N-Q 1 mccarthy_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS mccarthy_nq.htm
As filed with the Securities and Exchange Commission on November 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 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: June 30, 2008



Date of reporting period:  September 30, 2007
 
Item 1. Schedules of Investments.
 McCarthy Multi-Cap Stock Fund
    
 Schedule of Investments
    
 at September 30, 2007 (Unaudited)
    
         
 Shares
      
Value
   
COMMON STOCKS - 97.88%
    
   
Air Freight & Logistics - 0.43%
    
               6,185
  
Forward Air Corp.
$
184,189
   
Beverages - 2.24%
    
             13,196
  
PepsiCo, Inc.
  
966,739
   
Commercial Services & Supplies - 1.71%
    
             15,755
  
FirstService Corp.*#
  
489,666
             24,100
  
Gevity HR, Inc.
  
247,025
       
736,691
   
Communications Equipment - 0.69%
    
             39,456
  
Packeteer, Inc.*
  
299,866
   
Computers & Peripherals - 1.11%
    
             17,770
  
Avid Technology, Inc.*
  
481,212
   
Construction Materials - 1.60%
    
             13,870
  
Eagle Materials, Inc.
  
495,714
             13,200
  
Headwaters, Inc.*
  
196,416
       
692,130
   
Consumer Finance - 2.87%
    
             20,840
  
American Express Co.
  
1,237,271
   
Consumer Services - 0.40%
    
               6,118
  
Jackson Hewitt Tax Service, Inc.
  
171,059
   
Financial Publishing & Services - 1.28%
    
             11,000
  
Moody's Corp.
  
554,400
   
Food & Staples Retailing - 2.22%
    
             24,191
  
CVS Caremark Corp.
  
958,689
   
Food Products - 3.83%
    
             12,425
  
Lancaster Colony Corp.
  
474,262
             18,385
  
Wm. Wrigley Jr. Co.+
  
1,180,869
       
1,655,131
   
Health Care Equipment & Supplies - 3.84%
    
             21,000
  
Covidien Ltd.*#
  
871,500
             10,935
  
Haemonetics Corp.*
  
540,408
               8,590
  
Palomar Medical Technologies, Inc.*
  
244,729
       
1,656,637
   
Health Care Providers & Services - 8.73%
    
             10,580
  
Computer Programs & Systems, Inc.
  
278,889
             14,183
  
Laboratory Corporation of America Holdings*
  
1,109,536
             17,380
  
Odyssey HealthCare, Inc.*
  
167,022
             34,000
  
Omnicare, Inc.
  
1,126,420
             22,400
  
UnitedHealth Group, Inc.
  
1,084,832
       
3,766,699
   
Household & Personal Care Products - 3.05%
    
             18,700
  
Procter & Gamble Co.
  
1,315,358
   
Industrial Conglomerates - 3.39%
    
             11,125
  
3M Co.
  
1,041,077
               9,500
  
Tyco International Ltd.#
  
421,230
       
1,462,307
   
Insurance - 11.73%
    
             17,580
  
American International Group, Inc.
  
1,189,287
               7,106
  
Argo Group International Holdings Ltd.*#
  
309,182
                  494
  
Berkshire Hathaway Inc. - Class B*
  
1,952,288
               3,108
  
Hanover Insurance Group, Inc.
  
137,342
             27,015
  
Horace Mann Educators Corp.
  
532,466
             43,300
  
Old Republic International Corp.
  
811,442
               6,878
  
Triad Guaranty, Inc.*
  
130,476
       
5,062,483
   
Internet Software & Services - 3.61%
    
             58,000
  
Yahoo!, Inc.*
  
1,556,720
   
IT Services - 4.48%
    
             15,100
  
Acxiom Corp.
  
298,829
               7,741
  
MoneyGram International, Inc.
  
174,869
             69,628
  
Western Union Co.
  
1,460,099
       
1,933,797
   
Leisure Equipment & Products - 0.67%
    
             11,500
  
Pool Corp.
  
