N-Q 1 alfrank_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Unassociated Document
As filed with the Securities and Exchange Commission on November 29, 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: December 31, 2011
 
Date of reporting period:  September 30, 2011

 
 
 
 
Item 1. Schedules of Investments.
 
Al Frank Fund
                  
SCHEDULE OF INVESTMENTS at September 30, 2011 (Unaudited)
      
               
               
Shares
          
Value
  
 
COMMON STOCKS: 94.11%
            
               
 
COMMUNICATIONS: 2.54%
            
 
Major Telecommunications: 2.54%
        
  50,000  
Nippon Telegraph & Telephone Corp. - ADR (c)
   $ 1,197,500  
  25,000  
Verizon Communications, Inc.
     920,000  
 
Total Communications (Cost $1,889,120)
       2,117,500  
                   
 
CONSUMER DURABLES: 6.04%
          
 
Automotive Aftermarket: 1.11%
          
  85,000  
Cooper Tire & Rubber Co.
     925,650  
 
Electronics/Appliances: 1.14%
                
  10,000  
Helen of Troy Ltd. (a) (b)
     251,200  
  14,000  
Whirlpool Corp.
     698,740  
                949,940  
 
Homebuilding: 1.20%
                
  43,000  
D.R. Horton, Inc.
     388,720  
  12,000  
M.D.C. Holdings, Inc. (c)
     203,280  
  28,000  
Toll Brothers, Inc. (a)
     404,040  
                996,040  
 
Recreational Products: 1.78%
                
  70,000  
Activision Blizzard, Inc.
     833,000  
  20,000  
Hasbro, Inc.
     652,200  
                1,485,200  
 
Tools & Hardware: 0.81%
                
  50,000  
Briggs & Stratton Corp.
     675,500  
                   
 
Total Consumer Durables (Cost $6,524,804)
       5,032,330  
                   
 
CONSUMER NON-DURABLES: 4.02%
          
 
Apparel/Footwear: 0.75%
                
  40,000  
Delta Apparel, Inc. (a) (c)
     630,000  
 
Food: Major Diversified: 1.09%
          
  27,000  
Kraft Foods, Inc. - Class A
     906,660  
 
Food: Meat/Fish/Dairy: 0.98%
                
  47,000  
Tyson Foods, Inc. - Class A
     815,920  
 
Tobacco: 1.20%
                
  16,000  
Philip Morris International Inc.
     998,080  
                   
 
Total Consumer Non-Durables (Cost $2,273,316)
     3,350,660  
                   
 
CONSUMER SERVICES: 2.36%
          
 
Cable/Satellite TV: 1.06%
                
  42,000  
Comcast Corp. - Class A
     877,800  
 
Media Conglomerates: 1.30%
                
  36,000  
Walt Disney Co.
     1,085,760  
                   
 
Total Consumer Services (Cost $1,686,429)
       1,963,560  
                   
 
DISTRIBUTION SERVICES: 2.89%
          
 
Electronics Distributors: 1.32%
          
  40,000  
Ingram Micro, Inc. - Class A (a)
     645,200  
  45,000  
Wayside Technology Group, Inc.
     451,350  
                1,096,550  
 
Medical Distributors: 1.57%
                
  18,000  
McKesson Corp.
     1,308,600  
                   
 
Total Distribution Services (Cost $1,844,477)
       2,405,150  
                   
 
ELECTRONIC TECHNOLOGY: 16.51%
          
 
Aerospace & Defense: 3.76%
                
  40,000  
Ducommun, Inc. (c)
     599,200  
  7,000  
General Dynamics Corp.
     398,230  
  13,000  
L-3 Communications Holdings, Inc.
     805,610  
  11,000  
Lockheed Martin Corp.
     799,040  
  13,000  
Raytheon Co.
     531,310  
                3,133,390  
 
Computer Communications: 1.21%
          
  65,000  
Cisco Systems, Inc.
     1,006,850  
 
Computer Peripherals: 2.39%
                
  65,000  
Seagate Technology PLC (b)
     668,200  
  26,000  
Western Digital Corp. (a)
     668,720  
  70,000  
Xyratex Ltd. (b) (c)
     648,900  
                1,985,820  
 
Computer Processing Hardware: 1.68%
          
  2,500  
Apple Inc. (a)
     952,950  
  20,000  
Hewlett Packard Co.
     449,000  
                1,401,950  
 
