N-Q 1 pic_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings
As filed with the Securities and Exchange Commission on September 29, 2006



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 E. Michigan St.
Milwaukee, WI 53202 
(Address of principal executive offices) (Zip code)



Eric M. Banhazl
Advisors Series Trust
615 E. Michigan St.
Milwaukee, WI 53202 
(Name and address of agent for service)



(414) 765-5340
Registrant's telephone number, including area code



Date of fiscal year end: October 31, 2006



Date of reporting period: July 31, 2006 



Item 1. Schedule of Investments.
PIC Small Cap Growth Fund
    
Schedule of Investments
    
July 31, 2006 (Unaudited)
    
           
 
Shares
      
Value
 
COMMON STOCKS - 97.64%
    
 
Aerospace & Defense - 2.40%
    
 
38,994
  
Argon St, Inc. *
$
966,661
 
34,412
 
Flir Systems, Inc. *
  
826,232
 
39,300
  
Ladish Co., Inc. *
  
1,336,200
         
3,129,093
 
Application Software - 2.70%
    
 
77,300
  
Informatica Corp. *
  
1,079,881
 
42,100
  
Transaction Systems Architects, Inc. *
  
1,558,542
 
55,400
  
Witness Systems, Inc. *
  
882,522
         
3,520,945
 
Biotechnology - 1.08%
    
 
48,750
  
PDL Biopharma, Inc. *
  
877,988
 
38,400
  
Senomyx, Inc. *
  
537,984
         
1,415,972
 
Building Products - 0.47%
    
 
13,200
  
NCI Building Systems, Inc. *
  
616,968
 
Casinos & Gaming - 2.05%
    
 
47,200
  
Shuffle Master, Inc. *
  
1,375,880
 
49,300
  
WMS Industries, Inc. *
  
1,307,929
         
2,683,809
 
Coal & Consumable Fuels - 1.16%
    
 
17,100
  
Aventine Renewable Energy Holdings, Inc. *
  
506,160
 
26,600
  
Foundation Coal Holdings, Inc.
 
1,014,524
         
1,520,684
 
Communications Equipment - 1.46%
    
 
37,000
  
Avocent Corp. *
  
946,460
 
20,800
 
F5 Networks, Inc. *
  
963,872
         
1,910,332
 
Computer & Electronics Retail - 0.99%
    
 
31,000
  
Gamestop Corp. - Class A *
  
1,289,910
 
Computer Storage & Peripherals - 0.27%
    
 
16,400
  
Rackable Systems, Inc. *
  
349,648
 
Construction & Engineering - 2.13%
    
 
37,600
  
Granite Construction, Inc.
 
1,635,224
 
62,000
  
Infrasource Services, Inc. *
  
1,151,960
         
2,787,184
 
Construction & Farm Machinery & Heavy Trucks - 0.89%
    
 
42,100
  
American Railcar Industries, Inc.
 
1,164,065
 
Construction Materials - 0.91%
    
 
24,200
  
Texas Industries, Inc.
 
1,194,996
 
Diversified Commercial & Professional Services - 3.39%
    
 
14,200
  
The Advisory Board Co. *
  
657,886
 
25,352
  
CoStar Group, Inc. *
  
1,099,516
 
17,850
  
CRA International Inc. *
  
806,999
 
21,400
  
Huron Consulting Group, Inc. *
  
742,152
 
58,600
  
Navigant Consulting, Inc. *
  
1,118,088
         
4,424,641
 
Diversified Metals & Mining - 0.63%
    
 
18,000
  
RTI International Metals, Inc. *
  
829,440
 
Education Services - 1.23%
    
 
14,800
  
Strayer Education, Inc.
 
1,603,580
 
Electrical Components & Equipment - 0.86%
    
 
28,300
  
Regal-Beloit Corp.
 
