N-Q 1 rigel_63009nq.htm QUARTERLY REPORT OF PORTFOLIO HOLDINGS rigel_63009nq.htm
As filed with the Securities and Exchange Commission on August 28, 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. Schedules of Investments.
Rigel U.S. Equity Large Cap Growth Fund
      
Schedule of Investments
      
at June 30, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 90.10%
      
   
Aerospace & Defense - 1.58%
      
  9,957  
Precision Castparts Corp.
   $ 727,160  
               
     
Air Freight & Logistics - 2.79%
        
  12,319  
C. H. Robinson Worldwide, Inc.
     642,436  
  19,296  
Expeditors International Washington, Inc.
     643,328  
            1,285,764  
               
     
Beverages - 2.81%
        
  27,009  
The Coca-Cola Co.
     1,296,162  
               
     
Capital Markets - 5.17%
        
  6,270  
BlackRock, Inc.
     1,099,884  
  8,685  
The Goldman Sachs Group, Inc.
     1,280,516  
            2,380,400  
               
     
Chemicals - 2.18%
        
  10,294  
The Mosaic Co.
     456,024  
  7,700  
Praxair, Inc.
     547,239  
            1,003,263  
               
     
Communications Equipment - 4.43%
        
  27,387  
QUALCOMM, Inc.
     1,237,893  
  11,326  
Research In Motion Ltd.*#
     804,712  
            2,042,605  
               
     
Computers & Peripherals - 11.20%
        
  15,080  
Apple, Inc.*
     2,147,844  
  26,216  
Hewlett-Packard Co.
     1,013,249  
  19,145  
International Business Machines Corp.
     1,999,121  
            5,160,214  
               
     
Construction & Engineering - 2.28%
        
  20,496  
Fluor Corp.
     1,051,240  
               
     
Diversified Financial Services - 2.33%
        
  31,452  
JPMorgan Chase & Co.
     1,072,828  
               
     
Electronic Equipment, Instruments & Components - 2.11%
        
  60,528  
Corning, Inc.
     972,080  
               
     
Energy Equipment & Services - 1.43%
        
  23,336  
Cameron International Corp.*
     660,409  
               
     
Food Products - 0.47%
        
  4,630  
Kellogg Co.
     215,619  
               
     
Food & Staples Retailing - 2.12%
        
  25,289  
Walgreen Co.
     743,497  
  4,846  
Wal-Mart Stores, Inc.
     234,740  
            978,237  
               
     
Health Care Equipment & Supplies - 1.14%
        
  13,600  
Hospira, Inc.*
     523,872  
               
     
Health Care Providers & Services - 4.37%
        
  8,150  
Express Scripts, Inc.*
     560,312  
  16,470  
McKesson Corp.
     724,680  
  16,018  
Medco Health Solutions, Inc.*
     730,581  
            2,015,573  
               
     
Hotels, Restaurants & Leisure - 3.81%
        
  10,133  
McDonald's Corp.
     582,546  
  35,190  
Yum! Brands, Inc.
     1,173,235  
            1,755,781  
               
     
Household Products - 0.93%
        
  8,403  
Procter & Gamble Co.
     429,393  
               
     
Internet & Catalog Retail - 3.20%
        
  17,640  
Amazon.com, Inc.*
     1,475,762  
               
     
Internet Software & Services - 6.43%
        
  3,429  
Baidu, Inc. - ADR*
     1,032,438  
  4,585  
Google, Inc. - Class A*
     1,932,990  
            2,965,428  
               
     
IT Services - 3.75%
        
  36,990  
Cognizant Technology Solutions Corp. - Class A*
     987,633  
  11,890  
Visa, Inc. - Class A
     740,271  
            1,727,904  
               
