N-CSRS 1 hcmhf-ncsrs.htm HUBER FUNDS SEMIANNUAL 4-30-08 hcmhf-ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


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: April 30, 2008

 
 
 

Item 1. Report to Stockholders.


 
 
 
 
HUBER CAPITAL EQUITY INCOME FUND
HUBER CAPITAL SMALL CAP VALUE FUND
Institutional Shares
 
 

 





SEMI-ANNUAL REPORT
April 30, 2008

 
 
June, 2008
 
Dear Shareholder:
 
The six month period was characterized by a decline in equity market indices, regardless of market capitalization.  The S&P 500® declined 9.64% while the Russell 2000® Value Index was down 11.55% for the period 11/01/07 – 04/30/08.  Small cap stocks showed greater volatility than their large cap brethren, declining more rapidly in the early part of the period and recovering more aggressively in the ensuing three months.  The markets continued its desire for most anything commodity related while shunning anything consumer and financial, a negative factor for both the Equity Income Fund and Small Cap Value Fund.
 
Huber Capital Equity Income Fund Review
For the six month period of November 1, 2007 through April 30, 2008, the Equity Income Fund’s return was -16.24%, underperforming the broader equity markets as measured by the Russell 1000® Value Index and the S&P 500 Index, which generated total returns of -9.83% and -9.64%, respectively.  The sectors that contributed most positively to the fund’s performance were Producer Durables and Financial Services while sectors that detracted from performance were Consumer Discretionary, Integrated Oils and Other Energy.  Stocks that contributed strongly to performance were Flowserve Corporation (a developer, manufacturer, and seller of precision-engineered flow control equipment) and Visa (an electronic payments network operator).  We were most negatively impacted by Idearc and RH Donnelly, two yellow pages publishers, as well as from our underweight of the Integrated Oil and Other Energy sectors, the only two sectors that increased in value during the period.
 
Huber Capital Small Cap Value Fund Review
For the six month period of November 1, 2007 through April 30, 2008, the Small Cap Value Fund’s return was -14.15%, underperforming the benchmark Russell 2000 Value Index, which generated a total return of -11.55%.  The sectors that contributed most positively to the fund’s performance were Consumer Staples, Materials and Processing, and Health Care.  Sectors that underperformed were Consumer Discretionary, Financial Services, and Other Energy.  Stocks that contributed strongly to performance were Overhill Farms (a producer of frozen food products), UFP Technologies (a designer and manufacturer of packaging solutions), and Tenet Healthcare (a hospital owner and operator).  Significant negative factors for the Small Cap Value Fund during the period, like in the Equity Income Fund, were our exposures to the yellow pages provider Idearc and our underexposure to energy-related companies.  Also, the shares of CRM Holdings, an insurance and brokerage company, performed poorly in the period but have subsequently experienced a significant rebound due to the settlement of a lawsuit with the state of New York.
 
 
2
 
Outlook
They key question at this point, from an economic standpoint, is whether we are in recession, and if so, how severe it will be and how long it will persist.  From an equity markets standpoint, the most critical issues are how much of the expected weakness in the economy is discounted in stock prices, when will equity returns again turn favorable, and how long will the markets continue its singular positive focus on energy and commodities.  While pundits today debate whether we are already in a recession (we believe that technically we are not), what is clear is that economic growth has certainly ground to a halt.  One of the key drivers, at the moment, appears to be the severity of the credit squeeze.  The cost of credit remains very high as lenders are either unwilling to provide credit, or only do so at expensive rates.  Recent aggressive rate cuts by the Fed are designed to increase market liquidity, but these benefits, for the time being, are being largely offset by investors’ demands for higher risk premiums.  Two other factors inhibiting the economy are declining home values and inflationary pressures on food and gas prices, both of which are applying downward pressure to consumer spending.  Recent fiscal stimulus is a positive factor providing some cushion to the consumer.
 
We expect volatility in the equity markets to remain high as the market sorts out the current credit mess, the housing market seeks out a bottom, and energy and food prices continue to create uncertainty regarding consumer spending trends.  We continue to seek out those companies that are trading below intrinsic value on a normalized basis, based on a discounted valuation of future cash flows over the long term.
 
Thank you for your support and for entrusting us with your investment dollars.  We will work hard to earn that trust and look forward to meeting your investment needs for years to come.
 
Sincerely,
 
The Huber Capital Management Team
 

Mutual fund investing involves risk.  Principal loss is possible.  The funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.  Investments in smaller companies involve additional risks such as limited liquidity and greater volatility.
 
Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.  Please see the Schedule of Investments in this report for complete fund holdings.
 
The information provided herein represents the opinion of Huber Capital Management and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
 
The S&P 500 Index, an unmanaged index, consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
 
 
3
 
The Russell 2000 Index, an unmanaged index, is comprised of the 2,000 smallest companies in the Russell 3000 Index.  The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
 
The indexes do not reflect the payment of transaction costs, fees and expenses associated with an investment in the Funds.  The Funds’ value disciplines may prevent or restrict investment in major stocks in the benchmark indices.  It is not possible to invest directly in an index. The Funds’ returns may not correlate with the returns of their benchmark indexes.
 
