N-Q/A 1 elomax-amnd_73109nq.htm AMENDED QUARTERLY NOTICE OF PORTFOLIO HOLDINGS elomax-amnd_73109nq.htm
As filed with the Securities and Exchange Commission on September 22, 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:  October 31, 2009



Date of reporting period:  July 31, 2009
 
Item 1. Schedules of Investments.
Edgar Lomax Value
          
Schedule of Investments
      
July 31, 2009 (Unaudited)
      
           
           
           
Shares
  
COMMON STOCKS - 95.95%
  
Value
  
   
Banks - 1.16%
      
  36,700  
Regions Financial Corp.
   $ 162,214  
  3,400  
Wells Fargo & Co.
     83,164  
            245,378  
     
Capital Goods - 17.98%
        
  8,400  
3M Co.
     592,368  
  18,700  
The Boeing Co.
     802,417  
  5,500  
Caterpillar, Inc.
     242,330  
  6,700  
General Dynamics Corp.
     371,113  
  44,700  
General Electric Co.
     598,980  
  10,900  
Honeywell International, Inc.
     378,230  
  3,400  
Lockheed Martin Corp.
     254,184  
  800  
Raytheon Co.
     37,560  
  3,600  
Tyco International Ltd. (a)
     108,792  
  7,600  
United Technologies Corp.
     413,972  
            3,799,946  
     
Diversified Financials - 7.99%
        
  15,500  
American Express Co.
     439,115  
  22,100  
Bank of America Corp.
     326,859  
  5,200  
Capital One Financial Corp.
     159,640  
  12,665  
J.P. Morgan Chase & Co.
     489,502  
  6,200  
Morgan Stanley
     176,700  
  3,600  
NYSE Euronext
     97,020  
            1,688,836  
     
Energy - 16.97%
        
  10,600  
Baker Hughes, Inc.
     429,300  
  11,200  
Chevron Corp.
     778,064  
  12,000  
ConocoPhillips
     524,520  
  4,400  
Devon Energy Corp.
     255,596  
  6,200  
Exxon Mobil Corp.
     436,418  
  18,700  
Halliburton Co.
     413,083  
  10,500  
Occidental Petroleum Corp.
     749,070  
            3,586,051  
     
Food & Staples Retailing - 2.33%
        
  6,300  
CVS Caremark Corp.
     210,924  
  7,300  
Walgreen Co.
     226,665  
  1,100  
Wal-Mart Stores, Inc.
     54,868  
            492,457  
     
Food, Beverages & Tobacco - 7.03%
        
  13,650  
Altria Group, Inc.
     239,285  
  5,800  
Campbell Soup Co.
     179,974  
  2,700  
HJ Heinz Co.
     103,842  
  27,883  
Kraft Foods, Inc. - Class A
     790,204  
  16,300  
Sara Lee Corp.
     173,432  
            1,486,737  
     
Household & Personal Products - 0.12%
        
  800  
Avon Products, Inc.
     25,904  
     
Insurance - 0.48%
        
  3,800  
The Allstate Corp.
     102,258  
     
Materials - 9.73%
        
  75,000  
Alcoa, Inc.
     882,000  
  6,600  
The Dow Chemical Co.
     139,722  
  33,438  
E. I. du Pont de Nemours and Co.
     1,034,237  
            2,055,959  
     
Media - 2.13%
        
  17,900  
The Walt Disney Co.
     449,648  
     
Pharmaceuticals, Biotechnology & Life Sciences - 10.57%
        
  12,300  
Bristol-Myers Squibb Co.
     267,402  
  14,100  
Merck & Co., Inc.
     423,141  
  58,400  
Pfizer, Inc.
     930,312  
  13,200  
Wyeth
     614,460  
            2,235,315  
     
Retailing - 1.33%
        
  6,900  
The Home Depot, Inc.
     178,986  
  900  
Lowe's Companies, Inc.
     20,214  
  1,900  
Target Corp.
     82,878  
            282,078  
     
Semiconductors & Semiconductor Equipment - 3.11%
        
  6,800  
Intel Corp.
     130,900  
  21,900  
Texas Instruments, Inc.
     526,695  
            657,595  
     
Technology Hardware & Equipment - 5.99%
        
  8,800  
Hewlett-Packard Co.
     381,040  
  7,500  
International Business Machines Corp.
     884,475  
            1,265,515  
     
Telecommunication Services - 3.78%
        
  16,000  
AT&T, Inc.
     419,680  
  11,800  
Verizon Communications, Inc.
     378,426  
            798,106  
     
Transportation - 1.13%
        
  500  
Burlington Northern Santa Fe Corp.
     39,295  
  4,600  
Norfolk Southern Corp.
     198,950  
            238,245  
     
Utilities - 4.12%
        
  21,900  
American Electric Power Co., Inc.
     678,024  
  200  
Entergy Corp.
     16,066  
  1,800  
Exelon Corp.
     91,548  
  2,700  
Southern Co.
     84,780  
            870,418  
               
     
TOTAL COMMON STOCKS (Cost $21,336,862)
     20,280,446  
               
               
Shares
  
SHORT-TERM INVESTMENTS - 4.00%
  
Value
  
  845,321  
AIM STIT-STIC Prime Portfolio
     845,321  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $845,321)
     845,321  
               
     
Total Investments in Securities (Cost $22,182,183) - 99.95%
     21,125,767  
     
Other Assets in Excess of Liabilities - 0.05%
     9,721  
     
NET ASSETS - 100.00%
   $ 21,135,488  
               
 
(a) U.S. traded security of a foreign issuer.
    
               
               
The cost basis of investments for federal income tax purposes at July 31, 2009 was as follows*:
               
Cost of investments
   $
  22,207,985
      
               
Gross unrealized appreciation
 $
     1,791,198
      
Gross unrealized depreciation
  
     (2,873,416
 )    
Net unrealized depreciation
 $
   (1,082,218
 )    
               
* 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 July 31, 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 July 31, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Consumer Discretionary
   $ 731,726     $ —     $ —     $ 731,726  
  Consumer Staples
     2,005,098       —       —       2,005,098  
  Energy
     3,586,051       —       —       3,586,051  
  Financials
     2,036,472       —       —       2,036,472  
  Health Care
     2,235,315       —       —       2,235,315  
  Industrials
     4,038,191       —       —       4,038,191  
  Information Technology
     1,923,110       —       —       1,923,110  
  Materials
     2,055,959       —       —       2,055,959  
  Telecommunication Services
     798,106       —       —       798,106  
  Utilities
     870,418       —       —       870,418  
Total Equity
     20,280,446       —       —       20,280,446  
                                 
Short-Term Investments
     845,321       —       —       845,321  
                                 
Total Investments in Securities
   $ 21,125,767     $ —     $ —     $ 21,125,767  

 
 
 
 
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 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    9/9/2009                                                                   



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    9/9/2009                                                                   

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

Date    9/9/2009                                                                   



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