N-Q 1 alf_93009nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS alf_93009nq.htm
As filed with the Securities and Exchange Commission on November 27, 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.
 



Al Frank Fund
  
SCHEDULE OF INVESTMENTS at September 30, 2009 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 96.43%
      
           
   
COMMERCIAL SERVICES: 0.88%
      
   
Advertising/Marketing Services: 0.47%
      
  45,000  
Valueclick, Inc. (a)
   $ 593,550  
     
Miscellaneous Commercial Services: 0.41%
        
  23,000  
Cornell Companies, Inc. (a)
     516,120  
               
     
Total Commercial Services (Cost $469,322)
     1,109,670  
               
     
COMMUNICATIONS: 0.60%
        
     
Major Telecommunications: 0.60%
        
  25,000  
Verizon Communications, Inc.
     756,750  
     
Total Communications (Cost $792,267)
     756,750  
               
     
CONSUMER DURABLES: 5.15%
        
     
Automotive Aftermarket: 0.72%
        
  23,000  
Cooper Tire & Rubber Co.
     404,340  
  30,000  
Goodyear Tire & Rubber Co. (a)
     510,900  
            915,240  
     
Electronics/Appliances: 0.63%
        
  19,025  
Global-Tech Advanced Innovations, Inc. (a) (b)
     175,601  
  10,000  
Helen of Troy Ltd. (a) (b)
     194,300  
  6,000  
Whirlpool Corp.
     419,760  
            789,661  
     
Homebuilding: 1.41%
        
  43,000  
D.R. Horton, Inc.
     490,630  
  12,000  
M.D.C. Holdings, Inc.
     416,880  
  30,000  
Pulte Homes, Inc.
     329,700  
  28,000  
Toll Brothers, Inc. (a)
     547,120  
            1,784,330  
     
Motor Vehicles: 0.60%
        
  15,000  
Daimler AG (b) (c)
     754,650  
     
Recreational Products: 1.79%
        
  45,000  
Activision Blizzard, Inc. (a)
     557,550  
  25,000  
Hasbro, Inc.
     693,750  
  55,000  
Mattel, Inc.
     1,015,300  
            2,266,600  
               
     
Total Consumer Durables (Cost $6,545,280)
     6,510,481  
               
     
CONSUMER NON-DURABLES: 3.82%
        
     
Apparel/Footwear: 1.19%
        
  40,000  
Delta Apparel, Inc. (a)
     320,000  
  10,000  
Oxford Industries, Inc.
     197,000  
  80,000  
Quiksilver, Inc. (a)
     220,000  
  21,000  
Steven Madden, Ltd. (a)
     773,010  
            1,510,010  
     
Food: Major Diversified: 0.80%
        
  20,000  
Kraft Foods, Inc. - Class A
     525,400  
  43,000  
Sara Lee Corp.
     479,020  
            1,004,420  
     
Tobacco: 1.83%
        
  90,000  
Alliance One International, Inc. (a)
     403,200  
  30,000  
Altria Group, Inc.
     534,300  
  10,000  
Philip Morris International Inc.
     487,400  
  20,000  
Reynolds American, Inc.
     890,400  
            2,315,300  
               
     
Total Consumer Non-Durables (Cost $4,121,809)
     4,829,730  
               
     
CONSUMER SERVICES: 2.68%
        
     
Casinos/Gaming: 0.51%
        
  30,000  
International Game Technology
     644,400  
     
Hotels/Resorts/Cruiselines: 0.31%
        
  12,000  
Carnival Corp. (b)
     399,360  
     
Media Conglomerates: 0.87%
        
  40,000  
Walt Disney Co.
     1,098,400  
     
Other Consumer Services: 0.58%
        
  40,000  
H & R Block, Inc.
     735,200  
     
Restaurants: 0.41%
        
  25,000  
Starbucks Corp. (a)
     516,250  
               
     
Total Consumer Services (Cost $3,395,525)
     3,393,610  
               
     
DISTRIBUTION SERVICES: 2.86%
        
     
Electronics Distributors: 1.73%
        
  30,000  
Avnet, Inc. (a)
     779,100  
  84,000  
Brightpoint, Inc. (a)
     735,000  
  33,772  
GTSI Corp. (a)
     271,527  
  45,000  
Wayside Technology Group, Inc.
     400,500  
            2,186,127  
     
Medical Distributors: 1.13%
        
  24,000  
McKesson Corp.
     1,429,200  
               
     
Total Distribution Services (Cost $2,549,700)
     3,615,327  
               
     
ELECTRONIC TECHNOLOGY: 22.25%
        
     
Aerospace & Defense: 5.94%
        
  24,100  
AAR Corp. (a)
     528,754  
  67,500  
Allied Defense Group, Inc. (a)
     351,675  
  5,000  
American Science and Engineering, Inc. (c)
     340,200  
  22,500  
BE Aerospace, Inc. (a)
     453,150  
  15,500  
Boeing Co.
     839,325  
  40,000  
Ducommun, Inc.
     756,400  
  7,000  
General Dynamics Corp.
     452,200  
  50,000  
Kaman Corp. - Class A
     1,099,000  
  72,000  
LMI Aerospace, Inc. (a)
     722,160  
  11,000  
Lockheed Martin Corp.
     858,880  
  13,000  
Raytheon Co.
     623,610  
  32,420  
SIFCO Industries, Inc. (a)
     476,574  
            7,501,928  
     
