N-Q 1 highpointe_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on November 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 East Michigan St.
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Eric M. Banhazl
Advisors Series Trust
615 East 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: June 30, 2007



Date of reporting period: September 30, 2006 

 
 
 
Item 1. Schedules of Investments.
 
High Pointe Select Value Fund
      
Schedule of Investments
      
September 30, 2006 (Unaudited)
      
           
           
Shares
  
COMMON STOCKS - 99.0%
  
Value
 
   
Beverages - 3.7%
      
24,600
 
Molson Coors Brewing Co., Class B
$
1,694,940
 
   
Capital Markets - 3.7%
      
47,200
 
Bank of New York Co., Inc.
 
1,664,272
 
   
Commercial Services & Supplies - 0.5%
      
11,635
 
Avis Budget Group, Inc.
 
212,804
 
   
Computers & Peripherals - 8.0%
      
92,600
 
Dell, Inc. (a)
  
2,114,984
 
125,000
 
EMC Corp. (a)
  
1,497,500
 
   
 
  
3,612,484
 
   
Consumer Finance - 3.2%
      
18,500
 
Capital One Financial Corp.
 
1,455,210
 
   
Diversified Financial Services - 5.0%
      
45,700
 
Citigroup, Inc.
 
2,269,919
 
   
Diversified Telecommunication Services - 3.6%
      
96,100
 
Sprint Corp.
 
1,648,115
 
   
Food & Staples Retailing - 5.3%
      
48,550
 
Wal-Mart Stores, Inc.
 
2,394,486
 
   
Health Care Equipment & Supplies - 3.3%
      
101,600
 
Boston Scientific Corp. (a)
  
1,502,664
 
   
Health Care Providers & Services - 3.5%
      
32,200
 
UnitedHealth Group, Inc.
 
1,584,240
 
   
Hotels, Restaurants & Leisure - 1.4%
      
23,270
 
Wyndham Worldwide Corp. (a)
  
650,862
 
 
  
Industrial Conglomerates - 5.1%
      
83,100
 
Tyco International Ltd. (b)
  
2,325,969
 
   
Insurance - 8.6%
      
35,350
 
American International Group, Inc.
 
2,342,291
 
22,950
 
XL Capital Ltd., Class A (b)
  
1,576,665
 
   
 
  
3,918,956
 
   
Internet & Catalog Retail - 6.9%
      
54,950
 
Expedia, Inc. (a)
  
861,616
 
38,950
 
IAC/InteractiveCorp (a)
  
1,120,202
 
56,050
 
Liberty Media Holding Corp. - Interactive, Class A (a)
  
1,142,299
 
   
 
  
3,124,117
 
   
Media - 6.7%
      
58,050
 
Comcast Corp., Class A (a)
  
2,139,142
 
10,560
 
Liberty Media Holding Corp. - Capital, Class A (a)
  
882,499
 
   
 
  
3,021,641
 
   
Pharmaceuticals - 7.2%
      
54,500
 
Pfizer, Inc.
 
1,545,620
 
38,550
 
Sanofi-Aventis - ADR
 
1,714,319
 
   
 
  
3,259,939
 
   
Real Estate Management & Development - 1.4%
      
29,087
 
Realogy Corp. (a)
  
659,693
 
   
Software - 5.9%
      
97,150
 
Microsoft Corp.
 
2,655,110
 
   
Specialty Retail - 3.2%
      
49,450
 
Rent-A-Center, Inc. (a)
  
1,448,391
 
   
Thrifts & Mortgage Finance - 12.8%
      
55,700
 
Countrywide Financial Corp.
 
1,951,728
 
37,400
 
Fannie Mae
 
2,091,034
 
26,550
 
Freddie Mac
 
1,761,061
 
   
 
  
5,803,823
 
   
 
      
   
TOTAL COMMON STOCKS (Cost $43,771,332)
  
44,907,635
 
   
 
      
Par
  
SHORT-TERM INVESTMENTS - 1.1%
  
Value
 
           
   
FHLB Discount Note
      
$           493,000
 
4.251% , 10/2/2006
  
492,942
 
   
TOTAL SHORT-TERM INVESTMENTS (Cost $492,942)
  
492,942
 
           
   
TOTAL INVESTMENTS IN SECURITIES (Cost $44,264,274) - 100.1%
  
45,400,577
 
   
Liabilities in Excess of Other Assets - (0.1)%
  
(65,484
 )
   
NET ASSETS - 100.0%
$
45,335,093
 
           
 
ADR - American Depositary Receipt
        
FHLB - Federal Home Loan Bank
        
(a) Non-income producing security.
        
(b) U.S. traded security of a foreign issuer.
        
         
         
         
The cost basis of investments for federal income tax purposes at September 30, 2006 was as follows*:
         
Cost of investments
$
 44,344,097
   
         
Gross unrealized appreciation
$
 3,098,858
   
Gross unrealized depreciation
$
 (2,042,378
 )
Net unrealized appreciation
$
 1,056,480
   
         
* 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 report.

 
High Pointe Small Cap Equity Fund
      
Schedule of Investments
      
September 30, 2006 (Unaudited)
      
           
           
Shares
  
COMMON STOCKS - 95.3%
  
Value
 
   
Aerospace & Defense - 1.9%
      
2,350
 
Esterline Technologies Corp. (a)
$
79,336
 
   
Automobiles - 1.5%
      
9,650
 
Fleetwood Enterprises, Inc. (a)
  
64,944
 
   
Beverages - 3.3%
      
8,150
 
Cott Corp. (a)(b)
  
139,935
 
   
Building Products - 2.0%
      
3,100
 
Simpson Manufacturing Co., Inc.
 
