As filed with the Securities and Exchange Commission on May 22, 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
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: June 30, 2013



Date of reporting period:   March 31, 2013
 

 
 
 
 
Item 1. Schedules of Investments.
 
Davidson Multi-Cap Equity Fund
Schedule of Investments
March 31, 2013 (Unaudited)
         
Shares
 
COMMON STOCKS - 98.21%
 
Value
 
   
Aerospace and Defense - 2.29%
 
 
 
14,660  
United Technologies Corp.
  $ 1,369,684  
   
Air Freight and Logistics - 1.79%
       
10,925  
FedEx Corp.
    1,072,835  
   
Automobiles - 1.28%
       
58,405  
Ford Motor Co.
    768,026  
   
Beverages - 2.16%
       
16,360  
PepsiCo, Inc.
    1,294,240  
   
Biotechnology - 4.09%
       
8,950  
Amgen, Inc.
    917,464  
31,360  
Gilead Sciences, Inc. (a)
    1,534,445  
          2,451,909  
   
Capital Markets - 3.86%
       
51,640  
Morgan Stanley
    1,135,047  
19,875  
State Street Corp.
    1,174,414  
          2,309,461  
   
Chemicals - 4.18%
       
27,770  
E.I. du pont de Nemours & Co.
    1,365,173  
10,210  
Praxair, Inc.
    1,138,824  
          2,503,997  
   
Commercial Banks - 4.48%
       
32,565  
First Republic Bank
    1,257,660  
38,525  
Wells Fargo & Co.
    1,425,040  
          2,682,700  
   
Communications Equipment - 4.26%
       
57,740  
Cisco Systems, Inc.
    1,207,343  
20,110  
QUALCOMM, Inc.
    1,346,365  
          2,553,708  
   
Computers and Peripherals - 5.00%
       
3,751  
Apple, Inc.
    1,660,305  
6,257  
International Business Machines Corp.
    1,334,618  
          2,994,923  
   
Diversifed Financial Services - 2.28%
       
28,745  
JPMorgan Chase & Co.
    1,364,238  
   
Diversified Telecommunication Services - 0.90%
       
10,945  
Verizon Communications, Inc.
    537,947  
   
Electric Utilities - 1.71%
       
23,265  
Black Hills Corp.
    1,024,590  
   
Electrical Equipment - 2.09%
       
20,475  
Eaton Corp. PLC (b)
    1,254,094  
   
Energy Equipment and Services - 3.44%
       
20,865  
Baker Hughes, Inc.
    968,345  
18,183  
Ensco PLC (b)
    1,090,980  
          2,059,325  
   
Food Products - 4.06%
       
32,800  
Archer-Daniels-Midland Co.
    1,106,344  
26,850  
General Mills, Inc.
    1,323,973  
          2,430,317  
   
Health Care Equipment and Supplies - 1.97%
       
12,330  
Becton, Dickinson & Co.
    1,178,871  
   
Health Care Providers and Services - 3.89%
       
22,472  
Express Scripts Holding Co. (a)
    1,295,511  
11,445  
Laboratory Corporation of America Holdings (a)
    1,032,339  
          2,327,850  
   
Hotels, Restaurants and Leisure - 1.83%
       
12,540  
Buffalo Wild Wings, Inc. (a)
    1,097,626  
   
Household Durables - 1.49%
       
36,805  
D.R. Horton, Inc.
    894,361  
   
Household Products - 4.00%
       
15,630  
Church & Dwight Co., Inc.
    1,010,167  
13,915  
Energizer Holdings, Inc.
    1,387,743  
          2,397,910  
   
Industrial Conglomerates - 4.29%
       
11,440  
3M Co.
    1,216,186  
58,655  
General Electric Co.
    1,356,104  
          2,572,290  
   
Insurance - 2.16%
       
37,950  
Principal Financial Group, Inc.
    1,291,439  
   
Internet and Catalog Retail - 1.47%
       
25,585  
Blue Nile, Inc. (a)
    881,403  
   
Internet Software and Services - 2.46%
       
1,855  
Google, Inc. - Class A (a)
    1,472,926  
   
Life Sciences Tools and Services - 1.03%
       
6,585  
Waters Corp. (a)
    618,397  
   
Machinery - 2.10%
       
24,815  
PACCAR, Inc.
    1,254,646  
   
Media - 4.03%
       
91,600  
Interpublic Group of Companies, Inc.
    1,193,548  
12,685  
Time Warner Cable, Inc.
    1,218,521  
          2,412,069  
   
