N-Q 1 rigel_123109nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Unassociated Document
As filed with the Securities and Exchange Commission on March 1, 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.
 
Rigel U.S. Equity Large Cap Growth Fund
      
Schedule of Investments
      
at December 31, 2009 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 92.64%
      
   
Activities Related to Credit Intermediation - 1.84%
      
  7,845  
Visa, Inc. - Class A
   $ 686,124  
               
     
Aerospace Product and Parts Manufacturing - 1.94%
        
  10,410  
United Technologies Corp.
     722,558  
               
     
Agriculture, Construction, and Mining Machinery Manufacturing - 1.10%
        
  7,969  
Joy Global, Inc.
     411,121  
               
     
Animal Slaughtering and Processing - 2.64%
        
  42,753  
ConAgra Foods, Inc.
     985,457  
               
     
Basic Chemical Manufacturing - 1.21%
        
  5,630  
Praxair, Inc.
     452,145  
               
     
Beverage Manufacturing - 1.08%
        
  14,250  
Dr Pepper Snapple Group, Inc.
     403,275  
               
     
Cable and Other Subscription Programming - 1.23%
        
  15,000  
Discovery Communications, Inc. - Class A*
     460,050  
               
     
Clothing Stores - 3.70%
        
  8,244  
Ross Stores, Inc.
     352,101  
  28,104  
TJX Companies, Inc.
     1,027,201  
            1,379,302  
               
     
Communications Equipment Manufacturing - 2.29%
        
  35,660  
Cisco Systems, Inc.*
     853,700  
               
     
Computer & Peripheral Equipment Manufacturing - 3.87%
        
  11,030  
International Business Machines Corp.
     1,443,827  
               
     
Computer and Peripheral Equipment Manufacturing - 8.95%
        
  7,280  
Apple, Inc.*
     1,535,061  
  29,203  
Hewlett-Packard Co.
     1,504,246  
  8,727  
NetApp, Inc.*
     300,122  
            3,339,429  
               
     
Computer Systems Design and Related Services - 3.47%
        
  17,610  
Cognizant Technology Solutions Corp. - Class A*
     797,733  
  2,280  
Priceline.com, Inc.*
     498,180  
            1,295,913  
               
     
Electrical and Electronic Goods Merchant Wholesalers - 0.95%
        
  3,676  
W.W. Grainger, Inc.
     355,947  
               
     
Electronic Shopping and Mail-Order Houses - 0.87%
        
  2,424  
Amazon.com, Inc.*
     326,077  
               
     
Foreign Banks - 1.42%
        
  4,060  
HDFC Bank Ltd. - ADR
     528,125  
               
     
Freight Transportation Arrangement - 0.72%
        
  4,598  
C. H. Robinson Worldwide, Inc.
     270,041  
               
     
Fruit and Vegetable Preserving and Specialty Food Manufacturing - 0.71%
        
  4,272  
J.M. Smucker Co.
     263,796  
               
     
General Freight Trucking - 0.51%
        
  5,929  
J.B. Hunt Transport Services, Inc.
     191,329  
               
     
Grain and Oilseed Milling - 3.99%
        
  5,255  
General Mills, Inc.
     372,106  
  20,973  
Kellogg Co.
     1,115,764  
            1,487,870  
               
     
Health and Personal Care Stores - 5.40%
        
  11,451  
Express Scripts, Inc.*
     989,939  
  16,029  
Medco Health Solutions, Inc.*
     1,024,413  
            2,014,352  
               
     
Insurance Carriers - 0.70%
        
  5,650  
Aflac, Inc.
     261,313  
               
     
Medical Equipment and Supplies Manufacturing - 2.24%
        
  7,905  
3M Co.
     653,506  
  3,800  
Estee Lauder Companies, Inc. - Class A
     183,768  
            837,274  
               
     
Metal Ore Mining - 0.94%
        
  3,302  
Barrick Gold Corp.#
     130,033  
  2,783  
Randgold Resources Ltd. - ADR
     220,191  
            350,224  
               
     
Motion Picture and Video Industries - 0.88%
        
  5,946  
Netflix, Inc.*
     327,862  
               
     
Oil and Gas Extraction - 2.60%
        
  8,329  
Occidental Petroleum Corp.
     677,564  
  6,169  
Petroleo Brasileiro S.A. - Petrobras - ADR
     294,138  
            971,702  
               
     
Other General Merchandise Stores - 0.86%
        
  6,640  
Dollar Tree, Inc.*
     320,712  
               
     
Other General Purpose Machinery Manufacturing - 3.81%
        
  15,040  
Caterpillar, Inc.
     857,130  
  11,800  
Illinois Tool Works, Inc.
     566,282  
            1,423,412  
               
