-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SV4PkQNbOkii82qCXJeX6Zcg3gs9vhXA5yMm43xRbk2TFPPkM8gchmpMafaCfU3N nyfB60l4YGfES6KEg0e6yg== 0000894189-05-001035.txt : 20050428 0000894189-05-001035.hdr.sgml : 20050428 20050428111545 ACCESSION NUMBER: 0000894189-05-001035 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050228 FILED AS OF DATE: 20050428 DATE AS OF CHANGE: 20050428 EFFECTIVENESS DATE: 20050428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 05778942 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5344 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 N-Q 1 pianq.htm PACIFIC INCOME ADVISORS Pacific Income Advisors




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)



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: November 30, 2005



Date of reporting period: February 28, 2005 

 

 
     
 

Item 1. Schedule of Investments.

PIA BBB BOND FUND
Schedule of Investments - February 28, 2005 (Unaudited)
             
             
Principal
            
Amount
          
Value
 
            
   
CORPORATE BONDS & NOTES
94.9%
    
             
   
Aerospace/Defense
2.9%
    
$ 402,000
 
Lockheed Martin Corp.
      
     
7.75%, due 5/1/26
    
$                             509,210
395,000
 
Northrup Grumman Corp.
      
     
7.75%, due 2/15/31
    
512,068
412,000
 
Raytheon Co.
      
     
8.30%, due 3/1/10
    
478,632
           
1,499,910
             
   
Auto Manufacturers
4.3%
    
1,205,000
 
DaimlerChrysler NA Holding Corp.
      
     
7.30%, due 1/15/12
    
1,352,766
920,000
 
Ford Motor Co.
      
     
6.625%, due 10/1/28
    
838,571
           
2,191,337
             
   
Banks
0.9%
    
472,000
 
PNC Funding Corp.
      
     
5.25%, due 11/15/15
    
476,388
             
   
Building Materials
1.1%
    
550,000
 
Masco Corp.
      
     
6.75%, due 3/15/06
    
567,843
             
   
Chemicals
2.0%
    
431,000
 
Eastman Chemical Co.
      
     
7.00%, due 4/15/12
    
489,848
405,000
 
Rohm & Haas Co.
      
     
7.85%, due 7/15/29
    
536,867
           
1,026,715
             
   
Commercial Services
1.0%
    
423,000
 
Cendant Corp.
      
     
7.375%, due 1/15/13
    
485,176
             
   
Construction
1.2%
    
590,000
 
Pulte Homes, Inc.
      
     
6.375%, due 5/15/33
    
597,035
             
   
Diversified Financial Services
13.8%
    
525,000
 
Capital One Bank
      
     
5.75%, due 9/15/10
    
550,690
1,535,000
 
Ford Motor Credit Co.
      
     
6.50%, due 1/25/07
    
1,582,118
1,155,000
 
Ford Motor Credit Co.
      
     
7.375%, due 2/1/11
    
1,209,935
1,404,000
 
General Motors Acceptance Corp.
      
     
6.15%, due 4/5/07
    
1,431,306
995,000
 
General Motors Acceptance Corp.
      
     
6.875%, due 9/15/11
    
987,895
690,000
 
General Motors Acceptance Corp.
      
     
8.00%, due 11/1/31
    
694,061
495,000
 
MBNA Corp.
      
     
7.50%, due 3/15/12
    
565,327
           
7,021,332
             
   
Diversified Manufacturing
1.2%
    
545,000
 
Tyco International Group SA
      
     
6.00%, due 11/15/13
    
586,006
             
   
Electric
12.4%
    
470,000
 
American Electric Power Co., Inc.
      
     
6.125%, due 5/15/06
    
482,819
455,000
 
Cincinnati Gas & Electric Co.
      
     
5.70%, due 9/15/12
    
478,159
450,000
 
Constellation Energy Group
      
     
7.60%, due 4/1/32
    
556,190
465,000
 
Dominion Resources, Inc.
      
     
8.125%, due 6/15/10
    
541,057
300,000
 
DTE Energy Co.
      
     
6.45%, due 6/1/06
    
309,134
200,000
 
DTE Energy Co.
      
     
7.05%, due 6/1/11
    
224,425
400,000
 
Duke Energy Corp.
      
     
6.45%, due 10/15/32
    
438,959
300,000
 
MidAmerican Energy Holdings Co.
      
     
3.50%, due 5/15/08
    
291,834
485,000
 
Pacific Gas & Electric
      
     
6.05%, due 3/1/34
    
513,082
430,000
 
Pepco Holdings, Inc.
      
