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 March 29, 2007



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, 2007



Date of reporting period: January 31, 2007 


Item 1. Schedule of Investments.
   
Schedule of Investments
    
January 31, 2007 (Unaudited)
   
         
         
Shares
 
COMMON STOCKS - 96.17%
 
Value
   
Aerospace & Defense - 2.94%
    
32,412
 
Flir Systems, Inc. *
$
1,001,855
58,910
 
Ladish, Inc. *
  
2,397,637
       
3,399,492
   
Airlines - 1.32%
    
27,245
 
Copa Holdings Sa #
  
1,527,082
   
Alternative Carriers - 1.39%
    
57,200
 
Cogent Communications Group, Inc. *
  
1,201,200
28,100
 
Globalstar, Inc. *
  
403,797
       
1,604,997
   
Apparel Retail - 0.97%
    
60,200
 
Casual Male Retail Group, Inc. *
  
751,296
11,200
 
Zumiez, Inc. *
  
368,480
       
1,119,776
   
Application Software - 3.60%
    
93,700
 
Nuance Communications, Inc. *
  
1,079,424
52,000
 
Transaction Systems Architects, Inc. *
  
1,879,800
49,200
 
The Ultimate Software Group, Inc. *
  
1,199,496
       
4,158,720
   
Biotechnology - 4.87%
    
67,200
 
BioMarin Pharmaceutical, Inc. *
  
1,272,768
47,000
  
LifeCell Corp. *
  
1,123,770
65,150
 
PDL Biopharma, Inc. *
  
1,336,226
28,500
 
Pharmion Corp. *
  
907,725
67,700
 
Senomyx, Inc. *
  
989,774
       
5,630,263
   
Casinos & Gaming - 1.78%
    
35,800
 
Pinnacle Entertainment, Inc. *
  
1,236,174
20,800
 
WMS Industries, Inc. *
  
824,928
       
2,061,102
   
Coal & Consumable Fuels - 0.72%
    
25,000
 
Foundation Coal Holdings, Inc.
 
832,000
   
Commercial Printing - 0.92%
    
82,900
 
Innerworkings, Inc. *
  
1,065,265
   
Communications Equipment - 1.85%
    
14,000
 
Avocent Corp. *
  
483,560
23,100
 
F5 Networks, Inc. *
  
1,650,264
       
2,133,824
   
Construction & Engineering - 2.02%
    
21,700
 
Granite Construction, Inc.
 
1,162,252
55,400
 
Infrasource Services, Inc. *
  
1,177,250
       
2,339,502
   
Construction & Farm Machinery & Heavy Trucks - 0.33%
    
12,800
  
American Railcar Industries, Inc.
 
379,904
   
Data Processing & Outsourced Services - 0.41%
    
19,374
  
ExlService Holdings, Inc. *
  
478,925
   
Diversified Commercial & Professional Services - 3.12%
    
20,100
  
The Advisory Board Co. *
  
1,131,831
11,952
  
CoStar Group, Inc. *
  
567,361
16,750
  
CRA International Inc. *
  
903,160
19,400
  
Huron Consulting Group, Inc. *
  
1,005,890
       
3,608,242
   
Diversified Metals & Mining - 1.45%
    
20,468
  
RTI International Metals, Inc. *
  
1,673,259
   
Education Services - 1.38%
    
14,000
  
Strayer Education, Inc.
 
1,592,780
   
Electrical Components & Equipment - 1.18%
    
27,100
  
Regal-Beloit Corp.
 
1,363,672
   
Electronic Equipment Manufacturers - 0.90%
    
30,100
  
Daktronics, Inc.
 
1,040,557
   
Electronic Manufacturing Services - 1.09%
    
30,500
  
NovAtel, Inc. *#
  
1,258,125
   
Footwear - 3.77%
    
38,150
  
Crocs, Inc. *
  
1,920,471
11,550
  
Heelys, Inc. *
  
438,900
100,100
  
Iconix Brand Group, Inc. *
  
1,992,991
       
4,352,362
   
Health Care Equipment - 1.34%
    
26,650
  
Arthrocare Corp. *
  
983,385
19,000
  
Meridian Bioscience, Inc.
 
