N-Q 1 alf_33110nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS alf_33110nq.htm
As filed with the Securities and Exchange Commission on June 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: December 31, 2010



Date of reporting period:  March 31, 2010
 
 
 
 
Item 1. Schedules of Investments.
Al Frank Fund
  
SCHEDULE OF INVESTMENTS at March 31, 2010 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 95.53%
      
           
   
COMMERCIAL SERVICES: 0.72%
      
   
Advertising/Marketing Services: 0.37%
      
  45,000  
Valueclick, Inc. (a)
   $ 456,300  
     
Miscellaneous Commercial Services: 0.35%
        
  23,000  
Cornell Companies, Inc. (a)
     421,130  
     
Total Commercial Services (Cost $469,322)
     877,430  
               
     
COMMUNICATIONS: 0.64%
        
     
Major Telecommunications: 0.64%
        
  25,000  
Verizon Communications, Inc.
     775,500  
     
Total Communications (Cost $792,267)
     775,500  
               
     
CONSUMER DURABLES: 5.32%
        
     
Automotive Aftermarket: 0.67%
        
  23,000  
Cooper Tire & Rubber Co.
     437,460  
  30,000  
Goodyear Tire & Rubber Co. (a)
     379,200  
            816,660  
     
Electronics/Appliances: 0.64%
        
  10,000  
Helen of Troy Ltd. (a) (b)
     260,600  
  6,000  
Whirlpool Corp.
     523,500  
            784,100  
     
Homebuilding: 1.26%
        
  43,000  
D.R. Horton, Inc.
     541,800  
  12,000  
M.D.C. Holdings, Inc.
     415,320  
  28,000  
Toll Brothers, Inc. (a)
     582,400  
            1,539,520  
     
Motor Vehicles: 0.58%
        
  15,000  
Daimler AG (b)
     705,150  
     
Recreational Products: 2.17%
        
  45,000  
Activision Blizzard, Inc.
     542,700  
  25,000  
Hasbro, Inc.
     957,000  
  50,000  
Mattel, Inc.
     1,137,000  
            2,636,700  
               
     
Total Consumer Durables (Cost $5,437,196)
     6,482,130  
               
     
CONSUMER NON-DURABLES: 2.81%
        
     
Apparel/Footwear: 0.51%
        
  40,000  
Delta Apparel, Inc. (a)
     624,000  
     
Food: Major Diversified: 0.99%
        
  20,000  
Kraft Foods, Inc. - Class A
     604,800  
  43,000  
Sara Lee Corp.
     598,990  
            1,203,790  
     
Tobacco: 1.31%
        
  90,000  
Alliance One International, Inc. (a)
     458,100  
  30,000  
Altria Group, Inc.
     615,600  
  10,000  
Philip Morris International Inc.
     521,600  
            1,595,300  
               
     
Total Consumer Non-Durables (Cost $2,797,395)
     3,423,090  
               
     
CONSUMER SERVICES: 2.95%
        
     
Casinos/Gaming: 0.46%
        
  30,000  
International Game Technology
     553,500  
     
Hotels/Resorts/Cruiselines: 0.38%
        
  12,000  
Carnival Corp. (b)
     466,560  
     
Media Conglomerates: 1.03%
        
  36,000  
Walt Disney Co.
     1,256,760  
     
Other Consumer Services: 0.58%
        
  40,000  
H & R Block, Inc.
     712,000  
     
Restaurants: 0.50%
        
  25,000  
Starbucks Corp. (a)
     606,750  
               
     
Total Consumer Services (Cost $3,285,262)
     3,595,570  
               
     
DISTRIBUTION SERVICES: 2.57%
        
     
Electronics Distributors: 1.60%
        
  30,000  
Avnet, Inc. (a)
     900,000  
  84,000  
Brightpoint, Inc. (a)
     632,520  
  45,000  
Wayside Technology Group, Inc.
     411,300  
            1,943,820  
     
Medical Distributors: 0.97%
        
  18,000  
McKesson Corp.
     1,182,960  
               
     
Total Distribution Services (Cost $2,123,937)
     3,126,780  
               
     
ELECTRONIC TECHNOLOGY: 21.63%
        
     
Aerospace & Defense: 5.57%
        
  24,100  
AAR Corp. (a)
     598,162  
  5,000  
American Science and Engineering, Inc.
     374,600  
  22,500  
BE Aerospace, Inc. (a)
     685,125  
  40,000  
Ducommun, Inc.
     840,400  
  7,000  
General Dynamics Corp.
     540,400  
  30,000  
Kaman Corp. - Class A
     750,300  
  72,000  
LMI Aerospace, Inc. (a)
     1,337,760  
  11,000  
Lockheed Martin Corp.
     915,420  
  13,000  
Raytheon Co.
     742,560  
            6,784,727  
     
