N-Q 1 alf_93010nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS alf_93010nq.htm
As filed with the Securities and Exchange Commission on November 29, 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: December 31, 2010



Date of reporting period:  September 30, 2010
 
 
 
 
Item 1. Schedules of Investments.
Al Frank Fund
      
SCHEDULE OF INVESTMENTS at September 30, 2010 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 95.44%
      
           
   
COMMUNICATIONS: 0.79%
      
   
Major Telecommunications: 0.79%
      
  25,000  
Verizon Communications, Inc.
   $ 814,750  
     
Total Communications (Cost $743,138)
     814,750  
               
     
CONSUMER DURABLES: 5.11%
        
     
Automotive Aftermarket: 0.75%
        
  23,000  
Cooper Tire & Rubber Co.
     451,490  
  30,000  
Goodyear Tire & Rubber Co. (a)
     322,500  
            773,990  
     
Electronics/Appliances: 0.71%
        
  10,000  
Helen Of Troy Ltd. (a) (b)
     252,900  
  6,000  
Whirlpool Corp.
     485,760  
            738,660  
     
Homebuilding: 1.31%
        
  43,000  
D.R. Horton, Inc.
     478,160  
  12,000  
M.D.C. Holdings, Inc.
     348,360  
  28,000  
Toll Brothers, Inc. (a)
     532,560  
            1,359,080  
     
Recreational Products: 2.34%
        
  45,000  
Activision Blizzard, Inc.
     486,900  
  25,000  
Hasbro, Inc.
     1,112,750  
  35,000  
Mattel, Inc.
     821,100  
            2,420,750  
               
     
Total Consumer Durables (Cost $4,523,695)
     5,292,480  
               
     
CONSUMER NON-DURABLES: 3.68%
        
     
Apparel/Footwear: 0.58%
        
  40,000  
Delta Apparel, Inc. (a) (c)
     600,000  
     
Beverages: Non-Alcoholic: 0.90%
        
  16,000  
Coca-Cola Co.
     936,320  
     
Food: Major Diversified: 0.60%
        
  20,000  
Kraft Foods Inc. - Class A
     617,200  
     
Food: Meat/Fish/Dairy: 0.73%
        
  47,000  
Tyson Foods, Inc. - Class A
     752,940  
     
Tobacco: 0.87%
        
  16,000  
Philip Morris International Inc.
     896,320  
               
     
Total Consumer Non-Durables (Cost $2,907,143)
     3,802,780  
               
     
CONSUMER SERVICES: 3.36%
        
     
Cable/Satellite TV: 0.73%
        
  42,000  
Comcast Corp. - Class A
     759,360  
     
Casinos/Gaming: 0.42%
        
  30,000  
International Game Technology
     433,500  
     
Hotels/Resorts/Cruiselines: 0.44%
        
  12,000  
Carnival Corp. (b)
     458,520  
     
Media Conglomerates: 1.15%
        
  36,000  
Walt Disney Co.
     1,191,960  
     
Restaurants: 0.62%
        
  25,000  
Starbucks Corp.
     639,500  
               
     
Total Consumer Services (Cost $3,069,760)
     3,482,840  
               
     
DISTRIBUTION SERVICES: 2.86%
        
     
Electronics Distributors: 1.79%
        
  30,000  
Avnet, Inc. (a)
     810,300  
  84,000  
Brightpoint, Inc. (a)
     587,160  
  45,000  
Wayside Technology Group, Inc.
     454,500  
            1,851,960  
     
Medical Distributors: 1.07%
        
  18,000  
McKesson Corp.
     1,112,040  
               
     
Total Distribution Services (Cost $2,123,937)
     2,964,000  
               
     
ELECTRONIC TECHNOLOGY: 17.87%
        
     
Aerospace & Defense: 4.72%
        
  5,000  
American Science and Engineering, Inc.
     368,250  
  22,500  
BE Aerospace, Inc. (a)
     681,975  
  40,000  
Ducommun, Inc.
     871,200  
  7,000  
General Dynamics Corp.
     439,670  
  72,000  
LMI Aerospace, Inc. (a)
     1,146,240  
  11,000  
Lockheed Martin Corp.
     784,080  
  13,000  
Raytheon Co.
     594,230  
            4,885,645  
     
