N-Q 1 pref_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pref_nq.htm
 
As filed with the Securities and Exchange Commission on May 17, 2012
 
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
615 East Michigan Street
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, 2012



Date of reporting period:  March 31, 2012

 
 
 
 
 
 
Item 1. Schedules of Investments.
 
Phocas Real Estate Fund
Schedule of Investments
March 31, 2012 (Unaudited)
 
Shares
  
COMMON STOCKS - 99.78%
  
Value
   
Apartments - 12.80%
    
1,722
  
AvalonBay Communities, Inc. 
 $ 
           243,405
3,641
  
Equity Residential 
  
           228,000
683
  
Essex Property Trust, Inc. 
  
           103,481
       
           574,886
   
Diversified - 13.85%
    
4,301
  
Colonial Properties Trust 
  
             93,461
6,436
  
Coresite Realty Corp. 
  
           151,825
3,008
  
Digital Realty Trust, Inc. 
  
           222,502
1,832
  
Vornado Realty Trust 
  
           154,254
       
           622,042
   
Health Care - 8.36%
    
4,486
  
HCP, Inc. 
  
           177,018
3,471
  
Ventas, Inc. 
  
           198,194
       
           375,212
   
Hotels - 6.81%
    
3,432
  
LaSalle Hotel Properties 
  
             96,576
31,824
  
Strategic Hotels & Resorts, Inc.  (a)
  
           209,402
       
           305,978
   
Manufactured Homes - 2.19%
    
2,274
  
Sun Communities, Inc. 
  
             98,532
   
Office Property - 18.88%
    
3,292
  
Alexandria Real Estate Equities,  Inc. 
  
           240,744
2,857
  
Boston Properties, Inc. 
  
           299,957
1,879
  
Kilroy Reallty Corp. 
  
             87,580
2,833
  
SL Green Realty Corp. 
  
           219,699
       
           847,980
   
Regional Malls - 15.63%
    
7,455
  
Glimcher Realty Trust 
  
             76,190
4,295
  
Simon Property Group, Inc. 
  
           625,695
       
           701,885
   
Shopping Centers - 8.13%
    
4,134
  
Acadia Realty Trust 
  
             93,181
1,700
  
Federal Realty Investment Trust 
  
           164,543
3,301
  
Kimco Realty Corp. 
  
             63,577
1,479
  
Tanger Factory Outlet Centers, Inc. 
  
             43,971
       
           365,272
   
Storage - 7.64%
    
11,474
  
CubeSmart 
  
           136,541
7,175
  
Extra Space Storage, Inc. 
  
           206,568
       
           343,109
   
Warehouse/Industrial - 5.49%
    
8,812
  
First Potomac Realty Trust 
  
           106,537
3,891
  
Prologis, Inc. 
  
           140,154
       
           246,691
         
   
TOTAL COMMON STOCKS  (Cost $3,042,216)
  
        4,481,587
         
   
SHORT-TERM INVESTMENTS - 0.45%
    
20,025
  
Invesco STIT-STIC Prime Portfolio, 0.13% (b)
  
             20,025
   
TOTAL SHORT-TERM  INVESTMENTS (Cost $20,025)
  
             20,025
         
   
Total Investments in Securites (Cost $3,062,241) - 100.23%
  
        4,501,612
   
Liabilities in Excess of Other Assets - (0.23)%
  
           (10,344)
   
NET ASSETS - 100.00%
 $
        4,491,268
 
(a) Non-income producing security.
(b) Rate shown is the 7-day yield as of March 31, 2012.
 

 
 
 
 
 
Note 1 – Securities Valuation

The Phocas Real Estate 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. 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. 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, 2012:

 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
Apartments
 $ 574,886   $ -   $ -   $ 574,886
Diversified
   622,042     -     -     622,042
Health Care
   375,212     -     -     375,212
Hotels
   305,978     -     -     305,978
Manufactured Homes
   98,532     -     -     98,532
Office Property
   847,980     -     -     847,980
Regional Malls
   701,885     -     -     701,885
Shopping Centers
   365,272     -     -     365,272
Storage
   343,109     -     -     343,109
Warehouse/Industrial
   246,691     -     -     246,691
Total Common Stocks
   4,481,587     -     -     4,481,587
Short-Term Investments
   20,025     -     -     20,025
Total Investments in Securities
 $ 4,501,612   $ -   $ -   $ 4,501,612

 
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 March 31, 2012, the end of the reporting period. The Fund recognized no transfers to/from Level 1 or Level 2. There were no Level 3 securities held in the Fund during the quarter ended March 31, 2012.

 
 
 
 
 
 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at March 31, 2012 was as follows*:


Cost of investments
 $ 3,166,203  
       
Gross unrealized appreciation
 $ 1,468,536  
Gross unrealized depreciation
   (133,127 )
Net unrealized appreciation
 $ 1,335,409  


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.


 
 
 
 
 
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  5/15/2012                                                                                                                                                                       



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  5/15/2012                                                                              
 
                                                                                       

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

Date  5/15/2012                                                                      
 

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