83,793
 
   
Chemicals - 3.2%
      
8,400
 
Hercules, Inc. (a)
  
132,468
 
   
Commercial Services & Supplies - 8.4%
      
5,800
 
Adesa, Inc.
 
134,038
 
2,200
 
United Stationers, Inc. (a)
  
102,322
 
3,100
 
Waste Connections, Inc. (a)
  
117,521
 
       
353,881
 
   
Communications Equipment - 2.0%
      
4,800
 
Plantronics, Inc.
 
84,144
 
   
Computers & Peripherals - 4.8%
      
2,950
 
Avid Technology, Inc. (a)
  
107,439
 
2,200
 
Diebold, Inc.
 
95,766
 
       
203,205
 
   
Containers & Packaging - 3.1%
      
6,950
 
Crown Holdings, Inc. (a)
  
129,270
 
   
Electrical Equipment - 2.6%
      
5,000
 
American Power Conversion Corp.
 
109,800
 
   
Electronic Equipment & Instruments - 5.4%
      
6,350
 
Avnet, Inc. (a)
  
124,587
 
30,750
 
Solectron Corp. (a)
  
100,245
 
       
224,832
 
   
Energy Equipment & Services - 1.6%
      
1,850
 
CARBO Ceramics, Inc.
 
66,655
 
   
Food Products - 2.3%
      
9,200
 
Del Monte Foods Co.
 
96,140
 
   
Health Care Providers & Services - 2.1%
      
3,600
 
United Surgical Partners International, Inc. (a)
  
89,388
 
   
Hotels, Restaurants & Leisure - 5.1%
      
2,250
 
International Speedway Corp. - Class A
 
112,140
 
2,850
 
Speedway Motorsports, Inc.
 
103,769
 
       
215,909
 
   
Industrial Conglomerates - 3.2%
      
3,150
 
Walter Industries, Inc.
 
134,442
 
   
Insurance - 6.8%
      
6,000
 
Conseco, Inc. (a)
  
125,940
 
2,850
 
RenaissanceRe Holdings Ltd. (b)
  
158,460
 
       
284,400
 
   
IT Services - 1.7%
      
2,800
 
MAXIMUS, Inc.
 
73,080
 
   
Leisure Equipment & Products - 1.9%
      
2,350
 
RC2 Corp. (a)
  
78,796
 
   
Machinery - 6.7%
      
3,800
 
AGCO Corp. (a)
  
96,330
 
3,900
 
Briggs & Stratton Corp.
 
107,445
 
2,950
 
Navistar International Corp. (a)
  
76,169
 
       
279,944
 
   
Media - 5.5%
      
2,583
 
Cumulus Media, Inc., Class A (a)
  
24,693
 
4,200
 
Entercom Communications Corp.
 
105,840
 
7,700
 
Reader's Digest Association, Inc.
 
99,792
 
       
230,325
 
   
Oil, Gas & Consumable Fuels - 1.9%
      
5,000
 
Alpha Natural Resources, Inc. (a)
  
78,800
 
   
Real Estate - 2.2%
      
2,700
 
American Home Mortgage Investment Corp.
 
94,149
 
   
Semiconductor & Semiconductor Equipment - 2.2%
      
3,250
 
Cabot Microelectronics Corp. (a)
  
93,665
 
   
Specialized Consumer Services - 2.4%
      
3,400
 
Jackson Hewitt Tax Service, Inc.
 
102,034
 
   
Specialty Retail - 8.4%
      
4,700
 
Foot Locker, Inc.
 
118,675
 
5,750
 
RadioShack Corp.
 
110,975
 
4,250
 
Rent-A-Center, Inc. (a)
  
124,483
 
       
354,133
 
   
Textiles, Apparel & Luxury Goods - 3.1%
      
4,450
 
Timberland Co. (a)
  
128,027
 
           
   
TOTAL COMMON STOCKS (Cost $4,230,326)
  
4,005,495
 
           
Par
  
SHORT-TERM INVESTMENTS - 3.1%
  
Value
 
           
   
FHLB Discount Note
      
$           131,000
 
4.251% , 10/2/2006
  
130,985
 
   
TOTAL SHORT-TERM INVESTMENTS (Cost $130,985)
  
130,985
 
           
   
TOTAL INVESTMENTS IN SECURITIES (Cost $4,361,311) - 98.4%
  
4,136,480
 
   
Other Assets in excess of Liabilities - 1.6%
  
68,379
 
   
NET ASSETS - 100.00%
$
4,204,859
 
           
           
           
 
FHLB - Federal Home Loan Bank
        
(a) Non-income producing security.
        
(b) U.S. traded security of a foreign issuer.
        
         
         
         
The cost basis of investments for federal income tax purposes at September 30, 2006 was as follows*:
         
Cost of investments
  $
 4,381,086
   
         
Gross unrealized appreciation
  $
 222,579
   
Gross unrealized depreciation
  $
 (467,185
 )  
Net unrealized depreciation
  $
 (244,606
)
  
         
* 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 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 1940 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 11/20/2006                                                                                                   



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 11/20/2006                                                                                                  

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

Date 11/28/2006                                                                                                  

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