huber_nq.htm

0000894189-08-003129.txt : 20080926 0000894189-08-003129.hdr.sgml : 20080926 20080926115826 ACCESSION NUMBER: 0000894189-08-003129 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080731 FILED AS OF DATE: 20080926 DATE AS OF CHANGE: 20080926 EFFECTIVENESS DATE: 20080926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 081090435 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202

0001027596 S000018427 Huber Capital Equity Income Fund

C000050919 Class I HULIX

0001027596 S000018428 Huber Capital Small Cap Value Fund

C000050920 Class I HUSIX

N-Q 1 huber_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS huber_nq.htm

As filed with the Securities and Exchange Commission on September 26, 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.

Huber Capital Equity Income Fund
SCHEDULE OF INVESTMENTS at July 31, 2008 (Unaudited)

Shares			Value
		COMMON STOCKS - 97.30%
		Aerospace & Defense - 4.03%
	670	KBR, Inc.	$	19,095
	620	Northrop Grumman Corp.		41,782
				60,877
		Air Freight & Logistics - 2.45%
	470	FedEx Corp.		37,055
		Biotechnology - 1.24%
	300	Amgen Inc. (a)		18,789
		Chemicals - 4.17%
	410	Agrium Inc. (b)		36,080
	450	Eastman Chemical Co.		26,982
				63,062
		Commercial Banks - 4.81%
	1,350	Bank of America Corp.		44,415
	2,680	KeyCorp		28,274
				72,689
		Construction & Engineering - 1.02%
	190	Fluor Corp.		15,457
		Diversified Financial Services - 6.45%
	3,540	Citigroup Inc.		66,163
	770	JPMorgan Chase & Co.		31,285
				97,448
		Electric Utilities - 3.42%
	460	Exelon Corp.		36,165
	240	FPL Group, Inc.		15,487
				51,652
		Electronic Equipment & Instruments - 1.14%
	520	Tyco Electronics Ltd.		17,233
		Energy Equipment & Services - 1.34%
	1,700	Global Industries, Ltd. (a)		20,298
		Food Products - 2.13%
	690	ConAgra Foods, Inc.		14,959
	1,160	Tyson Foods, Inc. - Class A		17,284
				32,243
		Health Care Providers & Services - 2.21%
	5,780	Tenet Healthcare Corp. (a)		33,466
		Home Improvement Stores - 2.95%
	1,870	Home Depot, Inc.		44,562
		Insurance - 10.78%
	2,460	American International Group, Inc.		64,083
	3,500	Conseco, Inc. (a)		29,330
	1,120	Genworth Financial Inc. - Class A		17,886
	2,890	XL Capital Ltd - Class A		51,702
				163,001
		Internet & Catalog Retail - 1.80%
	1,080	eBay Inc. (a)		27,184
		IT Services - 4.48%
	2,730	Electronic Data Systems Corp.		67,731
		Land Subdividers & Developers, Except Cemeteries - 4.02%
	3,080	MI Developments, Inc. - Class A		60,738
		Machinery - 3.71%
	420	Flowserve Corp.		56,003
		Media - 3.32%
	9,140	Idearc Inc.		11,973
	4,350	Interpublic Group of Companies, Inc. (a)		38,237
				50,210
		Metals & Mining - 1.07%
	480	Alcoa Inc.		16,200
		Oil & Gas - 3.98%
	850	Royal Dutch Shell PLC - ADR		60,172
		Pharmaceuticals - 6.66%
	2,330	Pfizer, Inc.		43,501
	980	Schering-Plough Corp.		20,658
	1,260	Watson Pharmaceuticals, Inc. (a)		36,427
				100,586
		Residential Construction - 5.04%
	1,150	Centex Corp.		16,882
	5,410	Lennar Corp. - Class B		59,239
				76,121
		Software - 11.96%
	4,600	CA Inc.		109,756
	2,760	Microsoft Corp.		70,987
				180,743
		Thrifts & Mortgage Finance - 3.12%
	2,140	Fannie Mae		24,610
	2,760	Freddie Mac		22,549
				47,159
		TOTAL COMMON STOCKS (Cost $1,935,148)		1,470,679


		SHORT-TERM INVESTMENTS - 3.39%
	25,636	SEI Daily Income Treasury Fund		25,636
	25,635	SEI Daily Income Trust Government Fund		25,635
		TOTAL SHORT-TERM INVESTMENTS (Cost $51,271)		51,271

		Total Investments in Securities (Cost $1,986,419) - 100.69%		1,521,950
		Liabilities in Excess of Other Assets - (0.69)%		(10,431	)
		NET ASSETS - 100.00%	$	1,511,519

	ADR - American Depositary Receipt
	(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 July 31, 2008 was as follows**:

Cost of investments	$	1,986,419

Gross unrealized appreciation	$	72,815
Gross unrealized depreciation		(537,284	)
Net unrealized depreciation	$	(464,469	)

**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.

Huber Capital Small Cap Value Fund
SCHEDULE OF INVESTMENTS at July 31, 2008 (Unaudited)