Computer Communications: 0.72%
        
  17,000  
Cisco Systems, Inc. (a)
     400,180  
  60,000  
Digi International, Inc. (a)
     511,200  
            911,380  
     
Computer Components & Software: 0.75%
        
  20,000  
Hewlett Packard Co.
     944,200  
     
Computer Peripherals: 2.07%
        
  25,000  
Electronics for Imaging, Inc. (a)
     281,750  
  150,000  
Peerless Systems Corp. (a)
     340,500  
  35,000  
Seagate Technology (b)
     532,350  
  40,000  
Western Digital Corp. (a)
     1,461,200  
            2,615,800  
     
Computer Processing Hardware: 0.73%
        
  5,000  
Apple Inc. (a)
     926,850  
     
Electronic Components: 1.05%
        
  370,000  
Alliance Fiber Optic Products, Inc. (a)
     469,900  
  45,000  
AVX Corp.
     536,850  
  40,000  
Vishay Intertechnology, Inc. (a)
     316,000  
            1,322,750  
     
Electronic Equipment/Instruments: 1.64%
        
  137,000  
ActivIdentity Corp. (a)
     379,490  
  55,150  
AU Optronics Corp. - ADR
     533,852  
  26,650  
Cogent Inc. (a)
     269,165  
  30,000  
Nam Tai Electronics, Inc. (b)
     162,000  
  40,000  
OSI Systems, Inc. (a)
     731,600  
            2,076,107  
     
Electronic Production Equipment: 1.83%
        
  130,000  
Aetrium, Inc. (a) (c)
     287,300  
  40,000  
Cohu, Inc.
     542,400  
  25,000  
Lam Research Corp. (a)
     854,000  
  60,000  
Trio-Tech International (a)
     160,200  
  35,976  
Ultratech, Inc. (a)
     475,962  
            2,319,862  
     
Semiconductors: 4.58%
        
  75,000  
Ceva, Inc. (a)
     806,250  
  70,000  
Diodes, Inc. (a)
     1,266,300  
  40,000  
Exar Corp. (a) (c)
     294,000  
  45,000  
Integrated Device Technology, Inc. (a)
     304,200  
  35,000  
Intel Corp.
     684,950  
  35,000  
National Semiconductor Corp.
     499,450  
  70,000  
Pericom Semiconductor Corp. (a)
     686,700  
  57,504  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
     630,244  
  80,000  
TriQuint Semiconductor, Inc. (a)
     617,600  
            5,789,694  
     
Telecommunications Equipment: 2.94%
        
  107,668  
Clearfield, Inc. (a)
     479,123  
  65,000  
Communications Systems, Inc.
     759,200  
  45,000  
Corning, Inc.
     688,950  
  40,000  
Nokia Corp. - ADR
     584,800  
  18,000  
Polycom, Inc. (a)
     481,500  
  105,000  
Tellabs, Inc. (a)
     726,600  
            3,720,173  
               
     
Total Electronic Technology (Cost $22,667,515)
     28,128,744  
               
     
ENERGY MINERALS: 7.90%
        
     
Integrated Oil: 2.42%
        
  11,000  
Chevron Corp.
     774,730  
  10,000  
ConocoPhillips
     451,600  
  10,000  
Exxon Mobil Corp.
     686,100  
  36,000  
Marathon Oil Corp.
     1,148,400  
            3,060,830  
     
Oil & Gas Production: 4.34%
        
  20,000  
Anadarko Petroleum Corp.
     1,254,600  
  10,000  
Apache Corp.
     918,300  
  20,000  
Chesapeake Energy Corp.
     568,000  
  9,000  
Devon Energy Corp.
     605,970  
  11,000  
Noble Energy, Inc.
     725,560  
  18,000  
Occidental Petroleum Corp.
     1,411,200  
            5,483,630  
     
Oil Refining/Marketing: 1.14%
        
  26,150  
Holly Corp.
     669,963  
  40,000  
Valero Energy Corp.
     775,600  
            1,445,563  
               
     
Total Energy Minerals (Cost $5,663,045)
     9,990,023  
               
     
FINANCE: 10.10%
        
     
Financial Conglomerates: 1.01%
        
  13,200  
JPMorgan Chase & Co.
     578,424  
  14,000  
Prudential Financial, Inc.
     698,740  
            1,277,164  
     
Investment Banks/Brokers: 0.91%
        
  20,000  
Ameriprise Financial, Inc.
     726,600  
  20,000  
The NASDAQ OMX Group, Inc. (a)
     421,000  
            1,147,600  
     
Life/Health Insurance: 1.56%
        
  15,000  
MetLife, Inc.
     571,050  
  2,500  
National Western Life Insurance Co. - Class A
     439,950  
  45,000  
Unum Group
     964,800  
            1,975,800  
     