563,350
       
1,546,735
   
Health Care Facilities - 1.97%
    
27,300
  
Psychiatric Solutions, Inc. *
  
1,063,062
36,096
  
VCA Antech, Inc. *
  
1,213,548
       
2,276,610
   
Health Care Services - 3.96%
    
84,200
  
HealthExtras, Inc. *
  
2,152,152
21,400
  
Healthways, Inc. *
  
971,774
27,600
  
Pediatrix Medical Group, Inc. *
  
1,450,104
       
4,574,030
   
Health Care Supplies - 0.73%
    
17,400
  
West Pharmaceutical Services, Inc.
 
844,422
   
Health Care Technology - 0.51%
    
28,500
  
Omnicell, Inc. *
  
590,520
   
Home Entertainment Software - 1.40%
    
53,550
  
THQ Inc. *
  
1,622,565
   
Homefurnishing Retail - 1.35%
    
53,030
  
Aaron Rents, Inc.
 
1,565,446
   
Human Resources & Employment Services - 1.85%
    
68,208
  
Resources Connection, Inc. *
  
2,141,731
   
Independent Power Producers & Energy Traders - 2.45%
    
75,300
  
Covanta Holding Corp. *
  
1,781,598
26,700
  
Ormat Technologies, Inc.
 
1,046,373
       
2,827,971
   
Industrial Machinery - 0.89%
    
35,150
  
Altra Holdings, Inc. *
  
506,160
16,950
  
RBC Bearings, Inc. *
  
520,026
       
1,026,186
   
Integrated Telecommunication Services - 2.09%
    
35,305
  
Cbeyond Communications, Inc. *
  
1,049,265
44,200
  
Neustar, Inc. - Class A *
  
1,365,338
       
2,414,603
   
Internet & Catalog Retail - 1.27%
    
34,100
  
VistaPrint Limited *#
  
1,469,369
   
Internet Software & Services - 7.01%
    
18,500
  
Ctrip.com International, Ltd. - ADR
 
1,315,535
62,500
  
CyberSource Corp. *
  
806,250
34,200
  
Dealertrack Holdings, Inc. *
  
948,024
21,300
  
Digital Insight Corp. *
  
828,357
41,100
  
Equinix, Inc. *
  
3,455,277
23,800
  
The Knot, Inc. *
  
718,046
1,800
  
Omniture, Inc. *
  
27,324
       
8,098,813
   
Investment Banking & Brokerage - 0.65%
    
11,700
  
GFI Group, Inc. *
  
748,566
   
Leisure Facilities - 2.60%
    
47,900
  
Life Time Fitness, Inc. *
  
2,596,180
21,000
  
Town Sports Intl Holdings, Inc. *
  
413,700
       
3,009,880
   
Leisure Products - 0.45%
    
14,100
  
SCP Pool Corp.
 
516,060
   
Life Sciences Tools & Services - 1.02%
    
27,900
  
Ventana Medical Systems, Inc. *
  
1,174,590
   
Managed Health Care - 0.48%
    
28,175
  
Healthspring, Inc. *
  
554,202
   
Marine - 1.95%
    
12,800
  
American Commercial Lines, Inc. *
  
901,632
45,300
  
Horizon Lines Inc. - Class A
 
1,347,675
       
2,249,307
   
Oil & Gas Equipment & Services - 2.58%
    
19,300
  
Basic Energy Services Inc. *
  
457,603
11,600
  
Hydril *
  
917,560
8,100
  
Core Laboratories N.V. *#
  
667,440
20,600
  
W-H Energy Services, Inc. *
  
934,828
       
2,977,431
   
Oil & Gas Exploration & Production - 0.69%
    
29,600
  
Toreador Resources Corp. *
  
793,872
   
Oil & Gas Refining & Marketing & Transportation - 1.49%
    
18,700
  
Alon USA Energy Inc.
 
502,843
26,600
  
World Fuel Services Corp.
 