Electronic Components: 1.82%
          
  45,000  
AVX Corp.
     534,150  
  50,000  
Benchmark Electronics, Inc. (a)
     650,500  
  40,000  
Vishay Intertechnology, Inc. (a)
     334,400  
                1,519,050  
 
Semiconductors: 4.98%
                
  70,000  
Alpha & Omega Semiconductor Ltd. (a) (b)
     574,700  
  40,000  
Diodes, Inc. (a)
     716,800  
  35,000  
Intel Corp.
     746,550  
  25,000  
Microchip Technology Inc. (c)
     777,750  
  70,000  
Pericom Semiconductor Corp. (a)
     518,700  
  125,000  
Stmicroelectronics N V - ADR
     812,500  
                4,147,000  
 
Telecommunications Equipment: 0.67%
          
  45,000  
Corning, Inc.
     556,200  
                   
 
Total Electronic Technology (Cost $14,004,837)
     13,750,260  
                   
 
ENERGY MINERALS: 8.51%
                
 
Integrated Oil: 3.79%
                
  20,000  
Eni S.p.A. - ADR (c)
     702,600  
  15,000  
Exxon Mobil Corp.
     1,089,450  
  36,000  
Marathon Oil Corp.
     776,880  
  26,000  
Petroleo Brasileiro  S.A. - ADR
     583,700  
                3,152,630  
 
Oil & Gas Production: 4.14%
                
  18,000  
Anadarko Petroleum Corp.
     1,134,900  
  10,000  
Apache Corp.
     802,400  
  39,500  
Chesapeake Energy Corp.
     1,009,225  
  9,000  
Devon Energy Corp.
     498,960  
                3,445,485  
 
Petroleum and Coal Products Manufacturing: 0.58%
        
  18,000  
Marathon Petroleum Corp.
     487,080  
                   
 
Total Energy Minerals (Cost $6,004,064)
       7,085,195  
                   
 
FINANCE: 11.29%
                
 
Financial Conglomerates: 1.63%
          
  23,200  
JPMorgan Chase & Co.
     698,784  
  14,000  
Prudential Financial, Inc.
     656,040  
                1,354,824  
 
Insurance Carriers: 0.75%
                
  40,000  
Protective Life Corp.
     625,200  
 
Investment Banks/Brokers: 2.18%
          
  20,000  
Ameriprise Financial, Inc.
     787,200  
  6,000  
Goldman Sachs Group, Inc.
     567,300  
  20,000  
NASDAQ OMX Group, Inc. (a)
     462,800  
                1,817,300  
 
Major Banks: 3.41%
                
  30,000  
Bank of New York Mellon Corp.
     557,700  
  30,000  
BB&T Corp.
     639,900  
  35,000  
Credit Suisse Group AG - ADR (c)
     918,400  
  30,000  
Wells Fargo & Co.
     723,600  
                2,839,600  
 
Property/Casualty Insurance: 1.05%
          
  18,000  
Travelers Companies, Inc.
     877,140  
 
Real Estate Investment Trusts: 1.09%
          
  55,000  
BioMed Realty Trust, Inc.
     911,350  
 
Regional Banks: 0.50%
                
  45,000  
TCF Financial Corp. (c)
     412,200  
 
Savings Banks: 0.68%
                
  100,000  
Hudson City Bancorp, Inc.
     566,000  
                   
 
Total Finance (Cost $9,876,020)
       9,403,614  
                   
 
HEALTH SERVICES: 2.52%
                
 
Managed Health Care: 2.52%
                
  26,000  
Aetna, Inc.
     945,100  
  25,000  
Unitedhealth Group, Inc.
     1,153,000  
 
Total Health Services (Cost $927,152)
       2,098,100  
                   
 
HEALTH TECHNOLOGY: 6.47%
          
 
Medical Specialties: 4.30%
                
  18,000  
Baxter International, Inc.
     1,010,520  
  19,000  
Covidien PLC (b)
     837,900  
  110,668  
Palomar Medical Technologies, Inc. (a) (c)
     872,064  
  17,000  
Thermo Fisher Scientific, Inc. (a)
     860,880  
                3,581,364  
 
Pharmaceuticals: Major: 2.17%
          
  20,000  
Abbott Laboratories
     1,022,800  
  14,000  
Novartis AG - ADR
     780,780  
                1,803,580  
                   