     
Media - 1.15%
        
  23,586  
Discovery Communications, Inc. - Class A*
     531,864  
               
     
Metals & Mining - 2.07%
        
  19,059  
Freeport-McMoRan Copper & Gold, Inc.*
     955,047  
               
     
Oil & Gas - 0.43%
        
  5,150  
XTO Energy, Inc.
     196,421  
               
     
Oil, Gas & Consumable Fuels - 6.18%
        
  19,354  
CONSOL Energy, Inc.
     657,262  
  3,563  
Occidental Petroleum Corp.
     234,481  
  7,451  
Peabody Energy Corp.
     224,722  
  17,562  
Petrohawk Energy Corp.*
     391,633  
  6,689  
Petroleo Brasileiro S.A. - Petrobras - ADR
     274,115  
  27,455  
Southwestern Energy Co.*
     1,066,627  
            2,848,840  
               
     
Pharmaceuticals - 0.43%
        
  3,483  
Johnson & Johnson
     197,834  
               
     
Road & Rail - 1.66%
        
  14,651  
Union Pacific Corp.
     762,731  
               
     
Software - 11.25%
        
  30,519  
Adobe Systems, Inc.*
     863,688  
  12,562  
BMC Software, Inc.*
     424,470  
  19,240  
McAfee, Inc.*
     811,735  
  87,795  
Microsoft Corp.
     2,086,887  
  46,650  
Oracle Corp.
     999,243  
            5,186,023  
               
     
Specialty Retail - 0.39%
        
  5,366  
Best Buy Co., Inc.
     179,707  
               
     
Textiles, Apparel & Luxury Goods - 0.96%
        
  8,570  
NIKE, Inc. - Class B
     443,755  
               
     
Trading Companies & Distributors - 1.05%
        
  5,886  
W.W. Grainger, Inc.
     481,946  
               
     
Total Common Stocks (Cost $38,539,862)
     41,523,862  
               
     
EXCHANGE TRADED FUNDS - 5.08%
        
  50,040  
Consumer Staples Select Sector SPDR Fund
     1,150,420  
  45,320  
Health Care Select Sector SPDR Fund
     1,192,369  
     
Total Exchange Traded Funds (Cost $2,325,142)
     2,342,789  
               
     
SHORT-TERM INVESTMENTS - 7.28%
        
  1,072,541  
Aim Liquid Assets
     1,072,541  
  1,331,540  
AIM STIT-STIC Prime Portfolio
     1,331,540  
  952,250  
Short Term Treasury Investment
     952,250  
     
Total Short-Term Investments (Cost $3,356,331)
     3,356,331  
               
     
Total Investments in Securities (Cost $44,221,335) - 102.46%
     47,222,982  
     
Liabilities in Excess of Other Assets - (2.46)%
     (1,133,717 )
     
Net Assets - 100.00%
   $ 46,089,265  
               
* 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 June 30, 2009 was as follows**:

Cost of investments
   $ 46,067,662  
         
Gross unrealized appreciation
   $ 3,852,584  
Gross unrealized depreciation
     (2,697,264 )
Net unrealized appreciation
   $ 1,155,320  
         

**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 June 30, 2009

The Fund has adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) and FASB Staff Position (“FSP 157-4”).  FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  FAS 157 requires the Fund to classify its securities based on valuation method.  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 June 30, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Consumer Discretionary
   $ 4,386,869     $ —     $ —     $ 4,386,869  
  Consumer Staples
     2,919,411       —       —       2,919,411  
  Energy
     3,705,669       —       —       3,705,669  
  Financials
     3,453,228       —       —       3,453,228  
  Health Care
     2,737,280       —       —       2,737,280  
  Industrials
     4,308,841       —       —       4,308,841  
  Information Technology
     18,054,254       —       —       18,054,254  
  Materials
     1,958,310       —       —       1,958,310  
Total Equity
     41,523,862       —       —       41,523,862  
                                 
Exchange Traded Funds
     2,342,789                       2,342,789  
                                 
Short-Term Investments
     3,356,331       —       —       3,356,331  
                                 
Total Investments in Securities
   $ 47,222,982     $ —     $ —     $ 47,222,982  
 
 
 
Rigel U.S. Equity Small-Mid Cap Growth Fund
      
Schedule of Investments
      
at June 30, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 89.98%
      
   
Biotechnology - 3.84%
      
  1,150  
Alexion Pharmaceuticals, Inc.*
   $ 47,288  
  1,700  
Dendreon Corp.*
     42,245  
  1,375  
Myriad Genetics, Inc.*
     49,019  
  344  
Myriad Pharmaceuticals, Inc.*
     1,598  
            140,150  
               
