N-Q 1 chase_123109nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS chase_123109nq.htm
As filed with the Securities and Exchange Commission on February 26, 2010



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 Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
615 East Michigan Street
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:  September 30, 2010



Date of reporting period:  December 31, 2009
 
Item 1. Schedules of Investments.
 
Chase Growth Fund
      
Schedule of Investments
      
at December 31, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 97.2%
      
   
Beverage - 3.6%
      
  468,480  
Coca-Cola Co.
   $ 26,703,360  
     
Chemicals - Specialty - 1.8%
        
  160,360  
Praxair, Inc.
     12,878,512  
     
Computer Hardware - 12.6%
        
  155,650  
Apple Inc.*
     32,820,359  
  600,190  
Hewlett Packard Co.
     30,915,787  
  218,930  
International Business Machines Corp.
     28,657,937  
            92,394,083  
     
Computer Software - Enterprise - 2.5%
        
  250,500  
BMC Software, Inc.*
     10,045,050  
  193,840  
Citrix Systems Inc.*
     8,065,682  
            18,110,732  
     
Computer Software - Desktop/Small Business - 7.1%
        
  518,660  
Adobe Systems Inc.*
     19,076,315  
  1,080,910  
Microsoft Corp.
     32,956,946  
            52,033,261  
     
Computer - Storage - 7.8%
        
  1,642,920  
EMC Corp.*
     28,701,812  
  817,470  
NetApp, Inc.*
     28,112,793  
            56,814,605  
     
Conglomerates - 1.8%
        
  160,000  
3M Co.
     13,227,200  
     
Defense - 2.4%
        
  311,800  
Rockwell Collins, Inc.
     17,261,248  
     
Drugs - Generic - 1.6%
        
  74,500  
Hospira Inc.*
     3,799,500  
  145,920  
Teva Pharmaceutical Industries Ltd. - ADR
     8,197,786  
            11,997,286  
     
Drugs - Proprietary - 2.4%
        
  279,000  
Allergan, Inc.
     17,579,790  
     
Energy/Oil Service - 1.6%
        
  262,200  
National-Oilwell Varco Inc.*
     11,560,398  
     
Financial/Information Services - 6.8%
        
  62,080  
MasterCard Inc - Class A
     15,891,238  
  390,180  
Visa Inc. - Class A
     34,125,143  
            50,016,381  
     
Footwear - 2.3%
        
  256,600  
NIKE, Inc. - Class B
     16,953,562  
     
Health Care Distribution - 2.3%
        
  272,560  
McKesson Corp.
     17,035,000  
     
Health Care Products - 4.8%
        
  113,800  
Alcon, Inc.+
     18,703,030  
  312,370  
Life Technologies Corp.*
     16,315,085  
            35,018,115  
     
Health Care Services - 4.3%
        
  94,900  
Express Scripts, Inc.*
     8,204,105  
  363,390  
Medco Health Solutions, Inc.*
     23,224,255  
            31,428,360  
     
Household Products - 2.5%
        
  223,700  
Colgate-Palmolive Co.
     18,376,955  
     
Internet Retail - 3.5%
        
  1,083,710  
eBay Inc.*
     25,510,533  
     
Internet Software & Services - 4.6%
        
  54,400  
Google Inc. - Class A*
     33,726,912  
     
Metals - Precious - 4.2%
        
  583,970  
Barrick Gold Corp.+
     22,996,739  
  687,700  
Yamana Gold Inc.+
     7,826,026  
            30,822,765  
     
Restaurants - 4.6%
        
  1,450,860  
Starbucks Corp.*
     33,456,832  
     
Retail - Discount - 4.4%
        
  878,500  
TJX Companies, Inc.
     32,109,175  
     
Retail - Drug Stores - 2.9%
        
  574,400  
Walgreen Co.
     21,091,968  
     
Retail - Department Store - 0.4%
        
  60,550  
Kohl's Corp.*
     3,265,461  
     
Service Companies - 2.2%
        
  347,900  
Cognizant Technology Solutions - Class A*
     15,759,870  
     
Wireless Telecommunications - 2.2%
        
  343,800  
America Movil SAB de C.V. -  ADR
     16,151,724  
               
               
     