Computer Communications: 1.40%
        
  40,000  
Cisco Systems, Inc. (a)
     876,000  
  60,000  
Digi International, Inc. (a)
     569,400  
            1,445,400  
     
Computer Peripherals: 1.11%
        
  35,000  
Seagate Technology PLC (a) (b)
     412,300  
  26,000  
Western Digital Corp. (a)
     738,140  
            1,150,440  
     
Computer Processing Hardware: 2.05%
        
  4,500  
Apple Inc. (a)
     1,276,875  
  20,000  
Hewlett Packard Co.
     841,400  
            2,118,275  
     
Electronic Components: 0.97%
        
  45,000  
AVX Corp.
     621,900  
  40,000  
Vishay Intertechnology, Inc. (a)
     387,200  
            1,009,100  
     
Electronic Production Equipment: 1.94%
        
  130,000  
Aetrium, Inc. (a)
     351,000  
  25,000  
Lam Research Corp. (a)
     1,046,250  
  35,976  
Ultratech, Inc. (a)
     615,190  
            2,012,440  
     
Semiconductors: 4.58%
        
  40,243  
Ceva, Inc. (a)
     575,475  
  48,000  
Diodes, Inc. (a)
     820,320  
  45,000  
Integrated Device Technology, Inc. (a)
     263,250  
  35,000  
Intel Corp.
     673,050  
  35,000  
National Semiconductor Corp.
     446,950  
  70,000  
Pericom Semiconductor Corp. (a)
     608,300  
  57,504  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
     583,090  
  80,000  
TriQuint Semiconductor, Inc. (a)
     768,000  
            4,738,435  
     
Telecommunications Equipment: 1.10%
        
  107,668  
Clearfield, Inc. (a)
     315,467  
  45,000  
Corning, Inc.
     822,600  
            1,138,067  
               
     
Total Electronic Technology (Cost $12,094,376)
     18,497,802  
               
     
ENERGY MINERALS: 8.18%
        
     
Integrated Oil: 3.61%
        
  11,000  
Chevron Corp.
     891,550  
  15,000  
Exxon Mobil Corp.
     926,850  
  36,000  
Marathon Oil Corp.
     1,191,600  
  20,000  
Petroleo Brasileiro  S.A. - ADR
     725,400  
            3,735,400  
     
Oil & Gas Production: 4.57%
        
  18,000  
Anadarko Petroleum Corp.
     1,026,900  
  10,000  
Apache Corp.
     977,600  
  39,500  
Chesapeake Energy Corp.
     894,675  
  9,000  
Devon Energy Corp.
     582,660  
  16,000  
Occidental Petroleum Corp.
     1,252,800  
            4,734,635  
               
     
Total Energy Minerals (Cost $5,782,105)
     8,470,035  
               
     
FINANCE: 9.72%
        
     
Financial Conglomerates: 1.59%
        
  23,200  
JPMorgan Chase & Co.
     883,224  
  14,000  
Prudential Financial, Inc.
     758,520  
            1,641,744  
     
Investment Banks/Brokers: 1.29%
        
  20,000  
Ameriprise Financial, Inc.
     946,600  
  20,000  
NASDAQ OMX Group, Inc. (a)
     388,600  
            1,335,200  
     
Life/Health Insurance: 1.52%
        
  15,000  
Metlife, Inc.
     576,750  
  45,000  
Unum Group
     996,750  
            1,573,500  
     
Major Banks: 2.19%
        
  20,000  
Bank of America Corp.
     262,200  
  20,000  
Bank of New York Mellon Corp.
     522,600  
  30,000  
BB&T Corp.
     722,400  
  30,000  
Wells Fargo & Co.
     753,900  
            2,261,100  
     
Property/Casualty Insurance: 1.48%
        
  15,000  
Endurance Specialty Holdings Ltd. (b)
     597,000  
  18,000  
Travelers Companies, Inc.
     937,800  
            1,534,800  
     
