N-Q 1 pic_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pic_nq.htm
As filed with the Securities and Exchange Commission on September 27, 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)



Douglas G. Hess
Advisors Series Trust
615 E. 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: October 31, 2007



Date of reporting period: July 31, 2007

Item 1. Schedule of Investments.
PIC Flexible Growth Fund
    
Schedule of Investments
    
July 31, 2007 (Unaudited)
    
         
Shares
  
COMMON STOCKS - 99.05%
  
Value
   
Aerospace & Defense - 7.96%
    
440
  
Boeing Co.
$
 45,509
480
  
General Dynamics Corp.
  
 37,709
605
  
Rockwell Collins, Inc.
  
 41,563
       
 124,781
   
Apparel Retail - 1.47%
    
330
  
Abercrombie & Fitch Co. - Class A
  
 23,067
   
Application Software - 2.45%
    
955
  
Adobe Systems, Inc. (a)
  
 38,477
   
Asset Management & Custody Banks - 2.87%
    
518
  
Bank of New York Co., Inc.
  
 22,041
180
  
Franklin Resources, Inc.
  
 22,926
       
 44,967
   
Biotechnology - 6.96%
    
385
  
Cephalon, Inc. (a)
  
 28,929
555
  
Genzyme Corp. (a)
  
 35,004
1,215
  
Gilead Sciences, Inc. (a)
  
 45,234
       
 109,167
   
Casinos & Gaming - 2.67%
    
572
  
MGM Mirage (a)
  
 41,819
   
Communications Equipment - 7.45%
    
1,855
  
Cisco Systems, Inc. (a)
  
 53,628
720
  
Qualcomm, Inc.
  
 29,988
155
  
Research In Motion Ltd. (a)(b)
  
 33,170
       
 116,786
   
Computer Hardware - 7.83%
    
675
  
Apple, Inc. (a)
  
 88,938
735
  
Hewlett-Packard Co.
  
 33,832
       
 122,770
   
Computer Storage & Peripherals - 2.02%
    
1,715
  
EMC Corp. (a)
  
 31,745
   
Construction & Engineering - 2.06%
    
390
  
McDermott International, Inc. (a)(b)
  
 32,347
   
Construction & Farm Machinery & Heavy Trucks - 4.05%
    
490
  
Caterpillar, Inc.
  
 38,612
210
  
Cummins, Inc.
  
 24,927
       
 63,539
   
Department Stores - 1.61%
    
370
  
J.C. Penney Co., Inc.
  
 25,175
   
Drug Retail - 2.82%
    
1,255
  
CVS Corp.
  
 44,163
   
Fertilizers & Agricultural Chemicals - 3.66%
    
890
  
Monsanto Co.
  
 57,361
   
Health Care Technology - 2.17%
    
645
  
Cerner Corp. (a)
  
 34,101
   
Industrial Gases - 4.08%
    
835
  
Praxair, Inc.
  
 63,978
   
Internet Software & Services - 3.22%
    
99
  
Google, Inc. - Class A (a)
  
 50,490
   
Oil & Gas Equipment & Services - 3.80%
    
630
  
Schlumberger Ltd. (b)
  
 59,674
         
   
Oil & Gas Exploration & Production - 3.21%
    
260
  
EnCana Corp. (b)
 
 15,855
850
  
Southwestern Energy Co. (a)
  
 34,535
       
 50,390
   
Oil, Gas & Consumable Fuels - 2.02%
    
775
  
Cameco Corp. (b)
  
 31,604
   
Pharmaceuticals - 3.20%
    
1,760
  
Schering-Plough Corp.
  
 50,230
   
Restaurants - 1.19%
    
700
  
Starbucks Corp. (a)
  
 18,676
   
Semiconductors - 6.03%
    
900
  
Broadcom Corp. - Class A (a)
  
 29,529
1,420
  
NVIDIA Corp. (a)
  
 64,979
       
 94,508
   
Steel - 2.04%
    
305
  
Allegheny Technologies, Inc.
  
