N-Q 1 pic_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS pic_nq.htm
As filed with the Securities and Exchange Commission on September 16, 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: October 31, 2008



Date of reporting period:  July 31, 2008
 
Item 1. Schedules of Investments.
PIC Flexible Growth Fund
      
Schedule of Investments
      
July 31, 2008 (Unaudited)
      
           
           
           
Shares
  
COMMON STOCKS - 99.30%
  
Value
  
   
Aerospace & Defense - 2.24%
      
                  305
  
Precision Castparts Corp.
$
             28,496
  
   
Air Freight & Logistics - 0.98%
      
                  350
  
Expeditors International of Washington, Inc.
  
             12,428
  
   
Biotechnology - 3.42%
      
                  805
  
Gilead Sciences, Inc. (a)
  
             43,454
  
   
Coal & Consumable Fuel - 2.86%
      
                  367
  
Alpha Natural Resources, Inc. (a)
  
             36,315
  
   
Communications Equipment - 6.10%
      
               1,515
  
Cisco Systems, Inc. (a)
  
             33,315
  
                  360
  
Research In Motion Ltd. (a)(b)
  
             44,215
  
       
             77,530
  
   
Computer Hardware - 7.19%
      
                  575
  
Apple, Inc. (a)
  
             91,396
  
   
Construction & Farm Machinery & Heavy Trucks - 3.29%
      
                  580
  
Joy Global, Inc.
  
             41,888
  
   
Data Processing & Outsourced Services - 2.98%
      
                  155
  
MasterCard, Inc. - Class A
  
             37,843
  
   
Diversified Metals & Mining - 1.45%
      
                  247
  
BHP Billiton Ltd. - ADR
  
             18,441
  
   
Drug Retail - 1.89%
      
                  660
  
CVS Corp.
  
             24,090
  
   
Electronic Equipment Manufacturers - 2.16%
      
                  575
  
Amphenol Corp. - Class A
  
             27,410
  
   
Fertilizers & Agricultural Chemicals - 10.81%
      
                  535
  
Intrepid Potash, Inc. (a)
  
             29,586
  
                  365
  
Monsanto Co.
  
             43,475
  
                  315
  
Potash Corp. of Saskatchewan, Inc. (b)
  
             64,345
  
       
           137,406
  
   
Health Care Equipment - 8.03%
      
                  670
  
Edwards Lifesciences Corp. (a)
  
             41,996
  
                  193
  
Intuitive Surgical, Inc. (a)
  
             60,079
  
       
           102,075
  
   
HyperMarkets & Super Centers - 2.67%
      
                  580
  
Wal-Mart Stores, Inc.
  
             34,000
  
   
Industrial Gases - 3.83%
      
                  520
  
Praxair, Inc.
  
             48,740
  
   
Industrial Machinery - 5.03%
      
                  480
  
Flowserve Corp.
  
             64,003
  
   
Integrated Oil & Gas - 4.85%
      
                  305
  
Hess Corp.
  
             30,927
  
                  550
  
Petroleo Brasileiro S.A. - ADR
  
             30,750
  
       
             61,677
  
   
Internet Retail - 2.44%
      
                  270
  
Priceline.com, Inc. (a)
  
             31,037
  
   
Internet Software & Services - 4.51%
      
                  420
  
Equinix, Inc. (a)
  
             34,171
  
                    49
  
Google, Inc. - Class A (a)
  
             23,214
  
       
             57,385
  
   
Oil & Gas Drilling - 1.44%
      
                  135
  
Transocean, Inc. (a)(b)
  
             18,364
  
   
Oil & Gas Equipment & Services - 4.39%
      
                  225
  
Schlumberger Ltd. (b)
  
             22,860
  
                  875
  
Weatherford International Ltd. (a)(b)
  
             33,014
  
       
             55,874
  
   
Oil & Gas Exploration & Production - 3.30%
      
                  215
  
Chesapeake Energy Corp.
  
             10,782
  
                  225
  
Continental Resources, Inc. (a)
  
             12,852
  
                  550
  
Petrohawk Energy Corp. (a)
  
             18,326
  
       
             41,960
  
   
Railroads - 2.24%
      
                  273
  
Burlington Northern Santa Fe Corp.
  
             28,427
  
   
Restaurants - 1.49%
      
                  705
  
Burger King Holdings, Inc.
  
