N-Q 1 chase_63010nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS chase_63010nq.htm
As filed with the Securities and Exchange Commission on August 30, 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, 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:  June 30, 2010
 
 
 
 
Item 1. Schedules of Investments.
Chase Growth Fund
      
Schedule of Investments
      
at June 30, 2010 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 95.6%
      
   
Auto/Auto Parts - 1.6%
      
  171,500  
O'Reilly Automotive, Inc.*
   $ 8,156,540  
     
Beverage - 1.5%
        
  76,490  
Companhia de Bebidas das Americas - ADR
     7,726,255  
     
Broadcast Media - 1.5%
        
  221,000  
DIRECTV - Class A*
     7,496,320  
     
Chemicals - Specialty - 1.2%
        
  76,900  
Lubrizol Corp.
     6,175,839  
     
Computer Hardware - 7.9%
        
  100,910  
Apple Inc.*
     25,381,892  
  345,290  
Hewlett Packard Co.
     14,944,151  
            40,326,043  
     
Computer Software - Desktop/Small Business - 5.4%
        
  297,600  
Intuit Inc.*
     10,347,552  
  746,210  
Microsoft Corp.
     17,170,292  
            27,517,844  
     
Computer - Storage - 6.0%
        
  912,720  
EMC Corp.*
     16,702,776  
  373,070  
NetApp, Inc.*
     13,919,242  
            30,622,018  
     
Conglomerates - 7.0%
        
  234,800  
3M Co.
     18,546,852  
  266,900  
United Technologies Corp.
     17,324,479  
            35,871,331  
     
Drugs - Generic - 2.3%
        
  201,100  
Hospira Inc.*
     11,553,195  
     
Drugs - Proprietary - 2.0%
        
  180,700  
Allergan, Inc.
     10,527,582  
     
Electrical Equipment - 1.8%
        
  211,900  
Cooper Industries PLC
     9,323,600  
     
Electrical Instruments - 0.7%
        
  58,400  
Waters Corp.*
     3,778,480  
     
Energy/Oil & Gas Exploration & Production - 1.9%
        
  204,600  
Newfield Exploration Co.*
     9,996,756  
     
Food - 2.6%
        
  383,200  
General Mills, Inc.
     13,611,264  
     
Footwear - 2.0%
        
  149,300  
NIKE, Inc. - Class B
     10,085,215  
     
Health Care Distribution - 5.8%
        
  381,500  
AmerisourceBergen Corp.
     12,112,625  
  265,660  
McKesson Corp.
     17,841,726  
            29,954,351  
     
Health Care Products - 1.8%
        
  193,170  
Life Technologies Corp.*
     9,127,282  
     
Health Care Services - 3.1%
        
  340,180  
Express Scripts, Inc.*
     15,995,264  
     
Household Products - 1.7%
        
  110,400  
Colgate-Palmolive Co.
     8,695,104  
     
Industrial Distributors - 1.8%
        
  91,440  
W.W. Grainger, Inc.
     9,093,708  
     
Luxury Goods - 2.6%
        
  361,300  
Coach, Inc.
     13,205,515  
     
Machinery - 2.1%
        
  294,000  
Danaher Corp.
     10,913,280  
     
Medical Products - 1.1%
        
  96,200  
ResMed Inc.*
     5,849,922  
     
Metals - Precious - 5.6%
        
  342,770  
Barrick Gold Corp.+
     15,565,186  
  216,900  
Newmont Mining Corp.
     13,391,406  
            28,956,592  
     
Railroad - 3.3%
        
  240,100  
Union Pacific Corp.
     16,689,351  
     
Restaurants - 8.8%
        
  262,400  
McDonald's Corp.
     17,284,288  
  680,060  
Starbucks Corp.*
     16,525,458  
  288,100  
Yum! Brands, Inc.
     11,247,424  
            45,057,170  
     
Retail - Apparel - 2.1%
        
  307,400  
Urban Outfitters, Inc.*
     10,571,486  
     
Retail - Discount - 6.1%
        
  160,100  
Ross Stores Inc.
     8,531,729  
  535,900  
TJX Companies, Inc.
     22,481,005  
            31,012,734  
     
