-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kk2Fa9fx1RIAj2DSNt9qliJo9uzVgSGN9u0U3q4ddiMqN1mnDvxijIkAi3ZrAaWQ GqKLDoUVbQeQ3mGpm0mJjQ== 0000894189-10-004335.txt : 20101126 0000894189-10-004335.hdr.sgml : 20101125 20101126121500 ACCESSION NUMBER: 0000894189-10-004335 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101126 DATE AS OF CHANGE: 20101126 EFFECTIVENESS DATE: 20101126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 101216574 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000005078 McCarthy Multi-Cap Stock Fund C000013865 Institutional Class MGAMX N-Q 1 mcc_93010nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS mcc_93010nq.htm
As filed with the Securities and Exchange Commission on November 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, Wisconsin 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)


Registrant's telephone number, including area code: (414) 765-6609




Date of fiscal year end:  June 30, 2011



Date of reporting period:  September 30, 2010
 
 
 
 
Item 1. Schedules of Investments.
McCarthy Multi-Cap Stock Fund
      
Schedule of Investments
      
at September 30, 2010 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 89.63%
      
   
Beverages: Non-Alcoholic - 1.05%
      
  10,000  
PepsiCo., Inc.
   $ 664,400  
               
     
Computer Processing Hardware - 2.26%
        
  33,800  
Hewlett-Packard Co.
     1,421,966  
               
     
Contract Drilling - 4.56%
        
  34,000  
ENSCO International, Inc. - ADR
     1,520,820  
  40,000  
Noble Corp.#
     1,351,600  
            2,872,420  
               
     
Department Stores - 1.67%
        
  20,000  
Kohl's Corp.*
     1,053,600  
               
     
Discount Stores - 2.55%
        
  30,000  
Wal-Mart Stores, Inc.
     1,605,600  
               
     
Drugstore Chains - 2.25%
        
  45,000  
CVS Caremark Corp.
     1,416,150  
               
     
Electronic Equipment /Instruments- 1.07%
        
  65,000  
Xerox Corp.
     672,750  
               
     
Household/Personal Care - 4.27%
        
  15,500  
Colgate-Palmolive Co.
     1,191,330  
  25,000  
Procter & Gamble Co.
     1,499,250  
            2,690,580  
               
     
Industrial Conglomerates - 2.59%
        
  22,900  
United Technologies Corp.
     1,631,167  
               
     
Information Technology Services - 1.58%
        
  7,400  
International Business Machines Corp.
     992,636  
               
     
Integrated Oil - 4.33%
        
  26,000  
ConocoPhillips
     1,493,180  
  20,000  
Exxon Mobil Corp.
     1,235,800  
            2,728,980  
               
     
Major Banks - 1.60%
        
  38,600  
Bank of New York Mellon Corp.
     1,008,618  
               
     
Major Telecommunications - 8.47%
        
  48,581  
Telus Corp.#
     2,057,405  
  55,000  
Verizon Communications, Inc.
     1,792,450  
  60,000  
Vodafone Group Plc - ADR
     1,488,600  
            5,338,455  
               
     
Managed Health Care - 5.12%
        
  18,580  
UnitedHealth Group, Inc.
     652,344  
  40,000  
WellCare Health Plans, Inc.*
     1,158,400  
  25,000  
Wellpoint, Inc.*
     1,416,000  
            3,226,744  
               
     
Medical Distributors - 0.79%
        
  15,000  
Cardinal Health, Inc.
     495,600  
               
     
Oil & Gas Production - 2.47%
        
  24,000  
Devon Energy Corp.
     1,553,760  
               
     
Other Consumer Services - 2.90%
        
  25,000  
Apollo Group, Inc. - Class A*
     1,283,750  
  36,250  
Corinthian Colleges, Inc.*
     254,475  
  20,000  
Lincoln Educational Services Corp.*
     288,200  
            1,826,425  
               
     
Other Metals/Minerals - 0.85%
        
  7,000  
Compass Minerals International, Inc.
     536,340  
               
     
Packaged Software - 4.36%
        
  79,300  
Microsoft Corp.
     1,942,057  
  30,000  
Oracle Corp.
     805,500  
            2,747,557  
               
