0000894189-13-001921.txt : 20130401 0000894189-13-001921.hdr.sgml : 20130401 20130401104808 ACCESSION NUMBER: 0000894189-13-001921 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130131 FILED AS OF DATE: 20130401 DATE AS OF CHANGE: 20130401 EFFECTIVENESS DATE: 20130401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 13729351 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 0001027596 S000018427 Huber Capital Equity Income Fund C000050919 Investor Class HULIX C000106239 Institutional Class HULEX 0001027596 S000018428 Huber Capital Small Cap Value Fund C000050920 Investor Class HUSIX C000106240 Institutional Class HUSEX 0001027596 S000039416 Huber Capital Diversified Large Cap Value Fund C000121467 Investor Class HUDIX C000121468 Institutional Class HUDEX N-Q 1 ast-hcf_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS ast-hcf_nq.htm
 
As filed with the Securities and Exchange Commission on April 1, 2013
 
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, 2013



Date of reporting period:  January 31, 2013
 

 
 
 
 
 
Item 1. Schedules of Investments.
 
Huber Capital Equity Income Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2013 (Unaudited)
  
   
Shares
        
Value
  
     
COMMON STOCKS - 100.10%
      
     
Advertising Agencies - 1.81%
      
40,500    
Aimia, Inc. (a)
   $ 650,643  
               
     
Aerospace - 1.88%
        
10,400    
Northrop Grumman Corp.
     676,416  
               
     
Air Transport - 1.07%
        
3,800    
FedEx Corp.
     385,510  
               
     
Aluminum - 0.97%
        
39,500    
Alcoa Inc.
     349,180  
               
     
Banks: Diversified - 2.71%
        
86,100    
Bank of America Corp.
     974,652  
               
     
Chemicals: Diversified - 1.10%
        
3,900    
BASF SE - ADR
     394,875  
               
     
Computer Services, Software & Systems - 9.35%
        
56,700    
CA Inc.
     1,407,294  
58,200    
Microsoft Corp.
     1,598,754  
10,100    
Oracle Corp.
     358,651  
            3,364,699  
     
Computer Technology - 2.60%
        
56,600    
Hewlett Packard Co.
     934,466  
               
     
Consumer Lending - 3.14%
        
23,600    
Cash America International, Inc.
     1,130,676  
               
     
Diversified Financial Services - 4.84%
        
19,300    
Citigroup Inc.
     813,688  
19,700    
JPMorgan Chase & Co.
     926,885  
            1,740,573  
     
Diversified Retail - 1.50%
        
7,700    
Wal-Mart Stores, Inc.
     538,615  
               
     
Electronic Components - 1.01%
        
9,310    
TE Connectivity Ltd.
     361,973  
               
     
Engineering & Contracting Services - 1.85%
        
4,500    
Fluor Corp.
     291,735  
11,930    
KBR, Inc.
     372,454  
            664,189  
     
Financial Data & Systems - 4.57%
        
1,900    
Mastercard, Inc. - Class A
     984,960  
46,300    
Western Union Co.
     658,849  
            1,643,809  
     
Foods - 4.44%
        
9,100    
ConAgra Foods, Inc.
     297,479  
27,200    
Herbalife Ltd. (a)
     987,904  
14,100    
Tyson Foods, Inc. - Class A
     311,892  
            1,597,275  
     
Homebuilding - 1.03%
        
11,202    
Lennar Corp. - Class B
     370,562  
               
     
Household Equipment & Products - 2.39%
        
11,300    
Tupperware Brands Corp.
     861,060  
               
     
Insurance: Life - 6.03%
        
211,200    
CNO Financial Group, Inc.
     2,169,024  
               
     
Insurance: Multi-Line - 3.65%
        
34,700    
American International Group, Inc. (b)
     1,312,701  
               
     
Insurance: Property-Casualty - 3.03%
        
39,300    
XL Group PLC
     1,089,396  
               
     
Oil Well Equipment & Services - 4.88%
        
27,600    
Ensco PLC - Class A (a)
     1,754,532  
               
     
Oil: Crude Producers - 1.97%
        
17,600    
Chesapeake Energy Corp.
     355,168  
6,100    
ConocoPhillips
     353,800  
            708,968  
     
Oil: Integrated - 3.98%
        
8,000    
Exxon Mobil Corp.
     719,760  
10,100    
Royal Dutch Shell PLC - Class A - ADR
     712,252  
            1,432,012  
     