Service Companies - 2.9%
        
  296,700  
Cognizant Technology Solutions - Class A*
     14,852,802  
     
Telecommunication Equipment - 1.4%
        
  156,000  
American Tower Corp. - Class A*
     6,942,000  
               
               
     
TOTAL COMMON STOCKS (Cost $456,763,973)
     489,684,843  
               
     
SHORT-TERM INVESTMENTS - 3.7%
        
  19,036,907  
AIM STIT Treasury Portfolio - Institutional Class, 0.04%#
     19,036,907  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $19,036,907)
     19,036,907  
     
Total Investments in Securities (Cost $475,800,880) - 99.3%
     508,721,750  
     
Other Assets in Excess of Liabilities - 0.7%
     3,433,258  
     
NET ASSETS - 100.0%
   $ 512,155,008  
               
 
ADR - American Depositary Receipt
      
* Non-income producing security.
      
+U.S. traded security of a foreign issuer.
      
# Rate shown is the 7-day yield as of June 30, 2010.
      
       
       
The cost basis of investments for federal tax purposes at June 30, 2010 was as follows**:
  
       
Cost of investments
   $ 458,858,680  
Gross unrealized appreciation
   $ 67,213,280  
Gross unrealized depreciation
     (17,350,210 )
Net unrealized appreciation
   $ 49,863,070  
         
 
**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.
  
 
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
                        
  Consumer Discretionary
   $ 125,584,980     $ —     $ —     $ 125,584,980  
  Consumer Staples
     30,032,623       —       —       30,032,623  
  Energy
     9,996,756       —       —       9,996,756  
  Health Care
     86,786,076       —       —       86,786,076  
  Industrials
     81,891,270       —       —       81,891,270  
  Information Technology
     113,318,707       —       —       113,318,707  
  Materials
     35,132,431       —       —       35,132,431  
  Telecommunication Services
     6,942,000       —       —       6,942,000  
Total Equity
     489,684,843       —       —       489,684,843  
Short-Term Investments
     19,036,907       —       —       19,036,907  
Total Investments in Securities
   $ 508,721,750     $ —     $ —     $ 508,721,750  

 
 
 
 
 
Chase Mid-Cap Growth Fund
      
Schedule of Investments
      
at June 30, 2010 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 98.8%
      
   
Auto/Auto Parts - 2.3%
      
  5,900  
O'Reilly Automotive Inc.*
   $ 280,604  
     
Chemicals - 3.5%
        
  10,700  
Albemarle Corp.
     424,897  
     
Chemicals - Specialty - 2.0%
        
  3,100  
Lubrizol Corp.
     248,961  
     
Computer - Semiconductors - 2.4%
        
  11,800  
Altera Corp.
     292,758  
     
Computer Software - Enterprise - 7.9%
        
  9,100  
Progress Software Corp.*
     273,273  
  10,500  
Solera Holdings, Inc.
     380,100  
  25,100  
TIBCO Software Inc.*
     302,706  
            956,079  
     
Computer - Storage - 4.8%
        
  14,600  
Informatica Corp.*
     348,648  
  6,100  
NetApp, Inc.*
     227,591  
            576,239  
     
Defense - 1.6%
        
  3,600  
Rockwell Collins, Inc.
     191,268  
     
Dental Supplies - 2.2%
        
  4,900  
Henry Schein, Inc.*
     269,010  
     
Drugs - Generic - 6.2%
        
  4,300  
Hospira, Inc.*
     247,035  
  5,500  
Perrigo Co.
     324,885  
  4,500  
Watson Pharmaceucticals, Inc.*
     182,565  
            754,485  
     
Education Services - 3.6%
        
  2,300  
Capella Education Co.*
     187,105  
  10,800  
Grand Canyon Education, Inc.*
     253,044  
            440,149  
     
Electrical Equipment - 4.7%
        
  7,100  
Cooper Industries PLC
     312,400  
  4,600  
Regal-Beloit Corp.
     256,588  
            568,988  
     
Electronics - 1.0%
        
  4,900  
Avnet, Inc.*
     118,139  
     
Energy/Oil & Gas Exploration & Production - 2.0%
        
  5,000  
Newfield Exploration Co.*
     244,300  
     
Food - 2.2%
        
  5,800  
TreeHouse Foods, Inc.*
     264,828  
     
Footwear - 4.0%
        
  1,970  
Deckers Outdoor Corp.*
     281,454  
  8,000  
Wolverine World Wide, Inc.
     201,760  
            483,214  
     