     
Pharmaceuticals: Generic - 1.47%
        
  49,300  
Mylan, Inc.*
     927,333  
               
     
Pharmaceuticals: Major - 10.65%
        
  28,600  
Abbott Laboratories
     1,494,064  
  41,000  
Bristol-Myers Squibb Co.
     1,111,510  
  30,946  
Johnson & Johnson
     1,917,414  
  30,921  
Merck & Co., Inc.
     1,138,202  
  61,000  
Pfizer, Inc.
     1,047,370  
            6,708,560  
               
     
Pharmaceuticals: Other - 1.69%
        
  32,000  
Endo Pharmaceuticals Holdings, Inc.*
     1,063,680  
               
     
Property/Casualty Insurance - 10.76%
        
  20,000  
ACE Ltd.#
     1,165,000  
  27,000  
Allied World Assurance Company Holdings, Ltd.#
     1,527,930  
  47,000  
Aspen Insurance Holdings Ltd.#
     1,423,160  
  12,500  
Berkshire Hathaway, Inc. - Class B*
     1,033,500  
  32,000  
Transatlantic Holdings, Inc.
     1,626,240  
            6,775,830  
               
     
Reinsurance - 6.39%
        
  30,000  
Endurance Specialty Holdings Ltd.#
     1,194,000  
  11,300  
Everest Re Group, Ltd.#
     977,111  
  46,270  
Montpelier Re Holdings Ltd.#
     801,396  
  17,600  
RenaissanceRe Holdings, Ltd.#
     1,055,296  
            4,027,803  
               
     
Semiconductors - 3.93%
        
  68,000  
Intel Corp.
     1,307,640  
  43,000  
Texas Instruments, Inc.
     1,167,020  
            2,474,660  
               
     
TOTAL COMMON STOCKS (Cost $49,286,719)
     56,461,614  
               
     
SHORT-TERM INVESTMENTS - 7.02%
        
  4,421,139  
Federated Prime Obligations Fund, Institutional Class, 0.22%† (Cost $4,421,139)
     4,421,139  
     
Total Investments in Securities (Cost $53,707,858) - 96.65%
     60,882,753  
     
Other Assets in Excess of Liabilities - 3.35%
     2,109,234  
     
NET ASSETS - 100.00%
   $ 62,991,987  
               
 
* Non-income producing security.
# U.S. traded security of a foreign issuer.
† Rate shown is the 7-day yield as of September 30, 2010.
ADR - American Depository Receipt

The cost basis of investments for federal income tax purposes at September 30, 2010 was as follows**:

Cost of investments
   $ 53,935,334  
         
Gross unrealized appreciation
   $ 8,440,559  
Gross unrealized depreciation
     (1,493,140 )
Net unrealized appreciation
   $ 6,947,419  
         

**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.
 
 
FAS 157 - Summary of Fair Value Exposure at September 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 September 30, 2010:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
Communications
   $ 5,338,455     $ —     $ —     $ 5,338,455  
Consumer Non-Durables
     3,354,980       —       —       3,354,980  
Consumer Services
     1,826,425       —       —       1,826,425  
Distribution Services
     495,600       —       —       495,600  
Electronic Technology
     4,569,376       —       —       4,569,376  
Energy Minerals
     4,282,740       —       —       4,282,740  
Finance
     11,812,251       —       —       11,812,251  
Health Services
     3,226,744       —       —       3,226,744  
Health Technology
     8,699,573       —       —       8,699,573  
Industrial Services
     2,872,420       —       —       2,872,420  
Non-Energy Minerals
     536,340       —       —       536,340  
Producer Manufacturing
     1,631,167       —       —       1,631,167  
Retail Trade
     4,075,350       —       —       4,075,350  
Technology Services
     3,740,193       —       —       3,740,193  
Total Equity
     56,461,614       —       —       56,461,614  
Short-Term Investments
     4,421,139       —       —       4,421,139  
Total Investments in
                                
Securities
   $ 60,882,753     $ —     $ —     $ 60,882,753  


Transfers between levels are recognized at the end of the reporting period.  During the period ended September 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    11/19/2010                                                               



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    11/19/2010                                                               
 
By (Signature and Title)*    /s/ Cheryl L. King                                                                                                   
Cheryl L. King, Treasurer

Date    11/19/2010                                                               
 
 
* Print the name and title of each signing officer under his or her signature.




 
 
 
 
 
 
 
EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm
 
CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:    11/19/2010       
/s/ Douglas G. Hess           
 
Douglas G. Hess, President
 
 
 
 
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:    11/19/2010         
/s/ Cheryl L. King           
 
Cheryl L. King, Treasurer
 
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