Pharmaceuticals - 13.54%
        
4,100    
Actavis, Inc. (b)
     354,199  
29,100    
Eli Lilly & Co.
     1,562,379  
30,800    
Merck & Co., Inc.
     1,332,100  
59,500    
Pfizer, Inc.
     1,623,160  
            4,871,838  
     
Specialty Retail - 1.28%
        
6,900    
Home Depot, Inc.
     461,748  
               
     
Steel - 1.55%
        
10,700    
Carpenter Technology Corp.
     559,931  
               
     
Tobacco - 3.99%
        
16,300    
Philip Morris International, Inc.
     1,437,008  
               
     
Utilities: Electrical - 7.59%
        
8,200    
American Electric Power Co., Inc.
     371,378  
11,100    
Entergy Corp.
     717,060  
35,500    
Exelon Corp.
     1,116,120  
7,300    
NextEra Energy, Inc.
     525,965  
            2,730,523  
     
Utilities: Telecommunications - 2.35%
        
30,900    
Vodafone Group PLC - ADR
     844,188  
               
     
TOTAL COMMON STOCKS (Cost $30,892,342)
     36,011,042  
               
     
SHORT-TERM INVESTMENTS - 0.24%
        
43,023    
Fidelity Institutional Tax-Exempt Portfolio - Class I, 0.01% (c)
     43,023  
43,024    
First American Tax Free Obligations Fund - Class Z, 0.01% (c)
     43,024  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $86,047)
     86,047  
               
     
Total Investments in Securities (Cost $30,978,389) - 100.34%
     36,097,089  
     
Liabilities in Excess of Other Assets - (0.34)%
     (123,671 )
     
NET ASSETS - 100.00%
   $ 35,973,418  
   
   
ADR
American Depository Receipt
        
   
(a)
Foreign issued security.
        
   
(b)
Non-income producing security.
        
   
(c)
Rate shown is the 7-day annualized yield as of January 31, 2013.
        

 
 
 
 
 
Huber Capital Small Cap Value Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2013 (Unaudited)
  
   
Shares
        
Value
  
     
COMMON STOCKS - 90.39%
      
     
Aluminum - 2.23%
      
27,969    
Kaiser Aluminum Corp.
   $ 1,738,553  
               
     
Asset Management & Custodian - 5.95%
        
394,544    
Artio Global Investors, Inc.
     777,252  
25,948    
Virtus Investment Partners, Inc. (a)
     3,866,512  
            4,643,764  
     
Banks: Diversified - 1.52%
        
209,159    
Park Sterling Corp. (a)
     1,188,023  
               
     
Chemicals: Specialty - 3.50%
        
67,844    
Innospec, Inc. (a)
     2,730,721  
               
     
Commercial Vehicles & Parts - 0.84%
        
43,211    
Miller Industries, Inc.
     660,264  
               
     
Consumer Lending - 5.79%
        
17,000    
Cash America International, Inc.
     814,470  
106,246    
EZCORP, Inc. - Class A (a)
     2,358,661  
44,200    
Nelnet, Inc. - Class A
     1,345,006  
            4,518,137  
     
Containers & Packaging - 0.97%
        
40,172    
UFP Technologies, Inc. (a)
     760,054  
               
     
Diversified Manufacturing Operations - 4.72%
        
141,239    
A. M. Castle & Co. (a)
     2,379,877  
51,100    
Harsco Corp.
     1,302,539  
            3,682,416  
     
Engineering & Contracting Services - 0.64%
        
26,484    
Argan, Inc. (a)
     497,899  
               
     
Financial Data & Systems - 4.94%
        
510,933    
Global Cash Access Holdings, Inc. (a)
     3,857,544  
               
     
Foods - 0.11%
        
18,699    
Overhill Farms, Inc. (a)
     84,707  
               
     
Health Care Facilities - 1.49%
        
29,975    
Tenet Healthcare Corp. (a)
     1,163,929  
               
     
Homebuilding - 1.79%
        
42,129    
Lennar Corp. - Class B
     1,393,627  
               
     
Household Equipment & Products - 2.59%
        
26,500    
Tupperware Brands Corp.
     2,019,300  
               
     
Insurance: Life - 5.78%
        
439,300    
CNO Financial Group, Inc.
     4,511,611  
               
     
Insurance: Property-Casualty - 3.68%
        
103,710    
XL Group PLC
     2,874,841  
               
     
Leisure Time - 2.14%
        
114,200    
Callaway Golf Co.
     749,152  
46,602    
Interval Leisure Group, Inc.
     922,720  
            1,671,872  
     
