N-Q 1 davidson_nq33109.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS davidson_nq33109.htm
As filed with the Securities and Exchange Commission on May 20, 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: June 30, 2009



Date of reporting period:  March 31, 2009
 
Item 1. Schedules of Investments.
Davidson Multi-Cap Core Fund
      
Schedule of Investments
      
March 31, 2009 (Unaudited)
      
           
           
Shares
  
COMMON STOCKS - 97.55%
  
Value
  
   
Aerospace & Defense - 3.75%
      
                   1,550
  
Alliant Techsystems, Inc. (a)
$
               103,819
  
                   2,750
  
United Technologies Corp.
  
               118,195
  
       
               222,014
  
   
Air Freight & Logistics - 1.34%
      
                   1,790
  
FedEx Corp.
  
                 79,637
  
   
Beverages - 2.59%
      
                   2,985
  
PepsiCo, Inc.
  
               153,668
  
   
Biotechnology - 1.78%
      
                   2,135
  
Amgen, Inc. (a)
  
               105,725
  
   
Capital Markets - 1.57%
      
                   3,030
  
State Street Corp.
  
                 93,263
  
   
Chemicals - 3.82%
      
                   3,735
  
E.I. du pont de Nemours & Co.
  
                 83,403
  
                   2,125
  
Praxair, Inc.
  
               142,991
  
       
               226,394
  
   
Commercial Banks - 2.86%
      
                   7,425
  
TCF Financial Corp.
  
                 87,318
  
                   5,755
  
Wells Fargo & Co.
  
                 81,951
  
       
               169,269
  
   
Commercial Services & Supplies - 1.19%
      
                   6,635
  
Herman Miller, Inc.
  
                 70,729
  
   
Communications Equipment - 2.29%
      
                   8,110
  
Cisco Systems, Inc. (a)
  
               136,005
  
   
Computers & Peripherals - 4.77%
      
                   1,305
  
Apple, Inc. (a)
  
               137,182
  
                   1,500
  
International Business Machines Corp.
  
               145,335
  
       
               282,517
  
   
Diversified Financial Services - 2.60%
      
                   4,555
  
JPMorgan Chase & Co.
  
               121,072
  
                   4,055
  
Principal Financial Group, Inc.
  
                 33,170
  
       
               154,242
  
   
Diversified Telecommunication Services - 2.25%
      
                   4,410
  
Verizon Communications, Inc.
  
               133,182
  
   
Electric Utilities - 1.46%
      
                   4,850
  
Black Hills Corp.
  
                 86,766
  
   
Energy Equipment & Services - 3.93%
      
                   2,990
  
Baker Hughes, Inc.
  
                 85,365
  
                   2,506
  
Transocean Ltd. (a)(b)
  
               147,453
  
       
               232,818
  
   
Food & Staples Retailing - 3.12%
      
                   2,640
  
Costco Wholesale Corp.
  
               122,285
  
                   2,405
  
Walgreen Co.
  
                 62,434
  
       
               184,719
  
   
Food Products - 2.33%
      
                   4,975
  
Archer-Daniels-Midland Co.
  
               138,205
  
   
Health Care Equipment & Supplies - 2.38%
      
                   2,100
  
Becton, Dickinson & Co.
  
               141,204
  
   
Health Care Providers & Services - 4.35%
      
                   3,570
  
Medco Health Solutions, Inc. (a)
  
               147,584
  
                   4,660
  
Pharmaceutical Product Development, Inc.
  
               110,535
  
       
               258,119
  
   
Health Care Technology - 1.34%
      
                   6,390
  
IMS Health, Inc.
  
                 79,683
  
   
Household Durables - 1.58%
      
                   9,630
  
D.R. Horton, Inc.
  
                 93,411
  
   
Household Products - 1.87%
      
                   2,230
  
Energizer Holdings, Inc. (a)
  
               110,809
  
   
Industrial Conglomerates - 3.38%
      
                   2,400
  
3M Co.
  