 
Total Health Technology (Cost $5,051,917)
       5,384,944  
                   
 
INDUSTRIAL SERVICES: 5.66%
          
 
Contract Drilling: 1.12%
                
  17,000  
Diamond Offshore Drilling, Inc. (c)
     930,580  
 
Engineering & Construction: 1.56%
          
  55,000  
Tutor Perini Corp.
     631,950  
  22,500  
URS Corp. (a)
     667,350  
                1,299,300  
 
Environmental Services: 0.98%
          
  25,000  
Waste Management Inc. (c)
     814,000  
 
Oilfield Services/Equipment: 2.00%
          
  25,000  
Bristow Group, Inc. (c)
     1,060,750  
  50,000  
Weatherford International Ltd. (a) (b)
     610,500  
                1,671,250  
                   
 
Total Industrial Services (Cost $6,412,277)
       4,715,130  
                   
 
NON-ENERGY MINERALS: 3.93%
          
 
Construction Materials: 0.59%
          
  287,000  
Smith-Midland Corp. (a) (e)
     487,900  
 
Other Metals/Minerals: 1.20%
          
  15,000  
BHP Billiton Ltd. - ADR
     996,600  
 
Precious Metals: 2.14%
                
  25,000  
Freeport-McMoRan Copper & Gold, Inc.
     761,250  
  75,000  
Yamana Gold, Inc. (b)
     1,024,500  
                1,785,750  
                   
 
Total Non-Energy Minerals (Cost $2,269,768)
       3,270,250  
                   
 
PROCESS INDUSTRIES: 2.47%
          
 
Agricultural Commodities/Milling: 1.13%
          
  38,000  
Archer-Daniels-Midland Co.
     942,780  
 
Chemicals: Major Diversified: 0.72%
          
  15,000  
E.I. Du Pont de Nemours and Co.
     599,550  
 
Chemicals: Specialty: 0.62%
                
  20,000  
OM Group, Inc. (a)
     519,400  
                   
 
Total Process Industries (Cost $1,333,017)
       2,061,730  
                   
 
PRODUCER MANUFACTURING: 1.19%
          
 
Industrial Machinery: 1.19%
                
  28,000  
Eaton Corp.
     994,000  
 
Total Producer Manufacturing (Cost $953,929)
     994,000  
                   
 
RETAIL TRADE: 6.02%
                
 
Apparel/Footwear Retail: 2.08%
          
  65,000  
American Eagle Outfitters, Inc.
     761,800  
  70,000  
Stage Stores, Inc.
     970,900  
                1,732,700  
 
Discount Stores: 0.81%
                
  13,000  
Wal-Mart Stores, Inc.
     674,700  
 
Drugstore Chains: 1.18%
                
  30,000  
Walgreen Co.
     986,700  
 
Home Improvement Chains: 0.99%
          
  25,000  
Home Depot, Inc.
     821,750  
 
Specialty Stores: 0.96%
                
  60,000  
Staples, Inc.
     798,000  
                   
 
Total Retail Trade (Cost $4,698,125)
       5,013,850  
                   
 
TECHNOLOGY SERVICES: 7.14%
          
 
Information Technology Services: 1.47%
          
  7,000  
International Business Machines Corp.
     1,225,210  
 
Internet Software/Services: 1.58%
          
  150,000  
United Online, Inc.
     784,500  
  7,500  
United Technologies Corp.
     527,700  
                1,312,200  
 
Packaged Software: 4.09%
                
  136,000  
American Software, Inc. - Class A
     986,000  
  85,000  
Compuware Corp. (a)
     651,100  
  45,000  
Microsoft Corp.
     1,120,050  
  40,000  
Symantec Corp. (a)
     652,000  
                3,409,150  
                   
 
Total Technology Services (Cost $5,016,786)
       5,946,560  
                   
 
TRANSPORTATION: 2.50%
                
 
Marine Shipping: 1.03%
                
  130,000  
Navios Maritime Holdings Inc. (b) (c)
     412,100  
  80,000  
Tsakos Energy Navigation Ltd. (b)
     446,400  
                858,500  
 
Railroads: 1.47%
                
  20,000  
Norfolk Southern Corp.
     1,220,400  
                   
 
Total Transportation (Cost $1,962,845)
       2,078,900  
                   
 
UTILITIES: 2.05%
                
 
Electric Utilities: 2.05%
                
  20,000  
DTE Energy Co.
     980,400  
  19,000  
Edison International
     726,750  
 
