N-Q 1 phocas_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS phocas_nq.htm
As filed with the Securities and Exchange Commission on May 30, 2008



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, 2008



Date of reporting period:  March 31, 2008

Item 1. Schedules of Investments.
Phocas Real Estate Fund
      
Schedule of Investments
      
March 31, 2008 (Unaudited)
      
           
           
           
Shares
  
COMMON STOCKS - 98.41%
  
Value
  
   
Apartments - 10.02%
      
3,199
  
American Campus Communities, Inc.
$
             87,525
  
1,985
  
AvalonBay Communities, Inc.
  
           191,592
  
781
  
Camden Property Trust
  
             39,206
  
1,310
  
Post Properties, Inc.
  
             50,592
  
       
           368,915
  
   
Diversified - 11.68%
      
7,226
  
Digital Realty Trust, Inc.
  
           256,523
  
3,899
  
Mission West Properties, Inc.
  
             36,846
  
1,588
  
Vornado Realty Trust
  
           136,901
  
       
           430,270
  
   
Health Care - 12.79%
      
6,737
  
Nationwide Health Properties, Inc.
  
           227,374
  
5,429
  
Ventas, Inc.
  
           243,816
  
       
           471,190
  
   
Hotels - 2.95%
      
4,826
  
Host Hotels & Resorts, Inc.
  
             76,830
  
1,992
  
Sunstone Hotel Investors, Inc.
  
             31,892
  
       
           108,722
  
   
Manufactured Homes - 2.64%
      
1,967
  
Equity Lifestyle Properties, Inc.
  
             97,111
  
   
Mortgage - 2.72%
      
4,790
  
Gramercy Capital Corp.
  
           100,255
  
   
Office Property - 14.66%
      
2,252
  
Alexandria Real Estate Equities, Inc.
  
           208,805
  
2,065
  
Boston Properties, Inc.
  
           190,125
  
1,730
  
SL Green Realty Corp.
  
           140,943
  
       
           539,873
  
   
Regional Malls - 10.68%
      
2,317
  
General Growth Properties, Inc.
  
             88,440
  
475
  
Macerich Co.
  
             33,378
  
2,925
  
Simon Property Group, Inc.
  
           271,762
  
       
           393,580
  
   
Shopping Centers - 19.44%
      
8,468
  
Acadia Realty Trust
  
           204,502
  
3,339
  
Federal Realty Investment Trust
  
           260,275
  
2,778
  
Kimco Realty Corp.
  
           108,814
  
2,198
  
Regency Centers Corp.
  
           142,343
  
       
           715,934
  
   
Storage - 3.07%
      
1,277
  
Public Storage, Inc.
  
           113,168
  
   
Warehouse/Industrial - 7.76%
      
951
  
AMB Property Corp.
  
             51,753
  
3,978
  
ProLogis
  
           234,145
  
       
           285,898
  
           
   
TOTAL COMMON STOCKS (Cost $3,995,930)
  
        3,624,916
  
           
Shares
  
SHORT-TERM INVESTMENTS - 1.75%
  
Value
  
64,206
  
AIM STIT-STIC Prime Portortfolio
  
             64,206
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $64,206)
  
             64,206
  
           
   
TOTAL INVESTMENTS IN SECURITIES (Cost $4,060,136) - 100.16%
     3,689,122
  
   
Liabilities in Excess of Other Assets - (0.16)%
  
            (5,740
 )
   
NET ASSETS - 100.00%
$
     3,683,382
  
           
 
The cost basis of investments for federal income tax purposes at March 31, 2008 was as follows*:
         
Cost of investments
 $
      4,071,988
  
 
         
Gross unrealized appreciation
  $
          77,761
    
Gross unrealized depreciation
  
         (460,627
 )  
Net unrealized depreciation
   $
      (382,866
 )  
         
 
* 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.