             18,915
  
   
Semiconductors - 2.17%
      
                  785
  
Broadcom Corp. - Class A (a)
  
             19,068
  
                  750
  
NVIDIA Corp. (a)
  
              8,580
  
       
             27,648
  
   
Semiconductors & Semiconductor Equipment - 2.12%
      
               1,825
  
Marvell Technology Group Ltd. (a)(b)
  
             26,992
  
   
Specialized Finance - 1.36%
      
                  173
  
IntercontinentalExchange, Inc. (a)
  
             17,265
  
   
Steel - 4.06%
      
                  200
  
Cleveland-Cliffs, Inc.
  
             21,682
  
                  187
  
United States Steel Corp.
  
             29,987
  
       
             51,669
  
           
   
TOTAL COMMON STOCKS (Cost $1,148,395)
  
        1,262,728
  
           
           
Shares
  
MONEY MARKET INVESTMENTS - 0.31%
  
Value
  
               1,977
  
SEI Daily Income Trust Government Fund
  
              1,977
  
               1,978
  
SEI Daily Income Trust Treasury Fund
  
              1,978
  
   
TOTAL MONEY MARKET INVESTMENTS (Cost $3,955)
  
              3,955
  
           
   
Total Investments in Securities  (Cost $1,152,350) - 99.61%
  
        1,266,683
  
   
Other Assets in Excess of Liabilities - 0.39%
  
              4,970
  
   
NET ASSETS - 100.00%
$
        1,271,653
  
           
 
 
(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.
ADR - American Depositary Receipt
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
         
Cost of investments
 $
   1,152,350
    
         
Gross unrealized appreciation
  $
210,992
    
Gross unrealized depreciation
  
(96,659
 )  
Net unrealized depreciation
  $
114,333
    
         
 
* 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, 2008 (Unaudited)
      
           
           
           
           
Shares
  
COMMON STOCKS - 92.89%
  
Value
  
   
Air Freight & Logistics - 1.49%
      
2,900
  
Forward Air Corp.
$
               106,111
  
3,800
  
Hub Group, Inc. - Class A (a)
  
               147,668
  
       
               253,779
  
   
Alternative Carriers - 1.28%
      
3,596
  
Cogent Communications Group, Inc. (a)
  
                 43,368
  
29,400
  
PAETEC Holding Corp. (a)
  
               173,166
  
       
               216,534
  
   
Apparel, Accessories & Luxury Goods - 0.55%
      
4,200
  
Lululemon Athletica, Inc. (a)
  
                 93,240
  
   
Application Software - 0.99%
      
4,966
  
Nuance Communications, Inc. (a)
  
                 77,072
  
3,456
  
Ultimate Software Group, Inc. (a)
  
                 90,651
  
       
               167,723
  
   
Biotechnology - 0.94%
      
3,830
  
BioMarin Pharmaceuticals, Inc. (a)
  
               124,666
  
2,000
  
Cepheid, Inc. (a)
  
                 34,240
  
       
               158,906
  
   
Coal & Consumable Fuels - 0.62%
      
840
  
Patriot Coal Corp. (a)
  
               105,966
  
   
Commercial Printing - 0.06%
      
822
  
Innerworkings, Inc. (a)
  
                   9,585
  
   
Communications Equipment - 1.33%
      
6,700
  
Neutral Tandem, Inc. (a)
  
               115,776
  
8,400
  
Starent Networks Corp. (a)
  
               110,040
  
       
               225,816
  
   
Construction & Engineering - 1.45%
      
9,300
  
KHD Humboldt Wedag International Ltd. (a)(b)
  
               246,543
  
   
Construction & Farm Machinery & Heavy Trucks - 1.39%
      
5,100
  
Titan International, Inc.
  
               235,671
  
   
Construction Materials - 0.65%
      
8,400
  
Headwaters, Inc. (a)
  
               110,124
  
   
Consumer Finance - 2.68%
      
8,700
  
Cash America International, Inc.
  
