N-Q 1 picnq.htm PROVIDENT INVESTMENT COUNSEL QTRLY NOTICE OF PORTFOLIO HLDNGS Provident Investment Counsel Qtrly Notice of Portfolio Hldngs

As filed with the Securities and Exchange Commission on March 31, 2005



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 E. Michigan St.
Milwaukee, WI 53202 
(Address of principal executive offices) (Zip code)



Eric M. Banhazl
Advisors Series Trust
2020 East Financial Way, Suite 100
Glendora, CA 91741 
(Name and address of agent for service)



(414) 765-5340
Registrant's telephone number, including area code



Date of fiscal year end: October 31, 2005



Date of reporting period: January 31, 2005 



     
 


 
Item 1. Schedule of Investments.

 PIC Small Cap Growth Fund
 
TS at JaUnaudited)
        
 

SCHEDULE OF INVESTMENTS at January 31, 2005 (Unaudited) 

    
           
 
Shares
      
Value
 
COMMON STOCKS: 98.2%
    
           
 
Aerospace & Defense: 2.9%
    
 
49,100
 
Applied Signal Technology, Inc.
 $
 1,446,977
 
42,000
 
Esterline Technologies Corp.*
  
1,260,420
 
57,706
 
Flir Systems, Inc.*
  
3,517,181
 
92,850
 
Hexcel Corp.*
  
1,367,680
         
7,592,258
           
 
Air Freight & Couriers: 1.5%
    
 
58,250
 
UTI Worldwide, Inc. #
  
4,012,260
           
           
 
Banks: 4.2%
    
 
32,400
 
Main Street Banks, Inc.*
  
1,057,212
 
112,008
 
Southwest Bancorporation Of Texas, Inc.
  
2,214,398
 
53,800
 
Texas Capital Bancshares, Inc.*
  
1,275,598
 
53,432
 
UCBH Holdings, Inc.
  
2,354,748
 
34,100
 
Westcorp, Inc.
  
1,553,937
 
44,222
 
Wintrust Financial Corp.
  
2,453,437
         
10,909,330
           
 
Biotechnology: 1.1%
    
 
116,850
 
Protein Design Labs, Inc.*
  
2,356,864
 
34,700
 
Tanox, Inc.*
  
411,889
         
2,768,753
           
 
Chemicals: 2.2%
    
 
85,600
 
Headwaters, Inc.*
  
2,722,080
 
26,000
 
Minerals Technologies, Inc.
  
1,624,480
 
56,300
 
Symyx Technologies, Inc.*
  
1,460,985
         
5,807,545
           
 
Commercial Services & Supplies: 8.2%
    
 
65,367
 
Anteon International Corp.*
  
2,243,395
 
47,050
 
Charles River Associates, Inc.*
  
2,044,793
 
61,352
 
CoStar Group, Inc.*
  
2,635,068
 
94,334
 
Education Management Corp.*
  
3,013,028
 
124,600
 
Navigant Consulting, Inc.*
  
2,981,678
 
43,904
 
Resources Connection, Inc.*
  
2,239,543
 
43,900
 
SRA International, Inc. - Class A*
  
2,437,767
 
25,400
 
Strayer Education, Inc.
  
2,726,690
 
29,600
 
Universal Technical Institute, Inc.*
  
1,083,360
         
21,405,322
           
 
Communications Equipment: 3.0%
    
 
59,200
 
Avocent Corp.*
  
2,161,392
 
63,600
 
F5 Networks, Inc.*
  
3,048,984
 
144,105
 
Tekelec*
  
2,629,916
         
7,840,292
           
 
Computer Storage & Peripherals: 1.9%
    
 
32,100
 
Avid Technology, Inc.*
  
2,023,905
 
373,400
 
Brocade Communications Systems, Inc.*
  
2,315,080
 
38,900
 
Novatel Wireless, Inc.*
  
464,855
         
4,803,840
           
 
Construction & Engineering: 1.5%
    
 
104,400
 
Chicago Bridge & Iron Co. - ADR
  
3,946,320
           
           
 
Diversified Financial Services: 3.0%
    
 
74,600
 
Alliance Data Systems Corp.*
  
3,239,132
 
72,700
 
Euronet Worldwide, Inc.*
  
1,748,435
 
61,900
 
iPayment, Inc.*
  
2,906,824
         
7,894,391
           
 
Diversified Financials: 0.8%
    
 
31,600
 
National Financial Partners Corp.
  