Major Banks: 2.49%
        
  20,000  
Bank of America Corp.
     338,400  
  20,000  
Bank of New York Mellon Corp.
     579,800  
  30,000  
BB&T Corp.
     817,200  
  7,010  
PNC Financial Services Group, Inc.
     340,616  
  10,000  
SunTrust Banks, Inc.
     225,500  
  30,000  
Wells Fargo & Co.
     845,400  
            3,146,916  
     
Property/Casualty Insurance: 1.49%
        
  15,000  
Endurance Specialty Holdings Ltd. (b)
     547,050  
  37,000  
Old Republic International Corp.
     450,660  
  18,000  
Travelers Companies, Inc.
     886,140  
            1,883,850  
     
Real Estate Investment Trusts: 2.18%
        
  35,000  
Annaly Capital Management, Inc.
     634,900  
  55,000  
BioMed Realty Trust, Inc.
     759,000  
  65,000  
Capstead Mortgage Corp.
     904,150  
  60,000  
HRPT Properties Trust
     451,200  
            2,749,250  
     
Regional Banks: 0.46%
        
  45,000  
TCF Financial Corp. (c)
     586,800  
               
     
Total Finance (Cost $10,799,095)
     12,767,380  
               
     
HEALTH SERVICES: 2.99%
        
     
Hospital/Nursing Management: 0.67%
        
  60,000  
Res-Care, Inc. (a)
     852,600  
     
Managed Health Care: 1.79%
        
  26,000  
Aetna, Inc.
     723,580  
  21,000  
Humana, Inc. (a)
     783,300  
  30,000  
UnitedHealth Group, Inc.
     751,200  
            2,258,080  
     
Services to the Health Industry: 0.53%
        
  151,100  
HealthStream, Inc. (a)
     670,884  
               
     
Total Health Services (Cost $2,148,777)
     3,781,564  
               
     
HEALTH TECHNOLOGY: 7.04%
        
     
Medical Specialties: 2.05%
        
  18,000  
Baxter International, Inc.
     1,026,180  
  25,000  
Palomar Medical Technologies, Inc. (a)
     405,250  
  55,000  
Syneron Medical Ltd. (a) (b)
     627,550  
  65,000  
Vascular Solutions, Inc. (a) (c)
     537,550  
            2,596,530  
     
Pharmaceuticals: Major: 4.23%
        
  17,500  
Abbott Laboratories
     865,725  
  32,000  
Bristol-Myers Squibb Co.
     720,640  
  14,000  
Eli Lilly & Co.
     462,420  
  10,000  
GlaxoSmithKline plc - ADR
     395,100  
  16,000  
Johnson & Johnson
     974,240  
  17,000  
Merck & Co., Inc.
     537,710  
  25,000  
Pfizer, Inc.
     413,750  
  20,000  
Wyeth
     971,600  
            5,341,185  
     
Pharmaceuticals: Other: 0.76%
        
  18,000  
Forest Laboratories, Inc. (a)
     529,920  
  40,000  
King Pharmaceuticals, Inc. (a)
     430,800  
            960,720  
               
     
Total Health Technology (Cost $8,422,109)
     8,898,435  
               
     
INDUSTRIAL SERVICES: 4.43%
        
     
Contract Drilling: 1.85%
        
  33,000  
Nabors Industries Ltd. (a) (b)
     689,700  
  19,000  
Patterson-UTI Energy, Inc.
     286,900  
  20,000  
Rowan Companies, Inc.
     461,400  
  10,500  
Transocean Ltd. (a) (b)
     898,065  
            2,336,065  
     
Engineering & Construction: 0.74%
        
  31,000  
KBR, Inc.
     721,990  
  10,000  
Tutor Perini Corp. (a)
     213,000  
            934,990  
     
Environmental Services: 0.32%
        
  22,000  
American Ecology Corp.
     411,400  
     
Oilfield Services/Equipment: 1.52%
        
  17,000  
Bristow Group, Inc. (a) (c)
     504,730  
  45,000  
Key Energy Services, Inc. (a)
     391,500  
  18,000  
Oceaneering International, Inc. (a)
     1,021,500  
            1,917,730  
               
     
Total Industrial Services (Cost $3,891,420)
     5,600,185  
               
     
NON-ENERGY MINERALS: 3.15%
        
     
Aluminum: 0.31%
        
  30,000  
Alcoa, Inc.
     393,600  
     
Construction Materials: 0.84%
        
  7,500  
Ameron International Corp.
     524,850  
  287,000  
Smith-Midland Corp. (a) (e)
     530,950  
            1,055,800  
     
Other Metals/Minerals: 0.78%
        
  15,000  
BHP Billiton Ltd. - ADR (c)
     990,150  
     
Precious Metals: 1.03%
        
  10,720  
Freeport-McMoRan Copper & Gold, Inc.
     735,499  
  53,000  
Yamana Gold, Inc. (b)
     567,630  
            1,303,129  
     
