-----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, DoO/fj4FeXLe1XqJNBAkJQST9eFVDX8rJfZyl9k2AuKLz6NzO2KQNq99hKFDjYaY VUMuHn9GaRRRnUmszRgx3Q== 0000894189-09-003284.txt : 20090928 0000894189-09-003284.hdr.sgml : 20090928 20090928163926 ACCESSION NUMBER: 0000894189-09-003284 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090731 FILED AS OF DATE: 20090928 DATE AS OF CHANGE: 20090928 EFFECTIVENESS DATE: 20090928 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 091090577 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 S000018427 Huber Capital Equity Income Fund C000050919 Class I HULIX 0001027596 S000018428 Huber Capital Small Cap Value Fund C000050920 Class I HUSIX N-Q 1 huber_73109nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS huber_73109nq.htm
As filed with the Securities and Exchange Commission on September 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:  October 31, 2009



Date of reporting period:  July 31, 2009
 
 
 
 
Item 1. Schedule of Investments.
 
SCHEDULE OF INVESTMENTS at July 31, 2009 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS - 97.34%
      
   
Aerospace & Defense - 2.95%
      
  700  
KBR, Inc.
   $ 14,833  
  700  
Northrop Grumman Corp.
     31,206  
            46,039  
     
Air Freight & Logistics - 2.17%
        
  500  
FedEx Corp.
     33,920  
     
Beverages - 1.91%
        
  600  
The Coca-Cola Co.
     29,904  
     
Chemicals - 3.93%
        
  250  
Agrium Inc. (b)
     11,548  
  800  
BASF AG - ADR
     40,000  
  200  
Eastman Chemical Co.
     9,932  
            61,480  
     
Commercial Banks - 2.08%
        
  2,200  
Bank of America Corp.
     32,538  
     
Construction & Engineering - 1.01%
        
  300  
Fluor Corp.
     15,840  
     
Diversified Financial Services - 2.79%
        
  4,000  
Citigroup Inc.
     12,680  
  800  
JPMorgan Chase & Co.
     30,920  
            43,600  
     
Electric Utilities - 6.55%
        
  1,000  
Alliant Energy Corp.
     26,160  
  1,500  
American Electric Power Co., Inc.
     46,440  
  250  
Exelon Corp.
     12,715  
  300  
FPL Group, Inc.
     17,001  
            102,316  
     
Electronic Equipment, Instruments & Components - 1.37%
        
  1,000  
Tyco Electronics Ltd.
     21,470  
     
Food Products - 2.27%
        
  700  
ConAgra Foods, Inc.
     13,741  
  1,900  
Tyson Foods, Inc. - Class A
     21,717  
            35,458  
     
Home Improvement Stores - 1.66%
        
  1,000  
Home Depot, Inc.
     25,940  
     
Insurance - 14.28%
        
  34,200  
Conseco, Inc. (a)
     106,362  
  8,300  
XL Capital Ltd. - Class A
     116,864  
            223,226  
     
Internet & Catalog Retail - 2.31%
        
  1,700  
eBay Inc. (a)
     36,125  
     
Internet Software & Services - 2.27%
        
  80  
Google, Inc. - Class A (a)
     35,444  
     
Land Subdividers & Developers, Except Cemeteries - 5.37%
        
  7,900  
MI Developments, Inc. - Class A
     83,977  
     
Machinery - 1.29%
        
  250  
Flowserve Corp.
     20,192  
     
Metals & Mining - 1.05%
        
  1,400  
Alcoa Inc.
     16,464  
     
Oil & Gas - 3.37%
        
  1,000  
Royal Dutch Shell PLC - ADR
     52,640  
     
Personal Products - 4.18%
        
  800  
Mead Johnson Nutrition Co. - Class A
     29,128  
  1,000  
NBTY, Inc. (a)
     36,200  
            65,328  
     
Pharmaceuticals - 8.80%
        
  3,800  
Pfizer, Inc.
     60,534  
  1,200  
Schering-Plough Corp.
     31,812  
  1,300  
Watson Pharmaceuticals, Inc. (a)
     45,149  
            137,495  
     
Real Estate - 2.08%
        
  10,700  
CapLease, Inc.
     32,421  
     
Residential Construction - 2.04%
        
  3,500  
Lennar Corp. - Class B
     31,885  
     
Software - 17.14%
        
  5,700  
CA Inc.
     120,498  
  4,200  
Microsoft Corp.
     98,784  
  2,200  
Oracle Corp.
     48,686  
            267,968  
     
