N-Q 1 ata_113010nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ata_113010nq.htm
As filed with the Securities and Exchange Commission on January 28, 2011



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:  February 28, 2011



Date of reporting period:  November 30, 2010
 
 
 
 
Item 1. Schedules of Investments.
American Trust Allegiance Fund
      
Schedule of Investments at November 30, 2010 (Unaudited)
      
           
Shares
  
COMMON STOCKS - 96.96%
  
Value
  
           
   
Aerospace Product and Parts Manufacturing - 2.60%
      
  6,410  
Boeing Co.
   $ 408,766  
               
     
Basic Chemical Manufacturing - 3.17%
        
  5,420  
Praxair, Inc.
     498,911  
               
     
Building Materials - 2.49%
        
  14,920  
Owens Corning, Inc.*
     392,545  
               
     
Communications Equipment Manufacturing - 1.42%
        
  11,650  
Cisco Systems, Inc.*
     223,214  
               
     
Computer & Peripheral Equipment Manufacturing - 5.76%
        
  1,130  
Apple, Inc.*
     351,599  
  5,970  
Hewlett-Packard Co.
     250,322  
  2,160  
International Business Machines Corp.
     305,554  
            907,475  
               
     
Computer Systems Design and Related Services - 3.96%
        
  14,390  
Accenture PLC - Class A#
     623,375  
               
     
Conglomerates - 4.10%
        
  17,240  
Loews Corp.
     644,948  
               
     
Cut and Sew Apparel Manufacturing - 2.81%
        
  5,340  
VF Corp.
     442,579  
               
     
Deep Sea, Coastal, and Great Lakes Water Transportation - 1.94%
        
  8,700  
Alexander & Baldwin, Inc.
     305,283  
               
     
Depository Credit Intermediation - 0.93%
        
  3,400  
State Street Corp.
     146,880  
               
     
Electric Power Generation, Transmission and Distribution - 1.55%
        
  12,630  
NRG Energy, Inc.*
     244,769  
               
     
Engine, Turbine, and Power Transmission Equipment Manufacturing - 2.61%
  
  4,230  
Cummins, Inc.
     410,818  
               
     
Footwear Manufacturing - 3.19%
        
  5,830  
Nike, Inc. - Class B
     502,138  
               
     
Grain and Oilseed Milling - 2.95%
        
  16,010  
Archer-Daniels-Midland Co.
     464,130  
               
     
Industrial Machinery Manufacturing - 2.53%
        
  32,050  
Applied Materials, Inc.
     398,381  
               
     
Insurance Carriers - 2.81%
        
  5,560  
Berkshire Hathaway, Inc. - Class B*
     443,021  
               
     
Metal Ore Mining - 4.07%
        
  6,330  
Freeport-McMoRan Copper & Gold, Inc.
     641,356  
               
     
Motor Vehicle Manufacturing - 3.22%
        
  31,800  
Ford Motor Co.*
     506,892  
               
     
Natural Gas Distribution - 3.17%
        
  21,010  
Spectra Energy Corp.
     499,408  
               
     
Office Supplies, Stationery, and Gift Stores - 0.88%
        
  6,270  
Staples, Inc.
     138,003  
               
     
Oilfield Services - 2.19%
        
  4,460  
Schlumberger Ltd.#
     344,936  
               
     
Oil and Gas Extraction - 9.02%
        
  6,600  
Devon Energy Corp.
     465,762  
  7,880  
Hess Corp.
     551,994  
  13,750  
Petroleo Brasileiro S.A. - Petrobras - ADR
     402,600  
            1,420,356  
               
     
Other Financial Investment Activities - 2.91%
        
  4,020  
Franklin Resources, Inc.
     458,642  
               
     
Other Information Services - 3.45%
        
  620  
Google Inc. - Class A*
     344,540  
  12,562  
Yahoo! Inc.*
     198,103  
            542,643  
               
     
Petroleum and Coal Products Manufacturing - 3.94%
        
  8,910  
Exxon Mobil Corp.
     619,780  
               
     
Real Estate Services - 2.44%
        
  20,046  
CB Richard Ellis Group, Inc. - Class A
     384,683  
               
     
Semiconductor and Other Electronic Component Manufacturing - 3.50%
  
  6,500  
Intel Corp.
     137,280  
  19,870  
Molex, Inc.
     413,296  
            550,576  
               
     
Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 6.35%
  
  15,420  
Avon Products, Inc.
     440,395  
  1,660  
Colgate-Palmolive Co.
     127,073  
  9,300  
Tupperware Brands Corp.
     432,264  
            999,732  
               
     
Software Publishers - 2.39%
        
  14,900  
Microsoft Corp.
     375,629  
               
     
Timber Real Estate Investment Trust - 1.81%
        
  7,900  
Plum Creek Timber Company, Inc.
     284,716  
               
     
Wireless Telecommunications Carriers - 2.80%
        
  5,090  
Millicom International Cellular S.A.#
     441,710  
               
     
TOTAL COMMON STOCKS (Cost $13,450,527)
     15,266,295  
               
Shares
  
SHORT-TERM INVESTMENTS - 3.00%
  
Value
  
               
  472,244  
Fidelity Institutional Money Market Government Portfolio - Class I, 0.05% †
     472,244  
  15,541  
Reserve Primary Fund - Class 5+‡
     —  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $487,785)
     472,244  
               
     
Total Investments in Securities (Cost $13,938,312) - 99.96%
     15,738,539  
     
Other Assets in Excess of Liabilities - 0.04%
     5,740  
     
Net Assets - 100.00%
   $ 15,744,279  
               
 
* Non-income producing security.
# U.S. traded security of a foreign issuer.
+ Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
‡ Illiquid security.  As of November 30, 2010, the security had a value of $0 (0.0% of net assets).
   The security was acquired between September 16, 2008 and October 22, 2008, and has a cost basis of $15,541.
† Rate shown is the 7-day yield as of November 30, 2010.
ADR - American Depository Receipt
 
The cost basis of investments for federal income tax purposes at November 30, 2010 was as follows**:

Cost of investments
   $ 13,983,384  
         
Gross unrealized appreciation
   $ 2,375,472  
Gross unrealized depreciation
     (620,317 )
Net unrealized appreciation
   $ 1,755,155  
         

**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 November 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 November 30, 2010:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
  Agriculture, Forestry, and Hunting
   $ 284,716     $ —     $ —     $ 284,716  
  Finance and Insurance
     1,048,543       —       —       1,048,543  
  Information
     1,359,982       —       —       1,359,982  
  Manufacturing
     7,970,885       —       —       7,970,885  
  Mining
     2,406,648       —       —       2,406,648  
  Professional, Scientific, and Technical Services
     623,375       —       —       623,375  
  Real Estate and Rental and Leasing
     384,683       —       —       384,683  
  Retail Trade
     138,003       —       —       138,003  
  Transportation and Warehousing
     305,283       —       —       305,283  
  Utilities
     744,177       —       —       744,177  
Total Equity
     15,266,295       —       —       15,266,295  
Short-Term Investments
     472,244       —       —       472,244  
Total Investments in Securities
   $ 15,738,539     $ —     $ —     $ 15,738,539  

Transfers between levels are recognized at the end of the reporting period.  During the period ended November 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    1/25/2011                                                               



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    1/25/2011                                                               

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

Date    1/25/2011                                                               

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