N-Q 1 chase_63009nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS chase_63009nq.htm
As filed with the Securities and Exchange Commission on August 25, 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:  June 30, 2009
 
Item 1. Schedule of Investments.
Chase Growth Fund
      
Schedule of Investments
      
at June 30, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 96.4%
      
   
Beverage - 4.0%
      
  453,800  
Coca-Cola Co.
   $ 21,777,862  
     
Broadcast Media - 1.9%
        
  413,600  
DIRECTV Group, Inc.*
     10,220,056  
     
Chemicals - Specialty - 3.1%
        
  232,400  
Praxair, Inc.
     16,516,668  
     
Computer Hardware - 7.6%
        
  97,150  
Apple Inc.*
     13,837,074  
  262,300  
International Business Machines Corp.
     27,389,366  
            41,226,440  
     
Computer - Networking - 4.5%
        
  1,311,900  
Cisco Systems, Inc.*
     24,453,816  
     
Computer Software - Enterprise - 10.3%
        
  374,800  
BMC Software, Inc.*
     12,664,492  
  541,700  
McAfee Inc.*
     22,854,323  
  939,080  
Oracle Corp.
     20,115,094  
            55,633,909  
     
Computer Software - Desktop/Small Business - 1.6%
        
  313,000  
Intuit Inc.*
     8,814,080  
     
Computer - Storage - 2.2%
        
  928,380  
EMC Corp.*
     12,161,778  
     
Drugs - Generic - 3.2%
        
  346,800  
Teva Pharmaceutical Industries Ltd. - ADR
     17,111,112  
     
Energy/Integrated - 4.8%
        
  628,450  
Petroleo Brasileiro S. A. - ADR
     25,753,881  
     
Energy/Oil Service - 5.9%
        
  287,500  
National-Oilwell Varco Inc.*
     9,389,750  
  188,800  
Schlumberger Ltd.
     10,215,968  
  637,050  
Weatherford International Ltd.*
     12,460,698  
            32,066,416  
     
Engineering/Construction - 2.0%
        
  207,000  
Fluor Corp.
     10,617,030  
     
Finance/Information Services - 4.2%
        
  369,050  
Visa Inc.
     22,977,053  
     
Health Care Benefits - 1.5%
        
  160,000  
WellPoint Inc.*
     8,142,400  
     
Health Care Services - 3.4%
        
  321,700  
Quest Diagnostics Inc.
     18,153,531  
     
Information Services - 1.1%
        
  175,000  
Automatic Data Processing, Inc.
     6,202,000  
     
Leisure Time - 2.7%
        
  630,500  
Walt Disney Co.
     14,709,565  
     
Medical Products - 1.1%
        
  145,400  
St. Jude Medical, Inc.*
     5,975,940  
     
Metals - Precious - 3.3%
        
  526,750  
Barrick Gold Corp.+
     17,672,462  
     
Restaurants - 7.1%
        
  304,950  
McDonald's Corp.
     17,531,576  
  1,498,850  
Starbucks Corp.*
     20,819,026  
            38,350,602  
     
Retail - Discount - 3.8%
        
  660,000  
TJX Inc.
     20,763,600  
     
Retail - Drug Stores - 2.9%
        
  543,100  
Walgreen Co.
     15,967,140  
     
Retail - Specialty - 2.1%
        
  337,900  
Best Buy Co., Inc.
     11,316,271  
     
Telecommunication Equipment - 12.1%
        
  1,624,250  
Corning Inc.
     26,085,455  
  482,600  
QUALCOMM Inc.
     21,813,520  
  246,700  
Research In Motion Ltd.*+
     17,528,035  
            65,427,010  
               
     
TOTAL COMMON STOCKS (Cost $475,560,528)
     522,010,622  
               
     
SHORT-TERM INVESTMENTS - 3.5%
        
  18,625,498  
Federated Treasury Cash Series II Fund
     18,625,498  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $18,625,498)
     18,625,498  
     
Total Investments in Securities (Cost $494,186,026) - 99.9%
     540,636,120  
     
Other Assets in Excess of Liabilities - 0.1%
     791,008  
     
NET ASSETS - 100.0%
   $ 541,427,128  
               
 
ADR - American Depositary Receipt
* Non-income producing security.
+U.S. traded security of a foreign issuer.

The cost basis of investments for federal tax purposes at June 30, 2009 was as follows**:
  
       
Cost of investments
   $ 494,186,026  
Gross unrealized appreciation
   $ 56,576,344  
Gross unrealized depreciation
     (10,126,250 )
Net unrealized appreciation
   $ 46,450,094  
         

**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.
 
Summary of Fair Value Exposure at June 30, 2009

Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“SFAS 157”) establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value.  SFAS 157 requires additional disclosures about the various inputs used to develop the measurements of fair value.  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 necessarily 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 June 30, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
Consumer Discretionary
   $ 95,360,094     $ —     $ —     $ 95,360,094  
Consumer Staples
     37,745,002       —       —       37,745,002  
Energy
     57,820,297       —       —       57,820,297  
Financials
     22,977,053       —       —       22,977,053  
Health Care
     49,382,983       —       —       49,382,983  
Industrials
     10,617,030       —       —       10,617,030  
Materials
     34,189,130       —       —       34,189,130  
Technology
     213,919,033       —       —       213,919,033  
Total Equity
     522,010,622       —       —       522,010,622  
Short-Term Investments
     18,625,498       —       —       18,625,498  
Total Investments in Securities
   $ 540,636,120     $ —     $ —     $ 540,636,120  
 
 
 
