N-Q 1 rigel_nq.htm QUARTERLY REPORT OF PORTFOLIO HOLDINGS rigel_nq.htm
As filed with the Securities and Exchange Commission on August 29, 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: September 30, 2008



Date of reporting period:  June 30, 2008

Item 1. Schedules of Investments.
 
     
Schedule of Investments
      
at June 30, 2008 (Unaudited)
      
           
 Shares
      
Value
  
   
COMMON STOCKS - 94.03%
      
   
Aerospace & Defense - 0.50%
      
               7,290
  
General Dynamics Corp.
$
613,818
  
           
   
Air Freight & Logistics - 1.20%
      
             26,989
  
C. H. Robinson Worldwide, Inc.
  
1,480,077
  
           
   
Biotechnology - 4.83%
      
             26,080
  
Celgene Corp.*
  
1,665,729
  
             81,287
  
Gilead Sciences, Inc.*
  
4,304,147
  
       
5,969,876
  
           
   
Capital Markets - 1.11%
      
               7,722
  
BlackRock, Inc.
  
1,366,794
  
           
   
Chemicals - 7.51%
      
             19,960
  
Air Products & Chemicals, Inc.
  
1,973,246
  
               3,625
  
CF Industries Holdings, Inc.
  
553,900
  
             55,994
  
Celanese Corp. - Series A
  
2,556,686
  
             15,528
  
Monsanto Co.
  
1,963,360
  
             23,665
  
Praxair, Inc.
  
2,230,190
  
       
9,277,382
  
           
   
Communications Equipment - 6.52%
      
             78,174
  
Corning, Inc.
  
1,801,911
  
             69,808
  
QUALCOMM, Inc.
  
3,097,381
  
             26,998
  
Research In Motion Ltd.*#
  
3,156,066
  
       
8,055,358
  
           
   
Computers & Peripherals - 6.37%
      
             22,287
  
Hewlett-Packard Co.
  
985,308
  
             35,090
  
International Business Machines Corp.
  
4,159,218
  
             79,006
  
Western Digital Corp.*
  
2,728,078
  
       
7,872,604
  
           
   
Construction & Engineering - 1.72%
      
             11,425
  
Fluor Corp.
  
2,125,964
  
           
   
Electrical Equipment - 2.39%
      
             59,657
  
Emerson Electric Co.
  
2,950,039
  
           
   
Electronic Equipment & Instruments - 4.18%
      
             92,968
  
Amphenol Corp.
  
4,172,404
  
             24,368
  
FLIR Systems, Inc.*
  
988,609
  
       
5,161,013
  
           
   
Energy Equipment & Services - 11.33%
      
             64,231
  
Cameron International Corp.*
  
3,555,186
  
             14,207
  
ENSCO International, Inc.
  
1,147,073
  
             27,125
  
FMC Technologies, Inc.*
  
2,086,726
  
             20,425
  
National-Oilwell Varco, Inc.*
  
1,812,106
  
             11,964
  
Transocean, Inc.*#
  
1,823,194
  
             71,888
  
Weatherford International Ltd.*#
  
3,564,926
  
       
13,989,211
  
           
   
Food & Staples Retailing - 5.57%
      
             32,144
  
Costco Wholesale Corp.
  
2,254,580
  
             21,650
  
CVS Caremark Corp.
  
856,690
  
             67,107
  
Wal-Mart Stores, Inc.
  
3,771,413
  
       
6,882,683
  
           
   
Hotels, Restaurants & Leisure - 0.35%
      
               7,639
  
McDonald's Corp.
  
429,465
  
           
   
Insurance - 1.78%
      
             35,038
  
AFLAC, Inc.
  