1,234,612
 
54,300
 
Primus Guaranty Ltd. *#
  
814,500
         
2,049,112
           
 
Electrical Equipment: 1.3%
    
 
165,600
 
Power-One Inc.*
  
1,230,408
 
37,900
 
Roper Industries, Inc.
 
2,200,474
         
3,430,882
           
 
Electronic Equipment & Instruments: 4.7%
    
 
111,000
 
Aeroflex, Inc.*
  
1,067,820
 
55,695
 
Argon ST, Inc.*
  
1,818,999
 
56,000
 
Benchmark Electronics, Inc.*
  
1,790,320
 
79,400
 
Cherokee International Corp.*
  
666,960
 
10,800
 
Cogent, Inc.*
  
327,240
 
103,600
 
FARO Technologies, Inc.*
  
2,987,824
 
99,450
 
Trimble Navigation, Ltd.*
  
3,536,442
         
12,195,605
           
 
Energy Equipment & Services: 3.1%
    
 
125,600
 
KFx, Inc.*
  
1,747,096
 
122,300
 
Superior Energy Services*
  
1,947,016
 
52,500
 
Unit Corp.*
  
1,918,350
 
113,500
 
W-H Energy Services, Inc.*
  
2,565,100
         
8,177,562
           
 
Food & Drug Retailing: 1.3%
    
 
110,450
 
United Natural Foods, Inc.*
  
3,491,325
           
           
 
Health Care Equipment & Supplies: 5.4%
    
 
12,700
 
Foxhollow Technologies, Inc.*
  
358,140
 
94,500
 
I-Flow Corp.*
  
1,659,420
 
71,013
 
Immucor, Inc.*
  
2,173,708
 
77,200
 
Intuitive Surgical, Inc.*
  
3,080,280
 
99,800
 
Merit Medical Systems, Inc.*
  
1,415,164
 
45,200
 
Ventana Medical Systems, Inc.*
  
3,041,056
 
36,700
 
Wright Medical Group, Inc.*
  
1,007,415
 
39,739
 
Zoll Medical Corp.*
  
1,295,491
         
14,030,674
           
 
Health Care Providers & Services: 7.5%
    
 
92,000
 
America Service Group, Inc.*
  
2,523,560
 
98,300
 
American Healthways, Inc.*
  
3,064,994
 
69,200
 
AMERIGROUP Corp.*
  
2,844,812
 
65,900
 
HealthExtras, Inc.*
  
1,016,837
 
14,000
 
Matria Healthcare, Inc.*
  
642,180
 
27,500
 
Pediatrix Medical Group, Inc.*
  
1,836,725
 
62,100
 
Radiation Therapy Services, Inc.*
  
1,119,663
 
67,099
 
United Surgical Partners International, Inc.*
  
2,643,030
 
135,746
 
VCA Antech, Inc.*
  
2,518,088
 
38,300
 
WellCare Health Plans, Inc.*
  
1,348,160
         
19,558,049
           
 
Hotels, Restaurants & Leisure: 6.6%
    
 
37,350
 
Ctrip.com International Ltd. - ADR*
  
1,538,783
 
62,800
 
Gaylord Entertainment Co.*
  
2,464,900
 
11,400
 
Great Wolf Resorts, Inc.*
  
239,058
 
38,700
 
Life Time Fitness, Inc.*
  
1,012,005
 
25,050
 
Penn National Gaming, Inc.*
  
1,643,030
 
19,942
 
P.F. Chang's China Bistro, Inc.*
  
1,108,576
 
27,610
 
RARE Hospitality International, Inc.*
  
869,715
 
48,200
 
Red Robin Gourmet Burgers, Inc.*
  
2,277,450
 
57,592
 
Station Casinos, Inc.
  
3,541,908
 
85,700
 
WMS Industries, Inc.*
  
2,685,838
         
17,381,263
           
 
Industrials: 0.5%
    
 
28,800
 
ASV, Inc.*
  
1,154,880
           
           
 
Insurance: 0.1%
    
 
10,900
 
National Interstate Corp.*
  
169,495
           
           
 
Internet Software & Services: 3.8%
    
 
80,700
 
Ariba, Inc.*
  
1,120,116
 
66,300
 
Ask Jeeves, Inc.*
  
1,880,268
 
94,900
 
Equinix, Inc. *
  
3,980,106
 
33,200
 
InfoSpace, Inc.*
  
1,567,372
 
5,300
 
Marchex, Inc. - Class B*
  
95,453
 
111,700
 
Motive, Inc.*
  
1,176,201
         
9,819,516
           
 
IT Consulting & Services: 1.4%
    
 
48,600
 
CACI International, Inc. - Class A*
  
2,534,490
 
62,200
 
Infocrossing, Inc.*
  
1,118,978
         
3,653,468
           
 
Machinery: 2.8%
    
 
27,400
 
Actuant Corp. - Class A*
  
1,431,650
 
25,750
 
Bucyrus International, Inc.
  