287,270
   
Machinery - 6.64%
    
               6,000
  
Actuant Corp. - Class A
  
389,820
             12,230
  
Kaydon Corp.
  
635,838
             20,600
  
Mueller Water Products Inc. - Class B
  
226,600
             10,600
  
The Toro Co.
  
623,598
             18,640
  
Wabash National Corp.
  
210,445
             20,800
  
Wabtec Corp.
  
779,168
       
2,865,469
   
Media - 0.80%
    
               7,700
  
John Wiley & Sons, Inc. - Class A
  
345,961
   
Metals & Mining - 2.50%
    
             31,650
  
Compass Minerals International, Inc.
  
1,077,366
   
Mortgage REITs - 1.13%
    
             14,680
  
Redwood Trust, Inc.
  
487,670
   
Oil & Gas - 7.82%
    
               5,400
  
Anadarko Petroleum Corp.
  
290,250
               8,300
  
Apache Corp.
  
747,498
             11,260
  
ConocoPhillips
  
988,290
             16,206
  
Devon Energy Corp.
  
1,348,339
       
3,374,377
   
Oil & Gas Exploration & Production - 1.49%
    
             18,300
  
Chesapeake Energy Corp.
  
645,258
   
Oil & Gas Services - 0.79%
    
             24,040
  
RPC, Inc.
  
341,608
   
Pharmaceuticals - 5.62%
    
             20,346
  
Johnson & Johnson
  
1,336,732
             16,580
  
Schering-Plough Corp.
  
524,426
             36,440
  
Valeant Pharmaceuticals International*
  
564,091
       
2,425,249
   
Real Estate - 1.75%
    
             22,500
  
The St. Joe Co.
  
756,225
   
Software - 6.20%
    
             12,830
  
Fair Isaac Corp.
  
463,291
             26,021
  
Jack Henry & Associates, Inc.
  
672,903
             52,200
  
Microsoft Corp.
  
1,537,812
       
2,674,006
   
Thrifts & Mortgage Finance - 1.34%
    
             16,439
  
Washington Mutual, Inc.
  
580,461
   
Trading Companies & Distributors - 3.92%
    
             37,300
  
Fastenal Co.
  
1,693,793
   
TOTAL COMMON STOCKS (Cost $36,729,618)
  
42,246,091
         
   
PREFERRED STOCKS - 0.16%
    
   
Commercial Services & Supplies - 0.16%
    
               3,151
  
FirstService Corp.*# (Cost $78,775)
  
70,898
         
   
SHORT-TERM INVESTMENTS - 2.23%
    
           962,809
  
Federated Cash Trust Treasury Money Market Fund (Cost $962,809)
  
962,809
   
Total Investments in Securities (Cost $37,771,202) - 100.27%
  
43,279,798
   
Liabilities in Excess of Other Assets - (0.27)%
  
(117,524)
   
NET ASSETS - 100.00%
$
43,162,274
         
 
* Non-income producing security.   
# U.S. traded security of a foreign issuer.   
+ Security is subject to a written call option.   

Schedule of Call Options Written
      
at September 30, 2007 (Unaudited)
      
           
 Contracts
        
Value
180
Wm. Wrigley Jr. Co.
      
 
    Expiring December, 2007, Exercise Price: $60.00
 $          99,900
 
Total Call Options Written  (Premiums received $57,239)
 $        99,900
     

The cost basis of investments for federal income tax purposes at September 30, 2007 was as follows**:

Cost of investments (long positions)
$
37,771,202
  
Cost of investments (short positions)
  
(57,239)
  
 
 $
37,713,963
  
       
Gross unrealized appreciation
$
7,550,263
  
Gross unrealized depreciation
  
(2,084,328)
  
Net unrealized appreciation
$
5,465,935
  
       

**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 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   11/28/2007                                                                  



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   11/28/2007                                                                  

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

Date   11/26/2007                                                                  

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