Real Estate Investment Trusts: 0.95%
        
  55,000  
BioMed Realty Trust, Inc.
     985,600  
     
Regional Banks: 0.70%
        
  45,000  
TCF Financial Corp. (c)
     728,550  
               
     
Total Finance (Cost $7,934,047)
     10,060,494  
               
     
HEALTH SERVICES: 2.59%
        
     
Managed Health Care: 1.81%
        
  26,000  
Aetna, Inc.
     821,860  
  30,000  
Unitedhealth Group, Inc.
     1,053,300  
            1,875,160  
     
Services to the Health Industry: 0.78%
        
  151,100  
Healthstream, Inc. (a)
     803,852  
               
     
Total Health Services (Cost $1,283,441)
     2,679,012  
               
     
HEALTH TECHNOLOGY: 7.52%
        
     
Biotechnology: 0.89%
        
  13,000  
Genzyme Corp. (a)
     920,270  
     
Medical Specialties: 3.72%
        
  18,000  
Baxter International, Inc.
     858,780  
  19,000  
Covidien PLC (b)
     763,610  
  65,168  
Palomar Medical Technologies, Inc. (a)
     673,186  
  17,000  
Thermo Fisher Scientific, Inc. (a)
     813,960  
  65,000  
Vascular Solutions, Inc. (a)
     746,200  
            3,855,736  
     
Pharmaceuticals: Major: 2.91%
        
  17,500  
Abbott Laboratories
     914,200  
  30,000  
Bristol-Myers Squibb Co.
     813,300  
  16,000  
Johnson & Johnson
     991,360  
  5,000  
Novartis AG - ADR
     288,350  
            3,007,210  
               
     
Total Health Technology (Cost $6,390,928)
     7,783,216  
               
     
INDUSTRIAL SERVICES: 3.86%
        
     
Contract Drilling: 2.27%
        
  17,000  
Diamond Offshore Drilling, Inc. (c)
     1,152,090  
  33,000  
Nabors Industries Ltd. (a) (b)
     595,980  
  20,000  
Rowan Companies, Inc. (a)
     607,200  
            2,355,270  
     
Engineering & Construction: 0.31%
        
  16,000  
Tutor Perini Corp. (a)
     321,440  
     
Environmental Services: 0.34%
        
  22,000  
US Ecology, Inc.
     352,000  
     
Oilfield Services/Equipment: 0.94%
        
  18,000  
Oceaneering International, Inc. (a)
     969,480  
               
     
Total Industrial Services (Cost $3,344,030)
     3,998,190  
               
     
NON-ENERGY MINERALS: 3.20%
        
     
Construction Materials: 0.39%
        
  287,000  
Smith Midland Corp. (a) (e)
     401,800  
     
Other Metals/Minerals: 1.10%
        
  15,000  
BHP Billiton Ltd. - ADR (c)
     1,144,800  
     
Precious Metals: 1.71%
        
  10,720  
Freeport-McMoRan Copper & Gold, Inc.
     915,381  
  75,000  
Yamana Gold, Inc. (b)
     855,000  
            1,770,381  
               
     
Total Non-Energy Minerals (Cost $2,088,123)
     3,316,981  
               
     
PROCESS INDUSTRIES: 5.43%
        
     
Agricultural Commodities/Milling: 1.99%
        
  38,000  
Archer-Daniels-Midland Co.
     1,212,960  
  100,000  
Darling International, Inc. (a)
     852,000  
            2,064,960  
     
Chemicals: Agricultural: 1.14%
        
  20,000  
Mosaic Co.
     1,175,200  
     
Chemicals: Major Diversified: 0.65%
        
  15,000  
E.I. Du Pont de Nemours and Co.
     669,300  
     
Chemicals: Specialty: 0.58%
        
  20,000  
OM Group, Inc. (a)
     602,400  
     
Industrial Specialties: 1.07%
        
  55,000  
Olin Corp.
     1,108,800  
               
     
Total Process Industries (Cost $3,192,273)
     5,620,660  
               
     
PRODUCER MANUFACTURING: 4.94%
        
     
Electrical Products: 1.04%
        
  60,000  
Harbin Electric, Inc. (a) (c)
     1,073,400  
     
Industrial Machinery: 1.11%
        
  14,000  
Eaton Corp.
     1,154,860  
     
Trucks/Construction/Farm Machinery: 2.79%
        
  7,700  
Joy Global, Inc.
     541,464  
  45,000  
Manitowoc Company, Inc.
     544,950  
  10,000  
Navistar International Corp. (a)
     436,400  
  15,000  
Terex Corp. (a)
     343,800  
  75,000  
Titan International Inc.
     1,017,750  
            2,884,364  
               
