N-Q 1 capadv_nq33109.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS capadv_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: December 31, 2009



Date of reporting period:  March 31, 2009
 
Item 1. Schedules of Investments.
 
Capital Advisors Growth Fund
      
Schedule of Investments
      
at March 31, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 79.84%
      
   
Aerospace & Defense - 4.64%
      
7,100
  
Boeing Co.
$
252,618
  
7,200
  
Northrop Grumman Corp.
  
314,208
  
       
566,826
  
           
   
Air Freight & Logistics - 1.97%
      
5,400
  
FedEx Corp.
  
240,246
  
           
   
Beverages - 2.01%
      
5,600
  
The Coca-Cola Co.
  
246,120
  
           
   
Consumer Finance - 1.47%
      
14,700
  
Capital One Financial Corp.
  
179,928
  
           
   
Distributors - 1.88%
      
7,700
  
Genuine Parts Co.
  
229,922
  
           
   
Diversified Financial Services - 2.81%
      
12,900
  
JPMorgan Chase & Co.
  
342,882
  
           
   
Diversified Telecommunication Services - 2.98%
      
14,430
  
AT&T, Inc.
  
363,636
  
           
   
Energy - 2.23%
      
10,350
  
Marathon Oil Corp.
  
272,102
  
           
   
Financial Services - 3.70%
      
16,600
  
Brookfield Asset Management, Inc. - Class A#
  
228,748
  
11,400
  
The NASDAQ OMX Group, Inc.*
  
223,212
  
       
451,960
  
           
   
Food & Staples Retailing - 3.28%
      
7,680
  
Wal-Mart Stores, Inc.
  
400,128
  
           
   
Food Products - 2.00%
      
7,400
  
H.J. Heinz Co.
  
244,644
  
           
   
Health Care Providers & Services - 1.90%
      
11,110
  
UnitedHealth Group, Inc.
  
232,532
  
           
   
Household Products - 3.89%
      
5,700
  
Kimberly-Clark Corp.
  
262,827
  
4,500
  
Procter & Gamble Co.
  
211,905
  
       
474,732
  
           
   
Industrial Conglomerates - 1.84%
      
11,500
  
Tyco International Ltd.#
  
224,940
  
           
   
Information Retrieval Services - 3.82%
      
1,340
  
Google, Inc. - Class A*
  
466,400
  
           
   
Insurance - 2.59%
      
94
  
Berkshire Hathaway, Inc. - Class B*
  
265,080
  
27,190
  
Genworth Financial, Inc. - Class A
  
51,661
  
       
316,741
  
           
   
IT Services - 5.10%
      
8,850
  
Accenture Ltd. - Class A#
  
243,287
  
14,800
  
Paychex, Inc.
  
379,916
  
       
623,203
  
           
   
Management Consulting Services - 1.92%
      
16,840
  
ABB Ltd. - ADR
  
234,750
  
           
   
Metals & Mining - 3.92%
      
10,700
  
Newmont Mining Corp.
  
478,932
  
           
   
Oil & Gas - 5.76%
      
16,050
  
Suncor Energy, Inc.#
  
356,470
  
7,080
  
Total SA - ADR
  
347,345
  
       
703,815
  
           
   
Pharmaceuticals - 14.33%
      
4,800
  
Genzyme Corp.*
  
285,072
  
9,300
  
GlaxoSmithKline plc - ADR
  
288,951
  
6,000
  
Novartis AG - ADR
  
226,980
  
11,500
  
Perrigo Co.
  
285,545
  
11,300
  
Sanofi-Aventis - ADR
  
315,609
  
8,100
  
Wyeth
  
348,624
  
       
1,750,781
  
           
   
Semiconductor & Semiconductor Equipment - 3.60%
      
29,190
  
Intel Corp.
  
439,309
  
           
   
Wireless Telecommunication Services - 2.20%
      
15,400
  
Vodafone Group plc - ADR
  
268,268
  
   
Total Common Stocks (Cost $11,703,353)
  
9,752,797
  
           
           
   
SHORT-TERM INVESTMENTS - 20.20%
      
2,467,657
  
SEI Daily Income Trust Government Fund (Cost $2,467,657)
2,467,657
  
   
Total Investments in Securities (Cost $14,171,010) - 100.04%
  
12,220,454
  
   
Liabilities in Excess of Other Assets - (0.04%)
  
(4,516
  )
   
Net Assets - 100.00%
$
12,215,938
  
           
   
 * 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 March 31, 2009 was as follows**:

Cost of investments
$
14,171,010
  
       
Gross unrealized appreciation
$
358,311
 
Gross unrealized depreciation
  
   (2,308,867
) 
Net unrealized depreciation
$
(1,950,556
) 
       

**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 March 31, 2009

The Fund has adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”).  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
   $
12,220,454
     $
12,220,454
     $
—
     $
—
  
Total
   $
12,220,454
     $
12,220,454
     $
—
     $
—
  


 
 
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.