6/08
 
 
4
 
Huber Funds
 
EXPENSE EXAMPLE – April 30, 2008 (Unaudited)
As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.  The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (11/01/07 – 4/30/08).
 
Actual Expenses
The first set of lines of the table below provide information about actual account values and actual expenses, with actual net expenses being limited to 1.49% for the Huber Capital Equity Income Fund and 1.99% for the Huber Capital Small Cap Value Fund per the advisory agreement.  Although the Funds charge no sales load, you will be assessed fees for outgoing wire transfers, returned checks, and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent.  The example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
Hypothetical Example for Comparison Purposes
The second set of lines of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
5
 
Huber Funds
 
EXPENSE EXAMPLE – April 30, 2008 (Unaudited), Continued

 
Beginning
Ending
Expenses Paid
 
Account Value
Account Value
During Period
 
11/01/07
4/30/08
11/01/07 – 4/30/08*
Actual
      
Equity Income Fund
$1,000.00
$   837.60
$6.81
Small Cap Value Fund
$1,000.00
$   858.50
$9.20
Hypothetical (5% return
      
  before expenses)
      
Equity Income Fund
$1,000.00
$1,017.45
$7.47
Small Cap Value Fund
$1,000.00
$1,014.97
$9.97
 
*
Expenses are equal to an annualized expense ratio of 1.49% for the Huber Capital Equity Income Fund and 1.99% for the Huber Capital Small Cap Value Fund, multiplied by the average account value over the period, multiplied by 182 (days in the most recent fiscal half-year)/366 days (to reflect the one-half year period).
 
 
6
 
Huber Funds
 
SECTOR Allocation of Portfolio Assets – April 30, 2008 (Unaudited)

Huber Capital Equity Income Fund
 





Huber Capital Small Cap Value Fund
 


Percentages represent market value as a percentage of total investments.

 
7
 
Huber Capital Equity Income Fund
 
SCHEDULE OF INVESTMENTS at April 30, 2008 (Unaudited)
Shares
  
COMMON STOCKS - 99.35%
  
Value
  
   
Aerospace & Defense - 2.72%
      
  740  
Northrop Grumman Corp.
   $ 54,442  
     
 
Air Freight & Logistics - 2.82%
        
  590  
FedEx Corp.
     56,563  
     
 
Biotechnology - 1.75%
        
  840  
Amgen Inc. (a)
     35,171  
     
 
Chemicals - 4.12%
        
  460  
Agrium Inc. (b)
     36,340  
  500  
Eastman Chemical Co.
     36,750  
  200  
Intrepid Potash, Inc. (a)
     9,498  
            82,588  
     
Commercial Banks - 1.80%
        
  960  
Bank of America Corp.
     36,038  
     
 
Construction & Engineering - 2.44%
        
  130  
Fluor Corp.
     19,873  
  1,010  
KBR, Inc.
     29,128  
            49,001  
     
Consumer Finance - 2.13%
        
  2,340  
Discover Financial Services
     42,611  
     
 
Diversified Financial Services - 6.09%
        
  3,150  
Citigroup Inc.
     79,600  
  890  
JPMorgan Chase & Co.
     42,409  
            122,009  
     
Electric Utilities - 3.05%
        
  490  
Exelon Corp.
     41,885  
  290  
FPL Group, Inc.
     19,224  
            61,109  
     
Electronic Equipment & Instruments - 1.04%
        
  560  
Tyco Electronics Ltd. (b)
     20,950  
     
 
Food & Staples Retailing - 1.13%
        
  390  
Wal-Mart Stores, Inc.
     22,612  
     
 
Food Products - 2.60%
        
  1,150  
ConAgra Foods, Inc.
     27,094  
  1,400  
Tyson Foods, Inc. - Class A
     24,920  
            52,014  

The accompanying notes are an integral part of these financial statements.

 
8
 
Huber Capital Equity Income Fund
 
SCHEDULE OF INVESTMENTS at April 30, 2008 (Unaudited)
Shares
      
Value
  
   
Home Improvement Stores - 3.51%
      
  2,440  
Home Depot, Inc.
   $ 70,272  
     
 
Industrial Conglomerates - 1.30%
        
  800  
General Electric Co.
     26,160  
     
 
Insurance - 14.87%
        
  1,820  
American International Group, Inc.
     84,084  
  3,500  
Conseco, Inc. (a)
     40,775  
  1,460  
Genworth Financial Inc. - Class A
     33,668  
  2,290  
Unum Group
     53,151  
  2,470  
XL Capital Ltd - Class A (b)
     86,178  
            297,856  
     
Internet & Catalog Retail - 2.11%
        
  1,350  
eBay Inc. (a)
     42,242  
     
 
IT Services - 4.22%
        
  4,560  
Electronic Data Systems Corp.
     84,634  
     
 
Land Subdividers & Developers,
        
     
  Except Cemeteries - 4.32%
        
  3,200  
MI Developments, Inc. - Class A (b)
     86,496  
     
 
Machinery - 5.08%
        
  820  
Flowserve Corp.
     101,754  
     
 
Media - 4.12%
        
  10,140  
Idearc Inc.
     33,462  
  5,430  
Interpublic Group of Companies, Inc. (a)
     49,142  
            82,604  
     
Metals & Mining - 0.94%
        
  540  
Alcoa Inc.
     18,781  
     
 
Oil & Gas - 3.41%
        
  850  
Royal Dutch Shell PLC - ADR
     68,264  
     
 
Pharmaceuticals - 5.66%
        
  2,330  
Pfizer, Inc.
     46,856  
  1,000  
Schering-Plough Corp.
     18,410  
  1,550  
Watson Pharmaceuticals, Inc. (a)
     48,112  
            113,378  
     
Residential Construction - 6.19%
        
  1,200  
Centex Corp.
     24,984  

The accompanying notes are an integral part of these financial statements.