1,124,925
 
Electronic Equipment Manufacturers - 1.44%
    
 
29,378
  
DTS, Inc. *
  
547,018
 
28,700
  
Itron, Inc. *
  
1,335,698
         
1,882,716
 
Electronic Manufacturing Services - 1.60%
    
 
48,600
  
NovAtel, Inc. *#
  
2,085,426
 
Food Distributors - 1.43%
    
 
48,250
  
Central European Distribution Corp. *
  
1,162,825
 
23,450
  
United Natural Foods, Inc. *
  
706,783
         
1,869,608
 
Footwear - 1.94%
    
 
58,650
  
Crocs, Inc. *
  
1,622,845
 
65,400
  
Iconix Brand Group, Inc. *
  
915,600
         
2,538,445
 
Health Care Equipment - 1.47%
    
 
72,000
  
Alphatec Holdings, Inc. *
  
362,880
 
20,300
  
Arthrocare Corp. *
  
894,012
 
7,000
  
Intuitive Surgical, Inc. *
  
666,400
         
1,923,292
 
Health Care Facilities - 2.85%
    
 
22,900
  
Psychiatric Solutions, Inc. *
  
721,121
 
34,100
  
Radiation Therapy Services, Inc. *
  
947,298
 
58,846
  
VCA Antech, Inc. *
  
2,057,845
         
3,726,264
 
Health Care Services - 3.85%
    
 
77,100
  
HealthExtras, Inc. *
  
2,001,516
 
33,400
  
Healthways, Inc. *
  
1,794,248
 
29,000
  
Pediatrix Medical Group, Inc. *
  
1,229,600
         
5,025,364
 
Home Entertainment Software - 1.28%
    
 
73,650
  
THQ Inc. *
  
1,671,119
 
Homefurnishing Retail - 0.96%
    
 
51,730
  
Aaron Rents, Inc.
 
1,248,762
 
Human Resources & Employment Services - 1.21%
    
 
66,808
  
Resources Connection, Inc. *
  
1,581,345
 
Independent Power Producers & Energy Traders - 1.04%
    
 
77,300
  
Covanta Holding Corp. *
  
1,364,345
 
Industrial Machinery - 3.72%
    
 
26,600
  
ESCO Technologies, Inc. *
  
1,401,554
 
68,000
  
Flow International Corp. *
  
918,000
 
25,000
  
Gardner Denver, Inc. *
  
866,250
 
62,800
  
Mueller Water Products, Inc. - Class A *
  
995,380
 
30,150
  
RBC Bearings, Inc. *
  
672,948
         
4,854,132
 
Insurance Brokers - 0.77%
    
 
22,300
  
National Financial Partners Corp.
 
1,004,392
 
Integrated Telecommunication Services - 1.17%
    
 
49,700
  
NeuStar, Inc. - Class A*
  
1,533,742
 
Internet & Catalog Retail - 0.84%
    
 
49,900
  
VistaPrint Limited *#
  
1,103,788
 
Internet Retail - 0.58%
    
 
36,900
  
Stamps.com, Inc. *
  
752,391
 
Internet Software & Services - 5.95%
    
 
34,900
  
Ctrip.com International, Ltd. - ADR
  
1,766,463
 
89,100
  
CyberSource Corp. *
  
894,564
 
47,000
  
DealerTrack Holdings, Inc. *
  
921,670
 
27,400
  
Digital Insight Corp. *
  
646,640
 
54,500
  
Equinix, Inc. *
  
2,854,710
 
54,050
  
Marchex, Inc. - Class B*
  
689,138
         
7,773,185
 
Leisure Facilities - 1.77%
    
 
50,900
  
Life Time Fitness, Inc. *
  
2,305,770
 
Leisure Products - 1.29%
    
 
43,300
  
SCP Pool Corp.
  