     
Total Producer Manufacturing (Cost $4,061,526)
     5,112,624  
               
     
RETAIL TRADE: 6.34%
        
     
Apparel/Footwear Retail: 1.66%
        
  65,000  
American Eagle Outfitters, Inc.
     972,400  
  20,000  
Nordstrom, Inc.
     744,000  
            1,716,400  
     
Department Stores: 0.63%
        
  24,000  
J.C. Penney Company, Inc.
     652,320  
     
Discount Stores: 0.67%
        
  13,000  
Wal-Mart Stores, Inc.
     695,760  
     
Drugstore Chains: 0.97%
        
  30,000  
Walgreen Co.
     1,005,000  
     
Home Improvement Chains: 0.77%
        
  25,000  
Home Depot, Inc.
     792,000  
     
Specialty Stores: 1.64%
        
  20,000  
Tiffany & Co.
     939,800  
  24,000  
Williams-Sonoma, Inc.
     760,800  
            1,700,600  
               
     
Total Retail Trade (Cost $4,668,602)
     6,562,080  
               
     
TECHNOLOGY SERVICES: 4.53%
        
     
Information Technology Services: 0.91%
        
  7,000  
International Business Machines Corp.
     938,980  
     
Internet Software/Services: 0.64%
        
  70,000  
United Online, Inc.
     400,400  
  3,700  
United Technologies Corp.
     263,551  
            663,951  
     
Packaged Software: 2.98%
        
  150,500  
American Software, Inc. - Class A
     887,950  
  100,000  
Compuware Corp. (a)
     853,000  
  30,000  
Microsoft Corp.
     734,700  
  40,000  
Symantec Corp. (a)
     606,800  
            3,082,450  
               
     
Total Technology Services (Cost $4,059,667)
     4,685,381  
               
     
TRANSPORTATION: 4.83%
        
     
Marine Shipping: 1.62%
        
  20,000  
Nordic American Tanker Shipping Ltd. (b) (c)
     535,200  
  15,000  
Tidewater, Inc.
     672,150  
  35,000  
Tsakos Energy Navigation Ltd. (b) (c)
     466,200  
            1,673,550  
     
Railroads: 2.86%
        
  20,000  
CSX Corp.
     1,106,400  
  17,500  
Norfolk Southern Corp.
     1,041,425  
  10,000  
Union Pacific Corp.
     818,000  
            2,965,825  
     
Trucking: 0.35%
        
  15,000  
Arkansas Best Corp.
     363,450  
               
     
Total Transportation (Cost $2,788,749)
     5,002,825  
               
     
UTILITIES: 0.63%
        
     
Electric Utilities: 0.63%
        
  19,000  
Edison International
     653,410  
     
Total Utilities (Cost $543,412)
     653,410  
               
     
Total Common Stocks (Cost $71,598,952)
     98,799,560  
               
     
SHORT-TERM INVESTMENTS: 4.30%
        
     
Money Market Funds: 4.30%
        
  4,450,642  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.15% (d) (Cost $4,450,642)
     4,450,642  
               
     
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL: 4.78%
        
  4,951,515  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.15% (d) (Cost $4,951,515)
     4,951,515  
               
     
Total Investments (Cost $81,001,109): 104.52%
     108,201,717  
     
Liabilities in Excess of Other Assets: (4.52)%
     (4,678,463 )
     
Total Net Assets: 100.00%
   $ 103,523,254  
               
 
 
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 $4,875,852 at September 30, 2010.
  