TOTAL COMMON STOCKS (Cost $606,318,801)
     711,284,088  
               
     
SHORT-TERM INVESTMENTS - 2.6%
        
  19,166,305  
Federated Treasury Cash Series II Fund - Cash II Shares, 0.01%#
     19,166,305  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $19,166,305)
     19,166,305  
     
Total Investments in Securities (Cost $625,485,106) - 99.8%
     730,450,393  
     
Other Assets in Excess of Liabilities - 0.2%
     1,592,491  
     
NET ASSETS - 100.0%
   $ 732,042,884  
               
 
ADR - American Depositary Receipt
      
* Non-income producing security.
      
+U.S. traded security of a foreign issuer.
      
# Rate shown is the 7-day yield as of December 31, 2009.
      
       
       
The cost basis of investments for federal tax purposes at December 31, 2009 was as follows**:
       
Cost of investments
 $
608,542,906
  
Gross unrealized appreciation
 $
125,042,335
  
Gross unrealized depreciation
  
(3,134,848
 )
Net unrealized appreciation
 $
121,907,487
  
       
**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.
 
Summary of Fair Value Exposure at December 31, 2009 (Unaudited)

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 majority security types.  These inputs are summarized in the three broad levels listed below:

·  
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
·  
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
·  
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily 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 December 31, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Consumer Discretionary
   $ 111,295,563     $ —     $ —     $ 111,295,563  
  Consumer Staples
     66,172,283       —       —       66,172,283  
  Energy
     11,560,398       —       —       11,560,398  
  Financials
     50,016,381       —       —       50,016,381  
  Health Care
     113,058,551       —       —       113,058,551  
  Industrials
     30,488,448       —       —       30,488,448  
  Information Technology
     268,839,464       —       —       268,839,464  
  Materials
     43,701,276       —       —       43,701,276  
  Telecommunication Services
     16,151,724       —       —       16,151,724  
Total Equity
     711,284,088       —       —       711,284,088  
Short-Term Investments
     19,166,305       —       —       19,166,305  
Total Investments in Securities
   $ 730,450,393     $ —     $ —     $ 730,450,393  
 
 
Chase Mid-Cap Growth Fund
      
Schedule of Investments
      
at December 31, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 96.2%
      
   
Apparel - 2.0%
      
  3,800  
VF Corp.
   $ 278,312  
     
Chemicals - Specialty - 4.5%
        
  5,800  
Airgas, Inc.
     276,080  
  8,300  
Ecolab Inc.
     370,014  
            646,094  
     
Computer - Networking - 1.0%
        
  5,100  
Blue Coat Systems Inc.*
     145,554  
     
Computer Software - Enterprise - 12.1%
        
  9,500  
BMC Software, Inc.*
     380,950  
  12,800  
Citrix Systems, Inc.*
     532,608  
  10,500  
Solera Holdings, Inc.
     378,105  
  9,700  
Sybase, Inc.*
     420,980  
            1,712,643  
     
Computer - Storage - 7.6%
        
  20,600  
Informatica Corp.*
     532,716  
  16,000  
NetApp Inc.*
     550,240  
            1,082,956  
     
Defense - 2.0%
        
  5,200  
Rockwell Collins, Inc.
     287,872  
     
Drugs - Generic - 7.2%
        
  4,300  
Hospira, Inc.*
     219,300  
  24,500  
Mylan, Inc.*
     451,535  
  8,700  
Perrigo Co.
     346,608  
            1,017,443  
     
Electronics - 3.5%
        
  10,700  
Amphenol Corp. - Class A
     494,126  
     
Energy/Oil & Gas Drilling - 1.5%
        
  5,800  
Atwood Oceanics, Inc.*
     207,930  
     
Energy/Oil Service - 4.1%
        
  13,800  
Cameron International Corp.*
     576,840  
     
Financial/Information Services - 4.6%
        
  6,800  
Global Payments Inc.
     366,248  
  8,900  
Wright Express Corp.*
     283,554  
            649,802  
     