Computer Communications: 0.89%
        
  17,000  
Cisco Systems, Inc. (a)
     442,510  
  60,000  
Digi International, Inc. (a)
     638,400  
            1,080,910  
     
Computer Components & Software: 0.87%
        
  20,000  
Hewlett Packard Co.
     1,063,000  
     
Computer Peripherals: 1.36%
        
  35,000  
Seagate Technology (a) (b)
     639,100  
  26,000  
Western Digital Corp. (a)
     1,013,740  
            1,652,840  
     
Computer Processing Hardware: 0.87%
        
  4,500  
Apple Inc. (a)
     1,057,185  
     
Electronic Components: 1.30%
        
  370,000  
Alliance Fiber Optic Products, Inc.
     532,800  
  45,000  
AVX Corp.
     639,000  
  40,000  
Vishay Intertechnology, Inc. (a)
     409,200  
            1,581,000  
     
Electronic Equipment/Instruments: 1.42%
        
  55,150  
AU Optronics Corp. - ADR
     624,850  
  26,650  
Cogent, Inc. (a)
     271,830  
  30,000  
OSI Systems, Inc. (a)
     841,500  
            1,738,180  
     
Electronic Production Equipment: 1.95%
        
  130,000  
Aetrium, Inc. (a)
     400,400  
  40,000  
Cohu, Inc.
     550,800  
  25,000  
Lam Research Corp. (a)
     933,000  
  35,976  
Ultratech, Inc. (a)
     489,274  
            2,373,474  
     
Semiconductors: 4.45%
        
  75,000  
Ceva, Inc. (a)
     874,500  
  48,000  
Diodes, Inc. (a)
     1,075,200  
  45,000  
Integrated Device Technology, Inc. (a)
     275,850  
  35,000  
Intel Corp.
     779,100  
  35,000  
National Semiconductor Corp.
     505,750  
  70,000  
Pericom Semiconductor Corp. (a)
     749,700  
  57,504  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
     603,217  
  80,000  
TriQuint Semiconductor, Inc. (a)
     560,000  
            5,423,317  
     
Telecommunications Equipment: 2.95%
        
  107,668  
Clearfield, Inc. (a)
     295,010  
  32,770  
Communications Systems, Inc.
     423,716  
  45,000  
Corning, Inc.
     909,450  
  40,000  
Nokia Corp. - ADR
     621,600  
  18,000  
Polycom, Inc. (a)
     550,440  
  105,000  
Tellabs, Inc.
     794,850  
            3,595,066  
               
     
Total Electronic Technology (Cost $17,350,349)
     26,349,699  
               
     
ENERGY MINERALS: 7.53%
        
     
Integrated Oil: 2.44%
        
  11,000  
Chevron Corp.
     834,130  
  15,000  
Exxon Mobil Corp.
     1,004,700  
  36,000  
Marathon Oil Corp.
     1,139,040  
            2,977,870  
     
Oil & Gas Production: 3.84%
        
  10,000  
Apache Corp.
     1,015,000  
  39,500  
Chesapeake Energy Corp.
     933,780  
  9,000  
Devon Energy Corp.
     579,870  
  11,000  
Noble Energy, Inc.
     803,000  
  16,000  
Occidental Petroleum Corp.
     1,352,640  
            4,684,290  
     
Oil Refining/Marketing: 1.25%
        
  26,150  
Holly Corp.
     729,846  
  40,000  
Valero Energy Corp.
     788,000  
            1,517,846  
               
     
Total Energy Minerals (Cost $5,377,516)
     9,180,006  
               
     
FINANCE: 11.66%
        
     
Financial Conglomerates: 1.55%
        
  23,200  
JPMorgan Chase & Co.
     1,038,200  
  14,000  
Prudential Financial, Inc.
     847,000  
            1,885,200  
     
Investment Banks/Brokers: 1.09%
        
  20,000  
Ameriprise Financial, Inc.
     907,200  
  20,000  
NASDAQ OMX Group, Inc. (a)
     422,400  
            1,329,600  
     
Life/Health Insurance: 1.82%
        
  15,000  
MetLife, Inc.
     650,100  
  2,500  
National Western Life Insurance Co. - Class A
     460,875  
  45,000  
Unum Group
     1,114,650  
            2,225,625  
     
Major Banks: 2.71%
        
  20,000  
Bank of America Corp.
     357,000  
  20,000  
Bank of New York Mellon Corp.
     617,600  
  30,000  
BB&T Corp.
     971,700  
  7,010  
PNC Financial Services Group, Inc.
     418,497  
  30,000  
Wells Fargo & Co.
     933,600  
            3,298,397  
     
Property/Casualty Insurance: 1.64%
        
  15,000  
Endurance Specialty Holdings Ltd. (b)
     557,250  
  37,000  
Old Republic International Corp.
     469,160  
  18,000  
Travelers Companies, Inc.
     970,920  
            1,997,330  
     