 32,004
   
Systems Software - 1.99%
    
1,630
  
Oracle Corp. (a)
  
 31,166
   
Wireless Telecommunication Services - 10.22%
    
1,235
  
American Tower Corp. - Class A (a)
  
 51,450
940
  
Metropcs Communications, Inc. (a)
  
 34,423
885
  
NII Holdings, Inc. - Class B (a)
  
 74,358
       
 160,231
   
TOTAL COMMON STOCKS (Cost $1,278,405)
  
  1,553,216
         
         
Shares
  
MONEY MARKET INVESTMENTS - 2.03%
  
 Value
15,925
  
SEI Daily Income Trust Government Fund
  
 15,925
15,925
  
SEI Daily Income Trust Treasury Fund
  
 15,925
   
TOTAL MONEY MARKET INVESTMENTS (Cost $31,850)
  
  31,850
         
   
Total Investments in Securities  (Cost $1,310,255) - 101.08%
  
  1,585,066
   
Liabilities in Excess of Other Assets - (1.08)%
  
                  (16,922)
   
NET ASSETS - 100.00%
$
              1,568,144
         
 
(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 July 31, 2007 was as follows*:   
  
        
Cost of investments
$
      1,311,257
  
        
Gross unrealized appreciation
$
         302,947
  
Gross unrealized depreciation
$
         (29,138)
  
Net unrealized appreciation
$
        273,809
  
        

* 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.
 

PIC Small Cap Growth Fund
    
Schedule of Investments
    
July 31, 2007 (Unaudited)
    
         
Shares
  
COMMON STOCKS - 98.70%
  
 Value
   
Aerospace & Defense - 1.66%
    
7,709
  
AAR Corp. (a)
$
                        229,959
2,204
  
Ladish, Inc. (a)
  
                        106,872
       
                        336,831
   
Airlines - 0.32%
    
1,170
  
Copa Holdings Sa (b)
  
                          64,245
   
Alternative Carriers - 1.54%
    
10,896
  
Cogent Communications Group, Inc. (a)
  
                        312,497
   
Apparel Retail - 1.77%
    
5,897
  
DSW, Inc. - Class A (a)
  
                        196,016
4,416
  
Zumiez, Inc. (a)
  
                        163,348
       
                        359,364
   
Application Software - 2.70%
    
10,666
  
Nuance Communications, Inc. (a)
  
                        175,776
7,800
  
PROS Holdings, Inc. (a)
  
                          97,500
10,156
  
Ultimate Software Group, Inc. (a)
  
                        275,532
       
                        548,808
   
Biotechnology - 3.82%
    
9,730
  
BioMarin Pharmaceuticals, Inc. (a)
  
                        175,724
6,750
  
LifeCell Corp. (a)
  
                        207,158
2,707
  
PDL Biopharma, Inc. (a)
  
                          63,587
7,390
  
Pharmion Corp. (a)
  
                        180,020
13,440
  
Senomyx, Inc. (a)
  
                        149,050
       
                        775,539
   
Casinos & Gaming - 1.59%
    
7,144
  
Pinnacle Entertainment, Inc. (a)
  
                        189,387
5,144
  
WMS Industries, Inc. (a)
  
                        134,207
       
                        323,594
   
Commercial Printing - 1.13%
    
17,122
  
Innerworkings, Inc. (a)
  
                        228,579
   
Communications Equipment - 1.85%
    
7,900
  
Comtech Group, Inc. (a)
  
                        112,338
3,042
  
F5 Networks, Inc. (a)
  
                        263,711
       
                        376,049
   
Computer Storage & Peripherals - 0.52%
    
4,872
  
NovAtel, Inc. (a)
  
                        104,894
   
Construction & Engineering - 1.98%
    
3,806
  
Granite Construction, Inc.
  
                        247,352
2,700
  
KHD Humboldt Wedag International Ltd (a)(b)
  
                        154,251
       
                        401,603
   
Data Processing & Outsourced Services - 4.45%
    
10,750
  
Authorize.Net Holdings, Inc. (a)
  
                        186,297
6,354
  
ExlService Holdings, Inc. (a)
  
                        107,446
3,820
  
Heartland Payment Systems, Inc.
  
                        118,535
13,490
  
VeriFone Holdings, Inc. (a)
  
                        491,171
       
                        903,449
   
Diversified Commercial & Professional Services - 1.73%
    
1,432
  
Advisory Board Co. (a)
  
                          73,734
4,100
  
Healthcare Services Group, Inc.
  
                        113,652
2,400
  
Huron Consulting Group, Inc. (a)
  
                        163,032
       
                        350,418
   
Diversified Metals & Mining - 1.54%
    
3,938
  
RTI International Metals, Inc. (a)
  
                        312,047
   
Education Services - 1.13%
    
1,520
  
Strayer Education, Inc.
  