Machinery: Industrial - 1.10%
        
372,900    
Armtec Infrastructure Trust Unit (a)(b)(d)
     859,906  
               
     
Metal Fabricating - 1.28%
        
169,425    
Mueller Water Products, Inc. - Class A
     1,001,302  
               
     
Metals & Mining: Diversified - 3.01%
        
1,043,754    
Uranium Energy Corp. (a)
     2,348,447  
               
     
Office Supplies Equipment - 2.01%
        
65,400    
Lexmark International, Inc. - Class A
     1,573,524  
               
     
Oil Well Equipment & Services - 2.72%
        
730,997    
Cal Dive International, Inc. (a)
     1,388,894  
29,300    
Superior Energy Services, Inc. (a)
     731,621  
            2,120,515  
     
Paper - 1.70%
        
55,300    
Kapstone Paper and Packaging Corp. (a)
     1,327,200  
               
     
Pharmaceuticals - 2.19%
        
53,900    
Endo Health Solutions, Inc. (a)
     1,706,474  
               
     
Real Estate Investment Trusts (REITs) - 8.56%
        
555,060    
CapLease, Inc.
     3,213,798  
39,100    
Government Properties Income Trust
     971,635  
64,017    
Granite Real Estate Investment Trust (b)
     2,493,462  
            6,678,895  
     
Rental & Leasing Services: Consumer - 3.33%
        
72,800    
Rent-A-Center, Inc.
     2,597,504  
               
     
Restaurants - 2.84%
        
68,000    
Boston Pizza Royalties Income Fund (b)
     1,360,137  
68,700    
Pizza Pizza Royalty Corp. (b)
     737,006  
22,300    
Second Cup Royalty Income Fund Unit (b)
     123,193  
            2,220,336  
     
Specialty Retail - 1.00%
        
278,383    
Wet Seal, Inc. (a)
     779,472  
               
     
Steel - 1.76%
        
26,200    
Carpenter Technology Corp.
     1,371,046  
               
     
Telecommunication Equipment - 1.99%
        
94,006    
Arris Group, Inc. (a)
     1,552,979  
               
     
Textiles, Apparel & Shoes - 3.15%
        
102,200    
Iconix Brand Group, Inc. (a)
     2,457,910  
               
     
Utilities: Electrical - 5.07%
        
73,126    
Great Plains Energy, Inc.
     1,564,896  
91,500    
NV Energy, Inc.
     1,732,095  
23,000    
Portland General Electric Co.
     660,560  
            3,957,551  
     
TOTAL COMMON STOCKS (Cost $57,697,447)
     70,550,323  
               
     
SHORT-TERM INVESTMENTS - 9.47%
        
3,696,705    
Fidelity Institutional Tax-Exempt Portfolio - Class I, 0.01% (c)
     3,696,705  
3,696,704    
First American Tax Free Obligations Fund - Class Z, 0.01% (c)
     3,696,704  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $7,393,409)
     7,393,409  
               
     
Total Investments in Securities (Cost $65,090,856) - 99.86%
     77,943,732  
     
Other Assets in Excess of Liabilities - 0.14%
     108,157  
     
NET ASSETS - 100.00%
   $ 78,051,889  
   
               
   
ADR
American Depository Receipt
        
   
(a)
Non-income producing security.
        
   
(b)
Foreign issued security.
        
   
(c)
Rate shown is the 7-day annualized yield as of January 31, 2013.
        
   
(d)
Security is considered illiquid.  As of January 31, 2013, the value of these investments was $859,906 or 1.10% of net assets.
        

 
 
 
 
Huber Capital Diversified Large Cap Value Fund
  
SCHEDULE OF INVESTMENTS at January 31, 2013 (Unaudited)
  
   
Shares
        
Value
  
     
COMMON STOCKS - 80.38%
      
     
Banks: Diversified - 2.39%
      
2,200    
Bank of America Corp.
   $ 24,904  
               
     
Beverage: Soft Drinks - 1.07%
        
300    
Coca Cola Co.
     11,172  
               
     
Chemicals: Diversified - 0.97%
        
100    
BASF SE - ADR
     10,125  
               
     
Computer Services, Software, & Systems - 5.24%
        
1,600    
Microsoft Corp.
     43,952  
300    
Oracle Corp.
     10,653  
            54,605  
     