945,025
 
93,250
 
Joy Global, Inc.
  
2,604,472
 
51,500
 
Terex Corp.*
  
2,217,075
         
7,198,222
           
 
Media: 0.8%
    
 
51,303
 
Cumulus Media, Inc. - Class A*
  
710,034
 
142,763
 
Spanish Broadcasting System - Class A*
  
1,466,890
         
2,176,924
           
 
Metals & Mining: 1.0%
    
 
56,400
 
Foundation Coal Holdings, Inc.*
  
1,237,980
 
38,400
 
Steel Dynamics, Inc.
  
1,451,520
         
2,689,500
           
 
Oil & Gas: 2.2%
    
 
57,400
 
ATP Oil & Gas Corp.*
  
1,142,260
 
71,500
 
Delta Petroleum Corp.*
  
1,049,620
 
35,500
 
Denbury Resources, Inc.*
  
1,036,600
 
43,100
 
Plains Exploration & Production Co.*
  
1,240,418
 
25,900
 
Southwestern Energy Co.*
  
1,328,670
         
5,797,568
           
 
Personal Products: 0.7%
    
 
49,500
 
Chattem, Inc.*
  
1,785,465
           
           
 
Pharmaceuticals: 1.6%
    
 
23,800
 
American Pharmaceutical Partners, Inc.*
  
1,178,100
 
41,500
 
Bradley Pharmaceuticals, Inc.*
  
597,185
 
63,877
 
K-V Pharmaceutical Co. - Class A*
  
1,312,672
 
34,102
 
The Medicines Co.*
  
938,146
         
4,026,103
           
 
Semiconductor Equipment: 2.2%
    
 
37,021
 
Cymer, Inc.*
  
981,797
 
37,200
 
FEI Co.*
  
749,952
 
123,100
 
Silicon Image, Inc.*
  
1,466,121
 
93,800
 
Skyworks Solutions, Inc.
  
711,942
 
44,000
 
Tessera Technologies, Inc.*
  
1,711,600
         
5,621,412
           
           
 
Semiconductors: 2.3%
    
 
54,700
 
Integrated Circuit Systems, Inc.*
  
1,039,300
 
152,500
 
Microsemi Corp.*
  
2,353,075
 
91,700
 
OmniVision Technologies, Inc.*
  
1,488,291
 
118,200
 
Pixelworks, Inc.*
  
1,109,898
         
5,990,564
           
 
Software: 5.5%
    
 
48,200
 
Altiris, Inc.*
  
1,566,982
 
42,074
 
FileNet Corp.*
  
940,354
 
100,700
 
Macromedia, Inc.*
  
3,447,968
 
59,000
 
Open Solutions, Inc.*
  
1,287,380
 
47,200
 
Salesforce.com, Inc.*
  
646,640
 
85,500
 
Sonic Solutions*
  
1,522,755
 
90,900
 
SS&C Technologies, Inc.
  
1,987,983
 
271,550
 
TIBCO Software, Inc.*
  
2,984,335
         
14,384,397
           
 
Specialty Retail: 4.6%
    
 
116,930
 
Aaron Rents, Inc.
  
2,483,593
 
71,850
 
Aeropostale, Inc.*
  
1,996,711
 
38,900
 
Build-A-Bear Workshop, Inc.*
  
1,211,346
 
36,400
 
Guitar Center, Inc.*
  
2,083,900
 
35,000
 
HOT Topic, Inc.*
  
678,300
 
23,500
 
Pacific Sunwear of California, Inc.*
  
575,515
 
41,000
 
Tractor Supply Co.*
  
1,467,800
 
34,200
 
Urban Outfitters, Inc.*
  
1,438,794
         
11,935,959
           
 
Textiles, Apparel & Luxury Goods: 1.9%
    
 
52,000
 
Fossil, Inc.*
  
1,450,800
 
118,796
 
Quicksilver, Inc.*
  
3,548,437
         
4,999,237
           
 
Thrifts & Mortgage Finance: 0.8%
    
 
66,286
 
BankUnited Financial Corp. - Class A*
  
1,934,225
           
           
 
