-----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, ENtjtWEM0tikfRJsvS8jGq/jS1EK2Ef3jTC1JQVeShezKOplQ1svy69TXA7Bw5+J iJMrvQnZsKmqZoPAtCxQYw== 0000894189-09-002902.txt : 20090831 0000894189-09-002902.hdr.sgml : 20090831 20090831171952 ACCESSION NUMBER: 0000894189-09-002902 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090831 DATE AS OF CHANGE: 20090831 EFFECTIVENESS DATE: 20090831 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: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 091046786 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 0001027596 S000022607 Davidson Multi-Cap Core Fund C000065364 Advisor Class A DFMAX NSAR-B 1 davmcc_63009nsarb.fil ANNUAL REPORT FOR MANAGEMENT COMPANIES PAGE 1 000 B000000 06/30/2009 000 C000000 0001027596 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 ADVISORS SERIES TRUST 001 B000000 811-07959 001 C000000 4147656609 002 A000000 615 E. 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O022700 N 070 P012700 Y 070 P022700 N 070 Q012700 N 070 Q022700 N 070 R012700 Y 070 R022700 N 071 A002700 43162 071 B002700 35386 071 C002700 35309 071 D002700 100 PAGE 9 072 A002700 12 072 B002700 6 072 C002700 657 072 D002700 0 072 E002700 0 072 F002700 251 072 G002700 44 072 H002700 0 072 I002700 27 072 J002700 16 072 K002700 0 072 L002700 6 072 M002700 8 072 N002700 4 072 O002700 0 072 P002700 0 072 Q002700 29 072 R002700 19 072 S002700 16 072 T002700 0 072 U002700 0 072 V002700 0 072 W002700 19 072 X002700 439 072 Y002700 15 072 Z002700 239 072AA002700 5475 072BB002700 7498 072CC012700 0 072CC022700 4772 072DD012700 77 072DD022700 0 072EE002700 354 073 A012700 0.0164 073 A022700 0.0000 073 B002700 0.0757 073 C002700 0.0000 074 A002700 0 074 B002700 0 074 C002700 0 074 D002700 0 074 E002700 1865 074 F002700 33852 074 G002700 0 074 H002700 0 074 I002700 5887 074 J002700 0 074 K002700 0 074 L002700 40 074 M002700 16 074 N002700 41660 PAGE 10 074 O002700 0 074 P002700 43 074 Q002700 0 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DAVIDSON & CO. 014 B006401 8-99999 024 006400 N 025 D006401 0 025 D006402 0 025 D006403 0 025 D006404 0 PAGE 11 025 D006405 0 025 D006406 0 025 D006407 0 025 D006408 0 028 A016400 225 028 A026400 0 028 A036400 0 028 A046400 5 028 B016400 207 028 B026400 0 028 B036400 0 028 B046400 31 028 C016400 484 028 C026400 0 028 C036400 0 028 C046400 70 028 D016400 795 028 D026400 0 028 D036400 0 028 D046400 11 028 E016400 1014 028 E026400 0 028 E036400 0 028 E046400 59 028 F016400 779 028 F026400 0 028 F036400 0 028 F046400 14 028 G016400 3504 028 G026400 0 028 G036400 0 028 G046400 190 028 H006400 2710 029 006400 Y 030 A006400 252 030 B006400 5.00 030 C006400 0.00 031 A006400 0 031 B006400 0 032 006400 252 033 006400 0 034 006400 Y 035 006400 1 036 A006400 N 036 B006400 0 037 006400 Y 038 006400 1 039 006400 N 040 006400 Y 041 006400 Y 042 A006400 20 PAGE 12 042 B006400 0 042 C006400 30 042 D006400 48 042 E006400 0 042 F006400 0 042 G006400 2 042 H006400 0 043 006400 12 044 006400 0 045 006400 Y 046 006400 N 047 006400 Y 048 006400 0.650 048 A016400 0 048 A026400 0.000 048 B016400 0 048 B026400 0.000 048 C016400 0 048 C026400 0.000 048 D016400 0 048 D026400 0.000 048 E016400 0 048 E026400 0.000 048 F016400 0 048 F026400 0.000 048 G016400 0 048 G026400 0.000 048 H016400 0 048 H026400 0.000 048 I016400 0 048 I026400 0.000 048 J016400 0 048 J026400 0.000 048 K016400 0 048 K026400 0.000 049 006400 N 050 006400 N 051 006400 N 052 006400 N 053 A006400 Y 053 B006400 Y 054 A006400 Y 054 B006400 Y 054 C006400 N 054 D006400 N 054 E006400 N 054 F006400 N 054 G006400 N 054 H006400 Y 054 I006400 N 054 J006400 Y PAGE 13 054 K006400 N 054 L006400 N 054 M006400 Y 054 N006400 N 054 O006400 N 055 A006400 N 055 B006400 N 056 006400 Y 057 006400 N 058 A006400 N 059 006400 Y 060 A006400 Y 060 B006400 Y 061 006400 2500 062 A006400 N 062 B006400 0.0 062 C006400 0.0 062 D006400 0.0 062 E006400 0.0 062 F006400 0.0 062 G006400 0.0 062 H006400 0.0 062 I006400 0.0 062 J006400 0.0 062 K006400 0.0 062 L006400 0.0 062 M006400 0.0 062 N006400 0.0 062 O006400 0.0 062 P006400 0.0 062 Q006400 0.0 062 R006400 0.0 066 A006400 Y 066 B006400 N 066 C006400 Y 066 D006400 N 066 E006400 N 066 F006400 N 066 G006400 N 067 006400 N 068 A006400 N 068 B006400 N 069 006400 N 070 A016400 Y 070 A026400 N 070 B016400 Y 070 B026400 N 070 C016400 Y 070 C026400 N 070 D016400 Y 070 D026400 N PAGE 14 070 E016400 Y 070 E026400 N 070 F016400 Y 070 F026400 N 070 G016400 Y 070 G026400 N 070 H016400 Y 070 H026400 N 070 I016400 Y 070 I026400 N 070 J016400 Y 070 J026400 N 070 K016400 Y 070 K026400 Y 070 L016400 Y 070 L026400 Y 070 M016400 Y 070 M026400 N 070 N016400 N 070 N026400 N 070 O016400 Y 070 O026400 N 070 P016400 Y 070 P026400 N 070 Q016400 Y 070 Q026400 N 070 R016400 N 070 R026400 N 071 A006400 11710 071 B006400 1267 071 C006400 5612 071 D006400 23 072 A006400 11 072 B006400 1 072 C006400 108 072 D006400 0 072 E006400 0 072 F006400 33 072 G006400 27 072 H006400 0 072 I006400 19 072 J006400 15 072 K006400 0 072 L006400 3 072 M006400 6 072 N006400 4 072 O006400 0 072 P006400 0 072 Q006400 23 072 R006400 18 072 S006400 4 PAGE 15 072 T006400 12 072 U006400 0 072 V006400 0 072 W006400 11 072 X006400 175 072 Y006400 118 072 Z006400 52 072AA006400 79 072BB006400 380 072CC016400 0 072CC026400 786 072DD016400 23 072DD026400 0 072EE006400 0 073 A016400 0.0472 073 A026400 0.0000 073 B006400 0.0000 073 C006400 0.0000 074 A006400 0 074 B006400 0 074 C006400 0 074 D006400 0 074 E006400 0 074 F006400 9355 074 G006400 0 074 H006400 0 074 I006400 260 074 J006400 2 074 K006400 7 074 L006400 281 074 M006400 13 074 N006400 9918 074 O006400 409 074 P006400 19 074 Q006400 0 074 R016400 0 074 R026400 0 074 R036400 0 074 R046400 24 074 S006400 0 074 T006400 9466 074 U016400 854 074 U026400 0 074 V016400 11.09 074 V026400 0.00 074 W006400 0.0000 074 X006400 487 074 Y006400 0 075 A006400 0 075 B006400 5651 076 006400 0.00 PAGE 16 SIGNATURE DOUG HESS TITLE PRESIDENT EX-99.77B ACCT LTTR 2 acctlttr.htm INTERNAL CONTROL LETTER acctlttr.htm