2,200,386
  
           
   
Internet & Catalog Retail - 0.75%
      
               8,022
  
Priceline.com, Inc.*
  
926,220
  
           
   
IT Services - 8.46%
      
             39,300
  
Accenture Ltd. - Class A#
  
1,600,296
  
             30,650
  
Affiliated Computer Services, Inc.*
  
1,639,469
  
             76,124
  
Cognizant Technology Solutions Corp. - Class A*
  
2,474,791
  
               6,285
  
MasterCard, Inc. - Class A
  
1,668,793
  
             37,753
  
Visa, Inc. - Class A*
  
3,069,697
  
       
10,453,046
  
           
   
Machinery - 5.04%
      
             25,165
  
Caterpillar, Inc.
  
1,857,680
  
               6,234
  
Flowserve Corp.
  
852,188
  
             32,559
  
Joy Global, Inc.
  
2,468,949
  
               7,925
  
SPX Corp.
  
1,043,960
  
       
6,222,777
  
           
   
Management Consulting Services - 1.64%
      
             71,661
  
ABB Ltd. - ADR
  
2,029,439
  
           
   
Media - 2.22%
      
           105,580
  
The DIRECTV Group, Inc.*
  
2,735,578
  
           
   
Medical Devices - 0.60%
      
               2,729
  
Intuitive Surgical, Inc.*
  
735,193
  
           
   
Metals & Mining - 1.81%
      
             57,100
  
Steel Dynamics, Inc.
  
2,230,897
  
           
   
Oil & Gas - 2.23%
      
             44,708
  
Denbury Resources, Inc.*
  
1,631,842
  
             11,400
  
Murphy Oil Corp.
  
1,117,770
  
       
2,749,612
  
           
   
Oil, Gas & Consumable Fuels - 2.33%
      
             13,491
  
Hess Corp.
  
1,702,429
  
             29,068
  
The Williams Companies, Inc.
  
1,171,731
  
       
2,874,160
  
           
   
Pharmaceuticals - 0.61%
      
               4,658
  
Alcon, Inc.#
  
758,276
  
           
   
Phosphatic Fertilizers - 1.35%
      
             11,559
  
The Mosaic Co.*
  
1,672,587
  
           
   
Road & Rail - 4.48%
      
             40,684
  
CSX Corp.
  
2,555,362
  
             47,482
  
Norfolk Southern Corp.
  
2,975,697
  
       
5,531,059
  
           
   
Software - 6.37%
      
             68,955
  
BMC Software, Inc.*
  
2,482,380
  
           130,653
  
Oracle Corp.*
  
2,743,713
  
           136,788
  
Symantec Corp.*
  
2,646,848
  
       
7,872,941
  
           
   
Textiles, Apparel & Luxury Goods - 0.78%
      
             16,255
  
NIKE, Inc. - Class B
  
968,961
  
           
   
Total Common Stocks (Cost $109,753,744)
  
116,135,416
  
           
   
SHORT-TERM INVESTMENTS - 8.36%
      
        3,605,188
  
Aim Liquid Assets
  
3,605,188
  
        3,598,787
  
AIM STIT-STIC Prime Portfolio
  
3,598,787
  
        3,119,370
  
AIM STIT Treasury Portfolio
  
3,119,370
  
   
Total Short-Term Investments (Cost $10,323,345)
  
10,323,345
  
           
   
Total Investments in Securities (Cost $120,077,089) - 102.39%
126,458,761
  
   
Liabilities in Excess of Other Assets - (2.39)%
  
(2,955,511
 )
   
Net Assets - 100.00%
$
123,503,250
  
           
* Non-income producing security.
      
# U.S. traded security of a foreign issuer.
      
ADR - American Depository Receipt
      
           

The cost basis of investments for federal income tax purposes at June 30, 2008 was as follows**:

Cost of investments
$
120,581,360
  
       
Gross unrealized appreciation
$
9,618,264
  
Gross unrealized depreciation
  
(3,740,863
) 
Net unrealized appreciation
$
5,877,401
  
       

**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.
 
 
     
Schedule of Investments
      
at June 30, 2008 (Unaudited)
      
           
 Shares
      
Value
  
   
COMMON STOCKS - 94.45%
      
   
Aerospace & Defense - 0.87%
      
               1,113
  
Axsys Technologies, Inc.*
$
57,921
  
           
   
Capital Markets - 2.58%
      
               1,500
  
Eaton Vance Corp.
  