 
9
 
Huber Capital Equity Income Fund
 
SCHEDULE OF INVESTMENTS at April 30, 2008 (Unaudited), Continued
Shares
      
Value
  
   
Residential Construction - 6.19% (Continued)
      
  5,910  
Lennar Corp. - Class B
   $ 98,992  
            123,976  
     
Software - 8.02%
        
  4,600  
CA Inc.
     101,844  
  2,060  
Microsoft Corp.
     58,751  
            160,595  
     
Thrifts & Mortgage Finance - 3.91%
        
  1,440  
Fannie Mae
     40,752  
  1,510  
Freddie Mac
     37,614  
            78,366  
     
TOTAL COMMON STOCKS
        
     
  (Cost $2,311,058)
     1,990,486  
               
     
SHORT-TERM INVESTMENTS - 1.31%
        
  13,101  
SEI Daily Income Treasury Fund
     13,101  
  13,101  
SEI Daily Income Trust Government Fund
     13,101  
     
TOTAL SHORT-TERM INVESTMENTS
        
     
  (Cost $26,202)
     26,202  
               
     
Total Investments in Securities
        
     
  (Cost $2,337,260) - 100.66%
     2,016,688  
     
Liabilities in Excess of Other Assets - (0.66)%
     (13,247 )
     
NET ASSETS - 100.00%
   $ 2,003,441  

ADR - American Depositary Receipt
(a)
Non-income producing security.
(b)
U.S. traded security of a foreign issuer.

The accompanying notes are an integral part of these financial statements.

 
10
 
Huber Capital Small Cap Value Fund
 
SCHEDULE OF INVESTMENTS at April 30, 2008 (Unaudited)
Shares
  
COMMON STOCKS - 98.95%
  
Value
  
   
Air Freight & Logistics - 2.05%
      
  2,100  
Livingston International Income Fund (b)
   $ 29,526  
     
 
Auto Components - 3.15%
        
  4,030  
Miller Industries, Inc. (a)
     45,458  
     
 
Chemicals - 3.06%
        
  200  
CF Industries  Holdings, Inc.
     26,740  
  100  
Intrepid Potash, Inc. (a)
     4,749  
  4,200  
Tronox Inc. - Class B
     12,558  
            44,047  
     
Commercial Services & Supplies - 3.26%
        
  2,520  
IKON Office Solutions, Inc.
     27,594  
  870  
Kelly Services, Inc. - Class A
     19,357  
            46,951  
     
Computers & Peripherals - 2.00%
        
  3,150  
STEC Inc. (a)
     28,917  
     
 
Consumer Finance - 1.80%
        
  2,030  
Nelnet, Inc. - Class A
     25,964  
     
 
Containers & Packaging - 1.91%
        
  2,770  
UFP Technologies, Inc. (a)
     27,506  
     
 
Construction & Engineering - 4.51%
        
  5,200  
Argan, Inc. (a)
     65,000  
     
 
Electric Utilities - 1.33%
        
  800  
Portland General Electric Company
     19,200  
     
 
Food Products - 8.53%
        
  700  
Imperial Sugar Company
     11,039  
  22,160  
Overhill Farms, Inc. (a)
     111,908  
            122,947  
     
Health Care Providers & Services - 2.96%
        
  6,670  
Tenet Healthcare Corp. (a)
     42,688  
     
 
Home Improvement Stores - 0.66%
        
  2,040  
Building Materials Holding Corp.
     9,506  
     
 
Hotels, Restaurants & Leisure - 8.07%
        
  6,490  
Boston Pizza Royalties Income Fund (b)
     73,400  
  4,050  
Brazil Fast Food Corp. (a) (b)
     16,808  
  1,290  
Famous Dave’s of America, Inc. (a)
     11,623  

The accompanying notes are an integral part of these financial statements.