Trading Companies & Distributors: 1.4%
    
 
104,200
 
MSC Industrial Direct Co., Inc. - Class A
  
3,607,404
           
 
Trucking: 1.4%
    
 
61,100
 
Genesee & Wyoming, Inc.*
  
1,543,386
 
104,362
 
Old Dominion Freight Line, Inc.*
  
3,689,197
         
5,232,583
           
 
Wireless Telecommunications: 3.0%
    
 
7,800
 
Arbinet Thexchange, Inc.*
  
190,320
 
89,950
 
NII Holdings, Inc. - Class B*
  
4,839,310
 
74,800
 
Western Wireless Corp. - Class A*
  
2,825,944
         
7,855,574
           
 
TOTAL COMMON STOCKS
    
 
(cost $181,648,131)
    
257,327,279
           
 
MONEY MARKET INVESTMENTS: 1.7%
    
           
 
2,204,336
 
SEI Daily Income Treasury Fund
  
2,204,336
 
2,220,477
 
SEI Daily Income Trust Government Fund
  
2,220,477
         
4,424,813
           
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $4,424,813)
      
4,424,813
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $186,072,944): 99.9%
  
261,752,092
 
Other Assets in Excess of Liabilities: 0.1%
  
231,101
 
NET ASSETS: 100.0%
 $
 261,983,193
           
 
*

Non-income producing security. 

#
U.S. traded security of a foreign issuer.
ADR
American Depositary Receipt

 
     
 


 PIC Flexible Growth Fund
           
  SCHEDULE OF INVESTMENTS at January 31, 2005 (Unaudited)    
           
 
Shares
      
Value
 
COMMON STOCKS: 100.2%
    
           
 
Aerospace & Defense: 1.4%
    
 
805
 
Rockwell Collins, Inc.
 $
34,534
           
           
 
Air Freight & Couriers: 1.4%
    
 
770
 
J.B. Hunt Transport Services, Inc.
  
33,972
           
           
 
Automobiles & Motorcycles: 1.9%
    
 
765
 
Harley-Davidson, Inc.
  
45,984
           
           
 
Banks: 1.8%
    
 
755
 
Commerce Bancorp, Inc.
  
43,443
           
           
 
Biotechnology: 4.2%
    
 
1,390
 
Genentech, Inc.*
  
66,317
 
1,160
 
Gilead Sciences, Inc.*
  
38,396
         
104,713
           
 
Chemicals: 2.0%
        
 
890
 
Monsanto Co.
  
48,176
           
           
 
Commercial Services & Supplies: 3.9%
    
 
1,238
 
Apollo Group, Inc. - Class A*
  
96,799
           
           
 
Communications Equipment: 4.2%
    
 
4,370
 
Cisco Systems, Inc.*
  
78,835
 
670
 
QUALCOMM, Inc.
  
24,951
         
103,786
           
 
Consumer Finance: 6.5%
    
 
935
 
Capital One Financial Corp.
  
73,192
 
1,735
 
SLM Corp.
  
87,080
         
160,272
           
 
Electronic Equipment & Instruments: 0.9%
    
 
3,665
 
Sanmina-SCI Corp.*
  
22,650
           
           
 
Energy Equipment & Services: 5.3%
    
 
1,015
 
BJ Services Co.
  
48,771
 
710
 
Nabors Industries Ltd.*#
  
35,784
 
795
 
Smith International, Inc.*
  
47,064
         
131,619
           
 
Food & Drug Retailing: 2.1%
    
 
1,145
 
CVS Corp.
  
53,071
           
           
 
Healthcare Equipment & Supplies: 11.7%
    
 
785
 
Alcon, Inc.#
  
62,172
 
805
 
Guidant Corp.
  
58,354
 
2,690
St. Jude Medical, Inc.*
  
105,663
 
790
 
Zimmer Holdings, Inc.*
  
62,291
         
288,480
           
 
Healthcare Providers & Services: 6.4%
    
 
1,775
 
UnitedHealth Group, Inc.
  
157,797
           
           
 
Hotels, Restaurants & Leisure: 1.7%
    
 
740
 
Carnival Corp.#
  
42,624
           
           
 
Household Durables: 1.9%
    
 
695
 
Pulte Homes, Inc.
  
