N-Q 1 poplar_63010nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS poplar_63010nq.htm
As filed with the Securities and Exchange Commission on August 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
777 East Wisconsin Avenue, 5th Floor
Milwaukee, Wisconsin  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:  June 30, 2010
 
 
 
 
Item 1. Schedules of Investments.
 
Poplar Forest Partners Fund
      
Schedule of Investments
      
at June 30, 2010 (Unaudited)
      
           
Shares
      
Value
  
           
   
COMMON STOCKS - 97.3%
      
   
Administrative and Support Services - 4.1%
      
  43,500  
Robert Half International, Inc.
   $ 1,024,425  
     
Apparel Manufacturing - 4.0%
        
  42,500  
Cintas Corp.
     1,018,725  
     
Chemical Manufacturing - 6.4%
        
  22,000  
Abbott Laboratories
     1,029,160  
  24,000  
Bristol-Myers Squibb Co.
     598,560  
            1,627,720  
     
Clothing and Clothing Accessories Stores - 2.1%
        
  10,000  
Ross Stores, Inc.
     532,900  
     
Computer and Electronic Product Manufacturing - 9.3%
        
  8,200  
International Business Machines Corp.
     1,012,536  
  14,200  
Texas Instruments Inc.
     330,576  
  40,000  
Tyco Electronics Ltd. (a)
     1,015,200  
            2,358,312  
     
Credit Intermediation and Related Activities - 7.1%
        
  71,000  
Bank of America Corp.
     1,020,270  
  207,000  
Citigroup Inc. (b)
     778,320  
            1,798,590  
     
Food Manufacturing - 1.3%
        
  12,000  
Kraft Foods Inc. - Class A
     336,000  
     
Food Services and Drinking Places - 1.1%
        
  9,800  
DineEquity, Inc. (b)
     273,616  
     
Insurance Carriers and Related Activities - 12.0%
        
  38,000  
Aetna Inc.
     1,002,440  
  34,000  
Axis Capital Holdings Ltd. (a)
     1,010,480  
  42,000  
Lincoln National Corp.
     1,020,180  
            3,033,100  
     
Machinery Manufacturing - 4.1%
        
  71,000  
General Electric Co.
     1,023,820  
     
Merchant Wholesalers, Nondurable Goods - 3.0%
        
  69,500  
SUPERVALU INC.
     753,380  
     
Miscellaneous Manufacturing - 8.1%
        
  25,000  
Baxter International Inc.
     1,016,000  
  28,500  
Medtronic, Inc.
     1,033,695  
            2,049,695  
     
Personal and Laundry Services - 2.0%
        
  20,000  
Weight Watchers International, Inc.
     513,800  
     
Petroleum and Coal Products Manufacturing - 2.5%
        
  18,500  
Sunoco, Inc.
     643,245  
     
Printing and Related Support Activities - 8.1%
        
  32,000  
Avery Dennison Corp.
     1,028,160  
  62,500  
R.R. Donnelley & Sons Co.
     1,023,125  
            2,051,285  
     
Professional, Scientific, and Technical Services - 4.0%
        
  29,500  
Omnicom Group Inc.
     1,011,850  
     
Publishing Industries - 11.9%
        
  35,000  
McGraw-Hill Companies, Inc.
     984,900  
  44,000  
Microsoft Corp.
     1,012,440  
  47,500  
Oracle Corp.
     1,019,350  
            3,016,690  
     
Telecommunications - 3.5%
        
  17,000  
Time Warner Cable Inc.
     885,360  
     
Water Transportation - 2.7%
        
  22,500  
Carnival Corp. (a)
     680,400  
               
               
     
TOTAL COMMON STOCKS (Cost $26,852,068)
     24,632,913  
               
     
SHORT-TERM INVESTMENTS - 1.5%
        
  370,067  
Fidelity Institutional Money Market Portfolio - Select Class, 0.20% (c)
     370,067  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $370,067)
     370,067  
     
Total Investments in Securities (Cost $27,222,135) - 98.8%
     25,002,980  
     
Other Assets in Excess of Liabilities - 1.2%
     302,366  
     
NET ASSETS - 100.0%
   $ 25,305,346  
               
 
(a) U.S. traded security of a foreign issuer.
      
(b) Non-income producing security.
      
(c) Rate shown is the 7-day yield at June 30, 2010.
      
       
The cost basis of investments for federal tax purposes at June 30, 2010 was as follows**:
  
       
Cost of investments
   $ 27,222,135  
Gross unrealized appreciation
   $ 457,169  
Gross unrealized depreciation
     (2,676,324 )
Net unrealized depreciation
   $ (2,219,155 )
         
** Because tax adjustments are calculated annually, the above table does not include tax adjustments.
  

Summary of Fair Value Exposure at June 30, 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 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 June 30, 2010:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
Accommodation and Food Services
   $ 273,616     $ —     $ —     $ 273,616  
Administrative Support, Waste Management
     1,024,425       —       —       1,024,425  
Finance and Insurance
     4,831,690       —       —       4,831,690  
Information
     3,902,050       —       —       3,902,050  
Manufacturing
     11,108,802       —       —       11,108,802  
Other Services
     513,800       —       —       513,800  
Professional, Scientific, and Technical Services
     1,011,850       —       —       1,011,850  
Retail Trade
     532,900       —       —       532,900  
Transportation and Warehousing
     680,400       —       —       680,400  
Wholesale Trade
     753,380       —       —       753,380  
Total Equity
     24,632,913       —       —       24,632,913  
Short-Term Investments
     370,067                       370,067  
Total Investments in Securities
   $ 25,002,980     $ —     $ —     $ 25,002,980  


Transfers between levels are recognized at the end of the reporting period.  During the period ended June 30, 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    8/12/2010                                                            



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    8/12/2010                                                            

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

Date    8/12/2010                                                            

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