1.56%
      
               3,975
  
Hudson City Bancorp, Inc.
  
63,441
  
           
   
Total Common Stocks (Cost $4,456,902)
  
4,000,141
  
           
           
   
SHORT-TERM INVESTMENTS - 1.60%
      
64,881
  
AIM STIT-STIC Prime Portfolio (Cost $64,881)
  
64,881
  
           
   
Total Investments in Securities (Cost $4,521,783) - 100.18%
4,065,022
  
   
Liabilities in Excess of Other Assets - (0.18)%
  
(7,445
 )
   
Net Assets - 100.00%
$
4,057,577
  
           
* Non-income producing security.
      
# U.S. traded security of a foreign issuer.
      
ADR - American Depository Receipt
      
 
The cost basis of investments for federal income tax purposes at December 31, 2008 was as follows**:

Cost of investments
$
4,542,246
  
       
Gross unrealized appreciation
$
181,588
  
Gross unrealized depreciation
  
   (658,812
 )
Net unrealized depreciation
$
(477,224
 )
       

**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
$4,065,022
$4,065,022
$          —
$          —
Total
$4,065,022
$4,065,022
 
$          —
$          —

 
 
 
 
 
 
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    2/20/2009                                                                        



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    2/20/2009                                                                        

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

Date    2/20/2009                                                                        

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