Consumer Lending - 3.68%
        
800    
Cash America International, Inc.
     38,328  
               
     
Diversified Financial Services - 4.73%
        
500    
Citigroup Inc.
     21,080  
600    
JPMorgan Chase & Co.
     28,230  
            49,310  
     
Diversified Retail - 2.01%
        
300    
Wal-Mart Stores, Inc.
     20,985  
               
     
Electronic Components - 1.12%
        
300    
TE Connectivity Ltd.
     11,664  
               
     
Engineering & Contracting Services - 1.20%
        
400    
KBR, Inc.
     12,488  
               
     
Financial Data & Systems - 4.73%
        
95    
Mastercard, Inc. - Class A
     49,248  
               
     
Foods - 5.23%
        
1,500    
Herbalife Ltd. (a)
     54,480  
               
     
Homebuilding - 1.27%
        
400    
Lennar Corp. - Class B
     13,232  
               
     
Insurance: Life - 5.42%
        
5,500    
CNO Financial Group, Inc.
     56,485  
               
     
Insurance: Multi-Line - 2.90%
        
800    
American International Group, Inc. (b)
     30,264  
               
     
Insurance: Property-Casualty - 1.60%
        
600    
XL Group PLC
     16,632  
               
     
Oil Well Equipment & Services - 6.10%
        
1,000    
Ensco PLC - Class A (a)
     63,570  
               
     
Oil: Crude Producers - 1.36%
        
700    
Chesapeake Energy Corp.
     14,126  
               
     
Pharmaceuticals - 8.60%
        
100    
Actavis, Inc. (b)
     8,639  
800    
Merck & Co., Inc.
     34,600  
1,700    
Pfizer, Inc.
     46,376  
            89,615  
     
Scientific Instruments: Control & Filter - 1.50%
        
100    
Flowserve Corp.
     15,677  
               
     
Specialty Retail - 1.28%
        
200    
Home Depot, Inc.
     13,384  
               
     
Steel - 4.02%
        
800    
Carpenter Technology Corp.
     41,864  
               
     
Tobacco - 4.23%
        
500    
Philip Morris International, Inc.
     44,080  
               
     
Utilities: Electrical - 5.80%
        
400    
Entergy Corp.
     25,840  
1,100    
Exelon Corp.
     34,584  
            60,424  
     
Utilities: Telecommunications - 3.93%
        
1,500    
Vodafone Group PLC - ADR
     40,980  
               
     
TOTAL COMMON STOCKS (Cost $805,387)
     837,642  
               
     
SHORT-TERM INVESTMENTS - 8.52%
        
44,405    
Fidelity Institutional Tax-Exempt Portfolio - Class I, 0.01% (c)
     44,405  
44,406    
First American Tax Free Obligations Fund - Class Z, 0.01% (c)
     44,406  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $88,811)
     88,811  
               
     
Total Investments in Securities (Cost $894,198) - 88.90%
     926,453  
     
Assets in Excess of Other Liabilities - 11.10%
     115,657  
     
NET ASSETS - 100.00%
   $ 1,042,110  
   
               
   
ADR
American Depository Receipt
        
   
(a)
Foreign issued security.
        
   
(b)
Non-income producing security.
        
   
(c)
Rate shown is the 7-day annualized yield as of January 31, 2013.
        

 
 
 
 
 
Huber Capital Funds
Notes to Schedule of Investments
January 31, 2013 (Unaudited)

Note 1 – Securities Valuation

The Huber Capital Funds’ (the “Funds”) investments in securities are carried at their fair value. Equity 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.  The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.  Exchange rates are provided daily by a recognized independent pricing agent.  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 (“Board”). 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 Board has delegated day-to-day valuation issues to a Valuation Committee which is comprised of one or more trustees and representatives from U.S. Bancorp Fund Services, LLC, the Funds’ administrator.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed and ratified by the Board.

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 January 31, 2013:


Diversified Large Cap Value Fund

 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Consumer Discretionary
$47,601
  
            $-
  
                $-
  
$47,601
  Consumer Staples
109,732
  
-
  
                -
  
109,732
  Energy
77,696
  
                -
  
                -
  
77,696
  Financial Services
265,171
  
-
  
-
  
265,171
  Health Care
89,615
  
                -
  
                -
  
89,615
  Materials & Processing
51,989
  
                -
  
                -
  
51,989
  Producer Durables
28,165
  
-
  
-
  
28,165
  Technology
66,269
  
-
  
-
  
66,269
  Utilities
101,404
  
                -
  
                -
  
101,404
Total Common Stocks
837,642
  
-
  
                -
  
837,642
Short-Term Investments
88,811
  
                -
  
                -
  
88,811
Total Investments in Securities
$926,453
  
             $-
  
                $-
  
$926,453


Equity Income Fund

 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Consumer Discretionary
$2,882,628
  
