-----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, TE7PvEfy4JjYXfOBv6+eq3BJlzzCVyUwYhU/q2IZXl49ALd9NSEPob6bP9u84hLb ZUlM4Hzh3gO1YRNnBrHXew== 0000894189-09-004095.txt : 20091127 0000894189-09-004095.hdr.sgml : 20091126 20091127143252 ACCESSION NUMBER: 0000894189-09-004095 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091127 DATE AS OF CHANGE: 20091127 EFFECTIVENESS DATE: 20091127 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: 091210184 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 S000022607 Davidson Multi-Cap Core Fund C000065364 Advisor Class A DFMAX C000065365 Advisor Class C DFMCX N-Q 1 davidson_93009nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS davidson_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: June 30, 2010



Date of reporting period:  September 30, 2009
 
Item 1. Schedules of Investments.
 
Davidson Multi-Cap Core Fund
      
Schedule of Investments
      
September 30, 2009 (Unaudited)
      
           
           
           
           
Shares
  
COMMON STOCKS - 98.88%
  
Value
  
   
Aerospace & Defense - 3.62%
      
  2,785  
Alliant Techsystems, Inc. (a)
   $ 216,812  
  4,990  
United Technologies Corp.
     304,041  
            520,853  
     
Air Freight & Logistics - 2.10%
        
  4,010  
FedEx Corp.
     301,632  
     
Beverages - 2.19%
        
  5,375  
PepsiCo, Inc.
     315,298  
     
Biotechnology - 3.37%
        
  3,875  
Amgen, Inc. (a)
     233,391  
  5,375  
Gilead Sciences, Inc. (a)
     250,367  
            483,758  
     
Capital Markets - 2.00%
        
  5,475  
State Street Corp.
     287,985  
     
Chemicals - 4.14%
        
  8,760  
E.I. du pont de Nemours & Co.
     281,546  
  3,835  
Praxair, Inc.
     313,281  
            594,827  
     
Commercial Banks - 3.27%
        
  13,520  
TCF Financial Corp.
     176,301  
  10,420  
Wells Fargo & Co.
     293,636  
            469,937  
     
Commercial Services & Supplies - 1.87%
        
  15,875  
Herman Miller, Inc.
     268,446  
     
Communications Equipment - 2.38%
        
  14,550  
Cisco Systems, Inc. (a)
     342,507  
     
Computers & Peripherals - 4.38%
        
  1,645  
Apple, Inc. (a)
     304,934  
  2,715  
International Business Machines Corp.
     324,741  
            629,675  
     
Diversified Financial Services - 4.61%
        
  8,350  
JPMorgan Chase & Co.
     365,897  
  10,855  
Principal Financial Group, Inc.
     297,318  
            663,215  
     
Diversified Telecommunication Services - 1.67%
        
  7,945  
Verizon Communications, Inc.
     240,495  
     
Electric Utilities - 1.58%
        
  9,045  
Black Hills Corp.
     227,663  
     
Energy Equipment & Services - 4.36%
        
  7,355  
Baker Hughes, Inc.
     313,764  
  3,656  
Transocean Ltd. (a)(b)
     312,698  
            626,462  
     
Food & Staples Retailing - 3.70%
        
  4,775  
Costco Wholesale Corp.
     269,597  
  7,000  
Walgreen Co.
     262,290  
            531,887  
     
Food Products - 1.79%
        
  8,790  
Archer-Daniels-Midland Co.
     256,844  
     
Health Care Equipment & Supplies - 1.87%
        
  3,850  
Becton, Dickinson & Co.
     268,537  
     
Health Care Providers & Services - 5.51%
        
  3,695  
Laboratory Corporation of America Holdings (a)
     242,761  
  5,020  
Medco Health Solutions, Inc. (a)
     277,656  
  12,390  
Pharmaceutical Product Development, Inc.
     271,837  
            792,254  
     
Household Durables - 1.42%
        
  17,830  
D.R. Horton, Inc.
     203,440  
     
Household Products - 2.75%
        
  2,270  
Church & Dwight Co., Inc.
     128,800  
  4,015  
Energizer Holdings, Inc. (a)
     266,355  
            395,155  
     