               119,328
  
                   7,985
  
General Electric Co.
  
                 80,728
  
       
               200,056
  
   
Insurance - 1.87%
      
                   4,875
  
StanCorp Financial Group, Inc.
  
               111,053
  
   
Internet & Catalog Retail - 1.78%
      
                   3,505
  
Blue Nile, Inc. (a)
  
               105,676
  
   
Internet Software & Services - 4.33%
      
                 13,255
  
Ariba, Inc. (a)
  
               115,716
  
 405
  
Google, Inc. - Class A (a)
  
               140,964
  
       
               256,680
  
   
IT Services - 2.30%
      
                   3,735
  
Fiserv, Inc. (a)
  
               136,178
  
   
Media - 1.63%
      
                   4,235
  
The McGraw-Hill Companies, Inc.
  
                 96,854
  
   
Multi-Utilities & Unregulated Power - 2.42%
      
                   3,100
  
Sempra Energy
  
               143,344
  
   
Oil & Gas - 6.47%
      
                   2,030
  
Exxon Mobil Corp.
  
               138,243
  
                   7,440
  
Frontier Oil Corp.
  
                 95,158
  
                   5,710
  
Marathon Oil Corp.
  
               150,116
  
       
               383,517
  
   
Oil, Gas & Consumable Fuels - 1.40%
      
                   1,850
  
Devon Energy Corp.
  
                 82,677
  
   
Personal Products - 1.61%
      
                   3,870
  
The Estee Lauder Cos., Inc. - Class A
  
                 95,396
  
   
Pharmaceuticals - 4.48%
      
                   1,930
  
Genzyme Corp. (a)
  
               114,623
  
                   3,510
  
Wyeth
  
               151,070
  
       
               265,693
  
   
Real Estate - 2.35%
      
                 10,055
  
Annaly Capital Management, Inc.
  
               139,463
  
   
Semiconductor & Semiconductor Equipment - 1.81%
      
                   9,970
  
Applied Materials, Inc.
  
               107,177
  
   
Software - 4.71%
      
                   5,870
  
Intuit, Inc. (a)
  
               158,490
  
                   6,435
  
MICRO Systems, Inc. (a)
  
               120,656
  
       
               279,146
  
   
Specialty Retail - 2.50%
      
                   3,900
  
Best Buy Co., Inc.
  
               148,044
  
   
Wireless Telecommunication Services - 1.34%
      
                   5,310
  
NII Holdings, Inc. (a)
  
                 79,650
  
           
   
TOTAL COMMON STOCKS (Cost $7,575,556)
  
            5,782,983
  
           
           
Shares
  
SHORT-TERM INVESTMENTS - 2.81%
  
 Value
  
               166,690
  
Fidelity Institutional Government Portfolio
  
               166,690
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $166,690)
  
               166,690
  
           
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $7,742,246) - 100.36%
            5,949,673
  
   
Liabilities in Excess of Other Assets - (0.36)%
  
               (21,669
 )
   
NET ASSETS - 100.00%
$
            5,928,004
  
           
 
(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 March 31, 2009 was as follows*:
         
Cost of investments
  $
    7,742,246
    
         
Gross unrealized appreciation
 $
         66,548
    
Gross unrealized depreciation
  
     (1,859,121
 )  
Net unrealized depreciation
 $
   (1,792,573
 )  
         
* Because tax adjustments are calculated annually, the above table does not include tax adjustments.
 

FAS 157 – Summary of Fair Value Exposure at March 31, 2009

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 March 31, 2009:

         
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
   $
5,949,673
     $
5,949,673
     $
—
     $
—
  
Total
   $
5,949,673
     $
5,949,673
     $
—
     $
—
  


 
 
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 13a-15(b) or 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 1940 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    5/15/2009                                                                        



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    5/15/2009                                                                        

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

Date    5/12/2009                                                                        

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