59,640
  
               3,225
  
Waddell & Reed Financial, Inc.
  
112,907
  
       
172,547
  
           
   
Chemicals - 4.92%
      
               2,305
  
Airgas, Inc.
  
134,589
  
                  800
  
CF Industries Holdings, Inc.
  
122,240
  
               1,325
  
Sigma-Aldrich Corp.
  
71,365
  
       
328,194
  
           
   
Commercial Banks - 1.02%
      
               1,275
  
BOK Financial Corp.
  
68,149
  
           
   
Commercial Services & Supplies - 6.52%
      
               1,185
  
Clean Harbors, Inc.*
  
84,206
  
               1,350
  
FTI Consulting, Inc.*
  
92,421
  
               1,100
  
I H S, Inc.*
  
76,560
  
               1,987
  
Stericycle, Inc.*
  
102,728
  
               1,500
  
Watson Wyatt Worldwide, Inc.
  
79,335
  
       
435,250
  
           
   
Containers & Packaging - 1.78%
      
               2,825
  
AptarGroup, Inc.
  
118,509
  
           
   
Electrical Equipment - 1.22%
      
               2,375
  
EnerSys*
  
81,296
  
           
   
Electronic Equipment & Instruments - 3.54%
      
               2,130
  
Amphenol, Inc.
  
95,594
  
               3,470
  
FLIR Systems, Inc.*
  
140,778
  
       
236,372
  
           
   
Energy Equipment & Services - 6.48%
      
               1,000
  
Core Laboratories NV*#
  
142,350
  
               1,615
  
FMC Technologies, Inc.*
  
124,242
  
               1,675
  
Hornbeck Offshore Services, Inc.*
  
94,654
  
                  925
  
Oceaneering International, Inc.*
  
71,271
  
       
432,517
  
           
   
Gas Utilities - 1.99%
      
               1,700
  
Energen Corp.
  
132,651
  
           
   
Health Care Equipment & Supplies - 1.11%
      
               1,992
  
Mindray Medical International Ltd. - ADR
  
74,341
  
           
   
Health Care Providers & Services - 1.68%
      
               2,225
  
Amedisys, Inc.*
  
112,184
  
           
   
Hotels, Restaurants & Leisure - 1.69%
      
               4,210
  
Burger King Holdings, Inc.
  
112,786
  
           
   
Household Durables - 1.53%
      
               2,975
  
Tupperware Brands Corp.
  
101,805
  
           
   
Household Products - 1.25%
      
               1,475
  
Church & Dwight Co., Inc.
  
83,116
  
           
   
Insurance - 1.61%
      
               1,625
  
Assurant, Inc.
  
107,185
  
           
   
Internet & Catalog Retail - 1.38%
      
                  800
  
Priceline.com, Inc.*
  
92,368
  
           
   
Internet Software & Services - 1.57%
      
               3,267
  
Open Text Corp.*#
  
104,871
  
           
   
IT Services - 4.65%
      
               5,125
  
CyberSource Corp.*
  
85,741
  
               2,740
  
ManTech International Corp.*
  
131,849
  
               4,475
  
SAIC, Inc.*
  
93,125
  
       
310,715
  
           
   
Life Sciences Tools & Services - 7.97%
      
                  675
  
Covance, Inc.*
  
58,063
  
               1,742
  
Icon plc - ADR
  
131,556
  
               1,375
  
Illumina, Inc.*
  
119,776
  
               1,800
  
Invitrogen Corp.*
  
70,668
  
               1,275
  
Pharmaceutical Product Development, Inc.
  