Total Utilities (Cost $1,485,991)
       1,707,150  
                   
 
Total Common Stocks (Cost $74,214,874)
       78,378,883  
                   
                   
 
SHORT-TERM INVESTMENTS: 6.33%
          
 
Money Market Funds: 6.33%
                
  1,734,170  
Invesco STIT-STIC Liquid Assets Portfolio, Institutional Class, 0.10% (d)
     1,734,170  
  3,537,381  
Invesco STIT-STIC Prime Portfolio, Institutional Class, 0.06% (d)
     3,537,381  
 
Total Money Market Funds (Cost $5,271,551)
       5,271,551  
                   
 
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL: 8.36%
        
  6,967,184  
Invesco STIT-STIC Prime Portfolio, Institutional Class, 0.06% (d) (Cost $6,967,184)
     6,967,184  
                   
 
Total Investments (Cost $86,453,609): 108.80%
       90,617,618  
 
Liabilities in Excess of Other Assets: (8.80)%
       (7,329,967 )
 
Total Net Assets: 100.00%
           $ 83,287,651  
                   
 
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 $6,622,866 at September 30, 2011.
  
(d) Rate shown is the 7-day yield as of September 30, 2011.
          
(e) Affiliated Company; the Fund owns 5% or more of the outstanding voting securities of the issuer.  See Note 3 in the Notes to Schedule of Investments.
                 
 
 
 
 
 
 
 
 
Al Frank Dividend Value Fund
SCHEDULE OF INVESTMENTS at September 30, 2011 (Unaudited)
      
           
           
Shares
      
Value
  
   
COMMON STOCKS: 94.78%
      
           
   
COMMUNICATIONS: 3.17%
      
   
Major Telecommunications: 3.17%
      
  8,000  
Nippon Telegraph & Telephone Corp. - ADR
   $ 191,600  
  6,700  
Verizon Communications, Inc.
     246,560  
     
Total Communications (Cost $374,461)
     438,160  
               
     
CONSUMER DURABLES: 5.42%
        
     
Automotive Aftermarket: 1.18%
        
  15,000  
Cooper Tire & Rubber Co.
     163,350  
     
Electronics/Appliances: 1.08%
        
  3,000  
Whirlpool Corp.
     149,730  
     
Homebuilding: 1.04%
        
  8,500  
M.D.C. Holdings, Inc.
     143,990  
     
Recreational Products: 1.20%
        
  14,000  
Activision Blizzard, Inc.
     166,600  
     
Tools & Hardware: 0.92%
        
  9,400  
Briggs & Stratton Corp.
     126,994  
               
     
Total Consumer Durables (Cost $1,123,820)
     750,664  
               
     
CONSUMER NON-DURABLES: 3.68%
        
     
Food: Major Diversified: 1.21%
        
  5,000  
Kraft Foods, Inc. - Class A
     167,900  
     
Food: Meat/Fish/Dairy: 1.13%
        
  9,000  
Tyson Foods, Inc. - Class A
     156,240  
     
Tobacco: 1.34%
        
  2,975  
Philip Morris International Inc.
     185,580  
               
     
Total Consumer Non-Durables (Cost $401,838)
     509,720  
               
     
CONSUMER SERVICES: 3.61%
        
     
Cable/Satellite TV: 1.36%
        
  9,000  
Comcast Corp. - Class A
     188,100  
     
Media Conglomerates: 1.09%
        
  5,000  
Walt Disney Co.
     150,800  
     
Movies/Entertainment: 1.16%
        
  18,000  
World Wrestling Entertainment, Inc. - Class A
     160,380  
               
     
Total Consumer Services (Cost $518,980)
     499,280  
               
     
DISTRIBUTION SERVICES: 2.23%
        
     
Electronics Distributors: 0.65%
        
  9,000  
Wayside Technology Group, Inc.
     90,270  
     
Medical Distributors: 1.58%
        
  3,000  
McKesson Corp.
     218,100  
               
     
Total Distribution Services (Cost $191,342)
     308,370  
               
     
ELECTRONIC TECHNOLOGY: 13.15%
        
     
Aerospace & Defense: 2.34%
        
  2,300  
L-3 Communications Holdings, Inc.
     142,531  
  2,500  
Lockheed Martin Corp.
     181,600  
            324,131  
     