 
11
 
Huber Capital Small Cap Value Fund
 
SCHEDULE OF INVESTMENTS at April 30, 2008 (Unaudited), Continued
Shares
      
Value
  
   
Hotels, Restaurants & Leisure - 8.07% (Continued)
      
  5,180  
Trump Entertainment Resorts, Inc. (a)
   $ 14,452  
            116,283  
     
Insurance - 4.59%
        
  3,260  
Conseco, Inc. (a)
     37,979  
  9,040  
CRM Holdings, Ltd. (a) (b)
     28,205  
            66,184  
     
Internet Software & Services - 4.56%
        
  2,110  
Bidz.com, Inc. (a)
     21,649  
  14,696  
LiveDeal, Inc. (a)
     44,088  
            65,737  
     
IT Services - 2.07%
        
  3,920  
BearingPoint, Inc. (a)
     7,252  
  5,440  
Unisys Corp. (a)
     22,630  
            29,882  
     
Land Subdividers & Developers,
        
     
  Except Cemeteries - 5.10%
        
  2,720  
MI Developments, Inc. - Class A (b)
     73,522  
     
 
Machinery - 3.96%
        
  2,500  
Armtec Infrastructure Income Fund (b)
     57,095  
     
 
Marketing Services - 5.48%
        
  9,339  
infoUSA Inc.
     52,952  
  1,830  
Valassis Communications, Inc. (a)
     25,986  
            78,938  
     
Media - 2.48%
        
  6,600  
Idearc Inc.
     21,780  
  8,400  
Westwood One, Inc. (a)
     14,028  
            35,808  
     
Metals & Mining - 1.84%
        
  860  
A. M. Castle & Co.
     26,583  
     
 
Paper & Forest Products - 2.13%
        
  4,470  
Kapstone Paper and Packaging Corp. (a)
     30,754  
     
 
Pharmaceuticals - 3.47%
        
  1,610  
Watson Pharmaceuticals, Inc. (a)
     49,974  

The accompanying notes are an integral part of these financial statements.

 
12
 
Huber Capital Small Cap Value Fund
 
SCHEDULE OF INVESTMENTS at April 30, 2008 (Unaudited), Continued
Shares
       
Value
  
   
Radio & Television Broadcasting
      
   
  & Communications Equipment - 1.25%
      
  4,060  
ClearOne Communications Inc. (a)
   $ 18,067  
     
 
Real Estate - 7.22%
        
  8,720  
CapLease, Inc.
     72,463  
  2,200  
Lexington Realty Trust
     31,680  
            104,143  
     
Residential Construction - 3.61%
        
  2,400  
Lennar Corp. - Class B
     40,200  
  3,600  
WCI Communities, Inc. (a)
     11,844  
            52,044  
     
Semiconductor &
        
     
  Semiconductor Equipment - 0.58%
        
  2,530  
Spansion Inc. - Class A (a)
     8,349  
     
 
Specialty Retail - 2.20%
        
  1,470  
Rent-A-Center, Inc. (a)
     31,649  
     
 
Textiles, Apparel & Luxury Goods - 5.12%
        
  7,770  
Crown Crafts, Inc. (a)
     26,496  
  2,720  
Hampshire Group, Ltd. (a)
     26,384  
  1,110  
Steven Madden, Ltd. (a)
     20,990  
            73,870  
     
TOTAL COMMON STOCKS
        
     
  (Cost $1,675,326)
     1,426,592  
               
     
SHORT-TERM INVESTMENTS - 14.60%
        
  105,219  
SEI Daily Income Treasury Fund
     105,219  
  105,218  
SEI Daily Income Trust Government Fund
     105,218  
     
TOTAL SHORT-TERM INVESTMENTS
        
     
  (Cost $210,437)
     210,437  
               
     
Total Investments in Securities
        
     
  (Cost $1,885,763) - 113.55%
     1,637,029  
     
Liabilities in Excess of Other Assets - (13.55)%
     (195,364 )
     
NET ASSETS - 100.00%
   $ 1,441,665  

(a)
Non-income producing security.
(b)
Foreign issued security.

The accompanying notes are an integral part of these financial statements.

 
13
 
Huber Funds
 
STATEMENTS OF ASSETS AND LIABILITIES at April 30, 2008 (Unaudited)
 
   
Huber Capital
    
Huber Capital
  
   
Equity
    
Small Cap
  
   
Income Fund
    
Value Fund
  
ASSETS
            
Investments in securities, at value (identified
            
  cost $2,337,260 and $1,885,763, respectively)
   $ 2,016,688     $ 1,637,029  
Receivables for:
                
Dividends and interest
     1,227       1,053  
Due from Adviser (Note 3)
     10,814       10,651  
Prepaid expenses
     10,471       10,099  
Total assets
     2,039,200       1,658,832  
LIABILITIES
                
Payables for:
                
Securities purchased
     —       182,411  
Audit fees
     21,274       21,220  
Fund accounting fees
     4,532       4,333  
Transfer agent fees and expenses
     3,174       3,667  
Administration fees
     2,459       2,330  
Custody fees
     2,357       1,093  
Chief Compliance Officer fee
     875       901  
Shareholder reporting
     477       834  
Shareholder servicing fees
     398       254  
Distribution fees
     213       124  
Total liabilities
     35,759       217,167  
NET ASSETS
   $ 2,003,441     $ 1,441,665  
CALCULATION OF NET ASSET
                
  VALUE PER SHARE
                
Net assets applicable to shares outstanding
   $ 2,003,441     $ 1,441,665  
Shares issued and outstanding [unlimited number
                
  of shares (par value $0.01) authorized]
     212,830       192,261  
Net asset value, offering and
                
  redemption price per share
   $ 9.41     $ 7.50  
COMPONENTS OF NET ASSETS
                
Paid-in capital
   $ 2,321,276     $ 1,723,368  
Undistributed net investment income
     4,184       1,378  
Accumulated net realized loss on investments
     (1,447 )     (34,351 )
Net unrealized depreciation on investments
                
  and foreign currency related transactions
     (320,572 )     (248,730 )
Net assets
   $ 2,003,441     $ 1,441,665  

The accompanying notes are an integral part of these financial statements.