 
(d) Rate shown is the 7-day yield as of September 30, 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 September 30, 2010 was as follows*:
  
         
Cost of investments
   $
81,008,260
  
Gross unrealized appreciation
   $
32,037,408
  
Gross unrealized depreciation
    
      (4,843,951
 )
Net unrealized appreciation
   $
27,193,457
  
         
*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 September 30, 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 September 30, 2010:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Communications
   $ 814,750     $ —     $ —     $ 814,750  
  Consumer Durables
     5,292,480       —       —       5,292,480  
  Consumer Non-Durables
     3,802,780       —       —       3,802,780  
  Consumer Services
     3,482,840       —       —       3,482,840  
  Distribution Services
     2,964,000       —       —       2,964,000  
  Electronic Technology
     18,497,802       —       —       18,497,802  
  Energy Minerals
     8,470,035       —       —       8,470,035  
  Finance
     10,060,494       —       —       10,060,494  
  Health Services
     2,679,012       —       —       2,679,012  
  Health Technology
     7,783,216       —       —       7,783,216  
  Industrial Services
     3,998,190       —       —       3,998,190  
  Non-Energy Minerals
     3,316,981       —       —       3,316,981  
  Process Industries
     5,620,660       —       —       5,620,660  
  Producer Manufacturing
     5,112,624       —       —       5,112,624  
  Retail Trade
     6,562,080       —       —       6,562,080  
  Technology Services
     4,685,381       —       —       4,685,381  
  Transportation
     5,002,825       —       —       5,002,825  
  Utilities
     653,410       —       —       653,410  
Total Equity
     98,799,560       —       —       98,799,560  
Short-Term Investments
     9,402,157       —       —       9,402,157  
Total Investments in Securities
   $ 108,201,717     $ —     $ —     $ 108,201,717  

 
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.

 
 
 
 
 
Al Frank Dividend Value Fund
      
SCHEDULE OF INVESTMENTS at September 30, 2010 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 92.13%
      
           
   
COMMUNICATIONS: 1.27%
      
   
Major Telecommunications: 1.27%
      
  6,700  
Verizon Communications, Inc.
   $ 218,353  
     
Total Communications (Cost $192,110)
     218,353  
               
     
CONSUMER DURABLES: 4.28%
        
     
Automotive Aftermarket: 0.63%
        
  5,500  
Cooper Tire & Rubber Co.
     107,965  
     
Homebuilding: 0.97%
        
  4,400  
D.R. Horton, Inc.
     48,928  
  4,100  
M.D.C. Holdings, Inc.
     119,023  
            167,951  
     
Other Consumer Specialties: 0.71%
        
  2,500  
Fortune Brands, Inc.
     123,075  
     
Recreational Products: 1.97%
        
  14,000  
Activision Blizzard, Inc.
     151,480  
  8,000  
Mattel, Inc.
     187,680  
            339,160  
               
     
Total Consumer Durables (Cost $851,288)
     738,151  
               
     
CONSUMER NON-DURABLES: 6.94%
        
     
Apparel/Footwear: 1.96%
        
  2,400  
Nike, Inc. - Class B
     192,336  
  1,800  
VF Corp.
     145,836  
            338,172  
     
Beverages: Non-Alcoholic: 1.02%
        
  3,000  
Coca-Cola Co.
     175,560  
     
Food: Major Diversified: 0.89%
        
  5,000  
Kraft Foods, Inc. - Class A
     154,300  
     
Food: Meat/Fish/Dairy: 0.84%
        
  9,000  
Tyson Foods, Inc. - Class A
     144,180  
     
Household/Personal Care: 1.26%
        
  1,700  
Colgate-Palmolive Co.
     130,662  
  1,460  
Procter & Gamble Co.
     87,556  
            218,218  
     
Tobacco: 0.97%
        
  2,975  
Philip Morris International Inc.
     166,660  
     
Total Consumer Non-Durables (Cost $890,715)
     1,197,090  
               
     
CONSUMER SERVICES: 4.53%
        
     
Cable/Satellite TV: 0.94%
        
  9,000  
Comcast Corp.
     162,720  
     
Casinos/Gaming: 0.84%
        
  10,000  
International Game Technology
     144,500  
     
Media Conglomerates: 0.96%
        
  5,000  
Walt Disney Co.
     165,550  
     
Movies/Entertainment: 0.76%
        
  9,400  
World Wrestling Entertainment, Inc. - Class A
     130,754  
     
Restaurants: 1.03%
        
  2,400  
McDonald's Corp.
     178,824  
     
Total CONSUMER SERVICES (Cost $703,294)
     782,348  
               
     
DISTRIBUTION SERVICES: 2.63%
        
     
Electronics Distributors: 0.53%
        
  9,000  
Wayside Technology Group, Inc.
     90,900  
     
Medical Distributors: 1.07%
        
  3,000  
McKesson Corp.
     185,340  
     
Wholesale Distributors: 1.03%
        
  4,000  
Genuine Parts Co.
     178,360  
     
Total Distribution Services (Cost $362,001)
     454,600  
               
     
ELECTRONIC TECHNOLOGY: 10.13%
        
     
Aerospace & Defense: 2.54%
        
  1,925  
American Science and Engineering, Inc.
     141,776  
  2,300  
Boeing Co.
     153,042  
  2,000  
Lockheed Martin Corp.
     142,560  
            437,378  
     
