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
)
  
         

**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     9/16/2008                                                                



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.