N-Q 1 phocas_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS phocas_nq.htm
As filed with the Securities and Exchange Commission on November 19, 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)



Jeanine M. Bajczyk
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: December 31, 2007



Date of reporting period:  September 30, 2007

Item 1. Schedules of Investments.
Phocas Real Estate Fund
    
Schedule of Investments
    
September 30, 2007 (Unaudited)
    
         
         
Shares
  
COMMON STOCKS - 99.2%
  
 Value
   
Apartments - 13.4%
    
               3,022
  
Archstone-Smith Trust
$
                     181,743
               2,388
  
AvalonBay Communities, Inc.
  
                     281,927
               1,359
  
Camden Property Trust
  
                       87,316
       
                     550,986
   
Diversified - 10.6%
    
               4,715
  
Digital Realty Trust, Inc.
  
                     185,724
               6,093
  
Mission West Properties, Inc.
  
                       74,030
               1,587
  
Vornado Realty Trust
  
                     173,538
       
                     433,292
   
Health Care - 8.3%
    
               5,595
  
Nationwide Health Properties, Inc.
  
                     168,577
               4,098
  
Ventas, Inc.
  
                     169,657
       
                     338,234
   
Hotels - 7.4%
    
               8,776
  
Host Hotels & Resorts, Inc.
  
                     196,933
               4,159
  
Sunstone Hotel Investors, Inc.
  
                     106,637
       
                     303,570
   
Manufactured Homes - 3.4%
    
               2,670
  
Equity Lifestyle Properties, Inc.
  
                     138,306
   
Office Property - 15.8%
    
               1,993
  
Alexandria Real Estate Equities, Inc.
  
                     191,846
               2,432
  
Boston Properties, Inc.
  
                     252,685
               1,728
  
SL Green Realty Corp.
  
                     201,778
       
                     646,309
   
Pubic Storage - 1.7%
    
                  909
  
Public Storage, Inc.
  
                       71,493
   
Regional Malls - 12.1%
    
               1,896
  
General Growth Properties, Inc.
  
                     101,663
                  708
  
Macerich Co.
  
                       62,007
               3,303
  
Simon Property Group, Inc.
  
                     330,300
       
                     493,970
   
Shopping Centers - 17.8%
    
               7,106
  
Acadia Realty Trust
  
                     192,786
               2,543
  
Federal Realty Investment Trust
  
                     225,310
               2,776
  
Kimco Realty Corp.
  
                     125,503
               2,433
  
Regency Centers Corp.
  
                     186,733
       
                     730,332
   
Storage - 0.8%
    
               2,463
  
U-Store-It Trust
  
                       32,512
   
Warehouse/Industrial - 7.9%
    
                  529
  
AMB Property Corp.
  
                       31,640
               4,383
  
ProLogis
  
                     290,812
       
                     322,452
         
   
TOTAL COMMON STOCKS (Cost $4,112,325)
  
                  4,061,456
         
         
 Shares
  
SHORT-TERM INVESTMENTS - 2.2%
  
 Value
             91,456
  
AIM STIT-STIC Prime Portortfolio
  
                       91,456
   
TOTAL SHORT-TERM INVESTMENTS (Cost $91,456)
  
                       91,456
         
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $4,203,781) - 101.4%
  
                  4,152,912
   
Liabilities in Excess of Other Assets - (1.4)%
  
                     (59,223)
   
NET ASSETS - 100.00%
$
                  4,093,689
         
 
The cost basis of investments for federal income tax purposes at September 30, 2007 was as follows*:

Cost of investments
 $ 
     4,203,781
  
        
Gross unrealized appreciation
 $
        153,398
  
Gross unrealized depreciation
  
         (204,267)
  
Net unrealized depreciation
 $
         (50,869)
  
        

* 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.
 
