N-Q 1 hp_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS hp_nq.htm

As filed with the Securities and Exchange Commission on May 21, 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 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) 765-6609
Registrant's telephone number, including area code



Date of fiscal year end: June 30, 2007



Date of reporting period:  March 31, 2007


Item 1. Schedules of Investments.
High Pointe Select Value Fund
    
Schedule of Investments
    
March 31, 2007 (Unaudited)
    
         
         
Shares
  
COMMON STOCKS - 99.74%
  
 Value
   
Beverages - 3.73%
    
             18,850
  
Molson Coors Brewing Co., Class B
$
            1,783,587
   
Communications Equipment - 4.01%
    
           162,150
  
Alcatel-Lucent - ADR
  
            1,916,613
   
Computers & Peripherals - 8.34%
    
             93,000
  
Dell, Inc. (a)
  
            2,158,530
           131,900
  
EMC Corp. (a)
  
            1,826,815
       
            3,985,345
   
Consumer Finance - 3.96%
    
             25,100
  
Capital One Financial Corp.
  
            1,894,046
   
Diversified Financial Services - 4.96%
    
             46,200
  
Citigroup, Inc.
  
            2,371,908
   
Diversified Telecommunication Services - 4.06%
    
           102,300
  
Sprint Nextel Corp.
  
            1,939,608
   
Food & Staples Retailing - 5.10%
    
             51,950
  
Wal-Mart Stores, Inc.
  
            2,439,053
   
Health Care Equipment & Supplies - 3.83%
    
           125,900
  
Boston Scientific Corp. (a)
  
            1,830,586
   
Health Care Providers & Services - 8.39%
    
             46,600
  
Omnicare, Inc.
  
            1,853,282
             40,700
  
UnitedHealth Group, Inc.
  
            2,155,879
       
            4,009,161
   
Hotels, Restaurants & Leisure - 1.76%
    
             24,670
  
Wyndham Worldwide Corp. (a)
  
               842,480
   
Industrial Conglomerates - 5.33%
    
             80,650
  
Tyco International Ltd.
  
            2,544,508
   
Insurance - 8.60%
    
             35,350
  
American International Group, Inc.
  
            2,376,227
             24,750
  
XL Capital Ltd., Class A (b)
  
            1,731,510
       
            4,107,737
   
Internet & Catalog Retail - 3.24%
    
             41,000
  
IAC/InteractiveCorp (a)
  
            1,546,110
   
Media - 5.44%
    
             53,250
  
Comcast Corp., Class A (a)
  
            1,381,837
             11,010
  
Liberty Media Corp. - Capital, Class A (a)
  
            1,217,596
       
            2,599,433
   
Pharmaceuticals - 4.24%
    
             46,550
  
Sanofi-Aventis - ADR
  
            2,025,390
   
Software - 4.96%
    
             84,950
  
Microsoft Corp.
  
            2,367,557
   
Specialty Retail - 6.67%
    
             46,000
  
Home Depot, Inc.
  
            1,690,040
             53,550
  
Rent-A-Center, Inc. (a)
  
            1,498,329
       
            3,188,369
   
Thrifts & Mortgage Finance - 13.12%
    
             62,800
  
Countrywide Financial Corp.
  
            2,112,592
             42,100
  
Fannie Mae
  
            2,297,818
             31,250
  
Freddie Mac
  
            1,859,062
       
            6,269,472
         
   
TOTAL COMMON STOCKS (Cost $45,573,259)
  
          47,660,963
         
   
TOTAL INVESTMENTS IN SECURITIES
    
   
  (Cost $45,573,259) - 99.74%
  
        47,660,963
   
Other Assets in Excess of Liabilities - 0.26%
  
             122,453
   
NET ASSETS - 100.00%
$
        47,783,416
         
         
ADR - American Depositary Receipt.
    
 (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 March 31, 2007 was as follows*:
      
       
Cost of investments
 $
                        45,653,082
  
       
Gross unrealized appreciation
 $
                          3,841,324
  
Gross unrealized depreciation
 $
                          (1,833,443)
  
Net unrealized appreciation
 $
                           2,007,881
  
       
* 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 or semi-annual report.
      
 
 
High Pointe Small Cap Equity Fund
    
Schedule of Investments
    
March 31, 2007 (Unaudited)
    
         
         
Shares
  
COMMON STOCKS - 97.27%
  
Value
   
Aerospace & Defense - 2.53%
    
               2,800
  
Esterline Technologies Corp. (a)
$
                 114,996
   
Automobiles - 2.34%
    
             13,400
  
Fleetwood Enterprises, Inc. (a)
  
                 105,994
   
Beverages - 2.42%
    
               8,200
  
Cott Corp. (a)(b)
  
                 109,716
   
Biotechnology - 2.17%
    
               1,550
  
Invitrogen Corp. (a)
  
                   98,657
   
Building Products - 2.01%
    
               2,950
  
Simpson Manufacturing Co., Inc.
  
                   90,978
   
Chemicals - 2.54%
    
               5,900
  
Hercules, Inc. (a)
  
                 115,286
   
Commercial Services & Supplies - 8.43%
    
               4,950
  
Adesa, Inc.
  