1,219,610
       
1,722,453
   
Other Diversified Financial Services - 2.86%
    
67,700
  
Online Resource Corp. *
  
689,186
65,500
  
Verifone Holdings, Inc. *
  
2,618,035
       
3,307,221
   
Personal Products - 1.04%
    
11,200
  
Chattem, Inc. *
  
643,328
26,840
  
Physicians Formula Holdings, Inc. *
  
556,393
       
1,199,721
   
Pharmaceuticals - 0.44%
    
25,500
 
Aspreva Pharmaceuticals Corp. *#
  
508,470
   
Property & Casualty Insurance - 1.96%
    
33,934
 
National Interstate Corp.
 
913,843
40,300
 
Tower Group, Inc.
 
1,354,080
       
2,267,923
   
Regional Banks - 1.13%
    
34,800
 
PrivateBancorp, Inc.
 
1,301,172
   
Semiconductor Equipment - 2.62%
    
51,800
 
FormFactor, Inc. *
  
2,105,670
24,000
 
Tessera Technologies, Inc. *
  
917,760
       
3,023,430
   
Semiconductors - 0.92%
    
57,550
 
Silicon Motion Technology Corp. - ADR *
  
1,060,647
   
Specialized Consumer Services - 2.67%
    
41,480
 
Jackson Hewitt Tax Service, Inc.
 
1,516,924
42,400
 
Sotheby's
 
1,572,192
       
3,089,116
   
Specialty Stores - 1.17%
    
26,800
 
Tractor Supply Co. *
  
1,348,844
   
Steel - 1.24%
    
12,250
 
Carpenter Technology Corp.
 
1,434,475
   
Systems Software - 0.93%
    
19,000
 
Micros Systems, Inc. *
  
1,069,700
   
Trading Companies & Distributors - 2.84%
    
69,600
 
Beacon Roofing Supply, Inc. *
  
1,450,464
53,750
 
Houston Wire & Cable Co. *
  
1,272,800
22,500
 
UAP Holding Corp.
 
563,625
       
3,286,889
   
Wireless Telecommunication Services - 1.61%
    
62,800
 
SBA Communications Corp. *
  
1,865,788
 
 
 
  
 
   
TOTAL COMMON STOCKS (Cost $78,839,238)
 
111,128,607
   
 
 
 
 
 
MONEY MARKET INVESTMENTS - 3.64%
 
 
2,100,710
 
SEI Daily Income Trust Government Fund
 
2,100,710
2,100,709
 
SEI Daily Income Trust Treasury Fund
  
2,100,709
   
TOTAL MONEY MARKET INVESTMENTS (Cost $4,201,419)
 
4,201,419
   
 
 
 
   
Total Investments in Securities (Cost $83,040,657) - 99.81%
 
115,330,026
   
Other Assets in Excess of Liabilities - 0.19%
  
224,580
   
NET ASSETS - 100.00%
$
115,554,606
         
         
         
ADR - American Depositary Receipt.
    
* Non-income producing security.
    
# U.S. traded security of a foreign issuer.
    
         

 PIC SMALL CAP GROWTH FUND


The cost basis of investments for federal income tax purposes at January 31, 2007 was as follows**:

Cost of investments (long positions)
$
84,048,197
Gross unrealized appreciation
  
32,932,574
Gross unrealized depreciation
  
(1,650,744)
Net unrealized appreciation
$
31,281,829
     

**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.

 
 
   
PIC Flexible Growth Fund
    
January 31, 2007 (Unaudited)
   
         
         
Shares
 
COMMON STOCKS - 95.76%
 
Value
   
Aerospace & Defense - 7.66%
    
450
  
Boeing Co.
$
40,302
490
  
General Dynamics Corp.
 
38,294
615
  
Rockwell Collins, Inc.
 
41,949
       
120,545
   
Apparel Retail - 2.27%
    
450
  
Abercrombie & Fitch Co. - Class A
 
35,793
   
Application Software - 2.49%
    
1,010
  
Adobe Systems, Inc. *
  
39,259
   
Biotechnology - 5.62%
    
715
  
Genzyme Corp. *
  
46,997
645
  
Gilead Sciences, Inc. *
  
41,486
       
88,483
   
Casinos & Gaming - 1.98%
    
445
  
MGM Mirage *
  
31,137
   
Coal & Consumable Fuels - 1.73%
    
715
  
Cameco Corp. #
  
27,263
   
Communications Equipment - 1.82%
    
760
  
Qualcomm, Inc.
 