Real Estate Investment Trusts: 2.26%
        
  35,000  
Annaly Capital Management, Inc.
     601,300  
  55,000  
BioMed Realty Trust, Inc.
     909,700  
  65,000  
Capstead Mortgage Corp.
     777,400  
  60,000  
HRPT Properties Trust
     466,800  
            2,755,200  
     
Regional Banks: 0.59%
        
  45,000  
TCF Financial Corp. (c)
     717,300  
               
     
Total Finance (Cost $10,931,283)
     14,208,652  
               
     
HEALTH SERVICES: 2.65%
        
     
Hospital/Nursing Management: 0.59%
        
  60,000  
Res-Care, Inc. (a)
     719,400  
     
Managed Health Care: 1.55%
        
  26,000  
Aetna, Inc.
     912,860  
  30,000  
UnitedHealth Group, Inc.
     980,100  
            1,892,960  
     
Services to the Health Industry: 0.51%
        
  151,100  
HealthStream, Inc. (a)
     617,999  
               
     
Total Health Services (Cost $1,738,221)
     3,230,359  
               
     
HEALTH TECHNOLOGY: 5.46%
        
     
Biotechnology: 0.55%
        
  13,000  
Genzyme Corp. (a)
     673,790  
     
Medical Specialties: 1.79%
        
  18,000  
Baxter International, Inc.
     1,047,600  
  50,000  
Palomar Medical Technologies, Inc. (a)
     543,000  
  65,000  
Vascular Solutions, Inc. (a)
     584,350  
            2,174,950  
     
Pharmaceuticals: Major: 2.27%
        
  17,500  
Abbott Laboratories
     921,900  
  30,000  
Bristol-Myers Squibb Co.
     801,000  
  16,000  
Johnson & Johnson
     1,043,200  
            2,766,100  
     
Pharmaceuticals: Other: 0.85%
        
  18,000  
Forest Laboratories, Inc. (a)
     564,480  
  40,000  
King Pharmaceuticals, Inc. (a)
     470,400  
            1,034,880  
               
     
Total Health Technology (Cost $5,419,008)
     6,649,720  
               
     
INDUSTRIAL SERVICES: 4.93%
        
     
Contract Drilling: 1.97%
        
  33,000  
Nabors Industries Ltd. (a) (b)
     647,790  
  19,000  
Patterson-UTI Energy, Inc.
     265,430  
  20,000  
Rowan Companies, Inc. (a)
     582,200  
  10,500  
Transocean Ltd. (a) (b)
     906,990  
            2,402,410  
     
Engineering & Construction: 0.85%
        
  31,000  
KBR, Inc.
     686,960  
  16,000  
Tutor Perini Corp. (a)
     348,000  
            1,034,960  
     
Enviromental Services: 0.29%
        
  22,000  
US Ecology, Inc. (c)
     354,200  
     
Oilfield Services/Equipment: 1.82%
        
  17,000  
Bristow Group, Inc. (a)
     641,410  
  45,000  
Key Energy Services, Inc. (a)
     429,750  
  18,000  
Oceaneering International, Inc. (a)
     1,142,820  
            2,213,980  
               
     
Total Industrial Services (Cost $3,995,412)
     6,005,550  
               
     
NON-ENERGY MINERALS: 3.45%
        
     
Aluminum: 0.35%
        
  30,000  
Alcoa, Inc.
     427,200  
     
Construction Materials: 0.67%
        
  7,500  
Ameron International Corp.
     471,675  
  287,000  
Smith-Midland Corp. (a) (e)
     344,400  
            816,075  
     
Other Metals/Minerals: 0.99%
        
  15,000  
BHP Billiton Ltd. - ADR
     1,204,800  
     
Precious Metals: 1.16%
        
  10,720  
Freeport-McMoRan Copper & Gold, Inc.
     895,549  
  53,000  
Yamana Gold, Inc. (b)
     522,050  
            1,417,599  
     
Steel: 0.28%
        
  5,333  
United States Steel Corp. (c)
     338,752  
               
     
Total Non-Energy Minerals (Cost $3,183,002)
     4,204,426  
               
     
PROCESS INDUSTRIES: 4.04%
        
     
Agricultural Commodities/Milling: 1.64%
        
  38,000  
Archer-Daniels-Midland Co.
     1,098,200  
  100,000  
Darling International, Inc. (a)
     896,000  
            1,994,200  
     