Computer Communications: 1.34%
        
  12,000  
Cisco Systems, Inc.
     185,880  
     
Computer Peripherals: 2.68%
        
  18,000  
Seagate Technology PLC (a)
     185,040  
  20,000  
Xyratex Ltd. (a)
     185,400  
            370,440  
     
Computer Processing Hardware: 0.57%
        
  3,500  
Hewlett Packard Co.
     78,575  
     
Electronic Components: 1.05%
        
  20,000  
DDi Corp.
     144,800  
     
Semiconductors: 4.21%
        
  10,000  
Intel Corp.
     213,300  
  5,600  
Microchip Technology, Inc.
     174,216  
  30,000  
Stmicroelectronics N.V. - ADR
     195,000  
            582,516  
     
Telecommunications Equipment: 0.96%
        
  14,000  
Telefonaktiebolaget LM Ericsson - ADR
     133,700  
               
     
Total Electronic Technology (Cost $1,973,713)
     1,820,042  
               
     
ENERGY MINERALS: 8.32%
        
     
Integrated Oil: 4.96%
        
  3,800  
Eni S.p.A. - ADR
     133,494  
  2,400  
Exxon Mobil Corp.
     174,312  
  6,500  
Marathon Oil Corp.
     140,270  
  4,200  
Petroleo Brasileiro  S.A. - ADR
     94,290  
  3,300  
Total SA - ADR
     144,771  
            687,137  
     
Oil & Gas Production: 2.72%
        
  1,400  
Apache Corp.
     112,336  
  6,000  
Chesapeake Energy Corp.
     153,300  
  2,000  
Devon Energy Corp.
     110,880  
            376,516  
     
Petroleum and Coal Products Manufacturing: 0.64%
        
  3,250  
Marathon Petroleum Corp.
     87,945  
               
     
Total Energy Minerals (Cost $1,085,325)
     1,151,598  
               
     
FINANCE: 12.07%
        
     
Financial Conglomerates: 2.03%
        
  5,000  
JPMorgan Chase & Co.
     150,600  
  2,800  
Prudential Financial, Inc.
     131,208  
            281,808  
     
Insurance Carriers: 1.13%
        
  10,000  
Protective Life Corp.
     156,300  
     
Investment Banks/Brokers: 1.95%
        
  3,000  
Ameriprise Financial, Inc.
     118,080  
  1,600  
Goldman Sachs Group, Inc.
     151,280  
            269,360  
     
Major Banks: 3.56%
        
  8,000  
Bank of New York Mellon Corp.
     148,720  
  7,500  
BB&T Corp.
     159,975  
  7,000  
Credit Suisse Group AG - ADR
     183,680  
            492,375  
     
Real Estate Investment Trusts: 1.06%
        
  5,800  
LTC Properties, Inc.
     146,856  
     
Savings Banks: 2.34%
        
  30,000  
Hudson City Bancorp, Inc.
     169,800  
  13,000  
New York Community Bancorp, Inc.
     154,700  
            324,500  
               
     
Total Finance (Cost $2,184,647)
     1,671,199  
               
     
HEALTH SERVICES: 1.05%
        
     
Managed Health Care: 1.05%
        
  4,000  
Aetna, Inc.
     145,400  
     
Total Health Services (Cost $178,411)
     145,400  
               
     
HEALTH TECHNOLOGY: 7.05%
        
     
Medical Specialties: 3.38%
        
  3,500  
Baxter International, Inc.
     196,490  
  3,500  
Covidien PLC (a)
     154,350  
  3,500  
Medtronic, Inc.
     116,340  
            467,180  
     
Pharmaceuticals: Major: 3.67%
        
  3,700  
Abbott Laboratories
     189,218  
  5,500  
Merck & Co., Inc.
     179,905  
  2,500  
Novartis AG - ADR
     139,425  
            508,548  
               
     
Total Health Technology (Cost $898,237)
     975,728  
               
     
INDUSTRIAL SERVICES: 3.39%
        
     
Contract Drilling: 0.91%
        
  2,300  
Diamond Offshore Drilling, Inc.
     125,902  
     
Environmental Services: 1.41%
        
  6,000  
Waste Management Inc.
     195,360  
     
Oilfield Services/Equipment: 1.07%
        
  3,500  
Bristow Group, Inc.
     148,505  
               
     
Total Industrial Services (Cost $577,797)
     469,767  
               
     
NON-ENERGY MINERALS: 4.89%
        
     
Other Metals/Minerals: 1.20%
        
  2,500  
BHP Billiton Ltd. - ADR
     166,100  
     
Precious Metals: 2.73%
        
  4,800  
Freeport-McMoRan Copper & Gold, Inc.
     146,160  
  17,000  
Yamana Gold, Inc. (a)
     232,220  
            378,380  
     