 
14
 
Huber Funds
 
STATEMENTS OF OPERATIONS For the Six Months Ended April 30, 2008 (Unaudited)

   
Huber Capital
    
Huber Capital
  
   
Equity
    
Small Cap
  
   
Income Fund
    
Value Fund
  
INVESTMENT INCOME
            
Income
            
Dividends (net of withholding taxes
            
  of $309 and $850, respectively)
   $ 18,424     $ 14,721  
Interest
     824       342  
Total income
     19,248       15,063  
Expenses
                
Administration fees (Note 3)
     14,919       14,919  
Fund accounting fees (Note 3)
     13,005       12,889  
Transfer agent fees and expenses (Note 3)
     11,624       11,579  
Registration fees
     10,851       10,878  
Audit fees
     8,570       8,573  
Advisory fees (Note 3)
     8,535       9,098  
Custody fees (Note 3)
     4,929       3,578  
Legal fees
     4,622       4,621  
Trustee fees
     3,119       2,932  
Chief Compliance Officer fee (Note 3)
     2,187       1,991  
Shareholder servicing fees (Note 4)
     2,134       1,516  
Distribution fees (Note 5)
     2,134       1,516  
Insurance expense
     1,045       1,050  
Reports to shareholders
     484       481  
Miscellaneous
     389       316  
Total expenses
     88,547       85,937  
Less: advisory fee waiver
                
  and reimbursement (Note 3)
     (75,829 )     (73,861 )
Net expenses
     12,718       12,076  
Net investment income
     6,530       2,987  
                 
REALIZED AND UNREALIZED
                
  LOSS ON INVESTMENTS
                
Net realized loss on investments
     (1,447 )     (34,230 )
Net change in unrealized depreciation
                
  on investments and foreign currency
                
  related transactions
     (296,560 )     (162,404 )
Net realized and unrealized loss on investments
                
  and foreign currency related transactions
     (298,007 )     (196,634 )
Net Decrease in Net Assets
                
  Resulting from Operations
   $ (291,477 )   $ (193,647 )

The accompanying notes are an integral part of these financial statements.

 
15
 
Huber Capital Equity Income Fund
 
STATEMENTS OF CHANGES IN NET ASSETS
   
Six Months
        
   
Ended
    
June 29, 2007*
  
   
April 30, 2008
    
through
  
   
(Unaudited)
    
October 31, 2007
  
INCREASE (DECREASE) IN NET ASSETS FROM:
            
OPERATIONS
            
Net investment income
   $ 6,530     $ 663  
Net realized gain (loss) on investments
     (1,447 )     60,679  
Net change in unrealized depreciation
                
  on investments and foreign currency
                
  related transactions
     (296,560 )     (24,012 )
Net increase (decrease) in net assets
                
  resulting from operations
     (291,477 )     37,330  
                 
DISTRIBUTIONS TO SHAREHOLDERS
                
From net investment income
     (3,009 )     —  
From net realized gain on investments
     (60,679 )     —  
Total distributions to shareholders
     (63,688 )     —  
                 
CAPITAL SHARE TRANSACTIONS
                
Net increase in net assets derived from
                
  net change in outstanding shares (a)
     714,776       1,606,500  
Total increase in net assets
     359,611       1,643,830  
                 
NET ASSETS
                
Beginning of period
     1,643,830       —  
End of period
   $ 2,003,441     $ 1,643,830  
Accumulated net investment income
   $ 4,184     $ 663  

(a)
A summary of share transactions is as follows:
 
   
Six Months
              
   
Ended
    
June 29, 2007*
  
   
April 30, 2008
    
through
  
   
(Unaudited)
    
October 31, 2007
  
   
Shares
    
Paid-in Capital
    
Shares
    
Paid-in Capital
  
Shares sold
     66,304     $ 651,088       140,126     $ 1,606,500  
Shares issued on
                                
  reinvestments of
                                
  distributions
     6,400       63,688       —       —  
Net increase
     72,704     $ 714,776       140,126     $ 1,606,500  

*
Commencement of operations.

The accompanying notes are an integral part of these financial statements.

 
16
 
Huber Capital Small Cap Value Fund
 
STATEMENTS OF CHANGES IN NET ASSETS, Continued
   
Six Months
        
   
Ended
    
June 29, 2007*
  
   
April 30, 2008
    
through
  
   
(Unaudited)
    
October 31, 2007
  
INCREASE (DECREASE) IN NET ASSETS FROM:
            
OPERATIONS
            
Net investment income (loss)
   $ 2,987     $ (1,857 )
Net realized gain (loss) on investments
     (34,230 )     31,995  
Net change in unrealized depreciation
                
  on investments and foreign currency
                
  related transactions
     (162,404 )     (86,326 )
Net increase (decrease) in net assets
                
  resulting from operations
     (193,647 )     (56,188 )
                 