Multi-Utilities - 1.43%
       
10,720  
Sempra Energy
    856,957  
   
Oil, Gas and Consumable Fuels - 6.91%
       
9,645  
Chevron Corp.
    1,146,019  
16,100  
Devon Energy Corp.
    908,362  
12,815  
Exxon Mobil Corp.
    1,154,759  
27,465  
Marathon Oil Corp.
    926,120  
          4,135,260  
   
Real Estate Investment Trusts (REITs) - 4.45%
       
58,145  
Redwood Trust, Inc.
    1,347,801  
47,415  
Starwood Property Trust, Inc.
    1,316,241  
          2,664,042  
   
Semiconductors and Semiconductor Equipment - 1.22%
       
98,405  
Applied Micro Circuits Corp. (a)
    730,165  
   
Software - 5.61%
       
41,655  
Fortinet, Inc. (a)
    986,390  
17,450  
Intuit
    1,145,593  
26,985  
MICRO Systems, Inc. (a)
    1,228,087  
          3,360,070  
             
   
TOTAL COMMON STOCKS (Cost $46,076,018)
    58,818,276  
             
   
SHORT-TERM INVESTMENTS - 1.71%
       
1,024,241  
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)
    1,024,241  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $1,024,241)
    1,024,241  
             
   
Total Investments in Securities (Cost $47,100,259) - 99.92%
    59,842,517  
   
Other Assets in Excess of Liabilities - 0.08%
    48,912  
   
NET ASSETS - 100.00%
  $ 59,891,429  

   (a)  
Non-income producing security.
   (b)  
U.S. traded security of a foreign issuer.
   (c)  
Rate shown is the 7-day annualized yield as of March 31, 2013.
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 
 
 
Davidson Small/Mid Equity Fund
Schedule of Investments
March 31, 2013 (Unaudited)
     
Shares
 
COMMON STOCKS - 96.35%
 
Value
 
   
Building Products - 2.03%
     
1,750  
Simpson Manufacturing Co., Inc.
  $ 53,567  
   
Capital Markets - 3.46%
       
1,930  
LPL Financial Holdings, Inc.
    62,223  
665  
Waddell & Reed Financial, Inc. - Class A
    29,114  
          91,337  
   
Chemicals - 2.83%
       
755  
Airgas, Inc.
    74,866  
   
Commercial Banks - 5.23%
       
8,685  
CoBiz Financial, Inc.
    70,175  
960  
SVB Finanical Group (a)
    68,102  
          138,277  
   
Commercial Services and Supplies - 6.27%
       
6,115  
InnerWorkings, Inc. (a)
    92,581  
3,370  
Ritchie Bros. Auctioneers, Inc. (b)
    73,129  
          165,710  
   
Consumer Finance - 6.60%
       
1,875  
First Cash Financial Services, Inc. (a)
    109,388  
3,885  
Green Dot Corp. - Class A (a)
    64,918  
          174,306  
   
Diversified Consumer Services - 3.47%
       
2,945  
Capella Education Co. (a)
    91,707  
   
Electronic Equipment Instruments and Components - 2.24%
       
2,275  
FLIR Systems, Inc.
    59,173  
   
Energy Equipment and Services - 3.38%
       
3,435  
Superior Energy Services, Inc. (a)
    89,207  
   
Health Care Equipment and Supplies - 2.80%
       
3,770  
Masimo Corp.
    73,967  
   
Health Care Providers and Services - 3.58%
       
3,520  
U.S. Physical Therapy, Inc.
    94,512  
   
Internet and Catalog Retail - 2.55%
       
1,955  
Blue Nile, Inc. (a)
    67,350  
   
Internet Software and Services - 3.36%
       
8,775  
Dice Holdings, Inc. (a)
    88,891  
   
IT Services - 5.60%
       
565  
Alliance Data Systems Corp. (a)
    91,468  
8,000  
ServiceSource International, Inc. (a)
    56,560  
          148,028  
   
Machinery - 3.01%
       
2,000  
Woodward, Inc.
    79,520  
   
Media - 6.74%
       
3,899  
Imax Corp. (a)(b)
    104,220  
4,930  
ReachLocal, Inc. (a)
    73,753  
          177,973  
   
Metals and Mining - 2.45%
       
2,040  
Allegheny Technologies, Inc.
    64,688  
   
Oil, Gas and Consumable Fuels - 3.20%
       
1,665  
Whiting Petroleum Corp. (a)
    84,649  
   
Real Estate Investment Trusts (REITs) - 5.36%
       
1,090  
Camden Property Trust
    74,861  
3,715  
Terreno Realty Corp.
    66,796  
          141,657  
   