Steel: 0.96%
        
  4,200  
Nucor Corp.
     132,888  
               
     
Total Non-Energy Minerals (Cost $543,729)
     677,368  
               
     
PROCESS INDUSTRIES: 3.57%
        
     
Agricultural Commodities/Milling: 1.08%
        
  6,000  
Archer-Daniels-Midland Co.
     148,860  
     
Chemicals: Major Diversified: 1.15%
        
  4,000  
E.I. Du Pont de Nemours and Co.
     159,880  
     
Chemicals: Specialty: 1.34%
        
  35,000  
Aceto Corp.
     185,150  
               
     
Total Process Industries (Cost $485,994)
     493,890  
               
     
PRODUCER MANUFACTURING: 3.44%
        
     
Industrial Conglomerates: 0.99%
        
  1,900  
3m Co.
     136,401  
     
Industrial Machinery: 1.38%
        
  5,400  
Eaton Corp.
     191,700  
     
Trucks/Construction/Farm Machinery: 1.07%
        
  2,000  
Caterpillar, Inc.
     147,680  
               
     
Total Producer Manufacturing (Cost $398,096)
     475,781  
               
     
RETAIL TRADE: 6.69%
        
     
Apparel/Footwear Retail: 2.01%
        
  9,000  
American Eagle Outfitters, Inc.
     105,480  
  12,500  
Stage Stores, Inc.
     173,375  
            278,855  
     
Discount Stores: 1.12%
        
  3,000  
Wal-Mart Stores, Inc.
     155,700  
     
Drugstore Chains: 1.02%
        
  4,300  
Walgreen Co.
     141,427  
     
Home Improvement Chains: 1.19%
        
  5,000  
Home Depot, Inc.
     164,350  
     
Specialty Stores: 1.35%
        
  14,000  
Staples, Inc.
     186,200  
               
     
Total Retail Trade (Cost $1,093,107)
     926,532  
               
     
TECHNOLOGY SERVICES: 6.58%
        
     
Information Technology Services: 1.65%
        
  1,300  
International Business Machines Corp.
     227,539  
     
Internet Software/Services: 2.38%
        
  33,500  
United Online, Inc.
     175,205  
  2,200  
United Technologies Corp.
     154,792  
            329,997  
     
Packaged Software: 2.55%
        
  23,000  
American Software, Inc. - Class A
     166,750  
  7,500  
Microsoft Corp.
     186,675  
            353,425  
               
     
Total Technology Services (Cost $852,715)
     910,961  
               
     
TRANSPORTATION: 4.13%
        
     
Marine Shipping: 3.03%
        
  50,000  
Navios Maritime Holdings Inc. (a)
     158,500  
  8,000  
Ship Finance International Ltd. (a)
     104,000  
  28,000  
Tsakos Energy Navigation Ltd. (a)
     156,240  
            418,740  
     
Railroads: 1.10%
        
  2,500  
Norfolk Southern Corp.
     152,550  
               
     
Total Transportation (Cost $776,916)
     571,290  
               
     
UTILITIES: 2.34%
        
     
Electric Utilities: 2.34%
        
  4,000  
DTE Energy Co.
     196,080  
  3,000  
Exelon Corp.
     127,830  
     
Total Utilities (Cost $312,315)
     323,910  
               
     
Total Common Stocks (Cost $13,971,443)
     13,119,660  
               
               
     
SHORT-TERM INVESTMENTS: 4.10%
        
     
Money Market Funds: 4.10%
        
  567,275  
Invesco STIT-STIC Prime Portfolio, Institutional Class, 0.06% (b) (Cost $567,275)
     567,275  
               
     
Total Investments  (Cost $14,538,718): 98.88%
     13,686,935  
     
Assets in Excess of Liabilities: 1.12%
     154,913  
     
Net Assets: 100.00%
   $ 13,841,848  
               
 
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, 2011.
 
