-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PLzcHI0C3EZPGsLcmhnnj7OiZvpWlzM9SgUBievJXlt2NyLPaJELQK5r0tNHFBhL XShzr47K3EVfsbM9mvaE1Q== 0000894189-09-001617.txt : 20090527 0000894189-09-001617.hdr.sgml : 20090527 20090527132613 ACCESSION NUMBER: 0000894189-09-001617 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090331 FILED AS OF DATE: 20090527 DATE AS OF CHANGE: 20090527 EFFECTIVENESS DATE: 20090527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 09853950 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000005078 McCarthy Multi-Cap Stock Fund C000013865 Institutional Class MGAMX N-Q 1 mccarthy_nq33109.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS mccarthy_nq33109.htm
As filed with the Securities and Exchange Commission on May 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: June 30, 2009



Date of reporting period:  March 31, 2009
 
Item 1. Schedules of Investments.
 McCarthy Multi-Cap Stock Fund
      
 Schedule of Investments
      
 at March 31, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 89.35%
      
   
Application Software - 2.80%
      
60,000
  
Autodesk, Inc.*
$
1,008,600
  
           
   
Communication Equipment - 3.13%
      
67,300
  
Cisco Systems, Inc.*
  
1,128,621
  
           
   
Consumer Finance - 5.03%
      
133,100
  
American Express Co.
  
1,814,153
  
           
   
Diversified Metals/Mining - 3.35%
      
21,400
  
Compass Minerals International, Inc.
  
1,206,318
  
           
   
Drugstore Chains - 4.50%
      
59,000
  
CVS Caremark Corp.
  
1,621,910
  
           
   
Electronic Equipment & Instruments - 0.68%
      
14,000
  
Avnet, Inc.*
  
245,140
  
           
   
Financial Publishing & Services - 2.36%
      
17,000
  
FactSet Research Systems, Inc.
  
849,830
  
           
   
Health Care Equipment & Supplies - 2.00%
      
21,700
  
Covidien Ltd.
  
721,308
  
           
   
Health Care Providers & Services - 10.95%
      
28,000
  
Humana, Inc.*
  
730,240
  
33,980
  
UnitedHealth Group, Inc.
  
711,201
  
138,980
  
WellCare Health Plans, Inc.*
  
1,563,525
  
24,800
  
Wellpoint, Inc.*
  
941,656
  
       
3,946,622
  
           
   
Household & Personal Care Products - 3.27%
      
25,000
  
Procter & Gamble Co.
  
1,177,250
  
           
   
IT Services - 2.55%
      
73,028
  
Western Union Co.
  
917,962
  
           
   
Metals & Mining - 3.23%
      
30,500
  
Freeport-McMoRan Copper & Gold, Inc.
  
1,162,355
  
           
   
Movies & Entertainment - 1.57%
      
25,600
  
International Speedway Corp. - Class A
  
564,736
  
           
   
Oil & Gas Drilling - 3.27%
      
15,000
  
ENSCO International, Inc.
  
396,000
  
32,430
  
Noble Corp.
  
781,239
  
       
1,177,239
  
           
   
Oil & Gas Exploration & Production - 7.69%
      
9,010
  
Anadarko Petroleum Corp.
  
350,399
  
4,970
  
Apache Corp.
  
318,527
  
25,300
  
Chesapeake Energy Corp.
  
431,618
  
25,000
  
ConocoPhillips
  
979,000
  
15,516
  
Devon Energy Corp.
  
693,410
  
       
2,772,954
  
           
   
Oil & Gas Pipelines - 2.83%
      
25,000
  
Kinder Morgan Management, LLC*
  
1,019,000
  
           
   
Oil & Gas Refining & Marketing - 3.14%
      
24,000
  
Frontier Oil Corp.
  
306,960
  
46,060
  
Valero Energy Corp.
  
824,474
  
       
1,131,434
  
           
   
Pharmaceuticals - 7.68%
      
41,000
  
Bristol-Myers Squibb Co.
  
898,720
  
22,946
  
Johnson & Johnson
  
1,206,960
  
49,300
  
Mylan, Inc.*
  
661,113
  
       
2,766,793
  
           
   
Property & Casualty Insurance - 2.94%
      
16,506
  
Argo Group International Holdings Ltd.*
  
497,326
  
200
  
Berkshire Hathaway Inc. - Class B*
  
564,000
  
       
1,061,326
  
           
   
Real Estate Management & Development - 0.97%
      
15,000
  
Jones Lang LaSalle, Inc.
  
348,900
  
           
   
Reinsurers - 8.86%
      
11,400
  
Everest Re Group, Ltd.
  
807,120
  
70,500
  
Flagstone Reinsurance Holdings Ltd.
  
549,195
  
46,270
  
Montpelier Re Holdings Ltd.
  
599,659
  
25,000
  
RenaissanceRe Holdings Ltd.
  
1,236,000
  
       
3,191,974
  
           
   
Software - 4.04%
      
79,300
  
Microsoft Corp.
  
1,456,741
  
           
   
Systems Software - 2.51%
      
50,000
  
Oracle Corp.*
  
903,500
  
   
TOTAL COMMON STOCKS (Cost $40,967,705)
  
32,194,666
  
           
   
PREFERRED STOCKS - 4.80%
      
   
Pharmaceuticals - 4.80%
      
8,225
  
Schering-Plough Corp. (Cost $1,468,660)
  
1,731,363
  
           
   
SHORT-TERM INVESTMENTS - 7.43%
      
2,675,491
  
Federated Cash Trust Treasury Money Market Fund (Cost $2,675,491)
  
2,675,491
  
   
Total Investments in Securities (Cost $45,111,856) - 101.58%
  
36,601,520
  
   
Liabilities in Excess of Other Assets - (1.58)%
  
(568,356
 )
   
NET ASSETS - 100.00%
$
36,033,164
  
           
* Non-income producing security.
      
 
The cost basis of investments for federal income tax purposes at March 31, 2009 was as follows**:

Cost of investments
$
45,111,856
  
       
Gross unrealized appreciation
$
1,861,624
  
Gross unrealized depreciation
  
(10,371,960
) 
Net unrealized depreciation
$
(8,510,336
) 
       

**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 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
   $
36,601,520
     $
36,601,520
     $
—
     $
—
  
Total
   $
36,601,520
     $
36,601,520
     $
—
     $
—
  

 
 
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    5/18/2009                                                              



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    5/18/2009                                                              

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

Date    5/15/2009                                                              

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





 
 
EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS Unassociated Document
 
CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:    5/18/2009           
/s/ Douglas G. Hess               
 
Douglas G. Hess, President
 
 
 
 
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:    5/15/2009               
/s/ Cheryl L. King               
 
Cheryl L. King, Treasurer
 
 -----END PRIVACY-ENHANCED MESSAGE-----