54,698
  
               4,839
  
QIAGEN N.V.*#
  
97,409
  
       
532,170
  
           
   
Machinery - 9.28%
      
               2,174
  
Bucyrus International, Inc.
  
158,745
  
               1,825
  
CIRCOR International, Inc.
  
89,407
  
               1,275
  
Flowserve Corp.
  
174,292
  
               1,750
  
Harsco Corp.
  
95,217
  
                  975
  
Valmont Industries, Inc.
  
101,683
  
       
619,344
  
           
   
Marine - 2.36%
      
               1,150
  
Genco Shipping & Trading Ltd.#
  
74,980
  
               1,725
  
Kirby Corp.*
  
82,800
  
       
157,780
  
           
   
Media - 1.01%
      
                  940
  
Morningstar, Inc.*
  
67,708
  
           
   
Metals & Mining - 1.13%
      
               1,925
  
Steel Dynamics, Inc.
  
75,210
  
           
   
Oil, Gas & Consumable Fuels - 6.06%
      
               2,310
  
Arena Resources, Inc.*
  
122,014
  
               1,175
  
Pioneer Natural Resources Co.
  
91,979
  
               2,600
  
Quicksilver Resources, Inc.*
  
100,464
  
                  850
  
Whiting Petroleum Corp.*
  
90,168
  
       
404,625
  
           
   
Road & Rail - 1.47%
      
               2,225
  
Kansas City Southern*
  
97,878
  
           
   
Semiconductor & Semiconductor Equipment - 5.20%
      
               4,675
  
Altera Corp.
  
96,772
  
               2,650
  
Linear Technology Corp.
  
86,311
  
               2,275
  
Netlogic Microsystems, Inc.*
  
75,530
  
               2,801
  
Power Integrations, Inc.*
  
88,540
  
       
347,153
  
           
   
Software - 5.51%
      
               3,225
  
ANSYS, Inc.*
  
151,962
  
               2,194
  
Concur Technologies, Inc.*
  
72,907
  
               5,825
  
Informatica Corp.*
  
87,608
  
               1,815
  
MICROS Systems, Inc.*
  
55,339
  
       
367,816
  
           
   
Specialty Retail - 5.30%
      
               3,375
  
Aeropostale, Inc.*
  
105,739
  
               1,552
  
The Buckle, Inc.
  
70,973
  
               1,975
  
Guess?, Inc.
  
73,964
  
               3,300
  
Urban Outfitters, Inc.*
  
102,927
  
       
353,603
  
           
   
Textiles, Apparel & Luxury Goods - 1.77%
      
                  850
  
Deckers Outdoor Corp.*
  
118,320
  
           
   
Total Common Stocks (Cost $6,006,161)
  
6,304,384
  
           
           
   
SHORT-TERM INVESTMENTS - 7.32%
      
147,467
  
Aim Liquid Assets
  
147,467
  
182,936
  
AIM STIT-STIC Prime Portfolio
  
182,936
  
158,420
  
AIM STIT Treasury Portfolio
  
158,420
  
   
Total Short-Term Investments (Cost $488,823)
  
488,823
  
           
   
Total Investments in Securities (Cost $6,494,984) - 101.77%
6,793,207
  
   
Liabilities in Excess of Other Assets - (1.77)%
  
(118,054
 )
   
Net Assets - 100.00%
$
6,675,153
  
           
* Non-income producing security.
      
# U.S. traded security of a foreign issuer.
      
ADR - American Depository Receipt
      
           
 
The cost basis of investments for federal income tax purposes at June 30, 2008 was as follows**:

Cost of investments
$
6,494,984
  
       
Gross unrealized appreciation
$
521,436
  
Gross unrealized depreciation
  
(223,213
 ) 
Net unrealized appreciation
$
298,223
  
       

**Because tax adjustments are calculated annually, the above table does not reflect the tax adjustments outstanding.

 
 
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   8/28/2008                                                               



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   8/28/2008                                                               

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

Date   8/28/2008                                                               

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