Steel: 0.19%
        
  5,333  
United States Steel Corp.
     236,625  
               
     
Total Non-Energy Minerals (Cost $3,183,002)
     3,979,304  
               
     
PROCESS INDUSTRIES: 3.46%
        
     
Agricultural Commodities/Milling: 1.46%
        
  38,000  
Archer-Daniels-Midland Co.
     1,110,360  
  100,000  
Darling International, Inc. (a)
     735,000  
            1,845,360  
     
Chemicals: Agricultural: 0.38%
        
  10,000  
Mosaic Co.
     480,700  
     
Chemicals: Major Diversified: 0.38%
        
  15,000  
E.I. Du Pont de Nemours and Co.
     482,100  
     
Chemicals: Specialty: 0.48%
        
  20,000  
OM Group, Inc. (a)
     607,800  
     
Industrial Specialties: 0.76%
        
  55,000  
Olin Corp.
     959,200  
               
     
Total Process Industries (Cost $2,766,032)
     4,375,160  
               
     
PRODUCER MANUFACTURING: 4.10%
        
     
Auto Parts: O.E.M.: 0.31%
        
  7,000  
Eaton Corp.
     396,130  
     
Electrical Products: 0.31%
        
  355,000  
TII Network Technologies, Inc. (a)
     397,600  
     
Industrial Conglomerates: 0.26%
        
  20,000  
General Electric Co.
     328,400  
     
Miscellaneous Manufacturing: 0.32%
        
  55,504  
O.I. Corp.
     397,963  
     
Office Equipment/Supplies: 0.21%
        
  30,000  
McRae Industries, Inc. - Class A
     262,500  
     
Trucks/Construction/Farm Machinery: 2.69%
        
  7,700  
Joy Global, Inc.
     376,838  
  45,000  
Manitowoc Co.
     426,150  
  10,000  
Navistar International Corp. (a)
     374,200  
  60,000  
Tata Motors Ltd. - ADR (c)
     777,600  
  15,000  
Terex Corp. (a)
     310,950  
  75,000  
Titan International, Inc.
     667,500  
  27,000  
Trinity Industries, Inc.
     464,130  
            3,397,368  
               
     
Total Producer Manufacturing (Cost $5,256,353)
     5,179,961  
               
     
RETAIL TRADE: 4.70%
        
     
Apparel/Footwear Retail: 1.74%
        
  15,000  
Abercrombie & Fitch Co. - Class A
     493,200  
  65,000  
American Eagle Outfitters, Inc.
     1,095,900  
  20,000  
Nordstrom, Inc. (c)
     610,800  
            2,199,900  
     
Department Stores: 0.64%
        
  24,000  
J.C. Penney Company, Inc.
     810,000  
     
Discount Stores: 0.37%
        
  10,000  
Target Corp.
     466,800  
     
Drugstore Chains: 0.48%
        
  16,000  
Walgreen Co.
     599,520  
     
Food Retail: 0.36%
        
  30,000  
Supervalu, Inc.
     451,800  
     
Home Improvement Chains: 0.42%
        
  20,000  
Home Depot, Inc.
     532,800  
     
Internet Retail: 0.31%
        
  15,000  
GameStop Corp. - Class A (a)
     397,050  
     
Specialty Stores: 0.38%
        
  24,000  
Williams-Sonoma, Inc. (c)
     485,520  
               
     
Total Retail Trade (Cost $4,509,687)
     5,943,390  
               
     
TECHNOLOGY SERVICES: 5.20%
        
     
Data Processing Services: 0.00%
        
  10  
Axion International Holdings, Inc. (a)
     29  
     
Information Technology Services: 1.64%
        
  170,500  
American Software, Inc. - Class A
     1,113,365  
  8,000  
International Business Machines Corp.
     956,880  
            2,070,245  
     
Internet Software/Services: 1.58%
        
  81,204  
Edgewater Technology, Inc. (a)
     238,740  
  77,574  
Keynote Systems, Inc. (a) (c)
     731,523  
  55,000  
SonicWALL, Inc. (a)
     462,000  
  70,000  
United Online, Inc.
     562,800  
            1,995,063  
     
Packaged Software: 1.98%
        
  100,000  
Compuware Corp. (a)
     733,000  
  30,000  
Microsoft Corp.
     776,700  
  75,000  
Novell, Inc. (a)
     338,250  
  40,000  
Symantec Corp. (a)
     658,800  
            2,506,750  
               
     
Total Technology Services (Cost $5,949,081)
     6,572,087  
               
     
TRANSPORTATION: 4.61%
        
     
Airlines: 0.63%
        
  22,000  
Air France - ADR (a)
     398,420  
  15,000  
Alaska Air Group, Inc. (a)
     401,850  
            800,270  
     
Marine Shipping: 1.90%
        
  20,000  
Nordic American Tanker Shipping Ltd. (b) (c)
     591,600  
  15,000  
Overseas Shipholding Group, Inc. (c)
     560,550  
  15,000  
Tidewater, Inc.
     706,350  
  35,000  
Tsakos Energy Navigation Ltd. (b) (c)
     547,750  
            2,406,250  
     
Railroads: 1.72%
        
  20,000  
CSX Corp.
     837,200  
  17,500  
Norfolk Southern Corp.
     754,425  
  10,000  
Union Pacific Corp.
     583,500  
            2,175,125  
     