1,685,669
 
Life Sciences Tools & Services - 2.06%
    
 
57,700
  
Ventana Medical Systems, Inc. *
  
2,689,397
 
Managed Health Care - 0.93%
    
 
28,100
  
Sierra Health Services, Inc. *
  
1,213,358
 
Marine - 1.24%
    
 
20,100
  
American Commercial Lines, Inc. *
  
1,104,495
 
31,900
  
Horizon Lines Inc. - Class A
 
510,400
         
1,614,895
 
Oil & Gas Drilling - 0.86%
    
 
19,100
  
Unit Corp. *
  
1,120,024
 
Oil & Gas Equipment & Services - 4.19%
    
 
40,400
  
Basic Energy Services Inc. *
  
1,090,800
 
6,800
  
Hydril *
  
471,036
 
78,200
  
KFX, Inc. *
  
1,213,664
 
27,400
  
Oil States International, Inc. *
  
881,184
 
33,000
  
W-H Energy Services, Inc. *
  
1,815,660
         
5,472,344
 
Oil & Gas Exploration & Production - 1.54%
    
 
32,500
  
Denbury Resources, Inc. *
  
1,126,775
 
34,500
  
Toreador Resources Corp. *
  
887,685
         
2,014,460
 
Oil & Gas Refining & Marketing & Transportation - 1.34%
  
 
 
28,800
  
Alon USA Energy Inc.
  
1,103,904
 
13,800
  
World Fuel Services Corp.
 
653,016
         
1,756,920
 
Other Diversified Financial Services - 1.68%
  
 
 
32,800
  
Online Resource Corp. *
  
344,072
 
65,500
  
Verifone Holdings, Inc. *
  
1,850,375
         
2,194,447
 
Personal Products - 1.03%
  
 
 
39,700
  
Chattem, Inc. *
  
1,347,021
 
Pharmaceuticals - 1.15%
    
 
62,200
  
Aspreva Pharmaceuticals Corp. *#
  
1,498,398
 
Property & Casualty Insurance - 0.64%
  
 
 
32,434
  
National Interstate Corp.
  
835,500
 
Railroads - 1.04%
  
 
 
51,550
  
Genesee & Wyoming Inc. *
  
1,356,280
 
Real Estate Management & Development - 1.46%
    
 
55,500
  
Trammell Crow Co. *
  
1,912,530
 
Regional Banks - 1.35%
  
 
 
20,200
  
PrivateBancorp, Inc.
 
949,602
 
42,100
  
Texas Capital Bancshares, Inc. *
  
818,845
         
1,768,447
 
Restaurants - 0.85%
  
 
 
28,500
  
Red Robin Gourmet Burgers, Inc. *
  
1,107,225
 
Semiconductor Equipment - 3.25%
  
 
 
19,521
  
Cymer, Inc. *
  
763,662
 
35,400
  
FormFactor, Inc. *
  
1,517,598
 
62,400
  
Tessera Technologies, Inc. *
  
1,963,728
         
4,244,988
 
Semiconductor Equipment & Products - 0.56%
  
 
 
55,150
  
Silicon Motion Technology Corp. - ADR *
  
737,907
 
Semiconductors - 2.54%
  
 
 
68,600
  
Microsemi Corp. *
  
1,735,580
 
49,100
  
Trident Microsystems, Inc. *
  
845,502
 
50,100
  
Volterra Semiconductor Corp. *
  
730,458
         
3,311,540
 
Specialized Consumer Services - 1.25%
  
 
 
21,600
  
Jackson Hewitt Tax Service, Inc.
 
737,208
 
32,600
  
Sotheby's
  
900,738
         
1,637,946
 
Specialized Finance - 1.94%
  
 
 
37,500
  
Alliance Data Systems Corp. *
  
1,924,500
 
24,500
  
Euronet Worldwide, Inc. *
  
622,545
         
2,547,045
 
Specialty Chemicals - 0.58%
    
 
30,900
  
Symyx Technologies, Inc. *
  
760,449
 
Specialty Stores - 2.33%
  
 
 
19,200
  
Guitar Center, Inc. *
  
816,384
 
32,950
  
Hibbett Sporting Goods, Inc. *
  
651,092
 
34,400
  
Tractor Supply Co. *
  
1,573,456
         
3,040,932
 
Steel - 1.27%
  
 
 
16,800
  
Carpenter Technology Corp.
  