 
 
 
 
 
 
 
Al Frank Funds
Notes to Schedule of Investments
September 30, 2011 (Unaudited)

Note 1 – Securities Valuation

The Al Frank Funds’ (the “Funds”) 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. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent sales price.  Investments in open-end mutual funds are valued at their net asset value per share. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Short-term securities having a maturity of 60 days or less are valued at their amortized cost, which approximates market value.  To the extent the inputs are observable and timely, these securities would be classified in level 2 of the fair value hierarchy.

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 Funds have 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 Funds have 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 Funds’ securities as of September 30, 2011:

Al Frank Fund
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communications
   $ 2,117,500     $ -     $ -     $ 2,117,500  
  Consumer Durables
     5,032,330       -       -       5,032,330  
  Consumer Non-Durables
     3,350,660       -       -       3,350,660  
  Consumer Services
     1,963,560       -       -       1,963,560  
  Distribution Services
     2,405,150       -       -       2,405,150  
  Electronic Technology
     13,750,260       -       -       13,750,260  
  Energy Minerals
     7,085,195       -       -       7,085,195  
  Finance
     9,403,614       -       -       9,403,614  
  Health Services
     2,098,100       -       -       2,098,100  
  Health Technology
     5,384,944       -       -       5,384,944  
  Industrial Services
     4,715,130       -       -       4,715,130  
  Non-Energy Minerals
     3,270,250       -       -       3,270,250  
  Process Industries
     2,061,730       -       -       2,061,730  
  Producer Manufacturing
     994,000       -       -       994,000  
  Retail Trade
     5,013,850       -       -       5,013,850  
  Technology Services
     5,946,560       -       -       5,946,560  
  Transportation
     2,078,900       -       -       2,078,900  
  Utilities
     1,707,150       -       -       1,707,150  
Total Common Stocks
     78,378,883       -       -       78,378,883  
Short-Term Investments
     12,238,735       -       -       12,238,735  
Total Investments
   $ 90,617,618     $ -     $ -     $ 90,617,618  
 
 
 
 
 

 
Al Frank Dividend Value Fund

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
  Communications
   $ 438,160     $ -     $ -     $ 438,160  
  Consumer Durables
     750,664       -       -       750,664  
  Consumer Non-Durables
     509,720       -       -       509,720  
  Consumer Services
     499,280       -       -       499,280  
  Distribution Services
     308,370       -       -       308,370  
  Electronic Technology
     1,820,042       -       -       1,820,042  
  Energy Minerals
     1,151,598       -       -       1,151,598  
  Finance
     1,671,199       -       -       1,671,199  
  Health Services
     145,400       -       -       145,400  
  Health Technology
     975,728       -       -       975,728  
  Industrial Services
     469,767       -       -       469,767  
  Non-Energy Minerals
     677,368       -       -       677,368  
  Process Industries
     493,890       -       -       493,890  
  Producer Manufacturing
     475,781       -       -       475,781  
  Retail Trade
     926,532       -       -       926,532  
  Technology Services
     910,961       -       -       910,961  
  Transportation
     571,290       -       -       571,290  
  Utilities
     323,910       -       -       323,910  
Total Common Stocks
     13,119,660       -       -       13,119,660  
Short-Term Investments
     567,275       -       -       567,275  
Total Investments
   $ 13,686,935     $ -     $ -     $ 13,686,935  


Refer to the Funds’ Schedule of Investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at September 30, 2011, the end of the reporting period.  The Funds recognized no significant transfers to/from Level 1 or Level 2.  There were no Level 3 securities held in the Funds during the quarter ending September 30, 2011.
 
 
 
 
 

 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows*:

Al Frank Fund

Cost of investments
   $ 86,460,760  
         
Gross unrealized appreciation
   $ 15,839,860  
Gross unrealized depreciation
     (11,683,002 )
Net unrealized appreciation
   $ 4,156,858  
         

Al Frank Dividend Value Fund

Cost of investments
   $ 14,538,718  
         
Gross unrealized appreciation
   $ 1,387,245  
Gross unrealized depreciation
     (2,239,028 )
Net unrealized depreciation
   $ (851,783 )
         

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Funds’ 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 Funds’ most recent annual and semi-annual reports.


Note 3 – Other Affiliates

The Al Frank Fund’s 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)
   $ -  


 
 
 
 
 
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

Date­­11/29/2011                                                                                                                                                                                          



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

Date11/29/2011                                                                                                                                                                                                      

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

Date11/29/2011                                                                                                     

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