     
Other Information Services - 3.41%
        
  2,054  
Google, Inc. - Class A*
     1,273,439  
               
     
Other Professional, Scientific, and Technical Services - 0.97%
        
  6,596  
IHS, Inc. - Class A*
     361,527  
               
     
Pharmaceutical and Medicine Manufacturing - 8.80%
        
  21,284  
Abbott Laboratories
     1,149,123  
  6,685  
Hospira, Inc.*
     340,935  
  19,825  
Life Technologies Corp.*
     1,035,460  
  41,600  
Pfizer, Inc.
     756,704  
            3,282,222  
               
     
Pulp, Paper, and Paperboard Mills - 0.83%
        
  11,535  
International Paper Co.
     308,907  
               
     
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing - 2.52%
        
  34,002  
Dow Chemical Co.
     939,475  
               
     
Scientific Research and Development Services - 1.35%
        
  10,334  
Alexion Pharmaceuticals, Inc.*
     504,506  
               
     
Semiconductor and Other Electronic Component Manufacturing - 2.96%
        
  6,426  
Intel Corp.
     131,090  
  9,325  
Marvell Technology Group Ltd.*#
     193,494  
  29,920  
Texas Instruments, Inc.
     779,715  
            1,104,299  
               
     
Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 4.56%
        
  8,952  
Colgate-Palmolive Co.
     735,407  
  15,927  
Procter & Gamble Co.
     965,654  
            1,701,061  
               
     
Software Publishers - 5.70%
        
  38,777  
Microsoft Corp.
     1,182,311  
  18,165  
Nuance Communications, Inc.*
     282,284  
  27,075  
Oracle Corp.
     664,420  
            2,129,015  
               
     
Wireless Telecommunications Carriers - 1.62%
        
  13,958  
American Tower Corp. - Class A*
     603,125  
     
Total Common Stocks (Cost $29,756,234)
     34,570,513  
               
     
PREFERRED STOCKS - 2.32%
        
     
Beverage Manufacturing - 2.19%
        
  8,085  
Companhia de Bebidas das Americas - ADR
     817,313  
               
     
Wired Telecommunications Carriers - 0.13%
        
  1,562  
Vivo Participacoes S.A. - ADR
     48,422  
     
Total Preferred Stocks (Cost $801,161)
     865,735  
               
     
SHORT-TERM INVESTMENTS - 6.51%
        
  1,075,543  
AIM STIT-Liquid Assets Portfolio, Institutional Class, 0.18% †
     1,075,543  
  1,113,508  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.10% †
     1,113,508  
  238,962  
AIM STIT-Treasury Portfolio, Institutional Class, 0.02% †
     238,962  
     
Total Short-Term Investments (Cost $2,428,013)
     2,428,013  
               
     
Total Investments in Securities (Cost $32,985,408) - 101.47%
     37,864,261  
     
Liabilities in Excess of Other Assets - (1.47)%
     (546,921 )
     
Net Assets - 100.00%
   $ 37,317,340  
               
* Non-income producing security.
        
# U.S. traded security of a foreign issuer.
        
† Rate shown is the 7-day yield as of December 31, 2009.
        
ADR - American Depository Receipt
        
 
The cost basis of investments for federal income tax purposes at December 31, 2009 was as follows**:

Cost of investments
   $ 33,762,680  
         
Gross unrealized appreciation
   $ 5,086,182  
Gross unrealized depreciation
     (984,601 )
Net unrealized appreciation
   $ 4,101,581  
         

**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 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 major 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 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
                        
  Finance and Insurance
   $ 1,475,561     $ —     $ —     $ 1,475,561  
  Information
     4,841,914       —       —       4,841,914  
  Manufacturing
     20,777,142       —       —       20,777,142  
  Mining
     1,321,926       —       —       1,321,926  
  Professional, Scientific, and
    Technical Services
     2,161,946       —       —       2,161,946  
  Retail Trade
     4,040,443       —       —       4,040,443  
  Transportation and
    Warehousing
     461,369       —       —       461,369  
  Wholesale Trade
     355,947       —       —       355,947  
Total Equity
     35,436,248       —       —       35,436,248  
Short-Term Investments
     2,428,013       —       —       2,428,013  
Total Investments in Securities
   $ 37,864,261     $ —     $ —     $ 37,864,261  

 
 
 
 
 
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    2/24/2010                                                                 



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    2/24/2010                                                                 

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

Date    2/24/2010                                                                 

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