FAS 157 – Summary of Fair Value Exposure at March 31, 2008

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), effective with the beginning of the Fund’s fiscal year.  SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s securities as of March 31, 2008:

         
Fair Value Measurements at Reporting Date Using
  
         
Quoted Prices in Active Markets for Identical Assets
    
Significant Other Observable Inputs
    
Significant Unobservable Inputs
  
Description
  
Total
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
                         
Investments in Securities
   $ 3,689,122     $ 3,689,122     $ —     $ —  
Total
   $ 3,689,122     $ 3,689,122     $ —     $ —  

 

Phocas Small Cap Value Fund
      
Schedule of Investments
      
March 31, 2008 (Unaudited)
      
           
           
           
Shares
  
COMMON STOCKS - 95.88%
  
Value
  
   
Aerospace & Defense - 3.25%
      
12,011
  
Herley Industries, Inc. (a)
$
         124,194
  
9,420
  
MTC Technologies, Inc. (a)
  
         224,008
  
6,464
  
Triumph Group, Inc.
  
         367,995
  
       
         716,197
  
   
Auto Components - 0.83%
      
9,381
  
Aftermarket Technology Corp. (a)
  
         182,367
  
   
Automobiles - 0.27%
      
3,577
  
Winnebago Industries, Inc.
  
           60,451
  
   
Chemicals - 3.25%
      
2,070
  
CF Industries Holdings, Inc.
  
         214,493
  
8,174
  
Innospec, Inc.
  
         173,289
  
11,135
  
Sensient Technologies Corp.
  
         328,371
  
       
         716,153
  
   
Commercial Banks - 13.51%
      
16,635
  
Banco Latinoamericano de Exportaciones S.A. (b)
  
         256,179
  
10,355
  
Capitol Bancorp Ltd.
  
         218,905
  
22,836
  
Citizens Republic Bancorp, Inc.
  
         283,851
  
9,188
  
East West Bancorp, Inc.
  
         163,087
  
22,270
  
First BanCorp
  
         226,263
  
6,275
  
First Charter Corp.
  
         167,605
  
15,142
  
First Commonwealth Financial Corp.
  
         175,496
  
12,968
  
FNB United Corp.
  
         136,164
  
8,600
  
Frontier Financial Corp.
  
         152,048
  
6,120
  
Greene Bancshares, Inc.
  
         108,263
  
3,635
  
IBERIABANK Corp.
  
         160,849
  
16,481
  
National Penn Bancshares, Inc.
  
         299,789
  
11,273
  
Republic Bancorp Inc. - Class A
  
         212,834
  
 10,295
  
Royal Bancshares of Pennsylvania, Inc. -    Class A
         148,969
  
10,322
  
TCF Financial Corp.
  
         184,970
  
8,654
  
Vineyard National Bancorp Co.
  
           70,271
  
9,337
  
W Holding Co., Inc.
  
           11,111
  
       
       2,976,654
  
   
Commercial Services & Supplies - 3.68%
      
7,364
  
Jackson Hewitt Tax Service, Inc.
  
           84,465
  
10,697
  
Korn/Ferry International (a)
  
         180,779
  
5,993
  
Steiner Leisure Ltd. (a)(b)
  
         197,769
  
9,381
  
Trueblue, Inc. (a)
  
         126,081
  
4,647
  
United Stationers, Inc. (a)
  
         221,662
  
       
         810,756
  
   
Communications Equipment - 0.52%
      
19,727
  
Arris Group, Inc. (a)
  
         114,811
  
   
Computers & Peripherals - 0.16%
      
1,478
  
Synaptics, Inc. (a)
  
           35,295
  
   
Construction & Engineering - 0.85%
      
5,728
  
URS Corp. (a)
  
         187,248
  
   
Diversified Financial Services - 0.65%
      
21,130
  
Encore Capital Group, Inc. (a)
  
         143,684
  
   
Diversified Telecommunication Services - 0.55%
      
7,890
  
SureWest Communications
  
         121,979
  
   
Electric Utilities - 1.09%
      
11,231
  
PNM Resources, Inc.
  
         140,051
  
4,437
  
Portland General Electric Co.
  
         100,054
  
       
         240,105
  
   
Electrical Equipment - 1.25%
      
5,633
  
Preformed Line Products Co.
  