Computer Processing Hardware: 0.85%
        
  3,500  
Hewlett Packard Co.
     147,245  
     
Electronic Components: 1.14%
        
  9,700  
AVX Corp.
     134,054  
  4,400  
Jabil Circuit, Inc.
     63,404  
            197,458  
     
Semiconductors: 4.71%
        
  3,200  
Analog Devices, Inc.
     100,416  
  10,000  
Intel Corp.
     192,300  
  5,600  
Microchip Technology, Inc.
     176,120  
  7,100  
National Semiconductor Corp.
     90,667  
  10,976  
Taiwan Semiconductor Manufacturing Company Ltd. - ADR
     111,297  
  5,200  
Texas Instruments, Inc.
     141,128  
            811,928  
     
Telecommunications Equipment: 0.89%
        
  14,000  
Telefonaktiebolaget LM Ericsson - ADR
     153,580  
     
Total Electronic Technology (Cost $1,613,129)
     1,747,589  
               
     
ENERGY MINERALS: 7.34%
        
     
Integrated Oil: 5.01%
        
  2,200  
Chevron Corp.
     178,310  
  2,400  
Exxon Mobil Corp.
     148,296  
  6,500  
Marathon Oil Corp.
     215,150  
  4,200  
Petroleo Brasileiro  S.A. - ADR
     152,334  
  3,300  
Total SA - ADR
     170,280  
            864,370  
     
Oil & Gas Production: 2.33%
        
  1,400  
Apache Corp.
     136,864  
  6,000  
Chesapeake Energy Corp.
     135,900  
  2,000  
Devon Energy Corp.
     129,480  
            402,244  
               
     
Total Energy Minerals (Cost $1,018,345)
     1,266,614  
               
     
FINANCE: 12.86%
        
     
Financial Conglomerates: 0.82%
        
  3,700  
JPMorgan Chase & Co.
     140,859  
     
Investment Banks/Brokers: 0.96%
        
  1,150  
Goldman Sachs Group, Inc.
     166,267  
     
Life/Health Insurance: 0.84%
        
  6,500  
Unum Group
     143,975  
     
Major Banks: 3.06%
        
  7,652  
Bank of America Corp.
     100,317  
  4,500  
Bank of New York Mellon Corp.
     117,585  
  7,500  
BB&T Corp.
     180,600  
  1,800  
Toronto-Dominion Bank (a)
     130,068  
            528,570  
     
Property/Casualty Insurance: 4.67%
        
  5,850  
American Financial Group, Inc.
     178,893  
  3,000  
Chubb Corp.
     170,970  
  3,300  
Endurance Specialty Holdings Ltd. (a)
     131,340  
  3,300  
Travelers Companies, Inc.
     171,930  
  5,625  
W.R. Berkley Corp.
     152,269  
            805,402  
     
Real Estate Investment Trusts: 0.86%
        
  5,800  
LTC Properties, Inc.
     148,016  
     
Savings Banks: 1.65%
        
  10,000  
Hudson City Bancorp, Inc.
     122,600  
  10,000  
New York Community Bancorp, Inc.
     162,500  
            285,100  
               
     
Total Finance (Cost $2,209,176)
     2,218,189  
               
     
HEALTH TECHNOLOGY: 5.77%
        
     
Medical Specialties: 2.46%
        
  3,500  
Baxter International, Inc.
     166,985  
  3,500  
Covidien PLC (a)
     140,665  
  3,500  
Medtronic, Inc.
     117,530  
            425,180  
     