Food - 1.5%
        
  3,500  
J. M. Smucker Co.
     216,125  
     
Footwear - 1.5%
        
  8,000  
Wolverine World Wide, Inc.
     217,760  
     
Gaming and Lodging - 1.6%
        
  5,600  
WMS Industries Inc.*
     224,000  
     
Health Care Distribution - 2.8%
        
  15,100  
AmerisourceBergen Corp.
     393,657  
     
Health Care Products - 3.0%
        
  8,200  
Life Technologies Corp.*
     428,286  
     
Health Care Services - 4.1%
        
  8,100  
Catalyst Health Solutions, Inc.*
     295,407  
  4,700  
MEDNEX, Inc.*
     282,517  
            577,924  
     
Industrial Distributors - 2.0%
        
  2,900  
W.W. Grainger, Inc.
     280,807  
     
Information Services - 1.3%
        
  9,500  
Tyler Technologies, Inc.*
     189,145  
     
Internet Retail - 5.4%
        
  3,500  
priceline.com, Inc.*
     764,750  
     
Luxury Goods - 1.5%
        
  6,200  
Fossil, Inc.*
     208,072  
     
Medical Products - 2.8%
        
  4,600  
Edwards Lifesciences Corp.*
     399,510  
     
Metals - Precious - 2.5%
        
  31,000  
Yamana Gold Inc.+
     352,780  
     
Personal Care - 3.0%
        
  14,600  
Alberto-Culver Co.
     427,634  
     
Restaurants - 1.8%
        
  3,800  
Panera Bread Co. - Class A*
     254,486  
     
Retail - Discount - 4.7%
        
  7,000  
Ross Stores, Inc.
     298,970  
  10,200  
TJX Companies, Inc.
     372,810  
            671,780  
     
Retail - Specialty - 2.0%
        
  5,500  
Tractor Supply Co.*
     291,280  
     
Service Companies - 2.0%
        
  4,900  
VistaPrint NV+*
     277,634  
     
Utilities - Electric/Gas - 2.6%
        
  7,900  
Energen Corp.
     369,720  
     
TOTAL COMMON STOCKS (Cost $10,859,528)
     13,644,922  
               
     
SHORT-TERM INVESTMENTS - 4.4%
        
  626,849  
Federated Treasury Cash Series II Fund - Cash II Shares, 0.01%#
     626,849  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $626,849)
     626,849  
     
Total Investments in Securities (Cost $11,486,377) - 100.6%
     14,271,771  
     
Liabilities in Excess of Other Assets - (0.6%)
     (83,868 )
     
NET ASSETS - 100.0%
   $ 14,187,903  
               
 
* Non-income producing security.
      
+U.S. traded security of a foreign issuer.
      
# Rate shown is the 7-day yield as of December 31, 2009.
      
       
       
The cost basis of investments for federal tax purposes at December 31, 2009 was as follows**:
       
Cost of investments
  $
11,486,377
  
Gross unrealized appreciation
  $
2,837,942
  
Gross unrealized depreciation
  
(52,548
 )
Net unrealized appreciation
  $
2,785,394
  
       
**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.
 
Summary of Fair Value Exposure at December 31, 2009 (Unaudited)

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 majority security types.  These inputs are summarized in the three broad levels listed below:

·  
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
·  
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
·  
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not necessarily 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 December 31, 2009:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Consumer Discretionary
   $ 2,910,440     $ —     $ —     $ 2,910,440  
  Consumer Staples
     643,759       —       —       643,759  
  Energy
     784,770       —       —       784,770  
  Financials
     649,802       —       —       649,802  
  Health Care
     2,816,820       —       —       2,816,820  
  Industrials
     568,679       —       —       568,679  
  Information Technology
     3,902,058       —       —       3,902,058  
  Materials
     998,874       —       —       998,874  
  Utilities
     369,720       —       —       369,720  
Total Equity
     13,644,922       —       —       13,644,922  
Short-Term Investments
     626,849       —       —       626,849  
Total Investments in Securities
   $ 14,271,771     $ —     $ —     $ 14,271,771  
 
 
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   2/16/2010                                                               



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   2/16/2010                                                               

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

Date   2/16/2010                                                               

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