Trucking: 0.36%
        
  15,000  
Arkansas Best Corp.
     449,100  
               
     
Total Transportation (Cost $3,979,114)
     5,830,745  
               
     
UTILITIES: 0.51%
        
     
Electric Utilities: 0.51%
        
  19,000  
Edison International
     638,020  
     
Total Utilities (Cost $543,412)
     638,020  
               
     
TOTAL COMMON STOCKS (Cost $97,652,545)
     121,900,566  
               
               
     
SHORT-TERM INVESTMENTS: 3.52%
        
     
Money Market Funds: 3.52%
        
  4,446,039  
AIM STIT-STIC Prime Portfolio, 0.20% (d) (Cost $4,446,039)
     4,446,039  
               
     
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL: 5.91%
        
  7,465,026  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.20% (d) (Cost $7,465,026)
     7,465,026  
               
     
Total Investments in Securities  (Cost $109,563,610): 105.86%
     133,811,631  
     
Liabilities in Excess of Other Assets: (5.86)%
     (7,409,737 )
     
Net Assets: 100.00%
   $ 126,401,894  
               
 
ADR - American Depositary Receipt
      
(a) Non-income producing security.
      
(b) U.S. traded security of a foreign issuer.
      
(c) All or a portion of this security is on loan. Total loaned securities had a market value of $7,264,058 at September 30, 2009.
  
(d) Rate shown is the 7-day yield as of September 30, 2009.
      
(e) Affiliated Company; the Fund owns 5% or more of the outstanding voting securities of the issuer.
  
    The activity for investments in common stocks of affiliates is as follows:
      
   
Smith-Midland Corp.
  
Beginning Shares
     440,000  
Beginning Cost
   $ 454,448  
Purchase Cost
     —  
Sales Cost
     (200,522 )
Ending Cost
   $ 253,926  
Ending Shares
     287,000  
Dividend Income
   $ —  
Net Realized Gain/(Loss)
   $ 55,965  
         
 
The cost basis of investments for federal income tax purposes at September 30, 2009 was as follows*:
          
               
Cost of investments
   $ 109,570,761          
Gross unrealized appreciation
   $ 36,378,053          
Gross unrealized depreciation
     (12,137,183 )        
Net unrealized appreciation
   $ 24,240,870          
                 
*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 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
                        
  Commercial Services
   $ 1,109,670     $ —     $ —     $ 1,109,670  
  Communications
     756,750       —       —       756,750  
  Consumer Durables
     6,510,481       —       —       6,510,481  
  Consumer Non-Durables
     4,829,730       —       —       4,829,730  
  Consumer Services
     3,393,610       —       —       3,393,610  
  Distribution Services
     3,615,327       —       —       3,615,327  
  Electronic Technology
     28,128,744       —       —       28,128,744  
  Energy Minerals
     9,990,023       —       —       9,990,023  
  Finance
     12,767,380       —       —       12,767,380  
  Health Services
     3,781,564       —       —       3,781,564  
  Health Technology
     8,898,435       —       —       8,898,435  
  Industrial Services
     5,600,185       —       —       5,600,185  
  Non-Energy Minerals
     3,979,304       —       —       3,979,304  
  Process Industries
     4,375,160       —       —       4,375,160  
  Producer Manufacturing
     5,179,961       —       —       5,179,961  
  Retail Trade
     5,943,390       —       —       5,943,390  
  Technology Services
     6,572,087       —       —       6,572,087  
  Transportation
     5,830,745       —       —       5,830,745  
  Utilities
     638,020       —       —       638,020  
Total Equity
     121,900,566       —       —       121,900,566  
Short-Term Investments
     11,911,065       —       —       11,911,065  
Total Investments in Securities
   $ 133,811,631     $ —     $ —     $ 133,811,631  
 
 
 
Al Frank Dividend Value Fund
  
SCHEDULE OF INVESTMENTS at September 30, 2009 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 97.55%
      
           
   
COMMUNICATIONS: 1.27%
      
   
Major Telecommunications: 1.27%
      
  6,700  
Verizon Communications, Inc.
   $ 202,809  
     
Total Communications (Cost $204,810)
     202,809  
               
     
CONSUMER DURABLES: 4.51%
        
     
Automotive Aftermarket: 0.61%
        
  5,500  
Cooper Tire & Rubber Co.
     96,690  
     
Electronics/Appliances: 0.81%
        
  1,500  
National Presto Industries, Inc.
     129,765  
     
Homebuilding: 0.74%
        
  4,400  
D.R. Horton, Inc.
     50,204  
  1,950  
M.D.C. Holdings, Inc.
     67,743  
            117,947  
     
Motor Vehicles: 0.99%
        
  2,100  
Harley-Davidson, Inc.
     48,300  
  1,400  
Toyota Motor Corp. - ADR
     109,998  
            158,298  
     
Other Consumer Specialties: 0.43%
        
  1,585  
Fortune Brands, Inc.
     68,123  
     
Recreational Products: 0.93%
        
  8,000  
Mattel, Inc.
     147,680  
               
     
Total Consumer Durables (Cost $856,533)
     718,503  
               
     
CONSUMER NON-DURABLES: 6.05%
        
     
Apparel/Footwear: 1.79%
        
  2,400  
Nike, Inc. - Class B
     155,280  
  1,800  
VF Corp.
     130,374  
            285,654  
     