Chemicals: Agricultural: 0.50%
        
  10,000  
Mosaic Co.
     607,700  
     
Chemicals: Major Diversified: 0.46%
        
  15,000  
E.I. Du Pont de Nemours and Co.
     558,600  
     
Chemicals: Specialty: 0.56%
        
  20,000  
OM Group, Inc. (a)
     677,600  
     
Industrial Specialties: 0.88%
        
  55,000  
Olin Corp.
     1,079,100  
               
     
Total Process Industries (Cost $2,766,032)
     4,917,200  
               
     
PRODUCER MANUFACTURING: 4.70%
        
     
Auto Parts: O.E.M.: 0.43%
        
  7,000  
Eaton Corp.
     530,390  
     
Electrical Products: 1.05%
        
  42,000  
Harbin Electric, Inc. (a)
     906,780  
  271,164  
TII Network Technologies, Inc. (a)
     368,783  
            1,275,563  
     
Trucks/Construction/Farm Machinery: 3.22%
        
  7,700  
Joy Global, Inc.
     435,820  
  45,000  
Manitowoc Company, Inc.
     585,000  
  10,000  
Navistar International Corp. (a)
     447,300  
  50,000  
Tata Motors Ltd. - ADR (c)
     923,000  
  15,000  
Terex Corp. (a)
     340,650  
  75,000  
Titan International, Inc. (c)
     654,750  
  27,000  
Trinity Industries, Inc.
     538,920  
            3,925,440  
               
     
Total Producer Manufacturing (Cost $4,401,421)
     5,731,393  
               
     
RETAIL TRADE: 4.94%
        
     
Apparel/Footwear Retail: 1.66%
        
  65,000  
American Eagle Outfitters, Inc.
     1,203,800  
  20,000  
Nordstrom, Inc.
     817,000  
            2,020,800  
     
Department Stores: 0.63%
        
  24,000  
J.C. Penney Company, Inc.
     772,080  
     
Discount Stores: 0.43%
        
  10,000  
Target Corp.
     526,000  
     
Drugstore Chains: 0.49%
        
  16,000  
Walgreen Co.
     593,440  
     
Food Retail: 0.41%
        
  30,000  
Supervalu, Inc.
     500,400  
     
Home Improvement Chains: 0.53%
        
  20,000  
Home Depot, Inc.
     647,000  
     
Internet Retail: 0.27%
        
  15,000  
GameStop Corp. - Class A (a)
     328,650  
     
Specialty Stores: 0.52%
        
  24,000  
Williams-Sonoma, Inc.
     630,960  
               
     
Total Retail Trade (Cost $4,133,652)
     6,019,330  
               
     
TECHNOLOGY SERVICES: 4.61%
        
     
Information Technology Services: 1.45%
        
  150,500  
American Software, Inc. - Class A
     874,405  
  7,000  
International Business Machines Corp.
     897,750  
            1,772,155  
     
Internet Software/Services: 1.19%
        
  39,885  
Keynote Systems, Inc.
     454,290  
  55,000  
SonicWALL, Inc. (a)
     477,950  
  70,000  
United Online, Inc.
     523,600  
            1,455,840  
     
Packaged Software: 1.97%
        
  100,000  
Compuware Corp. (a)
     840,000  
  30,000  
Microsoft Corp.
     878,100  
  40,000  
Symantec Corp. (a)
     676,800  
            2,394,900  
               
     
Total Technology Services (Cost $4,513,710)
     5,622,895  
               
     
TRANSPORTATION: 4.39%
        
     
Airlines: 0.28%
        
  22,000  
Air France - ADR (a)
     344,300  
     
Marine Shipping: 1.50%
        
  20,000  
Nordic American Tanker Shipping Ltd. (b) (c)
     605,400  
  15,000  
Tidewater, Inc.
     709,050  
  35,000  
Tsakos Energy Navigation Ltd. (b) (c)
     515,900  
            1,830,350  
     
Railroads: 2.24%
        
  20,000  
CSX Corp.
     1,018,000  
  17,500  
Norfolk Southern Corp.
     978,075  
  10,000  
Union Pacific Corp.
     733,000  
            2,729,075  
     
Trucking: 0.37%
        
  15,000  
Arkansas Best Corp.
     448,200  
               
     
Total Transportation (Cost $3,020,472)
     5,351,925  
               
     
UTILITIES: 0.53%
        
     
Electric Utilities: 0.53%
        
  19,000  
Edison International
     649,230  
     
Total Utilities (Cost $543,412)
     649,230  
               
     
TOTAL COMMON STOCKS (Cost $82,278,869)
     116,400,885  
               
               
     
SHORT-TERM INVESTMENTS: 3.90%
        
     
Money Market Funds: 3.90%
        
  4,755,669  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.11% (d) (Cost $4,755,669)
     4,755,669  
               
     
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL: 3.67%
        
  4,475,724  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.11% (d) (Cost $4,475,724)
     4,475,724  
               
     
Total Investments in Securities (Cost $91,510,262): 103.10%
     125,632,278  
     
Liabilities in Excess of Other Assets: (3.10)%
     (3,784,287 )
     
Net Assets: 100.00%
   $ 121,847,991  
               
 
 
ADR - American Depositary Receipt
          
 
(a) Non-income producing security.
          