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Shareholders and
Board of Trustees of
Advisors Series Trust
Milwaukee, Wisconsin  53202


In planning and performing our audit of the financial statements of McCarthy Multi-Cap Stock Fund (the “Fund”), a series of Advisors Series Trust, as of and for the year ended June 30, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.   Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.   In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.   A company’s internal control over financial reporting is a process designed 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.   A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.   Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.   A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.


 
 
 

To the Shareholders and
Board of Trustees of
Advisors Series Trust
Page Two





Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).   However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of June 30, 2009.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Advisors Series Trust and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.


TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2009










 
 
 




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Shareholders and
Board of Trustees of
Advisors Series Trust
Milwaukee, Wisconsin  53202


In planning and performing our audit of the financial statements of Davidson Multi-Cap Core Fund (the “Fund”), a series of Advisors Series Trust, as of and for the year ended June 30, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.   Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.   In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.   A company’s internal control over financial reporting is a process designed 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.   A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.   Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.   A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.



 
 
 

To the Shareholders and
Board of Trustees of
Advisors Series Trust
Page Two





Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).   However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of June 30, 2009.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of Advisors Series Trust and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.


TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
August 28, 2009










 
 
 
 
 
 
 
EX-99.77J REVALUATN 3 reval.htm RESTATEMENT OF CAPITAL ACCOUNTS reval.htm
 




EX-99.77J REVALUATN

Exhibit 77(j)(b) – Restatement of Capital Accounts

For the year ended June 30, 2009, the McCarthy Multi-Cap Stock Fund increased accumulated net realized loss by $42 and decreased undistributed net investment income by $42.

The reclassifications have no effect on net assets or net asset value per share.


 
 
 
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