45,925
           
           
 
Industrial Conglomerates: 2.1%
    
 
1,470
 
Tyco International Ltd.#
  
53,126
           
           
 
Internet Software & Services: 2.1%
    
 
1,495
 
Yahoo!, Inc.*
  
52,639
           
           
 
Investment Banking: 2.2%
    
 
505
 
Goldman Sachs Group, Inc.
  
54,464
           
           
 
IT Consulting & Services: 5.4%
    
 
2,580
 
Cognizant Technology Solutions Corp.*
  
97,782
 
1,155
 
Paychex, Inc.
  
35,216
         
132,998
           
 
Media: 2.4%
    
 
1,935
 
EchoStar Communications Corp. - Class A*
  
59,037
           
           
 
Multiline Retail: 2.1%
    
 
1,080
 
Kohl's Corp.*
  
50,771
           
           
 
Pharmaceuticals: 9.2%
    
 
1,775
 
Forest Laboratories, Inc. - Class A*
  
73,716
 
770
 
Johnson & Johnson
  
49,819
 
3,600
 
Teva Pharmaceutical Industries, Ltd. - ADR
  
103,428
         
226,963
           
 
Semiconductors: 1.7%
    
 
1,290
 
Broadcom Corp. - Class A*
  
41,061
           
           
 
Software: 6.2%
    
 
1,090
 
Cognos, Inc.*#
  
45,093
 
2,085
 
SAP AG - ADR
  
80,731
 
1,155
 
Symantec Corp.*
  
26,969
         
152,793
           
 
Specialty Retail: 3.1%
    
 
1,330
 
Lowe's Companies, Inc.
  
75,797
           
           
 
Textiles, Apparel & Luxury Goods: 1.8%
    
 
1,125
 
Polo Ralph Lauren Corp.
  
43,819
           
           
 
Thrifts & Mortgage Finance: 4.6%
    
 
3,080
 
Countrywide Financial Corp.
  
113,960
           
           
 
TOTAL COMMON STOCKS
    
 
(cost $2,341,753)
      
2,471,273
           
 
MONEY MARKET INVESTMENTS: 2.9%
    
           
 
35,485
 
SEI Daily Income Treasury Fund
  
35,485
 
35,486
SEI Daily Income Trust Government Fund
  
35,486
         
70,971
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $70,971)
      
70,971
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $2,412,724): 103.1%
  
2,542,244
 
Liabilities in Excess of Other Assets: (3.1%)
  
(74,961)
 
NET ASSETS: 100.0%

 $
 2,467,283
           
           
 
*
Non-income producing security.
#
U.S. traded security of a foreign issuer.
ADR
American Depositary Receipt
   
 
 

 
     
 


 PIC Growth Fund
           
 

SCHEDULE OF INVESTMENTS at January 31, 2005 (Unaudited)

    
           
 
Shares
      
Value
 
COMMON STOCKS: 97.8%
    
           
 
Aerospace & Defense: 2.0%
    
 
4,150
 
Rockwell Collins, Inc.
 $
 178,035
           
           
 
Air Freight & Couriers: 1.3%
    
 
2,650
 
J.B. Hunt Transport Services, Inc.
  
116,918
           
           
 
Automobiles & Motorcycles: 1.7%
    
 
2,550
 
Harley-Davidson, Inc.
  
153,280
           
           
 
Banks: 1.7%
    
 
2,650
 
Commerce Bancorp, Inc.
  
152,481
           
           
 
Biotechnology: 4.2%
    
 
4,950
 
Genentech, Inc.*
  
236,164
 
4,100
 
Gilead Sciences, Inc.*
  
135,710
         
371,874
           
 
Chemicals: 1.7%
    
 
2,850
 
Monsanto Co.
  
154,270
           
           
 
Commercial Services & Supplies: 3.6%
    
 
4,080
 
Apollo Group, Inc. - Class A*
  
319,015
           
           
 
Communications Equipment: 4.7%
    
 
18,100
 
Cisco Systems, Inc.*
  
326,524
 
2,400
 
QUALCOMM, Inc.
  
89,376
         
415,900
           
 
Consumer Finance: 6.3%
    
 
3,150
 
Capital One Financial Corp.
  
246,582
 
6,250
 
SLM Corp.
  