                        230,326
   
Electronic Equipment Manufacturers - 0.36%
    
1,684
  
FLIR Systems, Inc. (a)
  
                          73,507
   
Environmental & Facilities Services - 0.55%
    
4,954
  
Covanta Holding Corp. (a)
  
                        112,357
   
Fertilizers & Agricultural Chemicals - 1.42%
    
5,000
  
CF Industries Holdings, Inc.
  
                        287,400
   
Footwear - 4.56%
    
7,610
  
Crocs, Inc. (a)
  
                        451,425
4,381
  
Heelys, Inc. (a)
  
                          95,944
19,118
  
Iconix Brand Group, Inc. (a)
  
                        378,154
       
                        925,523
   
Health Care Equipment - 0.74%
    
6,468
  
Meridian Bioscience, Inc.
  
                        144,430
200
  
TomoTherapy, Inc. (a)
  
                            5,420
       
                        149,850
   
Health Care Facilities - 1.22%
    
6,297
  
VCA Antech, Inc. (a)
  
                        247,724
   
Health Care Services - 4.62%
    
17,170
  
HealthExtras, Inc. (a)
  
                        460,671
1,952
  
Healthways, Inc. (a)
  
                          85,302
7,500
  
HMS Holdings Corp. (a)
  
                        142,725
4,610
  
Pediatrix Medical Group, Inc. (a)
  
                        248,756
       
                        937,454
   
Health Care Supplies - 1.16%
    
5,800
  
Align Technology, Inc. (a)
  
                        151,380
1,800
  
West Pharmaceutical Services, Inc.
  
                          83,304
       
                        234,684
   
Health Care Technology - 1.65%
    
11,624
  
Omnicell, Inc. (a)
  
                        277,581
3,000
  
Vital Images, Inc. (a)
  
                          58,470
       
                        336,051
   
Home Entertainment Software - 1.35%
    
500
  
Shanda Interactive Entertainment Ltd. - ADR (a)
  
                          14,380
9,039
  
THQ Inc. (a)
  
                        259,962
       
                        274,342
   
Hotels, Resorts & Cruise Lines - 2.23%
    
6,060
  
Ctrip.com International, Ltd. - ADR
  
                        233,613
7,252
  
Home Inns & Hotels Management, Inc. - ADR (a)
  
                        220,316
       
                        453,929
   
Human Resource & Employment Services - 0.96%
    
5,977
  
Resources Connection, Inc. (a)
  
                        194,073
   
HyperMarkets & Super Centers - 0.85%
    
7,600
  
PriceSmart, Inc.
  
                        171,836
   
Industrial Machinery - 3.80%
    
9,465
  
Altra Holdings, Inc. (a)
  
                        161,378
3,300
  
Barnes Group, Inc.
  
                        102,960
4,700
  
Dynamic Materials Corp.
  
                        197,729
3,231
  
RBC Bearings, Inc. (a)
  
                        123,457
4,850
  
Tennant Co.
  
                        186,967
       
                        772,491
   
Integrated Oil & Gas - 0.23%
    
2,200
  
InterOil Corp. (a)(b)
  
                          47,366
   
Integrated Telecommunication Services - 1.35%
    
5,291
  
Cbeyond Communications, Inc. (a)
  
                        187,143
3,050
  
Neustar, Inc. - Class A (a)
  
                          87,962
       
                        275,105
   
Internet Retail - 0.45%
    
10,364
  
U.S. Auto Parts Network, Inc. (a)
  
                          91,721
   
Internet Software & Services - 9.83%
    
15,750
  
CyberSource Corp. (a)
  
                        181,282
6,156
  
Dealertrack Holdings, Inc. (a)
  
                        221,985
7,298
  
Equinix, Inc. (a)
  
                        634,269
8,586
  
Liquidity Services, Inc. (a)
  
                        132,740
10,598
  
LoopNet, Inc. (a)
  
                        219,167
12,108
  
Omniture, Inc. (a)
  
                        276,668
8,640
  
Switch & Data Facilities Co. (a)
  
                        136,512
5,700
  
VistaPrint Ltd. (a)(b)
  
                        194,655
       
                     1,997,278
   
Investment Banking & Brokerage - 1.77%
    
4,834
  
GFI Group, Inc. (a)
  
                        360,230
   
IT Consulting & Other Services - 0.64%
    
3,700
  
EnerNOC, Inc. (a)
  
                        130,943
   
Leisure Facilities - 2.90%
    
8,322
  
Life Time Fitness, Inc. (a)
  
                        427,917
9,428
  
Town Sports International Holdings, Inc. (a)
  
                        160,559
       
                        588,476
   
Leisure Products - 1.40%
    
15,100
  
Smith & Wesson Holding Corp. (a)
  