Pharmaceuticals: Major: 3.31%
        
  2,800  
Abbott Laboratories
     146,272  
  5,990  
Bristol-Myers Squibb Co.
     162,389  
  1,900  
Johnson & Johnson
     117,724  
  2,500  
Novartis AG - ADR
     144,175  
            570,560  
               
     
Total Health Technology (Cost $938,489)
     995,740  
               
     
INDUSTRIAL SERVICES: 3.21%
        
     
Contract Drilling: 0.90%
        
  2,300  
Diamond Offshore Drilling, Inc.
     155,871  
     
Environmental Services: 1.42%
        
  6,400  
US Ecology, Inc.
     102,400  
  4,000  
Waste Management Inc.
     142,960  
            245,360  
     
Oil & Gas Pipelines: 0.89%
        
  8,000  
Williams Companies, Inc.
     152,880  
     
Total Industrial Services (Cost $615,951)
     554,111  
               
     
NON-ENERGY MINERALS: 3.93%
        
     
Other Metals/Minerals: 1.11%
        
  2,500  
BHP Billiton Ltd. - ADR
     190,800  
     
Precious Metals: 2.11%
        
  2,400  
Freeport-McMoRan Copper & Gold, Inc.
     204,936  
  14,000  
Yamana Gold, Inc. (a)
     159,600  
            364,536  
     
Steel: 0.71%
        
  3,200  
Nucor Corp.
     122,240  
     
Total Non-Energy Minerals (Cost $468,472)
     677,576  
               
     
PROCESS INDUSTRIES: 4.34%
        
     
Agricultural Commodities/Milling: 0.83%
        
  4,500  
Archer-Daniels-Midland Co.
     143,640  
     
Chemicals: Major Diversified: 1.04%
        
  4,000  
E.I. Du Pont de Nemours and Co.
     178,480  
     
Chemicals: Specialty: 1.77%
        
  22,000  
Aceto Corp.
     149,380  
  6,400  
Methanex Corp. (a)
     156,736  
            306,116  
     
Industrial Specialties: 0.70%
        
  6,000  
Olin Corp.
     120,960  
     
Total Process Industries (Cost $626,749)
     749,196  
               
     
PRODUCER MANUFACTURING: 5.39%
        
     
Industrial Conglomerates: 1.51%
        
  1,900  
3m Co.
     164,749  
  2,675  
Ingersoll-Rand Company Ltd. - Class A (a)
     95,524  
            260,273  
     
Industrial Machinery: 1.29%
        
  2,700  
Eaton Corp.
     222,723  
     
Metal Fabrication: 0.38%
        
  7,334  
Insteel Industries, Inc.
     65,859  
     
Trucks/Construction/Farm Machinery: 2.21%
        
  2,600  
Caterpillar, Inc.
     204,568  
  2,500  
Joy Global, Inc.
     175,800  
            380,368  
               
     
Total Producer Manufacturing (Cost $666,026)
     929,223  
               
     
RETAIL TRADE: 6.68%
        
     
Apparel/Footwear Retail: 2.24%
        
  9,000  
American Eagle Outfitters, Inc.
     134,640  
  5,500  
Gap Inc.
     102,520  
  4,000  
Nordstrom, Inc.
     148,800  
            385,960  
     
Department Stores: 0.41%
        
  2,600  
J.C. Penney Company, Inc.
     70,668  
     
Discount Stores: 0.93%
        
  3,000  
Wal-Mart Stores, Inc.
     160,560  
     
Electronics/Appliances Stores: 0.71%
        
  3,000  
Best Buy Co., Inc.
     122,490  
     
Home Improvement Chains: 0.64%
        
  3,500  
Home Depot, Inc.
     110,880  
     
Specialty Stores: 1.75%
        
  4,125  
Tiffany & Co.
     193,834  
  3,400  
Williams-Sonoma, Inc.
     107,780  
            301,614  
               
     
Total Retail Trade (Cost $1,095,319)
     1,152,172  
               
     
TECHNOLOGY SERVICES: 5.29%
        
     
Data Processing Services: 0.93%
        
  3,800  
Automatic Data Processing, Inc.
     159,714  
     
Information Technology Services: 1.01%
        
  1,300  
International Business Machines Corp.
     174,382  
     
Internet Software/Services: 1.50%
        
  18,000  
United Online, Inc.
     102,960  
  2,200  
United Technologies Corp.
     156,706  
            259,666  
     