     
Capital Markets - 1.20%
        
  800  
KBW, Inc.*
     23,008  
  1,975  
The Blackstone Group LP
     20,816  
            43,824  
               
     
Chemicals - 1.67%
        
  2,175  
Intrepid Potash, Inc.*
     61,074  
               
     
Commercial Banks - 1.34%
        
  1,300  
BOK Financial Corp.
     48,971  
               
     
Commercial Services & Supplies - 4.32%
        
  1,225  
I H S, Inc.*
     61,091  
  737  
Stericycle, Inc.*
     37,978  
  2,050  
Tetra Tech, Inc.*
     58,733  
            157,802  
               
     
Communications Equipment - 5.53%
        
  1,550  
F5 Networks, Inc.*
     53,614  
  1,629  
Neutral Tandem, Inc.*
     48,088  
  2,275  
Riverbed Technology, Inc.*
     52,757  
  1,850  
ViaSat, Inc.*
     47,434  
            201,893  
               
     
Computers & Peripherals - 1.32%
        
  1,250  
Synaptics, Inc.*
     48,313  
               
     
Construction & Engineering - 3.08%
        
  2,075  
Aecom Technology Corp.*
     66,400  
  3,925  
MasTec, Inc.*
     46,001  
            112,401  
               
     
Diversified Consumer Services - 1.49%
        
  250  
Strayer Education, Inc.
     54,528  
               
     
Diversified Financial Services - 0.62%
        
  200  
IntercontinentalExchange, Inc.*
     22,848  
               
     
Electric Utilities - 0.62%
        
  500  
ITC Holdings Corp.
     22,680  
               
     
Electrical Equipment - 1.16%
        
  1,125  
General Cable Corp.*
     42,277  
               
     
Energy Equipment & Services - 2.71%
        
  825  
Core Laboratories NV*#
     71,899  
  600  
Oceaneering International, Inc.*
     27,120  
            99,019  
               
     
Food Products - 3.03%
        
  1,900  
Diamond Foods, Inc.
     53,010  
  512  
Green Mountain Coffee Roasters, Inc.*
     30,269  
  450  
Ralcorp Holdings, Inc.*
     27,414  
            110,693  
               
     
Health Care Equipment & Supplies - 6.44%
        
  3,900  
American Medical Systems Holdings, Inc.*
     61,620  
  1,125  
Edwards Lifesciences Corp.*
     76,534  
  1,625  
ResMed, Inc.*
     66,186  
  1,150  
Thoratec Corp.*
     30,797  
            235,137  
               
     
Health Care Technology - 1.70%
        
  2,450  
SXC Health Solutions Corp.*#
     62,279  
               
     
Hotels, Restaurants & Leisure - 1.16%
        
  1,300  
Buffalo Wild Wings, Inc.*
     42,276  
               
     
Household Products - 0.89%
        
  600  
Church & Dwight Co., Inc.
     32,586  
               
     
Insurance - 0.76%
        
  1,125  
Tower Group, Inc.
     27,878  
               
     
Internet & Catalog Retail - 4.19%
        
  825  
Netflix, Inc.*
     34,106  
  550  
Priceline.com, Inc.*
     61,353  
  1,350  
VistaPrint Ltd.*#
     57,578  
            153,037  
               
     
Internet Software & Services - 2.16%
        
  2,167  
Open Text Corp.*#
     78,922  
               
     
Life Sciences Tools & Services - 5.47%
        
  1,525  
Illumina, Inc.*
     59,383  
  2,425  
Life Technologies Corp.*
     101,171  
  2,114  
QIAGEN N.V.*#
     39,299  
            199,853  
               
     
Machinery - 5.71%
        
  2,375  
Chart Industries, Inc.*
     43,177  
  875  
Flowserve Corp.
     61,084  
  7,475  
The Manitowoc Company, Inc.
     39,319  
  900  
Valmont Industries, Inc.
     64,872  
            208,452  
               
