N-Q 1 phocas_93008nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS phocas_93008nq.htm
As filed with the Securities and Exchange Commission on November 14, 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:  September 30, 2008

Item 1. Schedules of Investments.
Phocas Real Estate Fund
      
Schedule of Investments
      
September 30, 2008 (Unaudited)
      
           
           
           
Shares
  
COMMON STOCKS - 98.04%
  
Value
  
   
Apartments - 10.88%
      
               6,340
  
American Campus Communities, Inc.
$
           214,799
  
               1,483
  
AvalonBay Communities, Inc.
  
           145,957
  
 707
  
Mid-America Apartment Communities, Inc.
  
             34,742
  
       
           395,498
  
   
Diversified - 11.22%
      
               5,753
  
Digital Realty Trust, Inc.
  
           271,829
  
               3,842
  
Mission West Properties, Inc.
  
             37,421
  
               1,085
  
Vornado Realty Trust
  
             98,681
  
       
           407,931
  
   
Health Care - 15.70%
      
               2,067
  
HCP, Inc.
  
             82,949
  
               6,638
  
Nationwide Health Properties, Inc.
  
           238,835
  
               5,036
  
Ventas, Inc.
  
           248,879
  
       
           570,663
  
   
Hotels - 1.54%
      
               2,214
  
Host Hotels & Resorts, Inc.
  
             29,424
  
               1,963
  
Sunstone Hotel Investors, Inc.
  
             26,500
  
       
             55,924
  
   
Manufactured Homes - 2.83%
      
               1,938
  
Equity Lifestyle Properties, Inc.
  
           102,772
  
   
Office Property - 15.37%
      
               2,219
  
Alexandria Real Estate Equities, Inc.
  
           249,638
  
               2,390
  
Boston Properties, Inc.
  
           223,847
  
               1,311
  
SL Green Realty Corp.
  
             84,953
  
       
           558,438
  
   
Regional Malls - 10.10%
      
               3,786
  
Simon Property Group, Inc.
  
           367,242
  
   
Shopping Centers - 20.95%
      
               8,343
  
Acadia Realty Trust
  
           210,911
  
               3,538
  
Federal Realty Investment Trust
  
           302,853
  
               2,795
  
Kimco Realty Corp.
  
           103,247
  
               2,166
  
Regency Centers Corp.
  
           144,451
  
       
           761,462
  
   
Storage - 3.43%
      
               1,258
  
Public Storage, Inc.
  
           124,555
  
   
Warehouse/Industrial - 6.02%
      
               1,004
  
AMB Property Corp.
  
             45,481
  
 781
  
Eastgroup Properties, Inc.
  
             37,910
  
               3,283
  
ProLogis
  
           135,489
  
       
           218,880
  
           
   
TOTAL COMMON STOCKS (Cost $3,362,305)
  
        3,563,365
  
           
           
Shares
  
SHORT-TERM INVESTMENTS - 2.12%
  
Value
  
             77,153
  
AIM STIT-STIC Prime Portfolio
  
             77,153
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $77,153)
  
             77,153
  
           
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $3,439,458) - 100.16%
        3,640,518
  
   
Liabilities in Excess of Other Assets - (0.16)%
  
             (5,805
 )
   
NET ASSETS - 100.00%
$
        3,634,713
  
           
 
The cost basis of investments for federal income tax purposes at September 30, 2008 was as follows*:
         
Cost of investments
  $
     3,451,310
    
         
Gross unrealized appreciation
  $
        370,074
    
Gross unrealized depreciation
  
         (180,866
 )  
Net unrealized appreciation
 $
         189,208
    
         
* 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.
 

FAS 157 – Summary of Fair Value Exposure at September 30, 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 September 30, 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
$3,640,518
$3,640,518
$          —
$       —
Total
$3,640,518
$3,640,518
 
$          —
$       —

 
 
Phocas Small Cap Value Fund
      
Schedule of Investments
      
September 30, 2008 (Unaudited)
      
           
           
           
           
Shares
  
COMMON STOCKS - 96.52%
  
Value
  
   
Aerospace & Defense - 3.08%
      
             23,644
  
Herley Industries, Inc. (a)
$
           404,312
  
               6,549
  
Triumph Group, Inc.
  