         274,214
  
   
Electromedical & Electrotherapeutic Apparatus - 0.81%
    
12,187
  
Syneron Medical Ltd. (a)(b)
  
         177,321
  
   
Electronic Equipment & Instruments - 3.85%
      
13,896
  
Brightpoint, Inc. (a)
  
         116,171
  
7,071
  
ScanSource, Inc. (a)
  
         255,899
  
13,326
  
SYNNEX Corp. (a)
  
         282,778
  
6,903
  
Watts Water Technologies, Inc. - Class A
  
         193,491
  
       
         848,339
  
   
Energy Equipment & Services - 0.75%
      
1,929
  
SEACOR Holdings, Inc. (a)
  
         164,659
  
   
Food & Staples Retailing - 0.51%
      
3,303
  
Nash Finch Co.
  
         112,236
  
   
Food Products - 1.08%
      
10,388
  
Treehouse Foods, Inc. (a)
  
         237,470
  
   
Gas Utilities - 2.78%
      
7,364
  
Atmos Energy Corp.
  
         187,782
  
6,050
  
Laclede Group, Inc.
  
         215,562
  
6,707
  
New Jersey Resources Corp.
  
         208,252
  
       
         611,596
  
   
Health Care Equipment & Supplies - 1.06%
      
5,875
  
Orthofix International N.V. (a)(b)
  
         233,649
  
   
Health Care Providers & Services - 1.77%
      
14,451
  
Healthspring, Inc. (a)
  
         203,470
  
8,529
  
Kindred Healthcare, Inc. (a)
  
         186,529
  
       
         389,999
  
   
Hotels, Restaurants & Leisure - 0.66%
      
8,242
  
Monarch Casino & Resort, Inc. (a)
  
         145,966
  
   
Industrial Conglomerates - 1.28%
      
15,518
  
Tredegar Corp.
  
         282,583
  
   
Information Retrieval Services - 1.69%
      
31,388
  
Greenfield Online, Inc. (a)
  
         372,262
  
   
Insurance - 6.13%
      
9,059
  
American Physicians Capital, Inc.
  
         419,975
  
16,130
  
Fidelity National Title Group, Inc. - Class A
  
         295,663
  
3,770
  
Infinity Property & Casualty Corp.
  
         156,832
  
8,786
  
IPC Holdings, Ltd. (b)
  
         246,008
  
6,799
  
Safety Insurance Group, Inc.
  
         232,050
  
       
       1,350,528
  
   
Internet Software & Services - 1.98%
      
8,455
  
Avocent Corp. (a)
  
         142,890
  
28,001
  
Internet Capital Group, Inc. - Class A (a)
  
         293,170
  
       
         436,060
  
   
IT Services - 2.27%
      
11,954
  
ICF International, Inc. (a)
  
         239,678
  
17,359
  
Perot Systems Corp. - Class A (a)
  
         261,079
  
       
         500,757
  
   
Leisure Equipment & Products - 1.47%
      
11,749
  
JAKKS Pacific, Inc. (a)
  
         323,920
  
   
Machinery - 2.54%
      
6,225
  
EnPro Industries, Inc. (a)
  
         194,158
  
8,397
  
Gehl Co. (a)
  
         142,245
  
7,483
  
Timken Co.
  
         222,395
  
       
         558,798
  
   
Media - 2.26%
      
13,385
  
Corus Entertainment, Inc. - Class B (b)
  
         235,978
  
8,150
  
Getty Images, Inc. (a)
  
         260,800
  
       
         496,778
  
   
Metals & Mining - 1.25%
      
3,883
  
Schnitzer Steel Industries, Inc. - Class A
  
         275,771
  
   
Multi-line Retail - 0.33%
      
4,384
  
Conn's, Inc. (a)
  
           71,503
  
   
Multi-Utilities & Unregulated Power - 0.87%
      
4,121
  
Integrys Energy Group, Inc.
  
         192,204
  
   
Oil & Gas Exploration & Production - 1.92%
      
9,395
  
Swift Energy Co. (a)
  
         422,681
  
   
Oil, Gas & Consumable Fuels - 3.86%
      
19,007
  
Mariner Energy, Inc. (a)
  
         513,379
  
17,093
  
Rosetta Resources, Inc. (a)
  
         336,219
  
       
         849,598
  
   
Paper & Forest Products - 1.00%
      
9,557
  
Schweitzer-Mauduit International, Inc.
  
         221,149
  
   
Personal Products - 3.77%
      
11,559
  
Alberto-Culver Co.
  