 
(b) U.S. traded security of a foreign issuer.
          
 
(c) All or a portion of this security is on loan.  Total loaned securities had a market value of $4,338,321 at March 31, 2010.
 
(d) Rate shown is the 7-day yield as of March 31, 2010.
        
 
(e) Affiliated Company; the Fund owns 5% or more of the outstanding voting securities of the issuer.
  
 
    The activity for investments in common stocks of affiliates is as follows:
      
             
 Smith-Midland Corp.
  
 
Beginning Shares
        
           287,000
  
 
Beginning Cost
          
 $        253,926
  
 
Purchase Cost
          
                      -
  
 
Sales Cost
          
                      -
  
 
Ending Cost
          
 $        253,926
  
 
Ending Shares
          
           287,000
  
 
Dividend Income
        
 $                   -
  
 
Net Realized Gain/(Loss)
        
 $                   -
  
                 
The cost basis of investments for federal income tax purposes at March 31, 2010 was as follows*:
      
                 
Cost of investments
        
 $   91,517,413
    
Gross unrealized appreciation
        
 $   40,226,305
    
Gross unrealized depreciation
        
      (6,111,440)
 )  
Net unrealized appreciation
        
 $   34,114,865
    
                 
*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 March 31, 2010

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
                        
  Commercial Services
   $ 877,430     $ —     $ —     $ 877,430  
  Communications
     775,500       —       —       775,500  
  Consumer Durables
     6,482,130       —       —       6,482,130  
  Consumer Non-Durables
     3,423,090       —       —       3,423,090  
  Consumer Services
     3,595,570       —       —       3,595,570  
  Distribution Services
     3,126,780       —       —       3,126,780  
  Electronic Technology
     26,349,698       —       —       26,349,698  
  Energy Minerals
     9,180,006       —       —       9,180,006  
  Finance
     14,208,652       —       —       14,208,652  
  Health Services
     3,230,359       —       —       3,230,359  
  Health Technology
     6,649,720       —       —       6,649,720  
  Industrial Services
     6,005,550       —       —       6,005,550  
  Non-Energy Minerals
     4,204,426       —       —       4,204,426  
  Process Industries
     4,917,200       —       —       4,917,200  
  Producer Manufacturing
     5,731,394       —       —       5,731,394  
  Retail Trade
     6,019,330       —       —       6,019,330  
  Technology Services
     5,622,895       —       —       5,622,895  
  Transportation
     5,351,925       —       —       5,351,925  
  Utilities
     649,230       —       —       649,230  
Total Equity
     116,400,885       —       —       116,400,885  
Short-Term Investments
     9,231,393       —       —       9,231,393  
Total Investments in Securities
   $ 125,632,278     $ —     $ —     $ 125,632,278  

Transfers between levels are recognized at the end of the reporting period. During the period ended March 31, 2010, the Fund recognized no significant transfers to/from Level 1 or Level 2.
 
 
 
 
 
Al Frank Dividend Value Fund
  
SCHEDULE OF INVESTMENTS at March 31, 2010 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 96.34%
      
           
   
COMMUNICATIONS: 1.27%
      
   
Major Telecommunications: 1.27%
      
  6,700  
Verizon Communications, Inc.
   $ 207,834  
     
Total Communications (Cost $204,810)
     207,834  
               
     
CONSUMER DURABLES: 5.00%
        
     
Automotive Aftermarket: 0.64%
        
  5,500  
Cooper Tire & Rubber Co.
     104,610  
     
Homebuilding: 1.08%
        
  4,400  
D.R. Horton, Inc.
     55,440  
  3,500  
M.D.C. Holdings, Inc.
     121,135  
            176,575  
     
Motor Vehicles: 0.69%
        
  1,400  
Toyota Motor Corp. - ADR
     112,588  
     
Other Consumer Specialties: 0.74%
        
  2,500  
Fortune Brands, Inc.
     121,275  
     
Recreational Products: 1.85%
        
  10,000  
Activision Blizzard, Inc.
     120,600  
  8,000  
Mattel, Inc.
     181,920  
            302,520  
               
     
Total Consumer Durables (Cost $887,953)
     817,568  
               
     
CONSUMER NON-DURABLES: 6.98%
        
     
Apparel/Footwear: 1.96%
        
  2,400  
Nike, Inc. - Class B
     176,400  
  1,800  
VF Corp.
     144,270  
            320,670  
     
Beverages: Non-Alcoholic: 1.01%
        
  3,000  
Coca-Cola Co.
     165,000  
     
Food: Major Diversified: 0.73%
        
  1,159  
Kraft Foods, Inc. - Class A
     35,048  
  6,000  
Sara Lee Corp.
     83,580  
            118,628  
     