Packaged Software: 1.85%
        
  23,000  
American Software, Inc. - Class A
     135,700  
  7,500  
Microsoft Corp.
     183,675  
            319,375  
               
     
Total Technology Services (Cost $917,354)
     913,137  
               
     
TRANSPORTATION: 5.67%
        
     
Air Freight/Couriers: 0.54%
        
  1,400  
United Parcel Service, Inc. - Class B
     93,366  
     
Marine Shipping: 2.19%
        
  19,000  
Navios Maritime Holdings Inc. (a)
     111,530  
  5,642  
Ship Finance International Ltd. (a)
     109,624  
  2,000  
Tidewater, Inc.
     89,620  
  5,000  
Tsakos Energy Navigation Ltd. (a)
     66,600  
            377,374  
     
Railroads: 1.89%
        
  3,200  
CSX Corp.
     177,024  
  2,500  
Norfolk Southern Corp.
     148,775  
            325,799  
     
Trucking: 1.05%
        
  3,500  
Arkansas Best Corp.
     84,805  
  2,800  
J.B. Hunt Transport Services, Inc.
     97,160  
            181,965  
               
     
Total Transportation (Cost $799,641)
     978,504  
               
     
UTILITIES: 1.87%
        
     
Electric Utilities: 1.87%
        
  5,000  
Duke Energy Corp.
     88,550  
  3,100  
Edison International
     106,609  
  3,000  
Exelon Corp.
     127,740  
     
Total Utilities (Cost $322,003)
     322,899  
               
     
TOTAL COMMON STOCKS (Cost $14,290,062)
     15,895,492  
               
               
     
SHORT-TERM INVESTMENTS: 4.21%
        
     
Money Market Funds: 4.21%
        
  725,783  
AIM STIT-STIC Prime Portfolio, Institutional Class, 0.15% (b) (Cost $725,783)
     725,783  
               
     
Total Investments  (Cost $15,015,845): 96.34%
     16,621,275  
     
Other Assets in Excess of Liabilities: 3.66%
     631,898  
     
Net Assets: 100.00%
   $ 17,253,173  
               
 
ADR - American Depositary Receipt
        
(a)  U.S. traded security of a foreign issuer.
        
(b) Rate shown is the 7-day yield as of September 30, 2010.
      
         
         
The cost basis of investments for federal income tax purposes at September 30, 2010 was as follows*:
         
Cost of investments
   $
15,015,845
  
Gross unrealized appreciation
   $
2,889,912
  
Gross unrealized depreciation
    
      (1,284,482
 )
Net unrealized appreciation
   $
1,605,430
  
         
*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 September 30, 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 September 30, 2010:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Communications
   $ 218,353     $ —     $ —     $ 218,353  
  Consumer Durables
     738,151       —       —       738,151  
  Consumer Non-Durables
     1,197,090       —       —       1,197,090  
  Consumer Services
     782,348       —       —       782,348  
  Distribution Services
     454,600       —       —       454,600  
  Electronic Technology
     1,747,589       —       —       1,747,589  
  Energy Minerals
     1,266,614       —       —       1,266,614  
  Finance
     2,218,189       —       —       2,218,189  
  Health Technology
     995,740       —       —       995,740  
  Industrial Services
     554,111       —       —       554,111  
  Non-Energy Minerals
     677,576       —       —       677,576  
  Process Industries
     749,196       —       —       749,196  
  Producer Manufacturing
     929,223       —       —       929,223  
  Retail Trade
     1,152,172       —       —       1,152,172  
  Technology Services
     913,137       —       —       913,137  
  Transportation
     978,504       —       —       978,504  
  Utilities
     322,899       —       —       322,899  
Total Equity
     15,895,492       —       —       15,895,492  
Short-Term Investments
     725,783       —       —       725,783  
Total Investments in Securities
   $ 16,621,275     $ —     $ —     $ 16,621,275  

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    11/26/2010                                                           



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    11/26/2010                                                           
 
By (Signature and Title)*    /s/ Cheryl L. King                                                                                               
Cheryl L. King, Treasurer

Date    11/26/2010                                                           
 
 
* Print the name and title of each signing officer under his or her signature.