               366,792
  
2,700
  
World Acceptance Corp. (a)
  
                 88,452
  
       
               455,244
  
   
Data Processing & Outsourced Services - 1.02%
      
6,050
  
CyberSource Corp. (a)
  
               107,387
  
4,354
  
ExlService Holdings, Inc. (a)
  
                 65,528
  
       
               172,915
  
   
Diversified Commercial & Professional Services - 0.56%
      
3,632
  
Ritchie Bros. Auctioneers, Inc. (b)
  
                 94,832
  
   
Education Services - 4.31%
      
1,800
  
American Public Education, Inc. (a)
  
                 81,774
  
1,850
  
Capella Education Co. (a)
  
                 96,570
  
2,485
  
Strayer Education, Inc.
  
               553,409
  
       
               731,753
  
   
Electrical Components & Equipment - 0.36%
      
1,600
  
II-VI, Inc. (a)
  
                 61,536
  
   
Environmental & Facilities Services - 1.23%
      
5,700
  
Metalico, Inc. (a)
  
                 87,780
  
3,300
  
Team, Inc. (a)
  
               120,483
  
       
               208,263
  
   
Fertilizers & Agricultural Chemicals - 3.10%
      
9,500
  
Intrepid Potash, Inc. (a)
  
               525,350
  
   
Footwear - 0.87%
      
5,418
  
Iconix Brand Group, Inc. (a)
  
                 65,016
  
4,400
  
Skechers U.S.A., Inc. - Class A (a)
  
                 83,160
  
       
               148,176
  
   
Health Care Distributors - 0.56%
      
2,700
  
MWI Veterinary Supply, Inc. (a)
  
                 94,608
  
   
Health Care Equipment - 4.09%
      
7,700
  
IRIS International, Inc. (a)
  
               129,976
  
1,400
  
Masimo Corp. (a)
  
                 52,878
  
11,368
  
Meridian Bioscience, Inc.
  
               295,682
  
6,600
  
SonoSite, Inc. (a)
  
               216,216
  
       
               694,752
  
   
Health Care Facilities - 0.60%
      
3,497
  
VCA Antech, Inc. (a)
  
               101,903
  
   
Health Care Services - 3.62%
      
9,070
  
HealthExtras, Inc. (a)
  
               272,191
  
4,250
  
ICON plc - ADR (a)
  
               341,445
  
       
               613,636
  
   
Home Entertainment Software - 1.40%
      
9,200
  
Shanda Interactive Entertainment Ltd. - ADR (a)
  
               237,636
  
   
Homefurnishing Retail - 0.83%
      
5,100
  
Aaron Rents, Inc.
  
               140,097
  
   
Hotels, Resorts & Cruise Lines - 2.61%
      
7,360
  
Ctrip.com International, Ltd. - ADR
  
               331,863
  
7,152
  
Home Inns & Hotels Management, Inc. - ADR (a)
  
               111,857
  
       
               443,720
  
   
HyperMarkets & Super Centers - 1.88%
      
13,600
  
PriceSmart, Inc.
  
               318,920
  
   
Industrial Machinery - 8.82%
      
16,865
  
Altra Holdings, Inc. (a)
  
               281,140
  
8,300
  
Chart Industries, Inc. (a)
  
               439,236
  
2,300
  
CIRCOR International, Inc.
  
               136,988
  
4,500
  
Colfax Corp. (a)
  
               122,805
  
9,600
  
Dynamic Materials Corp.
  
               316,128
  
6,031
  
RBC Bearings, Inc. (a)
  
               200,651
  
       
            1,496,948
  
   
Insurance Brokers - 0.26%
      
3,100
  
eHealth, Inc. (a)
  
                 45,012
  
   
Internet Software & Services - 6.86%
      
6,798
  
Equinix, Inc. (a)
  
               553,085
  
3,400
  
Mercadolibre, Inc. (a)
  
               121,890
  
5,308
  
Omniture, Inc. (a)
  
                 92,094
  
3,100
  
Sohu.com, Inc. (a)
  
               233,988
  
4,600
  
Vocus, Inc. (a)
  
               163,714
  
       
            1,164,771
  
   
Investment Banking & Brokerage - 0.44%
      
7,336
  
GFI Group, Inc.
  