Chase Mid-Cap Growth Fund
      
Schedule of Investments
      
at June 30, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 97.3%
      
   
Apparel - 2.7%
      
  11,100  
VF Corp.
   $ 614,385  
     
Auto/Auto Parts - 2.5%
        
  14,900  
O'Reilly Automotive, Inc.*
     567,392  
     
Beverage - 2.3%
        
  16,800  
Hansen Natural Corp.*
     517,776  
     
Chemicals - Specialty - 8.4%
        
  11,000  
Airgas, Inc.
     445,830  
  16,200  
Ecolab Inc.
     631,638  
  16,800  
Sigma-Aldrich Corp.
     832,608  
            1,910,076  
     
Computer Software & Services - 14.1%
        
  18,700  
BMC Software, Inc.*
     631,873  
  24,400  
Citrix Systems, Inc.*
     778,116  
  17,500  
McAfee Inc.*
     738,325  
  19,900  
Solera Holdings, Inc.*
     505,460  
  18,000  
Sybase, Inc.*
     564,120  
            3,217,894  
     
Conglomerates - 1.4%
        
  11,200  
Harsco Corp.
     316,960  
     
Consumer Goods & Services - 1.3%
        
  12,000  
Fossil, Inc.*
     288,960  
     
Drugs - Generic - 2.4%
        
  41,100  
Mylan, Inc.*
     536,355  
     
Electrical Equipment - 2.9%
        
  18,800  
Ametek, Inc.
     650,104  
     
Electronics - 5.3%
        
  20,500  
Amphenol Corp. - Class A
     648,620  
  15,000  
Dolby Laboratories Inc. - Class A*
     559,200  
            1,207,820  
     
Energy/Oil & Gas Exploration & Production - 1.5%
        
  8,200  
Range Resources Corp.
     339,562  
     
Energy/Oil Service - 4.8%
        
  26,400  
Cameron International Corp.*
     747,120  
  13,300  
Dresser-Rand Group, Inc.*
     347,130  
            1,094,250  
     
Engineering/Construction - 5.1%
        
  13,900  
Fluor Corp.
     712,931  
  10,700  
Jacobs Engineering Group Inc.*
     450,363  
            1,163,294  
     
Food - 1.8%
        
  6,600  
Ralcorp Holdings, Inc.*
     402,072  
     
Gaming and Lodging - 1.4%
        
  10,400  
WMS Industries Inc.*
     327,704  
     
Health Care Services - 2.1%
        
  8,300  
Quest Diagnostics Inc.
     468,369  
     
Household Products - 3.3%
        
  13,900  
Church & Dwight Co., Inc.
     754,909  
     
Internet Retail - 4.3%
        
  8,700  
Priceline.com, Inc.*
     970,485  
     
Machinery - 2.8%
        
  18,000  
Joy Global Inc.
     642,960  
     
Medical Products - 2.7%
        
  9,100  
Edwards Lifesciences Corp.*
     619,073  
     
Personal Care - 3.2%
        
  28,200  
Alberto-Culver Co.
     717,126  
     
Restaurants - 3.3%
        
  17,000  
Jack in the Box Inc.*
     381,650  
  7,600  
Panera Bread Co. - Class A*
     378,936  
            760,586  
     
Retail - Apparel - 2.3%
        
  8,400  
Aeropostale, Inc.*
     287,868  
  7,700  
Buckle, Inc.
     244,629  
            532,497  
     
Retail - Discount - 6.9%
        
  14,300  
Dollar Tree, Inc.*
     602,030  
  30,600  
TJX Companies, Inc.
     962,676  
            1,564,706  
     
Service Companies - 3.0%
        
  19,600  
Copart, Inc.*
     679,532  
     
Shipping - 3.0%
        
  21,500  
Kirby Corp.*
     683,485  
     
Utilities - Electric/Gas - 2.5%
        
  14,500  
Energen Corp.
     578,550  
     
TOTAL COMMON STOCKS (Cost $22,013,419)
     22,126,882  
               
     
SHORT-TERM INVESTMENTS - 6.2%
        
  1,409,021  
Federated Treasury Cash Series II Fund
     1,409,021  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,409,021)
     1,409,021  
     
Total Investments in Securities (Cost $23,422,440) - 103.5%
     23,535,903  
     
Liabilities in Excess of Other Assets - (3.5%)
     (784,064 )
     
NET ASSETS - 100.0%
   $ 22,751,839  
               
 
* Non-income producing security.
 
The cost basis of investments for federal tax purposes at June 30, 2009 was as follows**:
  
       
Cost of investments
   $ 23,422,440  
Gross unrealized appreciation
   $ 1,861,392  
Gross unrealized depreciation
     (1,747,929 )
Net unrealized appreciation
   $ 113,463  
         
 
**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.
 
Summary of Fair Value Exposure at June 30, 2009

Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“SFAS 157”) establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value.  SFAS 157 requires additional disclosures about the various inputs used to develop the measurements of fair value.  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 necessarily 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 June 30, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
Consumer Discretionary
   $ 5,626,715     $ —     $ —     $ 5,626,715  
Consumer Staples
     2,391,883       —       —       2,391,883  
Energy
     1,433,812       —       —       1,433,812  
Health Care
     1,623,797       —       —       1,623,797  
Industrials
     4,136,335       —       —       4,136,335  
Materials
     1,910,076       —       —       1,910,076  
Technology
     4,425,714       —       —       4,425,714  
Utilities
     578,550       —       —       578,550  
Total Equity
     22,126,882       —       —       22,126,882  
Short-Term Investments
     1,409,021       —       —       1,409,021  
Total Investments in Securities
   $ 23,535,903     $ —     $ —     $ 23,535,903  

 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief 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”)) (17 CFR 270.30a-3(c)) 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 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(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) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are 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    8/11/2009                                                                



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    8/11/2009                                                                

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

Date    8/11/2009                                                                

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