     
Media - 2.08%
        
  3,375  
Discovery Communications, Inc. - Class A*
     76,106  
               
     
Metals & Mining - 1.03%
        
  4,550  
Silver Wheaton Corp.*#
     37,492  
               
     
Oil, Gas & Consumable Fuels - 3.94%
        
  2,700  
Carrizo Oil & Gas, Inc.*
     46,305  
  1,700  
Concho Resources, Inc.*
     48,773  
  2,200  
Petrohawk Energy Corp.*
     49,060  
            144,138  
               
     
Semiconductor & Semiconductor Equipment - 3.68%
        
  2,400  
Atheros Communications*
     46,176  
  1,450  
Cree, Inc.*
     42,615  
  1,250  
Netlogic Microsystems, Inc.*
     45,575  
            134,366  
               
     
Software - 12.70%
        
  1,125  
ANSYS, Inc.*
     35,055  
  1,500  
BMC Software, Inc.*
     50,685  
  3,975  
Informatica Corp.*
     68,330  
  2,475  
Macrovision Solutions Corp.*
     53,980  
  2,325  
McAfee, Inc.*
     98,092  
  3,425  
Nuance Communications, Inc.*
     41,408  
  750  
Quality Systems, Inc.
     42,720  
  2,350  
Sybase, Inc.*
     73,649  
            463,919  
               
     
Specialty Retail - 6.14%
        
  1,975  
Aaron Rents, Inc.
     58,894  
  1,615  
The Buckle, Inc.
     51,309  
  1,600  
O'Reilly Automotive, Inc.*
     60,928  
  1,375  
Ross Stores, Inc.
     53,075  
            224,206  
               
     
Total Common Stocks (Cost $3,071,343)
     3,287,120  
               
     
EXCHANGE TRADED FUNDS - 6.34%
        
  2,000  
iShares Morningstar Small Core Index Fund
     111,300  
  3,300  
iShares Russell Midcap Growth Index Fund
     120,285  
     
Total Exchange Traded Funds (Cost $226,350)
     231,585  
               
     
SHORT-TERM INVESTMENTS - 4.98%
        
  80,074  
AIM Liquid Assets
     80,074  
  101,941  
AIM STIT-STIC Prime Portfolio
     101,941  
     
Total Short-Term Investments (Cost $182,015)
     182,015  
               
     
Total Investments in Securities (Cost $3,479,708) - 101.30%
     3,700,720  
     
Liabilities in Excess of Other Assets - (1.30)%
     (47,627 )
     
Net Assets - 100.00%
   $ 3,653,093  
               
* Non-income producing security.
        
# U.S. traded security of a foreign issuer.
        
 
The cost basis of investments for federal income tax purposes at June 30, 2009 was as follows**:

Cost of investments
   $ 3,500,171  
         
Gross unrealized appreciation
   $ 381,883  
Gross unrealized depreciation
     (181,334 )
Net unrealized appreciation
   $ 200,549  
         

**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 June 30, 2009

The Fund has adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) and FASB Staff Position (“FSP 157-4”).  FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  FAS 157 requires the Fund to classify its securities based on valuation method.  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 June 30, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Consumer Discretionary
   $ 492,574     $ —     $ —     $ 492,574  
  Consumer Staples
     143,280       —       —       143,280  
  Energy
     243,157       —       —       243,157  
  Financials
     143,521       —       —       143,521  
  Health Care
     680,140       —       —       680,140  
  Industrials
     520,931       —       —       520,931  
  Information Technology
     894,183       —       —       894,183  
  Materials
     98,566       —       —       98,566  
  Telecommunication Services
     48,088       —       —       48,088  
  Utilities
     22,680       —       —       22,680  
Total Equity
     3,287,120       —       —       3,287,120  
                                 
Exchange Traded Funds
     231,585                       231,585  
                                 
Short-Term Investments
     182,015       —       —       182,015  
                                 
Total Investments in Securities
   $ 3,700,720     $ —     $ —     $ 3,700,720  

 
 
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”)) (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 has 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    8/25/2009                                                                 



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    8/25/2009                                                                 

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

Date    8/25/2009                                                                 

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