N-Q 1 davidson_nq33110.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS davidson_nq33110.htm
As filed with the Securities and Exchange Commission on May 25, 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: June 30, 2010


Date of reporting period:  March 31, 2010

 
 
 
 
Item 1. Schedules of Investments.
Davidson Multi-Cap Core Fund
      
Schedule of Investments
      
March 31, 2010 (Unaudited)
      
           
           
Shares
  
COMMON STOCKS - 98.16%
  
Value
  
   
Aerospace Product and Parts Manufacturing - 2.09%
      
  6,500  
United Technologies Corp.
   $ 478,465  
     
Agencies, Brokerages, and Other Insurance Related Activities - 2.39%
        
  18,745  
Principal Financial Group, Inc.
     547,541  
     
Basic Chemical Manufacturing - 1.52%
        
  4,195  
Praxair, Inc.
     348,185  
     
Beverage Manufacturing - 1.91%
        
  6,605  
PepsiCo, Inc.
     436,987  
     
Communications Equipment Manufacturing - 4.39%
        
  21,145  
Cisco Systems, Inc. (a)
     550,404  
  10,830  
QUALCOMM, Inc.
     454,752  
            1,005,156  
     
Computer and Peripheral Equipment Manufacturing - 4.62%
        
  2,365  
Apple, Inc. (a)
     555,609  
  3,910  
International Business Machines Corp.
     501,458  
            1,057,067  
     
Couriers and Express Delivery Services - 1.90%
        
  4,655  
FedEx Corp.
     434,777  
     
Data Processing, Hosting, and Related Services - 1.76%
        
  7,925  
Fiserv, Inc. (a)
     402,273  
     
Depository Credit Intermediation - 8.24%
        
  11,875  
JPMorgan Chase & Co.
     531,406  
  10,275  
State Street Corp.
     463,813  
  26,605  
TCF Financial Corp.
     424,084  
  15,005  
Wells Fargo & Co.
     466,956  
            1,886,259  
     
Electric Lighting Equipment Manufacturing - 2.22%
        
  10,585  
Cooper Industries PLC (b)
     507,445  
     
Electric Power Generation, Transmission and Distribution - 1.72%
        
  12,990  
Black Hills Corp.
     394,246  
     
Electronics and Appliance Stores - 1.96%
        
  10,535  
Best Buy Co., Inc.
     448,159  
     
Engine, Turbine, and Power Transmission Equipment Manufacturing - 1.66%
        
  20,810  
General Electric Co.
     378,742  
     
Grain and Oilseed Milling - 1.64%
        
  12,970  
Archer-Daniels-Midland Co.
     374,833  
     
Health and Personal Care Stores - 3.68%
        
  7,165  
Medco Health Solutions, Inc. (a)
     462,572  
  10,240  
Walgreen Co.
     379,802  
            842,374  
     
Insurance Carriers - 2.19%
        
  10,545  
StanCorp Financial Group, Inc.
     502,258  
     
Jewelry, Luggage, and Leather Goods Stores - 1.76%
        
  7,315  
Blue Nile, Inc. (a)
     402,471  
     
Medical and Diagnostic Laboratories - 1.76%
        
  5,320  
Laboratory Corporation of America Holdings (a)
     402,777  
     
Medical Equipment and Supplies Manufacturing - 3.86%
        
  5,425  
3M Co.
     453,367  
  5,475  
Becton, Dickinson & Co.
     431,047  
            884,414  
     
Natural Gas Distribution - 1.51%
        
  6,905  
Sempra Energy
     344,560  
     
Newspaper, Periodical, Book, and Directory Publishers - 1.72%
        
  11,055  
McGraw-Hill Companies, Inc.
     394,111  
     
Office Furniture (including Fixtures) Manufacturing - 1.76%
        
  22,355  
Herman Miller, Inc.
     403,731  
     
Oil and Gas Extraction - 6.75%
        
  9,095  
Baker Hughes, Inc.
     426,010  
  5,460  
Devon Energy Corp.
     351,788  
  12,175  
Marathon Oil Corp.
     385,217  
  4,431  
Transocean Ltd. (a)(b)
     382,750  
            1,545,765  
     