           299,355
  
       
           703,667
  
   
Auto Components - 0.99%
      
               9,505
  
ATC Technology Corp. (a)
  
           225,649
  
   
Chemicals - 1.83%
      
               8,281
  
Innospec, Inc.
  
             99,869
  
             11,281
  
Sensient Technologies Corp.
  
           317,334
  
       
           417,203
  
   
Commercial Banks - 16.14%
      
             20,205
  
Banco Latinoamericano de Exportaciones S.A. (b)
  
           291,356
  
               6,570
  
Capitol Bancorp Ltd.
  
           128,049
  
             23,137
  
Citizens Republic Bancorp, Inc.
  
             71,262
  
               4,583
  
City National Corp.
  
           248,857
  
             15,548
  
East West Bancorp, Inc.
  
           213,008
  
             22,564
  
First BanCorp
  
           249,558
  
             20,012
  
First Commonwealth Financial Corp.
  
           269,562
  
             17,416
  
FNB United Corp.
  
           127,311
  
             12,803
  
Frontier Financial Corp.
  
           171,944
  
             13,723
  
Greene Bancshares, Inc.
  
           322,628
  
               5,185
  
IBERIABANK Corp.
  
           274,027
  
             28,492
  
National Penn Bancshares, Inc.
  
           415,983
  
             11,421
  
Republic Bancorp Inc. - Class A
  
           346,285
  
             10,430
  
Royal Bancshares of Pennsylvania, Inc. - Class A
  
             58,095
  
               5,020
  
Sandy Spring Bancorp, Inc.
  
           110,942
  
             12,537
  
TCF Financial Corp.
  
           225,666
  
             18,284
  
Washington Banking Co.
  
           165,470
  
       
        3,690,003
  
   
Commercial Services & Supplies - 4.21%
      
               7,461
  
Jackson Hewitt Tax Service, Inc.
  
           114,452
  
             10,838
  
Korn/Ferry International (a)
  
           193,133
  
             10,467
  
Steiner Leisure Ltd. (a)(b)
  
           359,855
  
               6,185
  
United Stationers, Inc. (a)
  
           295,829
  
       
           963,269
  
   
Communications Equipment - 0.68%
      
             19,986
  
Arris Group, Inc. (a)
  
           154,492
  
   
Computers & Peripherals - 0.77%
      
               5,808
  
Synaptics, Inc. (a)
  
           175,518
  
   
Construction & Engineering - 1.32%
      
               8,204
  
URS Corp. (a)
  
           300,841
  
   
Diversified Financial Services - 1.75%
      
               2,889
  
AllianceBernstein Holding LP
  
           106,922
  
             21,408
  
Encore Capital Group, Inc. (a)
  
           293,289
  
       
           400,211
  
   
Diversified Telecommunication Services - 0.63%
      
               3,923
  
CenturyTel, Inc.
  
           143,778
  
   
Electric Utilities - 0.47%
      
               4,495
  
Portland General Electric Co.
  
           106,352
  
   
Electrical Equipment - 1.49%
      
               5,830
  
Preformed Line Products Co.
  
           340,122
  
   
Electromedical & Electrotherapeutic Apparatus - 0.77%
      
             12,348
  
Syneron Medical Ltd. (a)(b)
  
           175,959
  
   
Electronic Equipment & Instruments - 3.17%
      
             14,079
  
Brightpoint, Inc. (a)
  
           101,369
  
               4,526
  
ScanSource, Inc. (a)
  
           130,303
  
             13,502
  
SYNNEX Corp. (a)
  
           301,635
  
               6,994
  
Watts Water Technologies, Inc. - Class A
  
           191,286
  
       
           724,593
  
   
Energy Equipment & Services - 0.44%
      
               1,284
  
SEACOR Holdings, Inc. (a)
  
           101,372
  
   
Food & Staples Retailing - 0.63%
      
               3,346
  
Nash Finch Co.
  