Industrial Conglomerates - 3.89%
        
  4,340  
3M Co.
     320,292  
  14,565  
General Electric Co.
     239,157  
            559,449  
     
Insurance - 2.04%
        
  7,270  
StanCorp Financial Group, Inc.
     293,490  
     
Internet & Catalog Retail - 1.80%
        
  4,175  
Blue Nile, Inc. (a)
     259,351  
     
Internet Software & Services - 4.02%
        
  24,585  
Ariba, Inc. (a)
     285,186  
  590  
Google, Inc. - Class A (a)
     292,552  
            577,738  
     
IT Services - 1.86%
        
  5,540  
Fiserv, Inc. (a)
     267,028  
     
Media - 3.56%
        
  9,900  
The McGraw-Hill Companies, Inc.
     248,886  
  6,110  
Time Warner Cable, Inc.
     263,280  
            512,166  
     
Multi-Utilities & Unregulated Power - 1.95%
        
  5,620  
Sempra Energy
     279,932  
     
Oil & Gas - 4.92%
        
  3,675  
Exxon Mobil Corp.
     252,142  
  13,375  
Frontier Oil Corp.
     186,180  
  8,425  
Marathon Oil Corp.
     268,757  
            707,079  
     
Oil, Gas & Consumable Fuels - 1.78%
        
  3,800  
Devon Energy Corp.
     255,854  
     
Personal Products - 1.80%
        
  6,995  
The Estee Lauder Cos., Inc. - Class A
     259,375  
     
Pharmaceuticals - 3.53%
        
  3,525  
Genzyme Corp. (a)
     199,973  
  6,320  
Wyeth
     307,026  
            506,999  
     
Semiconductor & Semiconductor Equipment - 1.67%
        
  17,965  
Applied Materials, Inc.
     240,731  
     
Software - 3.55%
        
  8,930  
Intuit, Inc. (a)
     254,505  
  8,450  
MICRO Systems, Inc. (a)
     255,105  
            509,610  
     
Specialty Retail - 1.93%
        
  7,380  
Best Buy Co., Inc.
     276,898  
     
Wireless Telecommunication Services - 2.00%
        
  9,605  
NII Holdings, Inc. (a)
     287,958  
               
     
TOTAL COMMON STOCKS (Cost $13,524,852)
     14,214,528  
               
               
Shares
  
SHORT-TERM INVESTMENTS - 1.23%
  
Value
  
  176,571  
Fidelity Institutional Government Portfolio - Class I, 0.10% (c)
     176,571  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $176,571)
     176,571  
               
     
TOTAL INVESTMENTS IN SECURITIES  (Cost $13,701,423) - 100.11%
     14,391,099  
     
Liabilities in Excess of Other Asset - (0.11)%
     (16,222 )
     
NET ASSETS - 100.00%
   $ 14,374,877  
               

 (a) Non-income producing security.
          
 (b) U.S. traded security of a foreign issuer.
      
 (c) 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
     $
   13,711,932
      
               
Gross unrealized appreciation
 $
     1,639,090
      
Gross unrealized depreciation
  
         (959,923
 )    
Net unrealized appreciation
  $
        679,167
      
               
* 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 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
   $ 1,387,659     $ —     $ —     $ 1,387,659  
  Consumer Staples
     1,363,404       —       —       1,363,404  
  Energy
     1,589,395       —       —       1,589,395  
  Financials
     1,714,627       —       —       1,714,627  
  Healthcare
     2,051,548       —       —       2,051,548  
  Industrials
     1,650,380       —       —       1,650,380  
  Information Technology
     2,826,640       —       —       2,826,640  
  Materials
     594,827       —       —       594,827  
  Telecommunication
       Services
     528,453       —       —       528,453  
  Utilities
     507,595       —       —       507,595  
Total Equity
     14,214,528       —       —       14,214,528  
Short-Term Investments
     176,571       —       —       176,571  
Total Investments in Securities
   $ 14,391,099     $ —     $ —     $ 14,391,099  
 
 
 
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    11/23/2009                                                                 



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    11/23/2009                                                                 

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

Date    11/23/2009                                                                 

* 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:    11/23/2009             
/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:    11/23/2009               
/s/ Cheryl L. King                
 
Cheryl L. King, Treasurer

 
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