Beverages: Non-Alcoholic: 1.01%
        
  3,000  
Coca-Cola Co.
     161,100  
     
Food: Major Diversified: 0.61%
        
  1,159  
Kraft Foods, Inc. - Class A
     30,447  
  6,000  
Sara Lee Corp.
     66,840  
            97,287  
     
Household/Personal Care: 1.34%
        
  1,700  
Colgate-Palmolive Co.
     129,676  
  1,460  
Procter & Gamble Co.
     84,563  
            214,239  
     
Tobacco: 1.30%
        
  7,000  
Altria Group, Inc.
     124,670  
  1,675  
Philip Morris International Inc.
     81,640  
            206,310  
               
     
Total Consumer Non-Durables (Cost $765,715)
     964,590  
               
     
CONSUMER SERVICES: 3.64%
        
     
Casinos/Gaming: 1.35%
        
  10,000  
International Game Technology
     214,800  
     
Media Conglomerates: 0.86%
        
  5,000  
Walt Disney Co.
     137,300  
     
Other Consumer Services: 0.57%
        
  5,000  
H & R Block, Inc.
     91,900  
     
Restaurants: 0.86%
        
  2,400  
McDonald's Corp.
     136,968  
               
     
Total Consumer Services (Cost $517,124)
     580,968  
               
     
DISTRIBUTION SERVICES: 1.62%
        
     
Electronics Distributors: 0.50%
        
  9,000  
Wayside Technology Group, Inc.
     80,100  
     
Medical Distributors: 1.12%
        
  3,000  
McKesson Corp.
     178,650  
               
     
Total Distribution Services (Cost $191,342)
     258,750  
               
     
ELECTRONIC TECHNOLOGY: 15.98%
        
     
Aerospace & Defense: 4.10%
        
  1,925  
American Science and Engineering, Inc.
     130,977  
  6,900  
Applied Signal Technology, Inc.
     160,563  
  2,300  
Boeing Co.
     124,545  
  5,500  
Kaman Corp. - Class A
     120,890  
  1,500  
Lockheed Martin Corp.
     117,120  
            654,095  
     
Computer Components & Software: 1.04%
        
  3,500  
Hewlett Packard Co.
     165,235  
     
Electronic Components: 1.10%
        
  9,700  
AVX Corp.
     115,721  
  4,400  
Jabil Circuit, Inc.
     59,004  
            174,725  
     
Electronic Equipment/Instruments: 0.74%
        
  12,135  
AU Optronics Corp. - ADR
     117,467  
     
Electronic Production Equipment: 2.54%
        
  8,500  
Applied Materials, Inc.
     113,900  
  5,000  
Cognex Corp.
     81,900  
  7,500  
Cohu, Inc.
     101,700  
  3,000  
KLA-Tencor Corp.
     107,580  
            405,080  
     
Semiconductors: 4.09%
        
  3,200  
Analog Devices, Inc.
     88,256  
  5,600  
Intel Corp.
     109,592  
  7,100  
National Semiconductor Corp.
     101,317  
  10,976  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
     120,297  
  5,200  
Texas Instruments, Inc.
     123,188  
  4,700  
Xilinx, Inc.
     110,074  
            652,724  
     
Telecommunications Equipment: 2.37%
        
  5,500  
ADTRAN, Inc.
     135,025  
  6,500  
Nokia Corp. - ADR
     95,030  
  3,300  
QUALCOMM, Inc.
     148,434  
            378,489  
               
     
Total Electronic Technology (Cost $2,438,141)
     2,547,815  
               
     
ENERGY MINERALS: 8.90%
        
     
Integrated Oil: 4.00%
        
  2,200  
Chevron Corp.
     154,946  
  2,800  
ConocoPhillips
     126,448  
  2,400  
Exxon Mobil Corp.
     164,664  
  1,200  
Hess Corp.
     64,152  
  4,000  
Marathon Oil Corp.
     127,600  
            637,810  
     
Oil & Gas Production: 4.41%
        
  2,800  
Anadarko Petroleum Corp.
     175,644  
  1,400  
Apache Corp.
     128,562  
  3,500  
Chesapeake Energy Corp.
     99,400  
  2,000  
Devon Energy Corp.
     134,660  
  2,500  
Noble Energy, Inc.
     164,900  
            703,166  
     
Oil Refining/Marketing: 0.49%
        
  4,000  
Valero Energy Corp.
     77,560  
               
     
Total Energy Minerals (Cost $1,015,492)
     1,418,536  
               
     
FINANCE: 13.12%
        
     
Finance/Rental/Leasing: 0.69%
        
  2,800  
Ryder System, Inc.
     109,368  
     
Financial Conglomerates: 1.02%
        
  3,700  
JPMorgan Chase & Co.
     162,134  
     
Investment Banks/Brokers: 1.72%
        
  1,150  
Goldman Sachs Group, Inc.
     212,002  
  2,000  
Morgan Stanley
     61,760  
            273,762  
     