Household/Personal Care: 1.45%
        
  1,700  
Colgate-Palmolive Co.
     144,942  
  1,460  
Procter & Gamble Co.
     92,374  
            237,316  
     
Tobacco: 1.83%
        
  7,000  
Altria Group, Inc.
     143,640  
  2,975  
Philip Morris International Inc.
     155,176  
            298,816  
               
     
Total Consumer Non-Durables (Cost $832,339)
     1,140,430  
               
     
CONSUMER SERVICES: 4.45%
        
     
Cable/Satellite TV: 0.73%
        
  6,300  
Comcast Corp. - Class A
     118,566  
     
Casinos/Gaming: 1.13%
        
  10,000  
International Game Technology
     184,500  
     
Media Conglomerates: 1.07%
        
  5,000  
Walt Disney Co.
     174,550  
     
Other Consumer Services: 0.54%
        
  5,000  
H & R Block, Inc.
     89,000  
     
Restaurants: 0.98%
        
  2,400  
McDonald's Corp.
     160,128  
     
Total Consumer Services (Cost $627,032)
     726,744  
               
     
DISTRIBUTION SERVICES: 1.71%
        
     
Electronics Distributors: 0.50%
        
  9,000  
Wayside Technology Group, Inc.
     82,260  
     
Medical Distributors: 1.21%
        
  3,000  
McKesson Corp.
     197,160  
     
Total Distribution Services (Cost $191,342)
     279,420  
               
     
ELECTRONIC TECHNOLOGY: 15.71%
        
     
Aerospace & Defense: 4.34%
        
  1,925  
American Science and Engineering, Inc.
     144,221  
  6,900  
Applied Signal Technology, Inc.
     135,102  
  2,300  
Boeing Co.
     167,003  
  5,500  
Kaman Corp. - Class A
     137,555  
  1,500  
Lockheed Martin Corp.
     124,830  
            708,711  
     
Computer Components & Software: 1.14%
        
  3,500  
Hewlett Packard Co.
     186,025  
     
Electronic Components: 1.28%
        
  9,700  
AVX Corp.
     137,740  
  4,400  
Jabil Circuit, Inc.
     71,236  
            208,976  
     
Electronic Equipment/Instruments: 0.84%
        
  12,135  
AU Optronics Corp. - ADR
     137,490  
     
Electronic Production Equipment: 2.47%
        
  8,500  
Applied Materials, Inc.
     114,580  
  5,000  
Cognex Corp.
     92,450  
  7,500  
Cohu, Inc.
     103,275  
  3,000  
KLA-Tencor Corp.
     92,760  
            403,065  
     
Semiconductors: 4.14%
        
  3,200  
Analog Devices, Inc.
     92,224  
  5,600  
Intel Corp.
     124,656  
  4,100  
Microchip Technology, Inc.
     115,456  
  7,100  
National Semiconductor Corp.
     102,595  
  10,976  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
     115,138  
  5,200  
Texas Instruments, Inc.
     127,244  
            677,313  
     
Telecommunications Equipment: 1.50%
        
  5,500  
ADTRAN, Inc.
     144,925  
  6,500  
Nokia Corp. - ADR
     101,010  
            245,935  
               
     
Total Electronic Technology (Cost $2,294,704)
     2,567,515  
               
     
ENERGY MINERALS: 6.88%
        
     
Integrated Oil: 3.24%
        
  2,200  
Chevron Corp.
     166,826  
  2,400  
Exxon Mobil Corp.
     160,752  
  1,200  
Hess Corp.
     75,060  
  4,000  
Marathon Oil Corp.
     126,560  
            529,198  
     
Oil & Gas Production: 3.64%
        
  1,400  
Apache Corp.
     142,100  
  6,000  
Chesapeake Energy Corp.
     141,840  
  2,000  
Devon Energy Corp.
     128,860  
  2,500  
Noble Energy, Inc.
     182,500  
            595,300  
               
     
Total Energy Minerals (Cost $781,920)
     1,124,498  
               
     
FINANCE: 13.14%
        
     
Finance/Rental/Leasing: 0.66%
        
  2,800  
Ryder System, Inc.
     108,528  
     
Financial Conglomerates: 1.01%
        
  3,700  
JPMorgan Chase & Co.
     165,575  
     
Investment Banks/Brokers: 1.56%
        
  1,150  
Goldman Sachs Group, Inc.
     196,224  
  2,000  
Morgan Stanley
     58,580  
            254,804  
     
Life/Health Insurance: 0.99%
        
  6,500  
Unum Group
     161,005  
     
Major Banks: 2.47%
        
  7,652  
Bank of America Corp.
     136,588  
  3,400  
Bank of New York Mellon Corp.
     104,992  
  5,000  
BB&T Corp.
     161,950  
            403,530  
     