           144,280
  
   
Food Products - 1.37%
      
             10,525
  
Treehouse Foods, Inc. (a)
  
           312,592
  
   
Gas Utilities - 3.24%
      
               7,461
  
Atmos Energy Corp.
  
           198,612
  
               6,130
  
Laclede Group, Inc.
  
           297,244
  
               6,795
  
New Jersey Resources Corp.
  
           243,872
  
       
           739,728
  
   
Health Care Equipment & Supplies - 0.24%
      
               2,986
  
Orthofix International N.V. (a)(b)
  
             55,629
  
   
Health Care Providers & Services - 2.86%
      
               4,218
  
AMERIGROUP Corp. (a)
  
           106,462
  
             14,641
  
Healthspring, Inc. (a)
  
           309,804
  
               8,641
  
Kindred Healthcare, Inc. (a)
  
           238,232
  
       
           654,498
  
   
Hotels, Restaurants & Leisure - 0.42%
      
               8,351
  
Monarch Casino & Resort, Inc. (a)
  
             95,118
  
   
Industrial Conglomerates - 1.22%
      
             15,723
  
Tredegar Corp.
  
           279,712
  
   
Insurance - 5.01%
      
               5,164
  
American Physicians Capital, Inc.
  
           218,592
  
             16,343
  
Fidelity National Title Group, Inc. - Class A
  
           240,242
  
               3,819
  
Infinity Property & Casualty Corp.
  
           157,343
  
               8,902
  
IPC Holdings, Ltd. (b)
  
           268,929
  
               6,889
  
Safety Insurance Group, Inc.
  
           261,300
  
       
        1,146,406
  
   
Internet Software & Services - 2.59%
      
               8,566
  
Avocent Corp. (a)
  
           175,260
  
             31,136
  
Internet Capital Group, Inc. - Class A (a)
  
           252,513
  
             15,973
  
ValueClick, Inc. (a)
  
           163,404
  
       
           591,177
  
   
IT Services - 2.38%
      
             12,112
  
ICF International, Inc. (a)
  
           239,212
  
             17,588
  
Perot Systems Corp. - Class A (a)
  
           305,152
  
       
           544,364
  
   
Leisure Equipment & Products - 1.66%
      
             15,215
  
JAKKS Pacific, Inc. (a)
  
           379,006
  
   
Machinery - 3.15%
      
               6,307
  
EnPro Industries, Inc. (a)
  
           234,368
  
               8,508
  
Gehl Co. (a)
  
           250,391
  
               8,324
  
Timken Co.
  
           235,985
  
       
           720,744
  
   
Media - 0.80%
      
             10,461
  
Corus Entertainment, Inc. - Class B (b)
  
           182,021
  
   
Metals & Mining - 1.02%
      
               4,301
  
Brush Engineered Materials, Inc. (a)
  
             79,870
  
               3,934
  
Schnitzer Steel Industries, Inc. - Class A
  
           154,370
  
       
           234,240
  
   
Multi-line Retail - 0.50%
      
               6,149
  
Conn's, Inc. (a)
  
           115,048
  
   
Multi-Utilities & Unregulated Power - 1.95%
      
               4,175
  
Integrys Energy Group, Inc.
  
           208,500
  
             24,730
  
Sierra Pacific Resources
  
           236,913
  
       
           445,413
  
   
Oil & Gas Exploration & Production - 1.04%
      
               6,157
  
Swift Energy Co. (a)
  
           238,214
  
   
Oil, Gas & Consumable Fuels - 2.59%
      
             14,665
  
Mariner Energy, Inc. (a)
  
           300,633
  
             15,879
  
Rosetta Resources, Inc. (a)
  
           291,538
  
       
           592,171
  
   
Paper & Forest Products - 0.80%
      
               9,683
  
Schweitzer-Mauduit International, Inc.
  