Life/Health Insurance: 0.87%
        
  6,500  
Unum Group
     139,360  
     
Major Banks: 2.28%
        
  7,652  
Bank of America Corp.
     129,472  
  3,400  
Bank of New York Mellon Corp.
     98,566  
  5,000  
BB&T Corp.
     136,200  
            364,238  
     
Property/Casualty Insurance: 4.55%
        
  5,850  
American Financial Group, Inc.
     149,175  
  3,000  
Chubb Corp.
     151,230  
  3,300  
Endurance Specialty Holdings Ltd. (a)
     120,351  
  3,300  
Travelers Companies, Inc.
     162,459  
  5,625  
W.R. Berkley Corp.
     142,200  
            725,415  
     
Real Estate Investment Trusts: 1.99%
        
  7,500  
Annaly Capital Management, Inc.
     136,050  
  13,000  
Capstead Mortgage Corp.
     180,830  
            316,880  
               
     
Total Finance (Cost $1,957,508)
     2,091,157  
               
     
HEALTH TECHNOLOGY: 7.51%
        
     
Medical Specialties: 1.70%
        
  2,500  
Baxter International, Inc.
     142,525  
  3,500  
Medtronic, Inc.
     128,800  
            271,325  
     
Pharmaceuticals: Major: 5.81%
        
  2,800  
Abbott Laboratories
     138,516  
  5,050  
Bristol-Myers Squibb Co.
     113,726  
  2,500  
Eli Lilly & Co.
     82,575  
  2,300  
GlaxoSmithKline plc - ADR
     90,873  
  1,900  
Johnson & Johnson
     115,691  
  3,900  
Merck & Co., Inc.
     123,357  
  2,500  
Novartis AG - ADR
     125,950  
  2,800  
Wyeth
     136,024  
            926,712  
               
     
Total Health Technology (Cost $1,169,488)
     1,198,037  
               
     
INDUSTRIAL SERVICES: 3.44%
        
     
Contract Drilling: 0.44%
        
  3,050  
Rowan Companies, Inc.
     70,364  
     
Engineering & Construction: 1.23%
        
  8,400  
KBR, Inc.
     195,636  
     
Environmental Services: 1.27%
        
  6,400  
American Ecology Corp.
     119,680  
  2,800  
Waste Management, Inc.
     83,496  
            203,176  
     
Oilfield Services/Equipment: 0.50%
        
  2,950  
Halliburton Co.
     80,004  
               
     
Total Industrial Services (Cost $513,547)
     549,180  
               
     
NON-ENERGY MINERALS: 3.46%
        
     
Aluminum: 0.37%
        
  4,500  
Alcoa, Inc.
     59,040  
     
Construction Materials: 0.44%
        
  1,000  
Ameron International Corp.
     69,980  
     
Other Metals/Minerals: 1.04%
        
  2,500  
BHP Billiton Ltd. - ADR
     165,025  
     
Precious Metals: 0.67%
        
  10,000  
Yamana Gold, Inc. (a)
     107,100  
     
Steel: 0.94%
        
  3,200  
Nucor Corp.
     150,432  
               
     
Total Non-Energy Minerals (Cost $448,263)
     551,577  
               
     
PROCESS INDUSTRIES: 2.03%
        
     
Agricultural Commodities/Milling: 0.83%
        
  4,500  
Archer-Daniels-Midland Co.
     131,490  
     
Chemicals: Major Diversified: 0.54%
        
  2,700  
E.I. Du Pont de Nemours and Co.
     86,778  
     
Industrial Specialties: 0.66%
        
  6,000  
Olin Corp.
     104,640  
               
     
Total Process Industries (Cost $319,379)
     322,908  
               
     
PRODUCER MANUFACTURING: 8.85%
        
     
Auto Parts: O.E.M.: 1.04%
        
  1,800  
Eaton Corp.
     101,862  
  4,500  
Superior Industries International, Inc.
     63,900  
            165,762  
     
Industrial Conglomerates: 1.52%
        
  1,500  
3M Co.
     110,700  
  3,000  
General Electric Co.
     49,260  
  2,675  
Ingersoll-Rand Company Ltd. - Class A (a)
     82,042  
            242,002  
     
Metal Fabrication: 1.28%
        
  7,334  
Insteel Industries, Inc.
     87,642  
  5,000  
Timken Co.
     117,150  
            204,792  
     
Trucks/Construction/Farm Machinery: 5.01%
        
  2,600  
Caterpillar, Inc.
     133,458  
  3,000  
Cummins, Inc.
     134,430  
  2,000  
Deere & Co.
     85,840  
  2,500  
Joy Global, Inc.
     122,350  
  15,000  
Tata Motors Ltd. - ADR
     194,400  
  7,500  
Trinity Industries, Inc.
     128,925  
            799,403  
               
     
Total Producer Manufacturing (Cost $1,317,642)
     1,411,959  
               
     
RETAIL TRADE: 6.31%
        
     
Apparel/Footwear Retail: 2.87%
        
  2,000  
Abercrombie & Fitch Co. - Class A
     65,760  
  9,000  
American Eagle Outfitters, Inc.
     151,740  
  5,500  
Gap Inc.
     117,700  
  4,000  
Nordstrom, Inc.
     122,160  
            457,360  
     