Property/Casualty Insurance: 4.71%
        
  5,850  
American Financial Group, Inc.
     166,433  
  3,000  
Chubb Corp.
     155,550  
  3,300  
Endurance Specialty Holdings Ltd. (a)
     122,595  
  3,300  
Travelers Companies, Inc.
     178,002  
  5,625  
W.R. Berkley Corp.
     146,756  
            769,336  
     
Real Estate Investment Trusts: 1.74%
        
  7,500  
Annaly Capital Management, Inc.
     128,850  
  13,000  
Capstead Mortgage Corp.
     155,480  
            284,330  
               
     
Total Finance (Cost $1,957,507)
     2,147,108  
               
     
HEALTH TECHNOLOGY: 5.07%
        
     
Medical Specialties: 1.85%
        
  2,500  
Baxter International, Inc.
     145,500  
  3,500  
Medtronic, Inc.
     157,605  
            303,105  
     
Pharmaceuticals: Major: 3.22%
        
  2,800  
Abbott Laboratories
     147,504  
  4,490  
Bristol-Myers Squibb Co.
     119,883  
  1,900  
Johnson & Johnson
     123,880  
  2,500  
Novartis AG - ADR
     135,250  
            526,517  
               
     
Total Health Technology (Cost $675,011)
     829,622  
               
     
INDUSTRIAL SERVICES: 4.25%
        
     
Contract Drilling: 0.65%
        
  1,200  
Diamond Offshore Drilling, Inc.
     106,572  
     
Engineering & Construction: 1.14%
        
  8,400  
KBR, Inc.
     186,144  
     
Environmental Services: 1.22%
        
  6,400  
US Ecology, Inc.
     103,040  
  2,800  
Waste Management, Inc.
     96,404  
            199,444  
     
Oil & Gas Pipelines: 0.69%
        
  4,900  
Williams Companies, Inc.
     113,190  
     
Oilfield Services/Equipment: 0.55%
        
  2,950  
Halliburton Co.
     88,884  
               
     
Total Industrial Services (Cost $629,028)
     694,234  
               
     
NON-ENERGY MINERALS: 3.11%
        
     
Aluminum: 0.39%
        
  4,500  
Alcoa, Inc.
     64,080  
     
Other Metals/Minerals: 1.23%
        
  2,500  
BHP Billiton Ltd. - ADR
     200,800  
     
Precious Metals: 0.60%
        
  10,000  
Yamana Gold, Inc. (a)
     98,500  
     
Steel: 0.89%
        
  3,200  
Nucor Corp.
     145,216  
               
     
Total Non-Energy Minerals (Cost $415,266)
     508,596  
               
     
PROCESS INDUSTRIES: 2.94%
        
     
Agricultural Commodities/Milling: 0.80%
        
  4,500  
Archer-Daniels-Midland Co.
     130,050  
     
Chemicals: Major Diversified: 0.61%
        
  2,700  
E.I. Du Pont de Nemours and Co.
     100,548  
     
Chemicals: Specialty: 0.81%
        
  22,000  
Aceto Corp.
     132,880  
     
Industrial Specialties: 0.72%
        
  6,000  
Olin Corp.
     117,720  
               
     
Total Process Industries (Cost $436,323)
     481,198  
               
     
PRODUCER MANUFACTURING: 8.43%
        
     
Auto Parts: O.E.M.: 0.83%
        
  1,800  
Eaton Corp.
     136,386  
     
Industrial Conglomerates: 1.34%
        
  1,500  
3M Co.
     125,355  
  2,675  
Ingersoll-Rand Company Ltd. - Class A (a)
     93,277  
            218,632  
     
Metal Fabrication: 0.48%
        
  7,334  
Insteel Industries, Inc.
     78,401  
     
Trucks/Construction/Farm Machinery: 5.78%
        
  2,600  
Caterpillar, Inc.
     163,410  
  3,000  
Cummins, Inc.
     185,850  
  2,000  
Deere & Co.
     118,920  
  2,500  
Joy Global, Inc.
     141,500  
  10,000  
Tata Motors Ltd. - ADR
     184,600  
  7,500  
Trinity Industries, Inc.
     149,700  
            943,980  
               
     
Total Producer Manufacturing (Cost $896,690)
     1,377,399  
               
     
RETAIL TRADE: 6.62%
        
     
Apparel/Footwear Retail: 2.80%
        
  9,000  
American Eagle Outfitters, Inc.
     166,680  
  5,500  
Gap Inc.
     127,105  
  4,000  
Nordstrom, Inc.
     163,400  
            457,185  
     