 
Phocas Small Cap Value Fund
    
Schedule of Investments
    
September 30 2007 (Unaudited)
    
         
         
Shares
  
COMMON STOCKS - 98.0%
  
Value
   
Aerospace & Defense - 3.4%
    
           10,965
  
Herley Industries, Inc. (a)
$
         164,036
             8,599
  
MTC Technologies, Inc. (a)
  
         166,047
             5,902
  
Triumph Group, Inc.
  
         482,252
       
         812,335
   
Auto Components - 2.3%
    
             8,564
  
Aftermarket Technology Corp. (a)
  
         271,821
             5,939
  
Keystone Automotive Industries, Inc. (a)
  
         283,647
       
         555,468
   
Automobiles - 0.3%
    
             3,266
  
Winnebago Industries, Inc.
  
           77,993
   
Chemicals - 3.6%
    
             5,233
  
CF Industries Holdings, Inc.
  
         397,237
             7,431
  
Innospec, Inc.
  
         169,278
           10,173
  
Sensient Technologies Corp.
  
         293,695
       
         860,210
   
Commercial Banks - 11.3%
    
           11,927
  
Banco Latinoamericano de Exportaciones S.A. (b)
  
         216,833
           13,340
  
Citizens Republic Bancorp, Inc.
  
         214,907
           20,331
  
First BanCorp
  
         193,144
           12,458
  
First Charter Corp.
  
         375,858
           13,823
  
First Commonwealth Financial Corp.
  
         152,882
           10,506
  
FNB United Corp.
  
         167,886
             3,318
  
IBERIABANK Corp.
  
         174,693
             5,604
  
Intervest Bancshares Corp.
  
         138,699
           14,987
  
National Penn Bancshares, Inc.
  
         245,187
           10,289
  
Republic Bancorp, Inc. - Class A
  
         162,978
             9,399
  
Royal Bancshares of Pennsylvania, Inc. -    Class A
  
         206,026
             9,363
  
TCF Financial Corp.
  
         245,123
             7,900
  
Vineyard National Bancorp Co.
  
         132,088
           28,495
  
W Holding Co., Inc.
  
           63,829
       
       2,690,133
   
Commercial Services & Supplies - 3.1%
    
             6,722
  
Jackson Hewitt Tax Service, Inc.
  
         187,947
             9,766
  
Korn/Ferry International (a)
  
         161,237
             8,564
  
Labor Ready, Inc. (a)
  
         158,520
             4,239
  
United Stationers, Inc. (a)
  
         235,349
       
         743,053
   
Commercial Supplies & Services - 1.0%
    
             5,449
  
Steiner Leisure Ltd. (a)(b)
  
         236,487
   
Communications Equipment - 0.9%
    
           18,009
  
Arris Group, Inc. (a)
  
         222,411
   
Construction & Engineering - 1.2%
    
             5,228
  
URS Corp. (a)
  
         295,121
   
Construction Materials - 0.9%
    
           33,220
  
U.S. Concrete, Inc. (a)
  
         218,920
   
Consumer Finance - 0.8%
    
             5,042
  
ASTA Funding, Inc.
  
         193,209
   
Diversified Financial Services - 1.0%
    
           19,291
  
Encore Capital Group, Inc. (a)
  
         227,634
   
Diversified Telecommunication Services - 0.8%
    
             7,204
  
SureWest Communications
  
         180,172
   
Electric Utilities - 0.5%
    
             4,051
  
Portland General Electric Co.
  
         112,618
   
Electrical Equipment - 0.9%
    
             4,116
  
Preformed Line Products Co.
  