                 136,769
               2,000
  
United Stationers, Inc. (a)
  
                 119,840
               4,200
  
Waste Connections, Inc. (a)
  
                 125,748
       
                 382,357
   
Communications Equipment - 2.32%
    
               4,450
  
Plantronics, Inc.
  
                 105,109
   
Computers & Peripherals - 4.81%
    
               3,450
  
Avid Technology, Inc. (a)
  
                 120,336
               2,050
  
Diebold, Inc.
  
                   97,805
       
                 218,141
   
Containers & Packaging - 3.53%
    
               6,550
  
Crown Holdings, Inc. (a)
  
                 160,213
   
Electromedical And Electrotherapeutic Apparatus - 2.15%
    
               3,600
  
Syneron Medical Ltd. (a)(b)
  
                   97,380
   
Electronic Equipment & Instruments - 6.20%
    
               5,350
  
Avnet, Inc. (a)
  
                 193,349
             28,000
  
Solectron Corp. (a)
  
                   88,200
       
                 281,549
   
Energy Equipment & Services - 2.62%
    
               2,550
  
CARBO Ceramics, Inc.
  
                 118,703
   
Food Products - 2.21%
    
               8,750
  
Del Monte Foods Co.
  
                 100,450
   
Health Care Equipment & Supplies - 2.25%
    
               2,100
  
Cooper Companies, Inc.
  
                 102,102
   
Health Care Providers & Services - 2.17%
    
               3,200
  
United Surgical Partners International, Inc. (a)
  
                   98,592
   
Hotels, Restaurants & Leisure - 2.18%
    
               2,550
  
Speedway Motorsports, Inc.
  
                   98,812
   
Industrial Conglomerates - 1.61%
    
               2,950
  
Walter Industries, Inc.
  
                   73,012
   
Insurance - 6.03%
    
               6,650
  
Conseco, Inc. (a)
  
                 115,045
               1,250
  
RenaissanceRe Holdings Ltd. (b)
  
                   62,675
               3,400
  
Security Capital Assurance Ltd. (b)
  
                   95,982
       
                 273,702
   
Internet Software & Services - 1.37%
    
               7,650
  
Openwave Systems, Inc. (a)
  
                   62,347
   
IT Services - 2.32%
    
               3,050
  
MAXIMUS, Inc.
  
                 105,164
   
Leisure Equipment & Products - 4.48%
    
               6,250
  
Nautilus, Inc.
  
                   96,437
               2,650
  
RC2 Corp. (a)
  
                 107,034
       
                 203,471
   
Machinery - 7.22%
    
               3,900
  
Briggs & Stratton Corp.
  
                 120,315
               2,100
  
Kennametal, Inc.
  
                 141,981
               4,874
  
Mueller Water Products, Inc., Class B
  
                   65,263
       
                 327,559
   
Media - 3.77%
    
               6,233
  
Cumulus Media, Inc., Class A (a)
  
                   58,466
               4,000
  
Entercom Communications Corp.
  
                 112,720
       
                 171,186
   
Oil, Gas & Consumable Fuels - 2.33%
    
               6,750
  
Alpha Natural Resources, Inc. (a)
  
                 105,503
   
Real Estate - 1.84%
    
               3,100
  
American Home Mortgage Investment Corp.
  
                   83,669
   
Semiconductor & Semiconductor Equipment - 2.29%
    
               3,100
  
Cabot Microelectronics Corp. (a)
  
                 103,881
   
Software - 1.79%
    
               2,100
  
Fair Isaac Corp.
  
                   81,228
   
Specialized Consumer Services - 1.77%
    
               2,500
  
Jackson Hewitt Tax Service, Inc.
  
                   80,450
   
Specialty Retail - 5.25%
    
               5,250
  
Foot Locker, Inc.
  
                 123,638
               4,100
  
Rent-A-Center, Inc. (a)
  
                 114,718
       
                 238,356
   
Textiles, Apparel & Luxury Goods - 2.32%
    
               4,050
  
Timberland Co. (a)
  
                 105,422
         
   
TOTAL COMMON STOCKS (Cost $4,279,463)
  
              4,413,985
         
         
 Par/Shares
  
SHORT-TERM INVESTMENTS - 3.14%
  
 Value
 $        113,000
  
FHLB Discount Note, 4.82%, 4/2/07
  
                 112,985
             29,562
  
Fidelity Institutional Money Market Portfolio
  
                   29,562
   
TOTAL SHORT-TERM INVESTMENTS (Cost $142,547)
  
                 142,547
         
         
   
TOTAL INVESTMENTS IN SECURITIES
    
   
  (Cost $4,422,010) - 100.41%
  
            4,556,532
   
Liabilities in Excess of Other Assets - (0.41%)
  
                (18,498)
   
NET ASSETS - 100.00%
$
            4,538,034
         
         

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 March 31, 2007 was as follows*:
  
         
Cost of investments
 $
     4,441,785
  
         
Gross unrealized appreciation
 $
        428,127
  
Gross unrealized depreciation
 $
      (313,380)
  
Net unrealized appreciation
 $
        114,747
  
         

* 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 or semi-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   5/14/2007                                                                             



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   5/14/2007                                                                             

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

Date  5/18/2007                                                                              

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