28,622
   
Computer & Electronics Retail - 2.11%
    
660
  
Best Buy Co., Inc.
 
33,264
   
Computer Hardware - 6.84%
    
685
  
Apple, Inc. *
  
58,725
1,130
  
Hewlett-Packard Co.
 
48,906
       
107,631
   
Construction & Farm Machinery & Heavy Trucks - 2.44%
    
600
  
Caterpillar, Inc.
 
38,442
   
Construction Materials - 2.23%
    
345
  
Vulcan Materials Co.
 
35,135
   
Department Stores - 1.33%
    
295
  
Kohl's Corp. *
  
20,918
   
Drug Retail - 2.75%
    
1,285
  
CVS Corp.
 
43,240
   
Fertilizers & Agricultural Chemicals - 3.19%
    
910
  
Monsanto Co.
 
50,132
   
Health Care Distributors - 1.13%
    
320
  
McKesson Corp.
 
17,840
   
Health Care Equipment - 1.89%
    
555
  
Medtronic, Inc.
 
29,665
   
Health Care Services - 1.97%
    
770
  
Omnicare, Inc.
 
30,946
   
Health Care Technology - 2.14%
  
 
750
  
Cerner Corp. *
  
33,698
   
Home Improvement Retail - 3.12%
    
1,455
  
Lowe's Companies, Inc.
 
49,048
   
Human Resources & Employment Services - 2.21%
    
705
  
Monster Worldwide, Inc. *
  
34,834
   
Industrial Gases - 3.45%
    
860
  
Praxair, Inc.
 
54,232
   
Internet Software & Services - 4.86%
    
100
  
Google, Inc. - Class A *
  
50,130
930
  
Yahoo! Inc. *
  
26,328
       
76,458
   
Investment Banking & Brokerage - 2.15%
    
665
  
Lazard Ltd. - Class A#
  
33,755
   
IT Consulting & Other Services - 3.03%
    
560
  
Cognizant Technology Solutions Corp. - Class A *
  
47,762
   
Managed Health Care - 1.94%
    
585
  
UnitedHealth Group, Inc.
 
30,572
   
Oil & Gas Exploration & Production - 2.13%
    
870
  
Southwestern Energy Co. *
  
33,460
   
Pharmaceuticals - 7.37%
    
285
  
Allergan, Inc.
 
33,263
1,430
  
Pfizer, Inc.
 
37,523
1,805
  
Schering-Plough Corp.
  
45,125
       
115,911
   
Restaurants - 2.83%
    
1,275
  
Starbucks Corp. *
  
44,549
   
Systems Software - 3.60%
    
975
  
Microsoft Corp.
 
30,088
1,550
  
Oracle Corp. *
  
26,598
       
56,686
   
Wireless Telecommunication Services - 7.48%
    
1,270
  
American Tower Corp. - Class A *
  
50,584
910
  
NII Holdings, Inc. - Class B*
  
67,158
       
117,742
   
TOTAL COMMON STOCKS (Cost $1,286,038)
  
1,507,022
         
 
 
MONEY MARKET INVESTMENTS - 5.86%
 
 
46,144
  
SEI Daily Income Trust Government Fund
 
46,144
46,145
  
SEI Daily Income Trust Treasury Fund
  
46,145
   
TOTAL MONEY MARKET INVESTMENTS (Cost $92,289)
  
92,289
         
   
Total Investments in Securities (Cost $1,378,327) - 101.62%
  
1,599,311
   
Liabilities in Excess of Other Assets - (1.62)%
  
(25,480)
   
NET ASSETS - 100.00%
$
1,573,831
         
         
* Non-income producing security.
    
# U.S. traded security of a foreign issuer.
    
         
 
PIC FLEXIBLE GROWTH FUND


The cost basis of investments for federal income tax purposes at January 31, 2007 was as follows**:

Cost of investments
$
1,379,329
Gross unrealized appreciation
  
235,848
Gross unrealized depreciation
  
(15,866)
Net unrealized appreciation
$
219,982
     

**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 Rule 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    3/26/07                                                                                       



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    3/26/07                                                                                       

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

Date    3/26/07                                                                                       

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