Department Stores: 0.55%
        
  2,600  
J.C. Penney Company, Inc.
     87,750  
     
Discount Stores: 1.17%
        
  1,700  
Target Corp.
     79,356  
  2,170  
Wal-Mart Stores, Inc.
     106,525  
            185,881  
     
Electronics/Appliances Stores: 0.71%
        
  3,000  
Best Buy Co., Inc.
     112,560  
     
Home Improvement Chains: 0.58%
        
  3,500  
Home Depot, Inc.
     93,240  
     
Specialty Stores: 0.43%
        
  3,400  
Williams-Sonoma, Inc.
     68,782  
               
     
Total Retail Trade (Cost $1,108,672)
     1,005,573  
               
     
TECHNOLOGY SERVICES: 3.64%
        
     
Information Technology Services: 1.92%
        
  23,000  
American Software, Inc. - Class A
     150,190  
  1,300  
International Business Machines Corp.
     155,493  
            305,683  
     
Internet Software/Services: 0.91%
        
  18,000  
United Online, Inc.
     144,720  
     
Packaged Software: 0.81%
        
  5,000  
Microsoft Corp.
     129,450  
               
     
Total Technology Services (Cost $535,274)
     579,853  
               
     
TRANSPORTATION: 6.07%
        
     
Air Freight/Couriers: 0.49%
        
  1,400  
United Parcel Service, Inc. - Class B
     79,058  
     
Marine Shipping: 2.11%
        
  3,200  
Nordic American Tanker Shipping Ltd. (a)
     94,656  
  5,642  
Ship Finance International Ltd. (a)
     69,340  
  2,000  
Tidewater, Inc.
     94,180  
  5,000  
Tsakos Energy Navigation Ltd. (a)
     78,250  
            336,426  
     
Railroads: 2.25%
        
  3,200  
CSX Corp.
     133,952  
  2,500  
Norfolk Southern Corp.
     107,775  
  2,000  
Union Pacific Corp.
     116,700  
            358,427  
     
Trucking: 1.22%
        
  3,500  
Arkansas Best Corp.
     104,790  
  2,800  
J.B. Hunt Transport Services, Inc.
     89,964  
            194,754  
               
     
Total Transportation (Cost $896,321)
     968,665  
               
     
UTILITIES: 1.15%
        
     
Electric Utilities: 1.15%
        
  5,000  
Duke Energy Corp.
     78,700  
  3,100  
Edison International
     104,098  
     
Total Utilities (Cost $197,039)
     182,798  
               
     
TOTAL COMMON STOCKS (Cost $14,452,290)
     15,553,678  
               
               
     
SHORT-TERM INVESTMENTS: 2.49%
        
     
Money Market Funds: 2.49%
        
  396,671  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.20% (b) (Cost $396,671)
     396,671  
               
     
Total Investments in Securities (Cost $14,848,961): 100.04%
     15,950,349  
     
Other Liabilities in Excess of Assets: (0.04)%
     (6,384 )
     
Net Assets: 100.00%
   $ 15,943,965  
               
 
ADR - American Depositary Receipt
        
(a)  U.S. traded security of a foreign issuer.
        
(b) Rate shown is the 7-day yield as of September 30, 2009.
      
         
         
The cost basis of investments for federal income tax purposes at September 30, 2009 was as follows*:
         
Cost of investments
   $
14,848,961
  
Gross unrealized appreciation
   $
2,964,642
  
Gross unrealized depreciation
    
      (1,863,254
 )
Net unrealized appreciation
   $
1,101,388
  
         
*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 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
                        
  Communications
   $ 202,809       —       —     $ 202,809  
  Consumer Durables
     718,503       —       —       718,503  
  Consumer Non-Durables
     964,590       —       —       964,590  
  Consumer Services
     580,968       —       —       580,968  
  Distribution Services
     258,750       —       —       258,750  
  Electronic Technology
     2,547,815       —       —       2,547,815  
  Energy Minerals
     1,418,536       —       —       1,418,536  
  Finance
     2,091,157       —       —       2,091,157  
  Health Technology
     1,198,037       —       —       1,198,037  
  Industrial Services
     549,180       —       —       549,180  
  Non-Energy Minerals
     551,577       —       —       551,577  
  Process Industries
     322,908       —       —       322,908  
  Producer Manufacturing
     1,411,959       —       —       1,411,959  
  Retail Trade
     1,005,573       —       —       1,005,573  
  Technology Services
     579,853       —       —       579,853  
  Transportation
     968,665       —       —       968,665  
  Utilities
     182,798       —       —       182,798  
Total Equity
     15,553,678       —       —       15,553,678  
Short-Term Investments
     396,671       —       —       396,671  
Total Investments in Securities
   $ 15,950,349     $ —     $ —     $ 15,950,349  

 
 
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    11/13/09                                                                   



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    11/13/09                                                                  

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

Date    11/13/09                                                                  

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