Shares			Value
		COMMON STOCKS - 96.61%
		Air Freight & Logistics - 1.92%
	3,000	Livingston International Income Fund (d)	$	38,381
		Auto Components - 1.61%
	3,730	Miller Industries, Inc. (a)		32,078
		Chemicals - 2.74%
	300	CF Industries Holdings, Inc.		49,038
	100	Intrepid Potash, Inc. (a)		5,530
				54,568
		Commercial Services & Supplies - 3.26%
	2,520	IKON Office Solutions, Inc.		36,036
	1,570	Kelly Services, Inc. - Class A		28,904
				64,940
		Computers & Peripherals - 1.58%
	3,150	STEC Inc. (a)		31,500
		Construction & Engineering - 4.92%
	5,900	Argan, Inc. (a)		98,235
		Consumer Finance - 1.58%
	2,930	Nelnet, Inc. - Class A		31,585
		Containers & Packaging - 1.19%
	2,770	UFP Technologies, Inc. (a)		23,656
		Electric Utilities - 1.30%
	1,100	Portland General Electric Company		25,839
		Energy Equipment & Services - 1.53%
	2,550	Global Industries, Ltd. (a)		30,447
		Food Products - 6.04%
	1,000	Imperial Sugar Company		13,980
	11,112	Overhill Farms, Inc. (a)		106,453
				120,433
		Health Care Providers & Services - 2.98%
	10,270	Tenet Healthcare Corp. (a)		59,463
		Hotels, Restaurants & Leisure - 6.34%
	9,090	Boston Pizza Royalties Income Fund (d)		104,665
	1,690	Famous Dave's of America, Inc. (a)		14,348
	4,780	Trump Entertainment Resorts, Inc. (a)		7,409
				126,422
		Insurance - 6.65%
	4,760	Conseco, Inc. (a)		39,889
	12,540	CRM Holdings, Ltd. (a)		42,636
	2,800	XL Capital Ltd - Class A		50,092
				132,617
		Internet Software & Services - 3.53%
	2,110	Bidz.com, Inc. (a)		19,307
	25,513	LiveDeal, Inc. (a) (c)		51,026
				70,333
		IT Services - 6.65%
	7,920	BearingPoint, Inc. (a)		6,969
	19,319	infoGROUP, Inc.		98,913
	7,240	Unisys Corp. (a)		26,716
				132,598
		Land Subdividers & Developers, Except Cemeteries - 4.96%
	5,020	MI Developments, Inc. - Class A		98,994
		Machinery - 4.72%
	3,700	Armtec Infrastructure Trust Unit (d)		89,396
	172	Colfax Corp. (a)		4,694
				94,090
		Marketing Services - 1.07%
	2,430	Valassis Communications, Inc. (a)		21,433
		Media - 1.76%
	10,100	Idearc Inc.		13,231
	16,800	Westwood One, Inc. (a)		21,840
				35,071
		Metals & Mining - 1.18%
	1,160	A. M. Castle & Co.		23,478

		Miscellaneous Industrial - 2.40%
	4,770	Griffon Corp. (a)		47,939

		Paper & Forest Products - 2.96%
	7,724	Kapstone Paper and Packaging Corp. (a)		59,089
		Pharmaceuticals - 3.35%
	2,310	Watson Pharmaceuticals, Inc. (a)		66,782
		Radio & Television Broadcasting & Communications Equipment - 0.99%
	5,460	ClearOne Communications Inc. (a)		19,765
		Real Estate - 7.75%
	14,620	CapLease, Inc.		114,328
	2,800	Lexington Realty Trust		40,320
				154,648
		Residential Construction - 2.25%
	4,100	Lennar Corp. - Class B		44,895
		Semiconductor & Semiconductor Equipment - 1.35%
	11,730	Spansion Inc. - Class A (a)		26,862
		Specialty Retail - 2.62%
	2,470	Rent-A-Center, Inc. (a)		52,364
		Textiles, Apparel & Luxury Goods - 5.46%
	15,670	Crown Crafts, Inc. (a) (c)		56,412
	2,720	Hampshire Group, Ltd. (a) (c)		16,320
	1,610	Steven Madden, Ltd. (a)		36,209
				108,941
		TOTAL COMMON STOCKS (Cost $2,222,510)		1,927,446


		SHORT-TERM INVESTMENTS - 3.83%
	38,158	SEI Daily Income Treasury Fund		38,158
	38,159	SEI Daily Income Trust Government Fund		38,159
		TOTAL SHORT-TERM INVESTMENTS (Cost $76,317)		76,317

		Total Investments in Securities (Cost $2,298,827) - 100.44%		2,003,763
		Liabilities in Excess of Other Assets - (0.44%)		(8,786	)
		NET ASSETS - 100.00%	$	1,994,977

ADR - American Depositary Receipt
(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.
(c) Security considered illiquid. As of July 31, 2008, the value of these investments were $123,758 or 6.20% of net assets:
		Dates
Security	Shares	Acquired	Cost Basis
Crown Crafts, Inc.	15,670	6/07-6/08	$59,760
Hampshire Group, Ltd.	2,720	6/07-10/07	42,532
LiveDeal, Inc.	25,513	6/07-7/08	116,259

(d) Canadian dollar denominated security.

The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows**:

Cost of investments	$	2,298,948

Gross unrealized appreciation	$	201,577
Gross unrealized depreciation		(496,762	)
Net unrealized depreciation	$	(295,185	)

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 9/16/2008

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 9/16/2008

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

Cheryl L. King, Treasurer

Date 9/16/2008

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

EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm

CERTIFICATION

I, Douglas G. Hess, certify that:

1.	I have reviewed this report on Form N-Q of Advisors Series Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 9/16/2008	/s/ Douglas G. Hess
	Douglas G. Hess, President

CERTIFICATION

I, Cheryl L. King, certify that:

1.	I have reviewed this report on Form N-Q of Advisors Series Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 9/16/2008	/s/ Cheryl L. King
	Cheryl L. King, Treasurer