                 74,020
  
   
IT Consulting & Other Services - 1.69%
      
5,150
  
ManTech International Corp. - Class A (a)
  
               287,576
  
   
Leisure Facilities - 1.41%
      
8,022
  
Life Time Fitness, Inc. (a)
  
               238,975
  
   
Life Sciences Tools & Services - 4.92%
      
15,090
  
Luminex Corp. (a)
  
               331,980
  
9,900
  
PAREXEL International Corp. (a)
  
               289,377
  
610
  
Pediatrix Medical Group, Inc. (a)
  
                 29,676
  
8,600
  
Sequenom, Inc. (a)
  
               183,696
  
       
               834,729
  
   
Marine - 1.78%
      
5,300
  
Eagle Bulk Shipping, Inc. (b)
  
               153,912
  
1,300
  
Excel Maritime Carriers Ltd. (b)
  
                 48,178
  
4,200
  
Seaspan Corp. (b)
  
                 99,876
  
       
               301,966
  
   
Marine Ports & Services - 2.45%
      
11,500
  
Aegean Marine Petroleum Network, Inc. (b)
  
               416,300
  
   
Oil & Gas Equipment & Services - 1.74%
      
1,327
  
Core Laboratories N.V. (b)
  
               171,992
  
3,300
  
Willbros Group, Inc. (a)(b)
  
               124,014
  
       
               296,006
  
   
Oil & Gas Exploration & Production - 10.02%
      
7,150
  
Arena Resources, Inc. (a)
  
               292,506
  
200
  
Berry Petroleum Co. - Class A
  
                   8,608
  
4,229
  
Bill Barrett Corp. (a)
  
               173,981
  
1,700
  
Carrizo Oil & Gas, Inc. (a)
  
                 85,578
  
15,800
  
Concho Resources, Inc. (a)
  
               517,450
  
4,000
  
Encore Acquisition Co. (a)
  
               247,480
  
3,125
  
GMX Resources, Inc. (a)
  
               183,438
  
1,850
  
Goodrich Petroleum Corp. (a)
  
                 84,823
  
2,800
  
Parallel Petroleum Corp. (a)
  
                 45,864
  
1,100
  
Petroleum Development Corp. (a)
  
                 60,841
  
       
            1,700,569
  
   
Personal Products - 1.37%
      
3,602
  
Chattem, Inc. (a)
  
               232,221
  
   
Research & Consulting Services - 1.25%
      
12,500
  
Hill International Inc. (a)
  
               211,875
  
   
Restaurants - 0.32%
      
5,800
  
Texas Roadhouse, Inc. - Class A (a)
  
                 53,824
  
   
Semiconductors - 2.90%
      
2,550
  
Atheros Communications, Inc. (a)
  
                 79,050
  
15,700
  
AuthenTec, Inc. (a)
  
               119,948
  
8,300
  
Netlogic Microsystems, Inc. (a)
  
               265,683
  
3,759
  
Silicon Motion Technology Corp. - ADR (a)
  
                 27,817
  
       
               492,498
  
   
Steel - 1.85%
      
1,810
  
Carpenter Technology Corp.
  
                 70,047
  
2,710
  
Schnitzer Steel Industries, Inc. - Class A
  
               244,550
  
       
               314,597
  
   
Systems Software - 3.80%
      
11,250
  
Micros Systems, Inc. (a)
  
               356,400
  
8,600
  
Sybase, Inc. (a)
  
               289,046
  
       
               645,446
  
   
Trucking - 0.54%
      
2,500
  
Old Dominion Freight Line, Inc. (a)
  
                 91,750
  
           
   
TOTAL COMMON STOCKS (Cost $13,880,333)
  
          15,766,311
  
           
           
Shares
  
MONEY MARKET INVESTMENTS - 7.09%
  
Value
  
601,688
  
SEI Daily Income Trust Government Fund
  
               601,688
  
601,689
  
SEI Daily Income Trust Treasury Fund
  
               601,689
  
   
TOTAL MONEY MARKET INVESTMENTS (Cost $1,203,377)
  
            1,203,377
  
           
   
Total Investments in Securities (Cost $15,083,710) - 99.98%
  
          16,969,688
  
   
Other Assets in Excess of Liabilities - 0.02%
  
                   3,021
  
   
NET ASSETS - 100.00%
$
          16,972,709
  
           
 
 
(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.
ADR - American Depositary Receipt
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows*:
         
Cost of investments
 $
   15,148,926
    
         
Gross unrealized appreciation
  $
2,924,682
    
Gross unrealized depreciation
  
(1,103,902
 )  
Net unrealized depreciation
  $
1,820,762
    
         
 
* 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/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     9/12/2008                                                                 



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     9/12/2008                                                                

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

Date     9/10/2008                                                                

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