1,653,120
 
Systems Software - 0.91%
    
 
29,600
  
Micros Systems, Inc. *
  
1,184,000
 
Trading Companies & Distributors - 1.37%
  
 
 
60,000
  
Beacon Roofing Supply, Inc. *
  
1,097,400
 
36,450
  
Houston Wire & Cable Co. *
  
685,989
         
1,783,389
 
Trucking - 1.35%
  
 
 
34,200
  
Marten Transport, Ltd. *
  
530,784
 
37,643
  
Old Dominion Freight Line, Inc. *
  
1,226,409
         
1,757,193
 
Wireless Telecommunication Services - 1.15%
  
 
 
62,600
  
SBA Communications Corp. *
  
1,494,888
 
TOTAL COMMON STOCKS
 
127,550,590
 
(Cost $102,323,107)
    
 
 
MONEY MARKET INVESTMENTS - 1.75%
  
 
 
1,142,480
  
SEI Daily Income Treasury Fund
  
1,142,480
 
1,142,480
  
SEI Daily Income Trust Government Fund
 
1,142,480
 
TOTAL MONEY MARKET INVESTMENTS
  
2,284,960
 
(Cost $2,284,960)
      
 
Total Investments in Securities
  
129,835,550
 
(Cost $104,608,067) - 99.39%
    
 
Other Assets in Excess of Liabilities - 0.61%
  
794,025
 
NET ASSETS - 100.00%
$
130,629,575
           
 
* Non-income producing security.
# U.S. traded security of a foreign issuer.
ADR - American Depository Receipt
 
           
The cost basis of investments for federal income tax purposes at July 31, 2006 was as follows**:
  
           
Cost of investments
 $
 105,164,791
   
           
Gross unrealized appreciation
 $
 30,306,489
   
Gross unrealized depreciation
 $
(5,635,730)
    
Net unrealized appreciation
 $
 24,670,759
   
           
** 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 semi-annual or annual report.
  
 
    
 
 
PIC Flexible Growth Fund
    
Schedule of Investments
    
July 31, 2006 (Unaudited)
    
           
 
Shares
      
Value
 
COMMON STOCKS - 94.62%
    
 
Aerospace & Defense - 2.05%
    
 
1,125
  
Rockwell Collins, Inc.
$
60,041
 
Application Software - 3.05%
    
 
3,130
  
Adobe Systems, Inc. *
  
89,236
 
Asset Management & Custody Banks - 1.11%
    
 
390
  
Legg Mason, Inc.
 
32,553
 
Biotechnology - 12.51%
    
 
1,340
  
Amgen, Inc. *
  
93,451
 
690
  
Genentech, Inc. *
  
55,766
 
1,410
  
Genzyme Corp. *
  
96,275
 
1,965
  
Gilead Sciences, Inc. *
  
120,808
         
366,300
 
Casinos & Gaming - 0.96%
    
 
830
  
Scientific Games Corp. - Class A *
  
28,195
 
Communications Equipment - 4.55%
    
 
3,040
  
Corning, Inc. *
  
57,973
 
2,135
  
Qualcomm, Inc.
 
75,280
         
133,253
 
Computer Hardware - 3.78%
    
 
1,630
  
Apple Computer, Inc. *
  
110,775
 
Construction Materials - 1.28%
    
 
560
  
Vulcan Materials Co.
 
37,503
 
Consumer Finance - 3.25%
  
 
 
1,890
  
SLM Corp.
 
95,067
 
Department Stores - 2.63%
    
 
1,360
  
Kohl's Corp. *
  
77,017
 
Drug Retail - 4.59%
    
 
4,110
  
CVS Corp.
 
134,479
 
Fertilizers & Agricultural Chemicals - 3.82%
    
 
2,600
  
Monsanto Co.
 
111,774
 
Food Retail - 1.51%
    
 
770
  
Whole Foods Market, Inc.
 
44,283
 
General Merchandise Stores - 1.55%
    
 
990
  
Target Corp.
 