DISTRIBUTIONS TO SHAREHOLDERS
                
From net investment income
     (1,609 )     —  
From net realized gain on investments
     (30,259 )     —  
Total distributions to shareholders
     (31,868 )     —  
                 
CAPITAL SHARE TRANSACTIONS
                
Net increase in net assets derived from
                
  net change in outstanding shares (a)
     381,868       1,341,500  
Total increase in net assets
     156,353       1,285,312  
                 
NET ASSETS
                
Beginning of period
     1,285,312       —  
End of period
   $ 1,441,665     $ 1,285,312  
Accumulated net investment income
   $ 1,378     $ —  

(a)
A summary of share transactions is as follows:
 
   
Six Months
              
   
Ended
    
June 29, 2007*
  
   
April 30, 2008
    
through
  
   
(Unaudited)
    
October 31, 2007
  
   
Shares
    
Paid-in Capital
    
Shares
    
Paid-in Capital
  
Shares sold
     45,077     $ 350,000       143,186     $ 1,341,500  
Shares issued on
                                
  reinvestments of
                                
  distributions
     3,998       31,868       —       —  
Net increase
     49,075     $ 381,868       143,186     $ 1,341,500  

*
Commencement of operations.

The accompanying notes are an integral part of these financial statements.

 
17
 
Huber Capital Equity Income Fund
 
FINANCIAL HIGHLIGHTS – For a share outstanding throughout each period
   
Six Months
        
   
Ended
    
June 29, 2007*
  
   
April 30, 2008
    
through
  
   
(Unaudited)
    
October 31, 2007
  
Net asset value, beginning of period
   $ 11.73     $ 10.00  
 
Income from investment operations:
                
Net investment income
     0.04       0.00 +
Net realized and unrealized gain (loss)
                
  on investments and foreign currency
                
  related transactions
     (1.92 )     1.73  
Total from investment operations
     (1.88 )     1.73  
 
Less distributions:
                
From net investment income
     (0.02 )     —  
From net realized gain on investments
     (0.42 )     —  
Total distributions
     (0.44 )     —  
 
Net asset value, end of period
   $ 9.41     $ 11.73  
 
Total return
     (16.24 %)‡     17.30 %‡
 
Ratios/supplemental data:
                
Net assets, end of period (thousands)
   $ 2,003     $ 1,644  
Ratio of expenses to average net assets:
                
Before expense reimbursement
     10.36 %†     33.55 %†
After expense reimbursement
     1.49 %†     1.49 %†
Ratio of net investment
                
  income (loss) to average net assets:
                
Before expense reimbursement
     (8.11 %)†     (31.70 %)†
After expense reimbursement
     0.76 %†     0.36 %†
Portfolio turnover rate
     50.43 %‡     34.75 %‡

*
Commencement of operations.
+
Less than $0.005.
†
Annualized.
‡
Not annualized.

The accompanying notes are an integral part of these financial statements.

 
18
 
Huber Capital Small Cap Value Fund
 
FINANCIAL HIGHLIGHTS – For a share outstanding throughout each period
   
Six Months
        
   
Ended
    
June 29, 2007*
  
   
April 30, 2008
    
through
  
   
(Unaudited)
    
October 31, 2007
  
Net asset value, beginning of period
   $ 8.98     $ 10.00  
 
Income from investment operations:
                
Net investment income (loss)
     0.02       (0.01 )
Net realized and unrealized loss
                
  on investments and foreign currency
                
  related transactions
     (1.28 )     (1.01 )
Total from investment operations
     (1.26 )     (1.02 )
 
Less distributions:
                
From net investment income
     (0.01 )     —  
From net realized gain on investments
     (0.21 )     —  
Total distributions
     (0.22 )     —  
 
Net asset value, end of period
   $ 7.50     $ 8.98  
 
Total return
     (14.15 %)‡     (10.20 %)‡
 
Ratios/supplemental data:
                
Net assets, end of period (thousands)
   $ 1,442     $ 1,285  
Ratio of expenses to average net assets:
                
Before expense reimbursement
     14.16 %†     36.69 %†
After expense reimbursement
     1.99 %†     1.99 %†
Ratio of net investment
                
  income (loss) to average net assets:
                
Before expense reimbursement
     (11.68 %)†     (35.64 %)†
After expense reimbursement
     0.49 %†     (0.94 %)†
Portfolio turnover rate
     19.05 %‡     78.59 %‡

*
Commencement of operations.
†
Annualized.
‡
Not annualized.

The accompanying notes are an integral part of these financial statements.

 
19
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited)
 
NOTE 1 – ORGANIZATION
 
The Huber Capital Equity Income Fund and the Huber Capital Small Cap Value Fund (each a “Fund” and collectively, the “Funds”) are each a diversified series of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940 as an open-end management investment company.  Each of the Funds has separate assets and liabilities and differing investment objectives.  The investment objective of the Huber Capital Equity Income Fund (the “Equity Income Fund”) is current income and capital appreciation.  The investment objective of the Huber Capital Small Cap Value Fund (the “Small Cap Value Fund”) is capital appreciation.  The Funds commenced operations on June 29, 2007.
 
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.
 