         316,832
  
13,645
  
Elizabeth Arden, Inc. (a)
  
         272,218
  
8,071
  
NBTY, Inc. (a)
  
         241,726
  
       
         830,776
  
   
Pharmaceutical Preparations - 0.48%
      
11,750
  
ViroPharma, Inc. (a)
  
         105,045
  
   
Real Estate Investment Trusts - 8.25%
      
14,548
  
Acadia Realty Trust
  
         351,334
  
2,363
  
Alexandria Real Estate Equities, Inc.
  
         219,097
  
7,959
  
American Campus Communities, Inc.
  
         217,758
  
11,724
  
Digital Realty Trust, Inc.
  
         416,202
  
4,399
  
Equity Lifestyle Properties, Inc.
  
         217,179
  
8,061
  
Gramercy Capital Corp.
  
         168,717
  
6,751
  
Nationwide Health Properties, Inc.
  
         227,846
  
       
       1,818,133
  
   
Semiconductor & Semiconductor Equipment - 1.94%
    
 13,064
  
Fairchild Semiconductor International, Inc. -    Class A (a)
         155,723
  
11,899
  
Microsemi Corp. (a)
  
         271,297
  
       
         427,020
  
   
Software - 2.77%
      
15,629
  
Compuware Corp. (a)
  
         114,717
  
17,640
  
Corel Corp. (a)(b)
  
         192,276
  
16,658
  
JDA Software Group, Inc. (a)
  
         304,008
  
       
         611,001
  
   
Textiles, Apparel & Luxury Goods - 4.38%
      
8,767
  
K-Swiss, Inc. - Class A
  
         138,694
  
7,790
  
Liz Claiborne, Inc.
  
         141,388
  
13,414
  
Perry Ellis International, Inc. (a)
  
         292,828
  
8,067
  
Timberland Co. - Class A (a)
  
         110,760
  
9,695
  
Wolverine World Wide, Inc.
  
         281,252
  
       
         964,922
  
   
Thrifts & Mortgage Finance - 1.69%
      
15,707
  
Flagstar Bancorp, Inc.
  
         113,404
  
7,890
  
Provident Financial Holdings, Inc.
  
         126,556
  
2,661
  
WSFS Financial Corp.
  
         131,134
  
       
         371,094
  
   
Wireless Telecommunication Services - 0.62%
      
8,151
  
Syniverse Holdings, Inc. (a)
  
         135,796
  
           
   
TOTAL COMMON STOCKS (Cost $23,424,109)
  
     21,119,528
  
           
Shares
  
SHORT-TERM INVESTMENTS - 3.28%
  
 Value
  
721,527
  
AIM STIT-STIC Prime Portfolio
  
         721,527
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $721,527)
         721,527
  
           
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $24,145,636) - 99.16%
  21,841,055
  
   
Other Assets in Excess of Liabilities - 0.84%
  
       185,896
  
   
NET ASSETS - 100.00%
$
  22,026,951
  
           
           
 
 (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, 2008 was as follows*:
         
Cost of investments
 $
   24,323,740
    
         
Gross unrealized appreciation
  $
    1,064,932
    
Gross unrealized depreciation
  
     (3,547,617
 )  
Net unrealized appreciation
  $
  (2,482,685
 )  
         
 
* 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.
 
FAS 157 – Summary of Fair Value Exposure at March 31, 2008

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), effective with the beginning of the Fund’s fiscal year.  SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable.

Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s securities as of March 31, 2008:

         
Fair Value Measurements at Reporting Date Using
  
         
Quoted Prices in Active Markets for Identical Assets
    
Significant Other Observable Inputs
    
Significant Unobservable Inputs
  
Description
  
Total
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
                         
Investments in Securities
   $ 21,841,055     $ 21,841,055     $ —     $ —  
Total
   $ 21,841,055     $ 21,841,055     $ —     $ —  

 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Principal Executive Officer and Treasurer/Principal 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/ Douglas G. Hess              
Douglas G. Hess, President

Date   5/22/2008                                                                    



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/ Douglas G. Hess             
Douglas G. Hess, President

Date   5/22/2008                                                                    

By (Signature and Title)*   /s/ Cheryl L. King                 
Cheryl L. King, Treasurer

Date   5/19/2008                                                                    

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