45,461
 
Health Care Equipment - 5.16%
    
 
2,615
  
St. Jude Medical, Inc. *
  
96,493
 
865
  
Zimmer Holdings, Inc. *
  
54,703
         
151,196
 
Health Care Equipment & Supplies - 3.00%
  
 
 
795
  
Alcon, Inc. *#
  
87,784
 
Health Care Technology - 0.19%
    
 
200
  
IMS Health, Inc.
 
5,488
 
Home Improvement Retail - 2.82%
    
 
2,910
  
Lowe's Companies, Inc.
 
82,498
 
Industrial Gases - 2.74%
    
 
1,465
  
Praxair, Inc.
 
80,341
 
Internet Software & Services - 3.10%
    
 
235
  
Google, Inc. - Class A *
  
90,851
 
Investment Banking & Brokerage - 1.83%
    
 
3,270
  
TD Ameritrade Holding Corp. *
 
53,563
 
IT Consulting & Other Services - 2.59%
    
 
1,160
  
Cognizant Technology Solutions Corp. - Class A *
  
75,968
 
Managed Health Care - 6.21%
    
 
3,800
  
UnitedHealth Group, Inc.
 
181,754
 
Multi-line Insurance - 1.66%
    
 
800
  
American International Group, Inc.
 
48,536
 
Oil & Gas Drilling - 2.95%
    
 
1,120
  
Transocean, Inc. *#
  
86,498
 
Oil & Gas Equipment & Services - 3.15%
    
 
2,760
  
Halliburton Co.
 
92,074
 
Oil & Gas Exploration & Production - 1.65%
    
 
59
  
Hugoton Royalty Trust
 
1,835
 
990
  
XTO Energy, Inc.
 
46,520
         
48,355
 
Oil, Gas & Consumable Fuels - 2.02%
    
 
1,480
  
Cameco Corp. #
  
59,052
 
Pharmaceuticals - 2.63%
    
 
370
  
Allergan, Inc.
 
39,904
 
800
  
Forest Laboratories, Inc. *
  
37,048
         
76,952
 
Semiconductors & Semiconductor Equipment - 0.70%
    
 
1,100
  
Marvell Technology Group Ltd. *#
  
20,405
 
Wireless Telecommunication Services - 5.58%
    
 
2,300
  
American Tower Corp. - Class A *
  
77,740
 
1,620
  
NII Holdings, Inc. *
  
85,504
         
163,244
 
TOTAL COMMON STOCKS
 
2,770,496
 
(Cost $2,497,745)
    
 
MONEY MARKET INVESTMENTS - 6.62%
    
 
96,905
  
SEI Daily Income Treasury Fund
  
96,905
 
96,905
  
SEI Daily Income Trust Government Fund
 
96,905
 
TOTAL MONEY MARKET INVESTMENTS
  
193,810
 
(Cost $193,810)
    
 
Total Investments in Securities
  
2,964,306
 
(Cost $2,691,555) - 101.24%
    
 
Liabilities in Excess of Other Assets - (1.24)%
  
(36,419)
 
NET ASSETS - 100.00%
$
2,927,887
           
* Non-income producing security.
    
# U.S. traded security of a foreign issuer.
    
           

 
             
The cost basis of investments for federal income tax purposes at July 31, 2006 was as follows**:
             
Cost of investments
 $
 2,695,343
   
             
Gross unrealized appreciation
 $
 421,778
   
Gross unrealized depreciation
 $
 (152,815)
    
Net unrealized appreciation
 $
 268,963
   
             
** 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 semi-annual or annual report.
    
 
            
 


Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief 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”)) 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 and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is 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 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/Eric M. Banhazl                        
Eric M. Banhazl, President

Date 09/26/2006                                                               



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/Eric M. Banhazl                     
Eric M. Banhazl, President

Date 09/26/2006                                                              

By (Signature and Title)* /s/Douglas G. Hess                   
Douglas G. Hess, Treasurer

Date 09/26/2006                                                              

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