N-Q 1 capadv_93009nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS capadv_93009nq.htm
As filed with the Securities and Exchange Commission on November 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:  December 31, 2009



Date of reporting period:  September 30, 2009
 
Item 1. Schedules of Investments.
     
Schedule of Investments
      
at September 30, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 80.71%
      
   
Beverages - 1.77%
      
  5,600  
The Coca-Cola Co.
   $ 300,720  
               
     
Biotechnology - 1.48%
        
  11,100  
Alnylam Pharmaceuticals, Inc.*
     251,748  
               
     
Cable Providers - 2.96%
        
  29,820  
Comcast Corp. - Class A
     503,660  
               
     
Communications Equipment - 2.07%
        
  15,000  
Cisco Systems, Inc.*
     353,100  
               
     
Consumer Discretionary - 2.05%
        
  16,700  
CarMax, Inc.*
     349,030  
               
     
Diversified Financial Services - 2.44%
        
  24,500  
Bank of America Corp.
     414,540  
               
     
Diversified Telecommunication Services - 2.29%
        
  14,430  
AT&T, Inc.
     389,754  
               
     
Food & Staples Retailing - 4.85%
        
  13,000  
Sysco Corp.
     323,050  
  10,250  
Wal-Mart Stores, Inc.
     503,172  
            826,222  
               
     
Food Products - 1.73%
        
  7,400  
H.J. Heinz Co.
     294,150  
               
     
Health Care Providers & Services - 5.28%
        
  6,600  
McKesson Corp.
     393,030  
  9,700  
Quest Diagnostics, Inc.
     506,243  
            899,273  
               
     
Hotels, Restaurants & Leisure - 2.54%
        
  12,780  
Yum! Brands, Inc.
     431,453  
               
     
Household Products - 5.38%
        
  5,700  
Kimberly-Clark Corp.
     336,186  
  10,000  
Procter & Gamble Co.
     579,200  
            915,386  
               
     
Information Retrieval Services - 2.93%
        
  1,005  
Google, Inc. - Class A*
     498,329  
               
     
Insurance - 1.84%
        
  94  
Berkshire Hathaway, Inc. - Class B*
     312,362  
               
     
Internet Provider - 1.86%
        
  17,800  
Yahoo! Inc.*
     317,018  
               
     
IT Services - 2.53%
        
  14,800  
Paychex, Inc.
     429,940  
               
     
Metals & Mining - 2.77%
        
  10,700  
Newmont Mining Corp.
     471,014  
               
     
Oil & Gas - 5.72%
        
  16,050  
Suncor Energy, Inc.#
     554,688  
  7,080  
Total SA - ADR
     419,561  
            974,249  
               
     
Pharmaceuticals - 10.19%
        
  9,200  
Genzyme Corp.*
     521,916  
  8,510  
Novartis AG - ADR
     428,734  
  11,500  
Perrigo Co.
     390,885  
  8,100  
Wyeth
     393,498  
            1,735,033  
               
     
Professional Services - 2.25%
        
  9,000  
FTI Consulting, Inc.*
     383,490  
               
     
Scientific Instruments - 2.45%
        
  9,550  
Thermo Fisher Scientific, Inc.*
     417,049  
               
     
Semiconductors & Semiconductor Equipment - 3.36%
        
  29,190  
Intel Corp.
     571,248  
               
     
Software - 2.47%
        
  16,270  
Microsoft Corp.
     421,230  
               
     
Specialty Retail - 1.97%
        
  15,420  
PetSmart, Inc.
     335,385  
               
     
Utilities - 2.97%
        
  10,200  
Exelon Corp.
     506,124  
               
     
Wireless Telecommunication Services - 2.56%
        
  19,400  
Vodafone Group Plc - ADR
     436,500  
     
Total Common Stocks (Cost $12,498,583)
     13,738,007  
               
     
EXCHANGE-TRADED FUNDS - 2.76%
        
  4,400  
iShares iBoxx $ Investment Grade Corporate Bond Fund (Cost $434,137)
     469,392  
               
     
SHORT-TERM INVESTMENTS - 18.20%
        
  3,098,061  
SEI Daily Income Trust Government Fund, Class B, 0.05%† (Cost $3,098,061)
     3,098,061  
     
Total Investments in Securities (Cost $16,030,781) - 101.67%
     17,305,460  
     
Liabilities in Excess of Other Assets - (1.67)%
     (284,251 )
     
Net Assets - 100.00%
   $ 17,021,209  
               
     
 * Non-income producing security.
        
     
 # U.S. traded security of a foreign issuer.
        
     
† Rate shown is the 7-day yield as of September 30, 2009.
        
     
 ADR - American Depository Receipt
        

The cost basis of investments for federal income tax purposes at September 30, 2009 was as follows**:

Cost of investments
$
16,030,781
  
       
Gross unrealized appreciation
$
1,534,174
  
Gross unrealized depreciation
  
   (259,495
 ) 
Net unrealized appreciation
$
1,274,679
  
       

**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 September 30, 2009

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.   These standards require additional disclosures about the various  inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  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 September 30, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Consumer Discretionary
   $ 1,619,528     $ —     $ —     $ 1,619,528  
  Consumer Staples
     2,336,478       —       —       2,336,478  
  Energy
     974,249       —       —       974,249  
  Financials
     726,902       —       —       726,902  
  Healthcare
     3,303,102       —       —       3,303,102  
  Industrials
     383,490       —       —       383,490  
  Information Technology
     2,590,866       —       —       2,590,866  
  Materials
     471,014       —       —       471,014  
  Telecommunication Services
     826,254       —       —       826,254  
  Utilities
     506,124       —       —       506,124  
Total Equity
     13,738,007       —       —       13,738,007  
Exchange-Traded Funds
     469,392       —       —       469,392  
Short-Term Investments
     3,098,061       —       —       3,098,061  
Total Investments in Securities
   $ 17,305,460     $ —     $ —     $ 17,305,460  


 
 
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    11/20/2009                                                                



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    11/20/2009                                                                

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

Date    11/20/2009                                                                

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