N-Q 1 elomax_013111nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS elomax_013111nq.htm
As filed with the Securities and Exchange Commission on March 25, 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, 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:  October 31, 2011



Date of reporting period:  January 31, 2011
 
 
 

 
Item 1. Schedules of Investments.
Edgar Lomax Value Fund
      
Schedule of Investments
      
January 31, 2011 (Unaudited)
      
           
           
Shares
  
COMMON STOCKS - 96.99%
  
Value
  
   
Agencies, Brokerages, and Other Insurance Related Activities - 0.81%
      
  4,900  
MetLife, Inc.
   $ 224,273  
     
Alumina and Aluminum Production and Processing - 0.62%
        
  10,300  
Alcoa, Inc.
     170,671  
     
Beverage and Tobacco Product Manufacturing - 1.83%
        
  10,750  
Altria Group, Inc.
     252,733  
  2,000  
Coca Cola Co.
     125,700  
  2,000  
PepsiCo, Inc.
     128,620  
            507,053  
     
Building Material and Garden Equipment - 1.07%
        
  3,800  
The Home Depot, Inc.
     139,726  
  6,300  
Lowe's Companies, Inc.
     156,240  
            295,966  
     
Chemical Manufacturing - 16.42%
        
  2,800  
Abbott Laboratories
     126,448  
  4,600  
Avon Products, Inc.
     130,226  
  19,000  
Bristol-Myers Squibb Co.
     478,420  
  1,700  
Colgate Palmolive Co.
     130,509  
  17,738  
E. I. du Pont de Nemours and Co.
     898,962  
  16,700  
Johnson & Johnson
     998,159  
  28,700  
Merck & Co., Inc.
     951,979  
  37,902  
Pfizer, Inc.
     690,574  
  2,100  
Procter & Gamble Co.
     132,573  
            4,537,850  
     
Computer and Electronic Product Manufacturing - 9.54%
        
  12,600  
Hewlett-Packard Co.
     575,694  
  62,700  
Intel Corp.
     1,345,542  
  14,300  
Raytheon Co.
     714,857  
            2,636,093  
     
Computer and Peripheral Equipment Manufacturing - 1.88%
        
  3,200  
International Business Machines Corp.
     518,400  
     
Depository Credit Intermediation - 0.38%
        
  2,200  
Capital One Financial Corp.
     105,952  
     
Food Manufacturing - 5.64%
        
  3,800  
Campbell Soup Co.
     129,732  
  11,100  
HJ Heinz Co.
     527,250  
  29,483  
Kraft Foods, Inc. - Class A
     901,295  
            1,558,277  
     
Food Services and Drinking Places - 3.76%
        
  14,100  
McDonald's Corp.
     1,038,747  
     
General Merchandise Stores - 3.17%
        
  6,900  
Target Corp.
     378,327  
  12,300  
Walgreen Co.
     497,412  
            875,739  
     
Health and Personal Care Stores - 6.20%
        
  24,400  
CVS Caremark Corp.
     834,480  
  15,700  
Wal-Mart Stores, Inc.
     880,299  
            1,714,779  
     
Insurance Carriers and Related Activities - 6.90%
        
  15,000  
The Allstate Corp.
     467,100  
  35,100  
UnitedHealth Group, Inc.
     1,440,855  
            1,907,955  
     
Machinery Manufacturing - 0.53%
        
  7,300  
General Electric Co.
     147,022  
     
Medical Equipment and Supplies Manufacturing - 1.39%
        
  10,000  
Medtronic, Inc.
     383,200  
     
Metal Ore Mining - 0.71%
        
  1,800  
Freeport-McMoRan Copper & Gold, Inc.
     195,750  
     
Motion Picture and Video Industries - 0.80%
        
  7,000  
Time Warner, Inc.
     220,150  
     
Petroleum and Coal Products Manufacturing - 10.21%
        
  14,500  
Chevron Corp.
     1,376,485  
  13,000  
ConocoPhillips
     928,980  
  6,400  
Exxon Mobil Corp.
     516,352  
            2,821,817  
     
Securities, Commodity Contracts, and Other Finance - 2.11%
        
  18,300  
NYSE Euronext
     582,123  
     
Semiconductor and Other Electronic Component Manufacturing - 2.97%
        
  24,200  
Texas Instruments, Inc.
     820,622  
     
Telecommunications - 7.17%
        
  38,400  
AT&T, Inc.
     1,056,768  
  26,000  
Verizon Communications, Inc.
     926,120  
            1,982,888  
     
Transportation & Warehousing - 0.55%
        
  1,900  
Lockheed Martin Corp.
     151,240  
     
Transportation Equipment Manufacturing - 3.53%
        
  8,400  
The Boeing Co.
     583,632  
  5,200  
General Dynamics Corp.
     392,080  
            975,712  
     
Utilities - 8.80%
        
  14,000  
American Electric Power Co., Inc.
     499,520  
  7,100  
Entergy Corp.
     512,407  
  12,100  
Exelon Corp.
     514,371  
  24,100  
Southern Co.
     906,642  
            2,432,940  
               
     
TOTAL COMMON STOCKS (Cost $24,465,383)
     26,805,219  
               
               
Shares
  
SHORT-TERM INVESTMENTS - 2.77%
  
Value
  
  766,003  
AIM STIT-STIC Prime Portfolio - Institutional Class, 0.14%  (a)
     766,003  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $766,003)
     766,003  
               
     
Total Investments in Securities (Cost $25,231,386) - 99.76%
     27,571,222  
     
Other Assets in Excess of Liabilities - 0.24%
     66,646  
     
NET ASSETS - 100.00%
   $ 27,637,868  
               
               
(a) Rate shown is the 7-day yield as of January 31, 2011.
        

 
 
 
 
 
 
Note 1 – Securities Valuation

The Edgar Lomax Value Fund’s (the “Fund”) investments in securities are carried at their fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Investments in other mutual funds are valued at their net asset value per share. Short-Term securities having a maturity of less than 60 days are values at their amortized cost, which approximates market value.

Securities for which market quotations are not readily available or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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 January 31, 2011:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Accommodation and Food Services
   $ 1,038,747     $ —     $ —     $ 1,038,747  
  Finance and Insurance
     2,820,303       —       —       2,820,303  
  Information
     2,203,038       —       —       2,203,038  
  Manufacturing
     15,227,957       —       —       15,227,957  
  Mining
     195,750       —       —       195,750  
  Retail Trade
     2,886,484       —       —       2,886,484  
  Utilities
     2,432,940       —       —       2,432,940  
Total Common Stocks
     26,805,219       —       —       26,805,219  
                                 
Short-Term Investments
     766,003       —       —       766,003  
                                 
Total Investments in Securities
   $ 27,571,222     $ —     $ —     $ 27,571,222  

 
 
 
 

 
Refer to the Fund’s Schedule of Investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at the end of the reporting period. During the period ended January 31, 2011, the Fund recognized no significant transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the quarter ended January 31, 2011.


Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at January 31, 2011 was as follows*:


Cost of investments
   $ 25,364,177  
         
Gross unrealized appreciation
   $ 2,693,144  
Gross unrealized depreciation
     (486,099 )
Net unrealized appreciation
   $ 2,207,045  


* 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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    3/18/2011                                                                     



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    3/18/2011                                                                     
 
By (Signature and Title)*    /s/ Cheryl L. King                                                                                                       
Cheryl L. King, Treasurer

Date    3/18/2011                                                                     
 
* Print the name and title of each signing officer under his or her signature.