313,687
         
560,269
           
 
Electronic Equipment & Instruments: 0.9%
    
 
12,600
 
Sanmina-SCI Corp.*
  
77,868
           
 
Energy Equipment & Services: 5.3%
    
 
3,800
 
BJ Services Co.
  
182,590
 
2,450
 
Nabors Industries Ltd.*#
  
123,480
 
2,850
 
Smith International, Inc.*
  
168,720
         
474,790
           
 
Food & Drug Retailing: 2.2%
    
 
4,150
 
CVS Corp.
  
192,353
           
           
 
Healthcare Equipment & Supplies: 11.5%
    
 
2,850
 
Alcon, Inc.#
  
225,720
 
2,850
 
Guidant Corp.
  
206,597
 
9,650
 
St. Jude Medical, Inc.*
  
379,052
 
2,750
 
Zimmer Holdings, Inc.*
  
216,838
         
1,028,207
           
 
Healthcare Providers & Services: 5.8%
    
 
5,850
 
UnitedHealth Group, Inc.
  
520,065
           
           
 
Hotels, Restaurants & Leisure: 1.6%
    
 
2,450
 
Carnival Corp.#
  
141,120
           
           
 
Household Durables: 1.9%
    
 
2,500
 
Pulte Homes, Inc.
  
165,200
           
           
 
Industrial Conglomerates: 2.1%
    
 
5,200
 
Tyco International Ltd.#
  
187,928
           
           
 
Internet & Catalog Retail: 1.9%
    
 
2,100
 
eBay, Inc.*
  
171,150
           
           
 
Internet Software & Services: 2.0%
    
 
4,950
 
Yahoo!, Inc.*
  
174,290
           
           
 
Investment Banking: 2.3%
    
 
1,900
 
Goldman Sachs Group, Inc.
  
204,915
           
           
 
IT Consulting & Services: 3.5%
    
 
5,000
 
Cognizant Technology Solutions Corp.*
  
189,500
 
4,050
 
Paychex, Inc.
  
123,485
         
312,985
           
 
Media: 2.3%
    
 
6,800
 
EchoStar Communications Corp. - Class A*
  
207,468
           
           
 
Multiline Retail: 2.0%
    
 
3,816
 
Kohl's Corp.*
  
179,390
           
           
 
Pharmaceuticals: 9.0%
    
 
6,250
 
Forest Laboratories, Inc. - Class A*
  
259,562
 
2,800
 
Johnson & Johnson
  
181,160
 
12,700
 
Teva Pharmaceutical Industries, Ltd. - ADR
  
364,871
         
805,593
           
 
Semiconductors: 1.6%
    
 
4,450
 
Broadcom Corp. - Class A*
  
141,644
           
           
 
Software: 5.5%
    
 
2,750
 
Cognos, Inc.*#
  
113,767
 
7,200
 
SAP AG - ADR
  
278,784
 
4,350
 
Symantec Corp.*
  
101,573
         
494,124
           
 
Specialty Retail: 3.0%
    
 
4,650
 
Lowe's Companies, Inc.
  
265,003
           
           
 
Textiles, Apparel & Luxury Goods: 1.7%
    
 
3,900
 
Polo Ralph Lauren Corp.
  
151,905
           
           
 
Thrifts & Mortgage Finance: 4.5%
    
 
10,898
 
Countrywide Financial Corp.
  
403,226
           
           
 
TOTAL COMMON STOCKS
    
 
(cost $6,586,315)
      
8,721,266
           
 
MONEY MARKET INVESTMENTS: 3.7%
    
           
 
165,437
 
SEI Daily Income Treasury Fund
  
165,437
 
165,437
 
SEI Daily Income Trust Government Fund
  
165,437
         
330,874
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $330,874)
      
330,874
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $6,917,189): 101.5%
  
9,052,140
 
Liabilities in Excess of Other Assets: (1.5%)
  
(130,922)
 
NET ASSETS: 100.0%
 $
8,921,218
           
           
 
*

Non-income producing security. 

#
U.S. traded security of a foreign issuer.
ADR
American Depositary Receipt
   
 

 
     
 


 PIC Select Growth Fund
           
  SCHEDULE OF INVESTMENTS at January 31, 2005 (Unaudited)    
           
 
Shares
      
Value
 
COMMON STOCKS: 98.1%
    
           
 
Automobiles & Motorcycles: 2.8%
    
 
7,800
 
Harley-Davidson, Inc.
 $
 468,858
           
           
 
Biotechnology: 5.4%
    
 
13,500
 
Genentech, Inc.*
  
644,085
 
8,000
 
Gilead Sciences, Inc.*
  
264,800
         
908,885
           
 
Chemicals: 2.3%
    
 
7,100
 
Monsanto Co.
  