A.
Security Valuation:  The Funds’ investments are carried at fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities which are not traded in the NASDAQ Global Market System shall be valued at the most recent trade price. Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Trustees.  These procedures consider many factors, including the type of security, size of holding, trading volume, and news events. The values for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.  Exchange rates are provided daily by a recognized independent pricing agent.  Short-term investments are valued at amortized cost, which approximates market value. Investments in other mutual funds are valued at their net asset value.
 
B.
Federal Income Taxes:  It is the Funds’ policy to comply with the requirements of the Internal Revenue Code applicable to regulated
 
 
20
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited), Continued
 
 
investment companies and to distribute substantially all of its taxable income to shareholders.  Therefore, no provision for Federal income taxes has been recorded.
 
 
On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”).  FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements.  FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.  Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year.  Effective October 31, 2007, the Funds adopted FIN 48.  Management of the Funds reviewed the tax positions in the open tax years 2007 and 2008 and determined that the implementation of FIN 48 had no impact on either Fund’s net assets or results of operations.
 
C.
Expenses:  Each Fund is charged for those expenses that are directly attributable to the Fund, such as investment advisory and custodian fees.  Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.
 
D.
Securities Transactions, Dividends and Distributions:  Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.  Interest income is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date.  The Funds distribute substantially all net investment income, if any, annually and net realized gains, if any, annually. The amount and character of income and net realized gains to be distributed are determined in accordance with Federal income tax rules and regulations which may differ from accounting principles generally accepted in the United States of America. To the extent these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.
 
E.
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from
 
 
21
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited), Continued
 
 
operation during the reporting period.  Actual results could differ from those estimates.
 
F.
Reclassification of Capital Accounts:  Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.  These reclassifications have no effect on net assets or net asset value per share.
 
G.
Redemption Fees: The Funds charge a 1.00% redemption fee to shareholders who redeem shares held for less than 60 days. Such fees are retained by the Funds and accounted for as an addition to paid-in capital.
 
H.
REITs: The Small Cap Value Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations.  It is quite common for these dividends to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital.  The Fund intends to include the gross dividends from such REITs in their annual distributions to its shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.
 
I.
New Accounting Pronouncements: In September 2006, FASB issued FASB Statement No. 157, “Fair Value Measurement” (“SFAS 157”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.  SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years.  The Funds believe the adoption of SFAS 157 will have no material impact on their financial statements.
 
 
In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008.  SFAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.  Management is currently evaluating the implications of SFAS 161.  The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.
 
 
22
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited), Continued
 
NOTE 3 –
INVESTMENT ADVISORY FEE AND OTHER
TRANSACTIONS WITH AFFILIATES
 
The Funds have an investment advisory agreement with Huber Capital Management, LLC (the “Adviser”) pursuant to which the Adviser is responsible for providing investment management services to the Funds.  The Adviser furnished all investment advice, office space and facilities, and provides most of the personnel needed by the Funds.  As compensation for its services, the Adviser is entitled to a fee, computed daily and payable monthly.  The Equity Income Fund pays fees calculated at an annual rate of 1.00% based upon the Fund’s average daily net assets.  The Small Cap Value Fund pays fees calculated at an annual rate of 1.50% based upon the Fund’s average daily net assets.  For the six months ended April 30, 2008, the Equity Income Fund and the Small Cap Value Fund incurred $8,535 and $9,098, respectively, in investment advisory fees.
 
The Funds are responsible for their own operating expenses.  The Adviser has agreed to reduce fees payable to it by the Funds and to pay Fund operating expenses to the extent necessary to limit the aggregate annual operating expenses to 1.49% and 1.99% of average daily net assets of the Equity Income Fund and the Small Cap Value Fund, respectively.  Any such reduction made by the Adviser in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Adviser, if so requested by the Adviser, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses.  The Adviser is permitted to be reimbursed only for fee reductions and expense payments made in the previous three fiscal years.  Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses.  For the six months ended April 30, 2008, the Adviser reduced its fees and absorbed Fund expenses in the amount of $75,829 for the Equity Income Fund and $73,861 for the Small Cap Value Fund.
 
Cumulative expenses subject to recapture pursuant to the aforementioned conditions and the year of expiration are as follows:
 
 
2010
2011
Total
Equity Income Fund
$59,225
$75,829
$135,054
Small Cap Value Fund
$58,143
$73,861
$132,004
 
U.S. Bancorp Fund Services, LLC (the “Administrator”) acts as the Funds’ Administrator under an administration agreement.  The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds;
 
 
23
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited), Continued
 
prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses and reviews the Funds’ expense accruals.  U.S. Bancorp Fund Services, LLC (“USBFS”) also serves as the fund accountant and transfer agent to the Funds.  U.S. Bank N.A., an affiliate of USBFS, serves as the Funds’ custodian.  For the six months ended April 30, 2008, the Funds incurred the following expenses for administration, fund accounting, transfer agency and custody:
 
 
Equity Income Fund
Small Cap Value Fund
Administration
$14,919
$14,919
Fund accounting
  13,005
  12,889
Transfer agency
    8,930
    8,902
Custody
    4,929
    3,578
 
Quasar Distributors, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.  The Distributor is an affiliate of the Administrator.
 
Certain officers of the Trust are employees of the Administrator.
 