Semiconductors and Semiconductor Equipment - 5.10%
       
940  
NVE Corp. (a)
    53,035  
15,345  
RF Micro Devices, Inc. (a)
    81,635  
          134,670  
   
Software - 9.41%
       
2,670  
Fortinet, Inc. (a)
    63,225  
2,145  
MICRO Systems, Inc. (a)
    97,619  
4,245  
RealPage, Inc. (a)
    87,914  
          248,758  
   
Specialty Retail - 2.23%
       
2,975  
Select Comfort Corp. (a)
    58,816  
   
Textiles, Apparel and Luxury Goods - 3.27%
       
3,307  
True Religion Apparel, Inc.
    86,346  
   
Trading Companies and Distributors - 2.18%
       
4,450  
Houston Wire & Cable Co.
    57,628  
             
   
TOTAL COMMON STOCKS (Cost $2,348,523)
    2,545,603  
             
   
SHORT-TERM INVESTMENTS - 5.37%
       
141,747  
Fidelity Institutional Government Portfolio - Class I, 0.01% (c)
    141,747  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $141,747)
    141,747  
             
   
Total Investments in Securities (Cost $2,490,270) - 101.72%
    2,687,350  
   
Liabilities in Excess of Other Assets - (1.72)%
    (45,407 )
   
NET ASSETS - 100.00%
  $ 2,641,943  

   (a)  
Non-income producing security.
   (b)  
U.S. traded security of a foreign issuer.
   (c)  
Rate shown is the 7-day annualized yield as of March 31, 2013.
 
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
 
 
 
 
Note 1 – Securities Valuation

The Davidson Multi-Cap Equity Fund and the Davidson Small/Mid Equity Fund’s (each a “Fund” and collectively, 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. 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. 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 of Trustees.
 
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 Funds’ 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 March 31, 2013:
 
Davidson Multi-Cap Equity Fund

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
  Consumer Discretionary
  $ 6,053,486     $ -     $ -     $ 6,053,486  
  Consumer Staples
    6,122,467       -       -       6,122,467  
  Energy
    6,194,585       -       -       6,194,585  
  Financials
    10,311,879       -       -       10,311,879  
  Health Care
    6,577,028       -       -       6,577,028  
  Industrials
    7,523,549       -       -       7,523,549  
  Information Technology
    11,111,792       -       -       11,111,792  
  Materials
    2,503,996       -       -       2,503,996  
  Telecommunication Services
    537,947       -       -       537,947  
  Utilities
    1,881,547       -       -       1,881,547  
Total Common Stocks
    58,818,276       -       -       58,818,276  
Short-Term Investments
    1,024,241       -       -       1,024,241  
Total Investments in Securities
  $ 59,842,517     $ -     $ -     $ 59,842,517  

Davidson Small/Mid Equity Fund

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
  Consumer Discretionary
  $ 482,192     $ -     $ -     $ 482,192  
  Energy
    173,856       -       -       173,856  
  Financials
    545,577       -       -       545,577  
  Health Care
    168,479       -       -       168,479  
  Industrials
    356,425       -       -       356,425  
  Information Technology
    679,520       -       -       679,520  
  Materials
    139,554       -       -       139,554  
Total Common Stocks
    2,545,603       -       -       2,545,603  
Short-Term Investments
    141,747       -       -       141,747  
Total Investments in Securities
  $ 2,687,350     $ -     $ -     $ 2,687,350  

Refer to the Funds’ Schedule of Investments for a detailed break-out of common stocks by industry classification. Transfers between levels are recognized at March 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 March 31, 2013.
 

 
 
 
 
 
Note 2 – Federal Income Taxes

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

Davidson Multi-Cap Equity Fund

Cost of investments
  $ 47,121,387  
         
Gross unrealized appreciation
  $ 13,926,415  
Gross unrealized depreciation
    (1,205,285 )
Net unrealized appreciation
  $ 12,721,130  

Davidson Small/Mid Equity Fund

Cost of investments
  $ 2,490,270  
         
Gross unrealized appreciation
  $ 280,999  
Gross unrealized depreciation
    (83,919 )
Net unrealized appreciation
  $ 197,080  
 
*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 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 5/17/13                                                                                                                                                                             



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 5/17/13                                                                                                                                                                             

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

Date 5/17/13                                                                             

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