384,323
           
           
 
Commercial Services & Supplies: 2.7%
    
 
5,900
 
Apollo Group, Inc. - Class A*
  
461,321
           
           
 
Communications Equipment: 6.1%
    
 
42,900
 
Cisco Systems, Inc.*
  
773,916
 
6,800
 
QUALCOMM, Inc.
  
253,232
         
1,027,148
           
 
Consumer Finance: 6.6%
    
 
7,200
 
Capital One Financial Corp.
  
563,616
 
11,200
 
SLM Corp.
  
562,128
         
1,125,744
           
 
Energy Equipment & Services: 3.4%
    
 
12,000
 
BJ Services Co.
  
576,600
           
           
 
Healthcare Equipment & Supplies: 10.4%
    
 
6,800
 
Guidant Corp.
  
492,932
 
19,500

 
St. Jude Medical, Inc.*
  
765,960
 
6,300
 
Zimmer Holdings, Inc.*
  
496,755
         
1,755,647
           
 
Healthcare Providers & Services: 6.3%
    
 
12,000
 
UnitedHealth Group, Inc.
  
1,066,800
           
           
 
Industrial Conglomerates: 1.7%
    
 
7,800
 
Tyco International Ltd.#
  
281,892
           
           
 
Internet & Catalog Retail: 3.9%
    
 
8,200
 
eBay, Inc.*
  
668,300
           
           
 
Investment Banking: 5.1%
    
 
8,000
 
Goldman Sachs Group, Inc.
  
862,800
           
           
 
IT Consulting & Services: 2.1%
    
 
9,400
 
Cognizant Technology Solutions Corp.*
  
356,260
           
           
 
Media: 3.3%
    
 
18,200
 
EchoStar Communications Corp. - Class A*
  
555,282
           
           
 
Multiline Retail: 3.9%
    
 
13,900
 
Kohl's Corp.*
  
653,439
           
           
 
Pharmaceuticals: 11.7%
    
 
15,600
 
Forest Laboratories, Inc. - Class A*
  
647,868
 
7,900
 
Johnson & Johnson
  
511,130
 
28,800
 
Teva Pharmaceutical Industries, Ltd. - ADR
  
827,424
         
1,986,422
           
 
Semiconductors: 3.9%
    
 
10,400
 
Broadcom Corp.*
  
331,032
 
2
 
Freescale Semiconductor, Inc. - Class B*
  
35
 
8,400
 
Maxim Integrated Products, Inc.
  
327,684
         
658,751
           
 
Software: 6.0%
    
 
16,000
 
SAP AG - ADR
  
619,520
 
16,900
 
Symantec Corp.*
  
394,615
         
1,014,135
           
 
Specialty Retail: 4.1%
    
 
12,300
 
Lowe's Companies, Inc.
  
700,977
           
           
 
Thrifts & Mortgage Finance: 6.4%
    
 
29,298
 
Countrywide Financial Corp.
  
1,084,026
           
           
 
TOTAL COMMON STOCKS
    
 
(cost $15,011,097)
      
16,597,610
           
 
MONEY MARKET INVESTMENTS: 4.0%
    
           
 
334,749
 
SEI Daily Income Treasury Fund
  
334,749
 
334,749
 
SEI Daily Income Trust Government Fund
  
334,749
         
669,498
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $669,498)
      
669,498
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $6,917,189): 102.1%
  
17,267,108
 
Liabilities in Excess of Other Assets: (2.1%)
  
(347,475)
 
NET ASSETS: 100.0%

 $
 16,919,633
           
           
 
*
Non-income producing security.
#
U.S. traded security of a foreign issuer.
ADR
American Depositary Receipt
   

For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Funds’ most recent semi-annual or annual report.
 

 
     
 

Item 2. Controls and Procedures.
 
(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief 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 Act) that occurred during the Registrant's last fiscal half-year 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/Eric M. Banhazl       
Eric M. Banhazl, President

Date  03/28/05                                                                           



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/ Eric M. Banhazl    
Eric M. Banhazl, President

Date  03/28/05                                                      

 
By (Signature and Title)* _/s/Douglas g. Hess__     
Douglas G. Hess, Treasurer

Date  03/28/05_________________________

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