Health Care Distribution - 4.0%
        
  15,100  
AmerisourceBergen Corp.
     479,425  
     
Health Care Services - 4.5%
        
  8,100  
Catalyst Health Solutions, Inc.*
     279,450  
  4,700  
MEDNEX, Inc.*
     261,367  
            540,817  
     
Household Products - 2.2%
        
  4,200  
Church & Dwight Co., Inc.
     263,382  
     
Industrial Distributors - 2.4%
        
  2,900  
W.W. Grainger, Inc.
     288,405  
     
Luxury Goods - 1.8%
        
  6,200  
Fossil, Inc.*
     215,140  
     
Media & Advertising - 2.0%
        
  6,000  
Scripps Networks Interactive - Class A
     242,040  
     
Medical Products - 3.7%
        
  4,600  
Edwards Lifesciences Corp.*
     257,692  
  3,100  
ResMed Inc.*
     188,511  
            446,203  
     
Metals - Precious - 2.2%
        
  15,400  
IAMGOLD Corp.+
     272,272  
     
Railroad - 2.1%
        
  6,900  
Genesee & Wyoming Inc.*
     257,439  
     
Restaurants - 5.2%
        
  2,490  
Chipotle Mexican Grill, Inc.*
     340,657  
  3,800  
Panera Bread Co. - Class A*
     286,102  
            626,759  
     
Retail - Apparel - 2.1%
        
  7,400  
Urban Outfitters, Inc.*
     254,486  
     
Retail - Discount - 8.3%
        
  3,600  
Big Lots, Inc.*
     115,524  
  9,510  
Dollar Tree, Inc.*
     395,901  
  7,070  
Ross Stores, Inc.
     376,760  
  2,900  
TJX Companies, Inc.
     121,655  
            1,009,840  
     
Retail - Specialty - 2.8%
        
  5,500  
Tractor Supply Co.
     335,335  
     
Semiconductors - 3.4%
        
  4,100  
Atheros Communications, Inc.*
     112,914  
  17,700  
Skyworks Solutions, Inc.*
     297,183  
            410,097  
     
Wireless Telecommmunications - 1.7%
        
  9,900  
Syniverse Holdings Inc.*
     202,455  
     
TOTAL COMMON STOCKS (Cost $11,218,568)
     11,958,014  
               
     
SHORT-TERM INVESTMENTS - 0.0%
        
  111  
AIM STIT Treasury Portfolio - Institutional Class, 0.04%#
     111  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $111)
     111  
     
Total Investments in Securities (Cost $11,218,679) - 98.8%
     11,958,125  
     
Other Assets in Excess of Liabilities - 1.2%
     150,827  
     
NET ASSETS - 100.0%
   $ 12,108,952  
               
 
* Non-income producing security.
      
+U.S. traded security of a foreign issuer.
      
# Rate shown is the 7-day yield as of June 30, 2010.
      
       
       
The cost basis of investments for federal tax purposes at June 30, 2010 was as follows**:
  
       
Cost of investments
   $ 11,218,679  
Gross unrealized appreciation
   $ 1,216,525  
Gross unrealized depreciation
     (477,079 )
Net unrealized appreciation
   $ 739,446  
         
 
**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 or semi-annual report.
  
 
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
                        
  Consumer Discretionary
   $ 3,887,567     $ —     $ —     $ 3,887,567  
  Consumer Staples
     528,210       —       —       528,210  
  Energy
     244,300       —       —       244,300  
  Health Care
     2,489,940       —       —       2,489,940  
  Industrials
     1,306,100       —       —       1,306,100  
  Information Technology
     2,353,312       —       —       2,353,312  
  Materials
     946,130       —       —       946,130  
  Telecommunication Services
     202,455       —       —       202,455  
Total Equity
     11,958,014       —       —       11,958,014  
Short-Term Investments
     111       —       —       111  
Total Investments in Securities
   $ 11,958,125     $ —     $ —     $ 11,958,125  

 
 
 
 
 
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.