N-Q 1 capadv_33111nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS capadv_33111nq.htm
As filed with the Securities and Exchange Commission on May 23, 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:  December 31, 2011



Date of reporting period:  March 31, 2011
 
 
 
 
 
Item 1. Schedules of Investments.
Capital Advisors Growth Fund
      
Schedule of Investments
      
at March 31, 2011 (Unaudited)
      
           
Shares
      
Value
  
   
COMMON STOCKS - 91.13%
      
           
   
Air Delivery & Freight Services - 2.09%
      
  5,300  
FedEx Corp.
   $ 495,815  
               
     
Asset Management - 2.71%
        
  3,200  
BlackRock, Inc.
     643,232  
               
     
Auto Manufacturers - Major - 2.33%
        
  37,200  
Ford Motor Co.*
     554,652  
               
     
Auto Parts - 2.52%
        
  14,400  
Johnson Controls, Inc.
     598,608  
               
     
Biotechnology - 1.86%
        
  10,400  
Gilead Sciences, Inc.*
     441,376  
               
     
Business Services - 1.83%
        
  5,900  
Visa, Inc. - Class A
     434,358  
               
     
Catalog & Mail Order Houses - 1.56%
        
  2,060  
Amazon.com, Inc.*
     371,068  
               
     
Communication Equipment - 2.58%
        
  29,700  
Corning, Inc.
     612,711  
               
     
Conglomerates - 2.95%
        
  34,960  
General Electric Co.
     700,948  
               
     
Discount, Variety Stores - 2.77%
        
  12,630  
Wal-Mart Stores, Inc.
     657,392  
               
     
Drug Manufacturers - 5.43%
        
  9,520  
Abbott Laboratories
     466,956  
  13,900  
Johnson & Johnson
     823,575  
            1,290,531  
               
     
Drugs Wholesale - 2.20%
        
  6,600  
McKesson Corp.
     521,730  
               
     
Food - Diversified - 1.82%
        
  13,800  
Kraft Foods, Inc. - Class A
     432,768  
               
     
Health Care Plans - 2.87%
        
  15,100  
UnitedHealth Group, Inc.
     682,520  
               
     
Home Improvement Stores - 2.84%
        
  18,200  
Home Depot, Inc.
     674,492  
               
     
Independent Oil & Gas - 2.78%
        
  11,300  
Range Resources Corp.
     660,598  
               
     
Industrial Metals & Minerals - 2.66%
        
  6,600  
BHP Billiton Ltd. - ADR
     632,808  
               
     
Internet Information Provider - 3.35%
        
  1,360  
Google, Inc. - Class A*
     797,246  
               
     
Medical Instruments and Supplies - 4.22%
        
  8,800  
Baxter International, Inc.
     473,176  
  9,550  
Thermo Fisher Scientific, Inc.*
     530,503  
            1,003,679  
               
     
Money Center Banks - 1.80%
        
  96,900  
Citigroup, Inc.*
     428,298  
               
     
Networking & Communication Devices - 1.74%
        
  24,140  
Cisco Systems, Inc.*
     414,001  
               
     
Oil & Gas Pipeline - 2.69%
        
  23,500  
Spectra Energy Corp.
     638,730  
               
     
Personal Computers - 3.45%
        
  2,350  
Apple, Inc.*
     818,857  
               
     
Personal Products - 2.59%
        
  10,000  
Procter & Gamble Co.
     616,000  
               
     
Processed & Packaged Goods - 4.31%
        
  15,900  
PepsiCo, Inc.
     1,024,119  
               
     
Restaurants - 2.27%
        
  10,510  
Yum! Brands, Inc.
     540,004  
               
     
Semiconductor - Equipment & Materials - 3.16%
        
  48,100  
Applied Materials, Inc.
     751,322  
               
     
Semiconductor - Integrated Circuits - 7.80%
        
  9,800  
Broadcom Corp. - Class A
     385,924  
  34,090  
Marvell Technology Group Ltd.*#
     530,099  
  17,100  
Qualcomm, Inc.
     937,593  
            1,853,616  
               
     
Technical & System Software - 1.70%
        
  14,600  
Synopsys, Inc.*
     403,690  
               
     
Telecommunication Services/Domestic - 6.47%
        
  26,300  
AT&T, Inc.
     804,780  
  25,480  
Vodafone Group Plc - ADR
     732,550  
            1,537,330  
               
     
Waste Management - 1.78%
        
  14,100  
Republic Services, Inc.
     423,564  
               
     
Total Common Stocks (Cost $20,549,954)
     21,656,063  
               
     
SHORT-TERM INVESTMENTS - 8.50%
        
  2,021,593  
Fidelity Institutional Money Market Government Portfolio, Class I, 0.01%† (Cost $2,021,593)
     2,021,593  
     
Total Investments in Securities (Cost $22,571,547) - 99.63%
     23,677,656  
     
Other Assets in Excess of Liabilities - 0.37%
     86,978  
     
Net Assets - 100.00%
   $ 23,764,634  
               
     
 * Non-income producing security.
        
     
 # U.S. traded security of a foreign issuer.
        
     
† Rate shown is the 7-day yield as of March 31, 2011.
        
     
 ADR - American Depository Receipt
        


 
 
 
 

Capital Advisors Growth Fund
Notes to Schedule of Investments
March 31, 2011 (Unaudited)

Note 1 – Securities Valuation

The Capital Advisors Growth 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 valued 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.  Fair valuation may also be used for securities that are subject to legal or contractual restrictions on resale, securities for which no or limited trading activity has occurred for a period of time, or securities that are otherwise deemed to be illiquid.  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 March 31, 2011:


   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Basic Materials
   $ 1,932,136     $ —     $ —     $ 1,932,136  
  Conglomerates
     700,948       —       —       700,948  
  Consumer Goods
     3,226,147       —       —       3,226,147  
  Financial
     1,071,530       —       —       1,071,530  
  Healthcare
     3,418,106       —       —       3,418,106  
  Industrial Goods
     423,564       —       —       423,564  
  Services
     3,694,859       —       —       3,694,859  
  Technology
     7,188,773                       7,188,773  
Total Common Stocks
     21,656,063       —       —       21,656,063  
Short-Term Investments
     2,021,593       —       —       2,021,593  
Total Investments in Securities
   $ 23,677,656     $ —     $ —     $ 23,677,656  
 
 
 
 
 

 
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 March 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 March 31, 2011.

Note 2 – Federal Income Taxes

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

Cost of investments
   $ 22,572,586  
         
Gross unrealized appreciation
   $ 1,562,415  
Gross unrealized depreciation
     (457,345 )
Net unrealized appreciation
   $ 1,105,070  
         

*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 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    5/10/2011                                                              



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    5/10/2011                                                             

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

Date    5/9/2011                                                                

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