Tobacco - 4.47%
        
  1,500  
Philip Morris International, Inc.
     69,900  
     
TOTAL COMMON STOCKS (Cost $1,573,579)
     1,521,570  
               
               
     
SHORT-TERM INVESTMENTS - 3.06%
        
  23,876  
SEI Daily Income Treasury Fund, 0.05% (c)
     23,876  
  23,876  
SEI Daily Income Trust Government Fund, 0.05% (c)
     23,876  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $47,752)
     47,752  
               
     
Total Investments in Securities  (Cost $1,621,331) - 100.40%
     1,569,322  
     
Liabilities in Excess of Other Assets - (0.40)%
     (6,184 )
     
NET ASSETS - 100.00%
   $ 1,563,138  
               
               
     
ADR - American Depositary Receipt
        
     
(a) Non-income producing security.
        
     
(b) U.S. traded security of a foreign issuer.
        
     
(c) Rate shown is the 7-day yield as of July 31, 2009.
        

The cost basis of investments for federal income tax purposes at July 31, 2009 was as follows**:

Cost of investments
   $ 1,781,374  
         
Gross unrealized appreciation
   $ 286,753  
Gross unrealized depreciation
     (498,805 )
Net unrealized depreciation
   $ (212,052 )
         

**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 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
   $ 57,825     $ —     $ —     $ 57,825  
  Consumer Staples
     200,590       —       —       200,590  
  Energy
     52,640       —       —       52,640  
  Financials
     415,762       —       —       415,762  
  Health Care
     137,495       —       —       137,495  
  Industrials
     115,992       —       —       115,992  
  Information Technology
     361,007                       361,007  
  Materials
     77,943       —       —       77,943  
  Utilities
     102,316       —       —       102,316  
Total Equity
     1,521,570       —       —       1,521,570  
Short-Term Investments
     47,752       —       —       47,752  
Total Investments in Securities
   $ 1,569,322     $ —     $ —     $ 1,569,322  

 
 
 
 
 
Huber Capital Small Cap Value Fund
  
SCHEDULE OF INVESTMENTS at July 31, 2009 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS - 94.77%
      
   
Air Freight & Logistics - 1.32%
      
  5,600  
Livingston International Income Fund (b)
   $ 26,772  
     
Building Products - 0.76%
        
  1,600  
Griffon Corp. (a)
     15,424  
     
Capital Markets - 1.30%
        
  1,656  
Virtus Investment Partners, Inc. (a)
     26,248  
     
Chemicals - 0.78%
        
  200  
CF Industries  Holdings, Inc.
     15,788  
     
Commercial Services & Supplies - 0.40%
        
  400  
Heidrick & Struggles International, Inc.
     8,196  
     
Consumer Finance - 7.97%
        
  7,800  
EZcorp, Inc. - Class A (a)
     98,670  
  4,400  
Nelnet, Inc. - Class A (a)
     62,876  
            161,546  
     
Containers & Packaging - 2.52%
        
  10,200  
UFP Technologies, Inc. (a)
     51,000  
     
Electric Utilities - 3.62%
        
  2,000  
Alliant Energy Corp.
     52,320  
  1,100  
Portland General Electric Company
     20,933  
            73,253  
     
Energy Equipment & Services - 1.53%
        
  4,550  
Global Industries, Ltd. (a)
     31,076  
     
Food Products - 6.21%
        
  1,500  
Imperial Sugar Company
     19,935  
  18,500  
Overhill Farms, Inc. (a)
     105,820  
            125,755  
     
Health Care Providers & Services - 1.23%
        
  6,300  
Tenet Healthcare Corp. (a)
     24,885  
               
     
Hotels, Restaurants & Leisure - 11.56%
        
  10,990  
Boston Pizza Royalties Income Fund (b)
     108,140  
  1,690  
Famous Dave's of America, Inc. (a)
     11,036  
  7,700  
Interval Leisure Group, Inc. (a)
     81,235  
  7,600  
Second Cup Royalty Income Fund (b)
     33,864  
            234,275  
     
Insurance - 14.68%
        
  44,900  
Conseco, Inc. (a)
     139,639  
  11,200  
XL Capital Ltd - Class A
     157,696  
            297,335  
     