For the six months ended April 30, 2008, the Equity Income Fund and the Small Cap Value Fund were allocated $2,187 and $1,991, respectively, of the Chief Compliance Officer fee.
 
NOTE 4 – SHAREHOLDER SERVICING FEE
 
The Funds have entered into a shareholder servicing agreement (the “Agreement”) with the Adviser, under which the Funds may pay servicing fees at an annual rate of 0.25% of the average daily net assets of each Fund.  Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the Funds.  The services provided by such intermediaries are primarily designed to assist shareholders of the Funds and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders.  Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders’ accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Funds, and providing such other personal services to shareholders as the Funds may reasonably request.  For the six months ended April 30, 2008, the Equity Income Fund and Small Cap Value Fund incurred shareholder servicing fees of $2,134 and $1,516 under the Agreement, respectively.
 
 
24
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited), Continued
 
NOTE 5 – DISTRIBUTION AGREEMENT AND PLAN
 
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”). The Plan permits the Funds to pay Quasar Distributors, LLC (the “Distributor”) for distribution and related expenses at an annual rate of up to 0.25% of each Fund’s average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. Payments made pursuant to the Plan will represent reimbursement for specific expenses incurred in connection with the promotion and distribution of shares.  For the six months ended April 30, 2008, the Equity Income Fund and Small Cap Value Fund paid the Distributor $2,134 and $1,516, respectively.
 
NOTE 6 – PURCHASES AND SALES OF SECURITIES
 
For the six months ended April 30, 2008, the cost of purchases and the proceeds from sales of securities (excluding short-term securities) were as follows:
 
   
Equity Income Fund
    
Small Cap Value Fund
  
Purchases
   $ 1,493,750     $ 598,788  
Sales
     855,212       237,875  
 
NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
 
Net investment income/(loss) and net realized gains/(losses) differ for financial statement and tax purposes due to differing treatment of wash sale losses deferred.
 
The tax character of distributions paid during the six months ended April 30, 2008 and the period ended October 31, 2007 was as follows:
 
   
Equity Income Fund
  
   
Six Months Ended
    
Period Ended
  
   
April 30, 2008
    
October 31, 2007
  
Ordinary income
   $ 63,689     $ —  
       
   
Small Cap Value Fund
  
   
Six Months Ended
    
Period Ended
  
   
April 30, 2008
    
October 31, 2007
  
Ordinary income
   $ 31,868     $ —  
 
Ordinary income distributions may include dividends paid from short-term capital gains.
 
 
25
 
Huber Funds
 
NOTES TO FINANCIAL STATEMENTS at April 30, 2008 (Unaudited), Continued
 
As of October 31, 2007, the Funds’ most recently completed fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:
 
   
Equity
    
Small Cap
  
   
Income Fund
    
Value Fund
  
Cost of investments for tax purposes
   $ 1,943,859     $ 1,354,834  
Gross tax unrealized appreciation
   $ 43,371     $ 39,910  
Gross tax unrealized depreciation
     (67,383 )     (126,357 )
Net tax unrealized depreciation
   $ (24,012 )   $ (86,447 )
Undistributed ordinary income
   $ 61,342     $ 30,251  
Undistributed long-term capital gain
     —       8  
Total distributable earnings
   $ 61,342     $ 30,259  
Total accumulated earnings
   $ 37,330     $ (56,188 )
 
 
26
 
Huber Funds
 
NOTICE TO SHAREHOLDERS at April 30, 2008 (Unaudited)
 
How to Obtain a Copy of the Funds’ Proxy Voting Policies
 
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling 1-888-482-3726 (888-HUBERCM) or on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
 
How to Obtain a Copy of the Funds’ Proxy Voting Records for the Period Ended June 30, 2007
 
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended June 30, 2007 is available without charge, upon request, by calling 1-888-482-3726 (888-HUBERCM).  Furthermore, you can obtain the Funds’ proxy voting records on the SEC’s website at http://www.sec.gov.
 
Quarterly Filings on Form N-Q
 
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Information included in the Funds’ Form N-Q is also available by calling 1-888-482-3726 (888-HUBERCM).
 
 
27
 
 
Investment Adviser
Huber Capital Management, LLC
10940 Wilshire Boulevard, Suite 925
Los Angeles, California 90024-3915
 
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
1818 Market Street, Suite 2400
Philadelphia, Pennsylvania 19103
 
Legal Counsel
Paul, Hastings, Janofsky & Walker LLP
75 East 55th Street
New York, New York  10022-3205
 
Custodian
U.S. Bank N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
 
Transfer Agent, Fund Accountant and Fund Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
1-888-482-3726 (888-HUBERCM)
 
Distributor
Quasar Distributors, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

 
This report is intended for shareholders of the Huber Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus.  For a current prospectus please call 1-888-482-3726 (888-HUBERCM).  Statements and other information herein are dated and are subject to change.
 

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Schedules of Investments.

Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.  The nominating committee
recently approved a nominating committee charter, however, the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees did not change.

Item 11. Controls and Procedures.

(a)  
The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)  
(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.  Not applicable.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.  Not applicable to open-end investment companies.

(b)  
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  Furnished 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   7/1/08



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  7/1/08

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

Date  7/1/08

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