N-Q 1 poplar_123109nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS poplar_123109nq.htm
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.
Poplar Forest Partners Fund
      
Schedule of Investments
      
at December 31, 2009 (Unaudited)
    
           
Shares
      
Value
  
   
COMMON STOCKS - 94.3%
      
   
Administrative and Support Services - 4.6%
      
  17,800  
Robert Half International, Inc.
   $ 475,794  
     
Apparel Manufacturing - 3.6%
        
  14,100  
Cintas Corp.
     367,587  
     
Chemical Manufacturing - 9.2%
        
  7,300  
Abbott Laboratories
     394,127  
  16,900  
Bristol-Myers Squibb Co.
     426,725  
  7,100  
Pfizer Inc.
     129,149  
            950,001  
     
Clothing and Clothing Accessories Stores - 2.6%
        
  6,200  
Ross Stores, Inc.
     264,802  
     
Computer and Electronic Product Manufacturing - 10.6%
        
  3,100  
International Business Machines Corp.
     405,790  
  10,200  
Texas Instruments Inc.
     265,812  
  17,400  
Tyco Electronics Ltd.+
     427,170  
            1,098,772  
     
Credit Intermediation and Related Activities - 5.5%
        
  25,700  
Bank of America Corp.
     387,042  
  56,000  
Citigroup Inc.
     185,360  
            572,402  
     
Food Services and Drinking Places - 2.2%
        
  9,300  
DineEquity, Inc.*
     225,897  
     
Furniture and Related Product Manufacturing - 2.5%
        
  12,800  
Leggett & Platt, Inc.
     261,120  
     
Health and Personal Care Stores - 1.3%
        
  3,700  
Walgreen Co.
     135,864  
     
Insurance Carriers and Related Activities - 8.2%
        
  14,100  
Aetna Inc.
     446,970  
  14,200  
Axis Capital Holdings Ltd.+
     403,422  
            850,392  
     
Machinery Manufacturing - 3.8%
        
  26,000  
General Electric Co.
     393,380  
     
Merchant Wholesalers, Nondurable Goods - 2.6%
        
  21,500  
SUPERVALU INC.
     273,265  
     
Miscellaneous Manufacturing - 9.6%
        
  7,300  
Baxter International Inc.
     428,364  
  2,300  
Estee Lauder Companies Inc. - Class A
     111,228  
  10,300  
Medtronic, Inc.
     452,994  
            992,586  
     
Petroleum and Coal Products Manufacturing - 2.8%
        
  11,200  
Sunoco, Inc.
     292,320  
     
Printing and Related Support Activities - 5.5%
        
  10,500  
Avery Dennison Corp.
     383,145  
  8,300  
R.R. Donnelley & Sons Co.
     184,841  
            567,986  
     
Professional, Scientific, and Technical Services - 4.1%
        
  10,900  
Omnicom Group Inc.
     426,735  
     
Publishing Industries - 9.5%
        
  4,500  
McGraw-Hill Companies, Inc.
     150,795  
  13,200  
Microsoft Corp.
     402,336  
  17,500  
Oracle Corp.
     429,275  
            982,406  
     
Telecommunications - 2.8%
        
  7,000  
Time Warner Cable Inc.*
     289,730  
     
Water Transportation - 3.3%
        
  10,700  
Carnival Corp.*+
     339,083  
               
               
     
TOTAL COMMON STOCKS (Cost $9,760,122)
     9,760,122  
               
     
Total Investments in Securities (Cost $9,760,122) - 94.3%
     9,760,122  
     
Other Assets in Excess of Liabilities - 5.7%
     589,398  
     
NET ASSETS - 100.0%
   $ 10,349,520  
               
               
* Non-income producing security.
        
+U.S. traded security of a foreign issuer.
        
               
 
The cost basis of investments for federal tax purposes at December 31, 2009 was as follows**:
  
       
Cost of investments
   $ 9,760,122  
Gross unrealized appreciation
   $ —  
Gross unrealized depreciation
     —  
Net unrealized appreciation
   $ —  
         
 
** Because tax adjustments are calculated annually, the above table does not include tax adjustments.  The
cost basis and market value of the securities is the same due to a transfer in-kind of securities on the Fund's
inception date of December 31, 2009.
 

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
                        
Accommodation and Food  Services
   $ 225,897     $ —     $ —     $ 225,897  
Administrative Support, Waste  Management
     475,794       —       —       475,794  
Finance and Insurance
     1,422,794       —       —       1,422,794  
Information
     1,272,136       —       —       1,272,136  
Manufacturing
     4,923,752       —       —       4,923,752  
Professional, Scientific, and Technical Services
     426,735       —       —       426,735  
Retail Trade
     400,666       —       —       400,666  
Transportation and Warehousing
     339,083       —       —       339,083  
Wholesale Trade
     273,265       —       —       273,265  
Total Equity
     9,760,122       —       —       9,760,122  
Total Investments in Securities
   $ 9,760,122     $ —     $ —     $ 9,760,122  

 
 
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   2/23/2010                                                                          

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