Internet & Catalog Retail - 1.43%
        
  6,700  
Bidz.com, Inc. (a)
     28,877  
     
Internet Software & Services - 1.51%
        
  25,513  
LiveDeal, Inc. (a) (d)
     30,616  
     
IT Services - 2.38%
        
  8,000  
infoGROUP, Inc. (a)
     48,160  
     
Land Subdividers & Developers, Except Cemeteries - 5.56%
        
  10,600  
MI Developments, Inc. - Class A
     112,678  
     
Machinery - 4.24%
        
  5,000  
Armtec Infrastructure Trust Unit (b)
     85,867  
               
     
Metals & Mining - 0.81%
        
  1,560  
A. M. Castle & Co.
     16,458  
     
Paper & Forest Products - 2.94%
        
  11,800  
Kapstone Paper and Packaging Corp. (a)
     59,472  
     
Personal Products - 7.58%
        
  6,700  
Argan, Inc. (a)
     99,160  
  1,500  
NBTY, Inc. (a)
     54,300  
            153,460  
     
Pharmaceuticals - 3.26%
        
  1,900  
Watson Pharmaceuticals, Inc. (a)
     65,987  
     
Real Estate - 5.18%
        
  34,600  
CapLease, Inc.
     104,838  
     
Residential Construction - 2.02%
        
  4,500  
Lennar Corp. - Class B
     40,995  
     
Specialty Retail - 1.02%
        
  1,000  
Rent-A-Center, Inc. (a)
     20,760  
     
Textiles, Apparel & Luxury Goods - 2.96%
        
  17,070  
Crown Crafts, Inc. (a) (d)
     52,490  
  2,720  
Hampshire Group, Ltd. (a)
     7,480  
            59,970  
     
TOTAL COMMON STOCKS (Cost $1,998,856)
     1,919,691  
               
               
     
SHORT-TERM INVESTMENTS - 5.51%
        
  55,832  
SEI Daily Income Treasury Fund, 0.05% (c)
     55,832  
  55,832  
SEI Daily Income Trust Government Fund, 0.05% (c)
     55,832  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $111,664)
     111,664  
               
     
Total Investments in Securities  (Cost $2,110,520) - 100.28%
     2,031,355  
     
Liabilities in Excess of Other Assets - (0.28)%
     (5,721 )
     
NET ASSETS - 100.00%
   $ 2,025,634  
               
 
 
(a) Non-income producing security.
    
 
(b) Foreign issued security.
    
 
(c) Rate shown is the 7-day yield as of July 31, 2009.
    
 
(d) Security is considered illiquid.  As of July 31, 2009, the value of these investments was $83,106 or 4.10% of net assets.
     
Dates
        
 
Security
Shares
Acquired
Cost Basis
      
 
Crown Crafts, Inc.
17,070
6/07-4/09
$62,982
      
 
LiveDeal, Inc.
25,513
6/07-7/08
$116,259
      
               
 
The cost basis of investments for federal income tax purposes at July 31, 2009 was as follows**:

Cost of investments
   $ 2,137,921  
         
Gross unrealized appreciation
   $ 425,018  
Gross unrealized depreciation
     (531,584 )
Net unrealized depreciation
   $ (106,566 )
         

**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 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
   $ 384,877     $ —     $ —     $ 384,877  
  Consumer Staples
     180,055       —       —       180,055  
  Energy
     31,076       —       —       31,076  
  Financials
     702,645       —       —       702,645  
  Health Care
     90,872       —       —       90,872  
  Industrials
     235,419       —       —       235,419  
  Information Technology
     78,776       —       —       78,776  
  Materials
     142,718       —       —       142,718  
  Utilities
     73,253       —       —       73,253  
Total Equity
     1,919,691       —       —       1,919,691  
Short-Term Investments
     111,664       —       —       111,664  
Total Investments in Securities
   $ 2,031,355     $ —     $ —     $ 2,031,355  
 
 
 
 
 
 
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    9/14/2009                                                              



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    9/14/2009                                                              

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

Date    9/14/2009                                                              

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



 
 
EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm
 
CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     9/14/2009            
/s/ Douglas G. Hess               
 
Douglas G. Hess, President
 
 
 
 
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     9/14/2009          
/s/ Cheryl L. King                
 
Cheryl L. King, Treasurer
 
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