         214,114
   
Electromedical & Electrotherapeutic Apparatus - 2.0%
    
             8,477
  
Cutera, Inc. (a)
  
         222,182
           11,126
  
Syneron Medical Ltd. (a)(b)
  
         263,019
       
         485,201
   
Electronic Equipment & Instruments - 3.1%
    
           12,686
  
Brightpoint, Inc. (a)
  
         190,417
             3,738
  
ScanSource, Inc. (a)
  
         105,075
           12,167
  
SYNNEX Corp. (a)
  
         250,154
             6,301
  
Watts Water Technologies, Inc. - Class A
  
         193,441
       
         739,087
   
Energy Equipment & Services - 0.7%
    
             1,761
  
SEACOR Holdings, Inc. (a)
  
         167,471
   
Food Products - 1.1%
    
             9,446
  
Treehouse Foods, Inc. (a)
  
         255,514
   
Gas Utilities - 2.4%
    
             6,722
  
Atmos Energy Corp.
  
         190,367
             5,524
  
Laclede Group, Inc.
  
         178,315
             4,082
  
New Jersey Resources Corp.
  
         202,426
       
         571,108
   
Health Care Equipment & Supplies - 1.1%
    
             5,362
  
Orthofix International N.V. (a)(b)
  
         262,628
   
Health Care Providers & Services - 1.7%
    
           13,140
  
Healthspring, Inc. (a)
  
         256,230
             7,786
  
Kindred Healthcare, Inc. (a)
  
         139,448
       
         395,678
   
Hotels, Restaurants & Leisure - 0.9%
    
             7,525
  
Monarch Casino & Resort, Inc. (a)
  
         214,086
   
Industrial Conglomerates - 1.0%
    
           14,170
  
Tredegar Corp.
  
         244,432
   
Information Retrieval Services - 1.8%
    
           28,655
  
Greenfield Online, Inc. (a)
  
         436,989
   
Insurance - 4.0%
    
             6,243
  
American Physicians Capital, Inc. (a)
  
         243,227
             6,164
  
Commerce Group, Inc.
  
         181,653
             9,344
  
Fidelity National Title Group, Inc. - Class A
  
         163,333
             6,208
  
Safety Insurance Group, Inc.
  
         223,116
           47,860
  
Scottish Re Group Ltd. (a)(b)
  
         152,673
       
         964,002
   
Internet Software & Services - 2.2%
    
             7,720
  
Avocent Corp. (a)
  
         224,806
           25,917
  
Internet Capital Group, Inc. - Class A (a)
  
         311,004
       
         535,810
   
IT Services - 2.4%
    
           10,893
  
ICF International, Inc. (a)
  
         300,429
           15,848
  
Perot Systems Corp. - Class A (a)
  
         267,990
       
         568,419
   
Leisure Equipment & Products - 1.2%
    
           10,727
  
JAKKS Pacific, Inc. (a)
  
         286,518
   
Life Insurance - 1.0%
    
             8,006
  
IPC Holdings, Ltd. (b)
  
         230,973
   
Machinery - 2.7%
    
             5,692
  
EnPro Industries, Inc. (a)
  
         231,095
             7,666
  
Gehl Co. (a)
  
         171,182
             6,803
  
Timken Co.
  
         252,731
       
         655,008
   
Media - 2.1%
    
             6,110
  
Corus Entertainment, Inc. - Class B (b)
  
         290,103
             7,392
  
Getty Images, Inc. (a)
  
         205,793
       
         495,896
   
Metals & Mining - 2.3%
    
             5,763
  
Schnitzer Steel Industries, Inc. - Class A
  
         422,370
           12,566
  
USEC, Inc. (a)
  
         128,801
       
         551,171
   
Multi-line Retail - 0.4%
    
             3,996
  
Conn's, Inc. (a)
  
           95,464
   
Multi-Utilities & Unregulated Power - 2.1%
    
           33,623
  
Dynegy, Inc. - Class A (a)
  
         310,677
             3,755
  
Integrys Energy Group, Inc.
  
         192,369
       
         503,046
   
Oil & Gas Exploration & Production - 1.0%
    
             5,711
  
Swift Energy Co. (a)
  
         233,694
   
Oil, Gas & Consumable Fuels - 2.5%
    
           17,352
  
Mariner Energy, Inc. (a)
  
         359,360
           42,102
  
Meridian Resource Corp. (a)
  
         104,413
             7,764
  
Rosetta Resources, Inc. (a)
  
         142,392
       
         606,165
   
Paper & Forest Products - 0.9%
    
             8,720
  
Schweitzer-Mauduit International, Inc.
  