           183,880
  
   
Personal Products - 3.64%
      
             11,711
  
Alberto-Culver Co.
  
           319,008
  
             13,824
  
Elizabeth Arden, Inc. (a)
  
           271,365
  
               8,178
  
NBTY, Inc. (a)
  
           241,414
  
       
           831,787
  
   
Pharmaceutical Preparations - 0.94%
      
             16,308
  
ViroPharma, Inc. (a)
  
           213,961
  
   
Pharmaceuticals - 0.37%
      
               6,970
  
Par Pharmaceutical Companies, Inc. (a)
  
             85,661
  
   
Real Estate Investment Trusts - 9.48%
      
             14,739
  
Acadia Realty Trust
  
           372,602
  
               2,394
  
Alexandria Real Estate Equities, Inc.
  
           269,325
  
             14,189
  
American Campus Communities, Inc.
  
           480,723
  
             11,878
  
Digital Realty Trust, Inc.
  
           561,236
  
               4,457
  
Equity Lifestyle Properties, Inc.
  
           236,355
  
               6,840
  
Nationwide Health Properties, Inc.
  
           246,103
  
       
        2,166,344
  
   
Semiconductor & Semiconductor Equipment - 2.14%
      
             13,236
  
Fairchild Semiconductor International, Inc. - Class A (a)
  
           117,668
  
             14,564
  
Microsemi Corp. (a)
  
           371,091
  
       
           488,759
  
   
Software - 2.69%
      
             15,834
  
Compuware Corp. (a)
  
           153,431
  
             24,071
  
Corel Corp. (a)(b)
  
           204,604
  
             16,877
  
JDA Software Group, Inc. (a)
  
           256,699
  
       
           614,734
  
   
Textiles, Apparel & Luxury Goods - 3.51%
      
               8,883
  
K-Swiss, Inc. - Class A
  
           154,564
  
               7,893
  
Liz Claiborne, Inc.
  
           129,682
  
             14,896
  
Perry Ellis International, Inc. (a)
  
           222,100
  
             11,205
  
Wolverine World Wide, Inc.
  
           296,484
  
       
           802,830
  
   
Thrifts & Mortgage Finance - 1.81%
      
             25,160
  
Flagstar Bancorp, Inc.
  
             74,977
  
               5,664
  
WSFS Financial Corp.
  
           339,840
  
       
           414,817
  
   
Wireless Telecommunication Services - 0.73%
      
             10,115
  
Syniverse Holdings, Inc. (a)
  
           168,010
  
           
   
TOTAL COMMON STOCKS (Cost $23,885,054)
  
      22,064,173
  
           
           
Shares
  
SHORT-TERM INVESTMENTS - 2.86%
  
Value
  
           653,773
  
AIM STIT-STIC Prime Portfolio
  
           653,773
  
   
TOTAL SHORT-TERM INVESTMENTS (Cost $653,773)
  
           653,773
  
           
   
TOTAL INVESTMENTS IN SECURITIES  (Cost $24,538,827) - 99.38%
      22,717,946
  
   
Other Assets in Excess of Liabilities - 0.62%
  
           142,558
  
   
NET ASSETS - 100.00%
$
      22,860,504
  
           
 
 
 (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 September 30, 2008 was as follows*:
         
Cost of investments
 $
    24,716,931
    
         
Gross unrealized appreciation
  $
     1,821,540
    
Gross unrealized depreciation
  
      (3,820,525
 )  
Net unrealized depreciation
 $
    (1,998,985
 )  
         
* 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.


FAS 157 – Summary of Fair Value Exposure at September 30, 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 September 30, 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
$22,717,946
$22,717,946
$          —
$          —
Total
$22,717,946
$22,717,946
 
$          —
$          —

 
 
 
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    10/31/2008                                                                 



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    10/31/2008                                                                 

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

Date    10/31/2008                                                                 

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