Department Stores: 0.51%
        
  2,600  
J.C. Penney Company, Inc.
     83,642  
     
Discount Stores: 1.29%
        
  1,700  
Target Corp.
     89,420  
  2,170  
Wal-Mart Stores, Inc.
     120,652  
            210,072  
     
Electronics/Appliances Stores: 0.78%
        
  3,000  
Best Buy Co., Inc.
     127,620  
     
Home Improvement Chains: 0.69%
        
  3,500  
Home Depot, Inc.
     113,225  
     
Specialty Stores: 0.55%
        
  3,400  
Williams-Sonoma, Inc.
     89,386  
               
     
Total Retail Trade (Cost $995,641)
     1,081,130  
               
     
TECHNOLOGY SERVICES: 3.56%
        
     
Information Technology Services: 1.84%
        
  23,000  
American Software, Inc. - Class A
     133,630  
  1,300  
International Business Machines Corp.
     166,725  
            300,355  
     
Internet Software/Services: 0.82%
        
  18,000  
United Online, Inc.
     134,640  
     
Packaged Software: 0.90%
        
  5,000  
Microsoft Corp.
     146,350  
               
     
Total Technology Services (Cost $535,274)
     581,345  
               
     
TRANSPORTATION: 6.07%
        
     
Air Freight/Couriers: 0.55%
        
  1,400  
United Parcel Service, Inc. - Class B
     90,174  
     
Marine Shipping: 2.41%
        
  19,000  
Navios Maritime Holdings, Inc. (a)
     126,160  
  5,642  
Ship Finance International Ltd. (a)
     100,202  
  2,000  
Tidewater, Inc.
     94,540  
  5,000  
Tsakos Energy Navigation Ltd. (a)
     73,700  
            394,602  
     
Railroads: 1.85%
        
  3,200  
CSX Corp.
     162,880  
  2,500  
Norfolk Southern Corp.
     139,725  
            302,605  
     
Trucking: 1.26%
        
  3,500  
Arkansas Best Corp.
     104,580  
  2,800  
J.B. Hunt Transport Services, Inc.
     100,464  
            205,044  
               
     
Total Transportation (Cost $799,641)
     992,425  
               
     
UTILITIES: 1.15%
        
     
Electric Utilities: 1.15%
        
  5,000  
Duke Energy Corp.
     81,600  
  3,100  
Edison International
     105,927  
     
Total Utilities (Cost $197,039)
     187,527  
               
     
TOTAL COMMON STOCKS (Cost $13,357,520)
     15,744,593  
               
               
     
SHORT-TERM INVESTMENTS: 3.14%
        
     
Money Market Funds: 3.14%
        
  513,077  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.11% (b) (Cost $513,077)
     513,077  
               
     
Total Investments  (Cost $13,870,597): 99.48%
     16,257,670  
     
Other Assets in Excess of Liabilities: 0.52%
     84,356  
     
Net Assets: 100.00%
   $ 16,342,026  
               
 
 
ADR - American Depositary Receipt
          
 
(a)  U.S. traded security of a foreign issuer.
        
 
(b) 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
      
 $   13,870,597
  
 
Gross unrealized appreciation
      
 $     3,628,715
  
 
Gross unrealized depreciation
      
      (1,241,642
 )
 
Net unrealized appreciation
      
 $     2,387,073
  
               
 
*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 March 31, 2010

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
                        
  Communications
   $ 207,834     $ —     $ —     $ 207,834  
  Consumer Durables
     817,568       —       —       817,568  
  Consumer Non-Durables
     1,140,430       —       —       1,140,430  
  Consumer Services
     726,744       —       —       726,744  
  Distribution Services
     279,420       —       —       279,420  
  Electronic Technology
     2,567,515       —       —       2,567,515  
  Energy Minerals
     1,124,498       —       —       1,124,498  
  Finance
     2,147,108       —       —       2,147,108  
  Health Technology
     829,622       —       —       829,622  
  Industrial Services
     694,234       —       —       694,234  
  Non-Energy Minerals
     508,596       —       —       508,596  
  Process Industries
     481,198       —       —       481,198  
  Producer Manufacturing
     1,377,399       —       —       1,377,399  
  Retail Trade
     1,081,130       —       —       1,081,130  
  Technology Services
     581,345       —       —       581,345  
  Transportation
     992,425       —       —       992,425  
  Utilities
     187,527       —       —       187,527  
Total Equity
     15,744,593       —       —       15,744,593  
Short-Term Investments
     513,077       —       —       513,077  
Total Investments in Securities
   $ 16,257,670     $ —     $ —     $ 16,257,670  

Transfers between levels are recognized at the end of the reporting period. During the period ended March 31, 2010, the Fund recognized no significant transfers to/from Level 1 or Level 2.
 
 
 
 
 
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    5/24/2010                                                                



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    5/24/2010                                                                

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

Date    5/24/2010                                                                

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