Other Electrical Equipment and Component Manufacturing - 1.94%
        
  7,070  
Energizer Holdings, Inc. (a)
     443,713  
     
Other General Merchandise Stores - 1.39%
        
  5,320  
Costco Wholesale Corp.
     317,657  
     
Other Information Services - 2.09%
        
  845  
Google, Inc. - Class A (a)
     479,123  
     
Other Investment Pools and Funds - 1.50%
        
  22,305  
Redwood Trust, Inc.
     343,943  
     
Other Telecommunications - 1.89%
        
  10,365  
NII Holdings, Inc. (a)
     431,806  
     
Petroleum and Coal Products Manufacturing - 3.19%
        
  5,290  
Exxon Mobil Corp.
     354,324  
  27,815  
Frontier Oil Corp.
     375,503  
            729,827  
     
Pharmaceutical and Medicine Manufacturing - 5.18%
        
  7,200  
Amgen, Inc. (a)
     430,272  
  6,375  
Genzyme Corp. (a)
     330,416  
  9,330  
Gilead Sciences, Inc. (a)
     424,329  
            1,185,017  
     
Residential Building Construction - 1.61%
        
  29,285  
D.R. Horton, Inc.
     368,991  
     
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing - 1.78%
        
  10,940  
E.I. du pont de Nemours & Co.
     407,406  
     
Scientific Research and Development Services - 1.85%
        
  17,825  
Pharmaceutical Product Development, Inc.
     423,344  
     
Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 3.10%
        
  5,220  
Church & Dwight Co., Inc.
     349,479  
  5,555  
Estee Lauder Companies, Inc. - Class A
     360,353  
            709,832  
     
Software Publishers - 6.07%
        
  34,555  
Ariba, Inc. (a)
     444,032  
  14,315  
Intuit (a)
     491,577  
  13,785  
MICRO Syetems, Inc. (a)
     453,251  
            1,388,860  
     
Wired Telecommunications Carriers - 3.56%
        
  8,610  
Time Warner Cable, Inc.
     458,999  
  11,495  
Verizon Communications, Inc.
     356,575  
            815,574  
               
     
TOTAL COMMON STOCKS (Cost $19,909,398)
     22,467,689  
               
               
Shares
  
SHORT-TERM INVESTMENTS - 2.53%
  
Value
  
  578,151  
Fidelity Institutional Government Portfolio - Class I, 0.04% (c)
     578,151  
     
TOTAL-SHORT TERM INVESTMENTS (Cost $578,151)
     578,151  
               
     
TOTAL INVESTMENTS IN SECURITIES  (Cost $20,487,549) - 100.69%
     23,045,840  
     
Liabilities in Excess of Other Assets - (0.69)%
     (156,893 )
     
NET ASSETS - 100.00%
   $ 22,888,947  
 
 (a) Non-income producing security.
          
 (b) U.S. traded security of a foreign issuer.
          
 (c) Rate shown is the 7-day yield as of March 31, 2010.
        
               
The cost basis of investments for federal income tax purposes at March 31, 2010 was as follows*:
               
Cost of investments
 $   20,498,058
          
               
Gross unrealized appreciation
 $     3,255,549
          
Gross unrealized depreciation
         (707,767
 )        
Net unrealized appreciation
 $     2,547,782
          
               
* 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 semi-annual or annual report.
 
FAS 157 – Summary of Fair Value Exposure at March 31, 2010 (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 March 31, 2010:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Construction
   $ 368,991     $ —     $ —     $ 368,991  
  Finance and Insurance
     3,280,002       —       —       3,280,002  
  Healthcare and Social
     Assistance
     402,777        —        —       402,777  
  Information
     3,911,747       —       —       3,911,747  
  Manufacturing
     9,776,829       —       —       9,776,829  
  Mining
     1,119,755       —       —       1,119,755  
  Professional, Scientific, and
     Technical Services
     423,344       —       —       423,344  
  Retail Trade
     2,010,661       —       —       2,010,661  
  Transportation and
     Warehousing
     434,777       —       —       434,777  
  Utilities
     738,806       —       —       738,806  
Total Equity
     22,467,689       —       —       22,467,689  
Short-Term Investments
     578,151       —       —       578,151  
Total Investments in Securities
   $ 23,045,840     $ —     $ —     $ 23,045,840  
 
 
 
 
 
 
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      5/20/2010                                                                                               



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     5/20/2010                                                                                                
 
 
By (Signature and Title)*     /s/ Cheryl L. King                                             
   Cheryl L. King, Treasurer

Date     5/20/2010                                                                                                
 
* Print the name and title of each signing officer under his or her signature.