     $ -
  
                $-
  
$2,882,628
  Consumer Staples
3,034,283
  
                -
  
                -
  
3,034,283
  Energy
3,895,512
  
                -
  
                -
  
3,895,512
  Financial Services
10,060,831
  
-
  
-
  
10,060,831
  Health Care
4,871,838
  
                -
  
                -
  
4,871,838
  Materials & Processing
1,303,986
  
                -
  
                -
  
1,303,986
  Producer Durables
1,726,115
  
                -
  
                -
  
1,726,115
  Technology
4,661,138
  
                -
  
                -
  
4,661,138
  Utilities
3,574,711
  
                -
  
                -
  
3,574,711
Total Common Stocks
36,011,042
  
-
  
                -
  
36,011,042
Short-Term Investments
86,047
  
                -
  
                -
  
86,047
Total Investments in Securities
$36,097,089
  
          $ -
  
                $-
  
$36,097,089

Small Cap Value Fund

 
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks
              
  Consumer Discretionary
$13,140,021
  
           $-
  
                $-
  
$13,140,021
  Consumer Staples
84,707
  
-
  
                -
  
84,707
  Energy
2,120,515
  
                -
  
                -
  
2,120,515
  Financial Services
28,272,814
  
-
  
-
  
28,272,814
  Health Care
2,870,403
  
                -
  
                -
  
2,870,403
  Materials & Processing
11,277,323
  
                -
  
                -
  
11,277,323
  Producer Durables
6,414,103
  
$859,906
  
-
  
7,274,009
  Technology
1,552,979
  
-
  
-
  
1,552,979
  Utilities
3,957,552
  
                -
  
                -
  
3,957,552
Total Common Stocks
69,690,417
  
859,906
  
                -
  
70,550,323
Short-Term Investments
7,393,409
  
                -
  
                -
  
7,393,409
Total Investments in Securities
$77,083,826
  
$859,906
  
                $-
  
  $77,943,732


Refer to the Funds’ Schedule of Investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at January 31, 2013, the end of the reporting period.  The Funds recognized no transfers to/from Level 1 or Level 2.  There were no Level 3 securities held in the Funds during the period ended January 31, 2013.
 

 
 
 
 
 
Note 2 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at January 31, 2013 was as follows*:

Diversified Large Cap Value Fund

Cost of investments
   $ 894,198  
         
Gross unrealized appreciation
   $ 35,246  
Gross unrealized depreciation
     (2,991 )
Net unrealized appreciation
   $ 32,255  
         

* Because tax adjustments are calculated annually, the above table does not include tax adjustments.

 
The cost basis of investments for federal income tax purposes at January 31, 2013 was as follows**:

Equity Income Fund

Cost of investments
   $ 31,074,220  
         
Gross unrealized appreciation
   $ 5,855,746  
Gross unrealized depreciation
     (832,877 )
Net unrealized appreciation
   $ 5,022,869  
         

 
Small Cap Value Fund

Cost of investments
   $ 65,212,078  
         
Gross unrealized appreciation
   $ 14,368,659  
Gross unrealized depreciation
     (1,637,005 )
Net unrealized appreciation
   $ 12,731,654  
         

**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 report.


 
 
 
 
Note 3 – Illiquid Securities

A security may be considered illiquid if it lacks a readily available market.  Securities are generally considered liquid if they can be sold or disposed of in the ordinary course of business within seven days at approximately the price at which the security is valued by a Fund.  Illiquid securities may be valued under methods approved by the Funds’ Board of Trustees as reflecting fair value.  Each Fund intends to invest no more than 15% of its net assets in illiquid securities.  At January 31, 2013, the Small Cap Value Fund had investments in illiquid securities with a total value of $859,906 or 1.10% of net assets.
 
Information concerning these illiquid securities is as follows:

 
Shares
Dates Acquired
Cost Basis
Armtec Infrastructure Trust Unit
372,900
10/08 – 1/13
$1,387,846
 
 
 
 
 
 
 
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 3/12/2013                                                                                                                                                                          



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 3/12/2013                                                                                                                                                                          

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

Date 3/12/2013                                                                          

 
* Print the name and title of each signing officer under his or her signature.
 
 
 
EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm
 
CERTIFICATION
 
I, Douglas G. Hess, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 3/12/2013
/s/ Douglas G. Hess
 
Douglas G. Hess, President
 
 
 
 
 
 
 
CERTIFICATION
 
I, Cheryl L. King, certify that:

1.  
I have reviewed this report on Form N-Q of Advisors Series Trust;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  3/12/2013
/s/ Cheryl L. King
 
Cheryl L. King, Treasurer