                        283,880
   
Marine - 3.13%
    
7,854
  
Horizon Lines Inc. - Class A
  
                        226,666
4,800
  
Seaspan Corp. (b)
  
                        169,920
10,200
  
Ultrapetrol Bahamas Ltd. (a)(b)
  
                        239,700
       
                        636,286
   
Office Services & Supplies - 0.73%
    
8,000
  
Interface, Inc. - Class A
  
                        147,440
   
Oil & Gas Equipment & Services - 2.42%
    
2,502
  
Core Laboratories N.V. (a)(b)
  
                        269,290
3,482
  
W-H Energy Services, Inc. (a)
  
                        223,127
       
                        492,417
   
Oil & Gas Exploration & Production - 3.24%
    
4,200
  
Arena Resources, Inc. (a)
  
                        228,102
2,754
  
Bill Barrett Corp. (a)
  
                          94,517
9,200
  
Edge Petroleum Corp. (a)
  
                        114,172
10,900
  
Parallel Petroleum Corp. (a)
  
                        222,033
       
                        658,824
   
Personal Products - 0.78%
    
1,802
  
Chattem, Inc. (a)
  
                        101,200
3,871
  
Physicians Formula Holdings, Inc. (a)
  
                          57,872
       
                        159,072
   
Property & Casualty Insurance - 1.02%
    
7,854
  
Tower Group, Inc.
  
                        208,131
   
Restaurants - 0.96%
    
9,764
  
BJ's Restaurants, Inc. (a)
  
                        195,280
   
Semiconductor Equipment - 2.60%
    
7,824
  
FormFactor, Inc. (a)
  
                        300,363
5,520
  
Tessera Technologies, Inc. (a)
  
                        227,038
       
                        527,401
   
Semiconductors - 2.79%
    
19,300
  
ANADIGICS, Inc. (a)
  
                        280,429
4,400
  
Netlogic Microsystems, Inc. (a)
  
                        134,112
8,359
  
Silicon Motion Technology Corp. - ADR (a)
  
                        152,970
       
                        567,511
   
Specialized Consumer Services - 1.90%
    
3,544
  
Ritchie Bros. Auctioneers, Inc. (b)
  
                        231,069
3,620
  
Sotheby's
  
                        154,755
       
                        385,824
   
Steel - 2.85%
    
805
  
Carpenter Technology Corp.
  
                          95,545
5,500
  
Claymont Steel Holdings, Inc. (a)
  
                        109,615
2,000
  
Haynes International, Inc. (a)
  
                        179,620
3,600
  
Schnitzer Steel Industries, Inc.
  
                        195,084
       
                        579,864
   
Systems Software - 0.35%
    
1,350
  
Micros Systems, Inc. (a)
  
                          71,928
   
Trading Companies & Distributors - 2.89%
    
7,082
  
Aircastle Ltd. (b)
  
                        232,219
3,075
  
Houston Wire & Cable Co. (a)
  
                          79,243
10,168
  
UAP Holding Corp.
  
                        276,264
       
                        587,726
   
Wireless Telecommunication Services - 1.27%
    
7,730
  
SBA Communications Corp. (a)
  
                        257,564
         
   
TOTAL COMMON STOCKS (Cost $15,022,728)
  
                   20,049,731
         
         
Shares
  
MONEY MARKET INVESTMENTS - 1.78%
  
 Value
181,121
  
SEI Daily Income Trust Government Fund
  
                        181,121
181,121
  
SEI Daily Income Trust Treasury Fund
  
                        181,121
   
TOTAL MONEY MARKET INVESTMENTS (Cost $362,242)
  
                        362,242
   
Total Investments in Securities (Cost $15,384,970) - 100.48%
  
                20,411,973
   
Liabilities in Excess of Other Assets - (0.48)%
  
                       (96,949)
   
NET ASSETS - 100.00%
$
                20,315,024
         
 
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 July 31, 2007 was as follows*:    
  
         
Cost of investments 
 $
    16,392,510
  
         
Gross unrealized appreciation
 $
     5,627,286
  
Gross unrealized depreciation
 $
    (1,607,823)
  
Net unrealized appreciation 
 $
     4,019,463
  
         

* 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 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/ Joe Redwine                       
Joe Redwine, Chief Executive Officer

Date   9/25/07                                                                           



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/ Joe Redwine                        
Joe Redwine, Chief Executive Officer

Date   9/25/07                                                                           

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

Date   9/24/07                                                                           


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