         203,176
   
Personal Products - 3.8%
    
           10,552
  
Alberto-Culver Co.
  
         261,584
           12,457
  
Elizabeth Arden, Inc. (a)
  
         335,841
             7,368
  
NBTY, Inc. (a)
  
         299,141
       
         896,566
   
Real Estate Investment Trusts - 9.4%
    
           13,282
  
Acadia Realty Trust
  
         360,341
             2,157
  
Alexandria Real Estate Equities, Inc.
  
         207,633
             7,247
  
American Campus Communities, Inc.
  
         212,265
           10,703
  
Digital Realty Trust, Inc.
  
         421,591
             4,007
  
Equity Lifestyle Properties, Inc.
  
         207,563
             7,259
  
First Potomac Realty Trust
  
         158,246
             3,755
  
Mid-America Apartment Communities, Inc.
  
         187,187
             6,137
  
Nationwide Health Properties, Inc.
  
         184,908
             8,969
  
Republic Property Trust
  
         131,575
             7,109
  
Sunstone Hotel Investors, Inc.
  
         182,275
       
       2,253,584
   
Semiconductor & Semiconductor Equipment - 2.2%
    
           11,927
  
Fairchild Semiconductor International, Inc. -  Class A (a)
  
         222,796
           10,864
  
Microsemi Corp. (a)
  
         302,888
       
         525,684
   
Software - 2.2%
    
           16,105
  
Corel Corp. (a)(b)
  
         206,305
           15,207
  
JDA Software Group, Inc. (a)
  
         314,177
       
         520,482
   
Textiles, Apparel & Luxury Goods - 4.8%
    
             7,993
  
K-Swiss, Inc. - Class A
  
         183,120
             7,098
  
Liz Claiborne, Inc.
  
         243,674
           12,246
  
Perry Ellis International, Inc. (a)
  
         339,337
             7,364
  
Timberland Co. - Class A (a)
  
         139,621
             8,815
  
Wolverine World Wide, Inc.
  
         241,531
       
       1,147,283
   
Thrifts & Mortgage Finance - 3.0%
    
           14,340
  
Flagstar Bancorp, Inc.
  
         139,528
             4,008
  
MGIC Investment Corp.
  
         129,498
             9,066
  
PFF Bancorp, Inc.
  
         139,072
             7,204
  
Provident Financial Holdings, Inc.
  
         160,433
             2,429
  
WSFS Financial Corp.
  
         151,570
       
         720,101
         
   
TOTAL COMMON STOCKS (Cost $22,643,981)
  
     23,405,114
         
         
Shares
  
SHORT-TERM INVESTMENTS - 1.5%
  
 Value
         361,038
  
AIM STIT-STIC Prime Portfolio
  
         361,038
   
TOTAL SHORT-TERM INVESTMENTS (Cost $361,038)
  
         361,038
         
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $23,005,019) - 99.5%
  
     23,766,152
   
Other Assets in Excess of Liabilities - 0.5%
  
         120,273
   
NET ASSETS - 100.0%
$
     23,886,425
         
         
         
 (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 2007 was as follows*:

Cost of investments
  $
  23,005,019
  
        
Gross unrealized appreciation
 $
     1,306,086
  
Gross unrealized depreciation
  
        (544,953)
  
Net unrealized appreciation
 $
       761,133
  
        

* 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 Chairman/Chief Executive Officer and President 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/ Joe D. Redwine                          
Joe D. Redwine, Chairman

Date   11/13/2007                                                                             



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/ Joe D. Redwine
Joe D. Redwine, Chairman

Date   11/13/2007                                                                             

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

Date   11/14/2007                                                                             

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