     
5.50%, due 8/15/07
    
442,633
423,000
 
Progress Energy, Inc.
      
     
7.10%, due 3/1/11
    
473,067
378,000
 
PSEG Power LLC
      
     
8.625%, due 4/15/31
    
514,178
460,000
 
Southern California Edison Co.
      
     
6.00%, due 1/15/34
    
495,007
500,000
 
XCEL Energy, Inc.
      
     
7.00%, due 12/1/10
    
555,931
           
6,316,475
             
   
Environmental Control
1.0%
    
414,000
 
Waste Management, Inc.
      
     
7.75%, due 5/15/32
    
518,056
             
   
Food
5.9%
    
527,000
 
Albertson's, Inc.
      
     
7.45%, due 8/1/29
    
621,578
445,000
 
Conagra Foods, Inc.
      
     
6.00%, due 9/15/06
    
458,588
350,000
 
General Mills, Inc.
      
     
2.625%, due 10/24/06
    
342,595
414,000
 
Kellogg Co.
      
     
7.45%, due 4/1/31
    
527,487
517,000
 
Kroger Co.
      
     
6.20%, due 6/15/12
    
559,752
437,000
 
Safeway, Inc.
      
     
6.50%, due 3/1/11
    
473,759
           
2,983,759
             
   
Forest Products & Paper
3.6%
    
530,000
 
International Paper Co.
      
     
6.75%, due 9/1/11
    
588,784
527,000
 
MeadWestvaco Corp.
      
     
6.85%, due 4/1/12
    
596,057
625,000
 
Weyerhaeuser Co.
      
     
6.125%, due 3/15/07
    
651,632
           
1,836,473
             
   
Insurance
1.0%
    
385,000
 
AXA
      
     
8.60%, due 12/15/30
    
519,741
             
   
Media
9.4%
    
590,000
 
Clear Channel Communications, Inc.
      
     
6.00%, due 11/1/06
    
607,279
757,000
 
Comcast Cable Communications, Inc.
      
     
6.20%, due 11/15/08
    
803,531
500,000
 
Comcast Corp.
      
     
7.05%, due 3/15/33
    
583,566
202,000
 
Liberty Media Corp.
      
     
8.50%, due 7/15/29
    
234,997
515,000
 
News America, Inc.
      
     
6.625%, due 1/9/08
    
546,136
615,000
 
Time Warner, Inc.
      
     
6.125%, due 4/15/06
    
630,505
810,000
 
Time Warner, Inc.
      
     
6.875%, due 6/15/18
    
916,042
450,000
 
Walt Disney Co.
      
     
6.75%, due 3/30/06
    
464,633
           
4,786,689
             
   
Medical Instruments
1.0%
    
500,000
 
Boston Scientific
      
     
5.45%, due 6/15/14
    
518,952
             
   
Oil & Gas
7.7%
    
425,000
 
Anadarko Finance Co.
      
     
6.75%, due 5/1/11
    
473,061
500,000
 
Burlington Resources Finance Co.
      
     
5.60%, due 12/1/06
    
512,413
424,000
 
Devon Financing Corp., U.L.C.
      
     
6.875%, due 9/30/11
    
475,070
542,000
 
Marathon Oil Corp.
      
     
6.80%, due 3/15/32
    
619,988
361,000
 
Occidental Petroleum Corp.
      
     
8.45%, due 2/15/29
    
496,662
404,000
 
Transocean, Inc.
      
     
7.50%, due 4/15/31
    
505,699
325,000
 
Union Oil Co. of California
      
     
7.35%, due 6/15/09
    
361,111
404,000
 
Valero Energy Corp.
      
     
7.50%, due 4/15/32
    
500,810
           
3,944,814
             
   
Pipelines
1.0%
    
485,000
 
Kinder Morgan, Inc.
      
     
6.80%, due 3/1/08
    
515,589
             
   
Printing
1.0%
    
475,000
 
Quebecor World Capital Corp.
      
     
6.125%, due 11/15/13
    
487,534
             
   
Real Estate
4.9%
    
511,000
 
EOP Operating LP
      
     
7.75%, due 11/15/07
    
554,800
582,000
 
ERP Operating LP
      
     
6.95%, due 3/2/11
    
643,478
423,000
 
Healthcare Realty Trust
      
     
8.125%, due 5/1/11
    
490,683
300,000
 
Hospitality Properties
      
     
6.75%, due 2/15/13
    
329,201
445,000
 
Simon Property Group LP
      
     
6.375%, due 11/15/07
    
468,520
           
2,486,682
             
   
Retail
1.0%
    
445,000
 
Federated Department Stores, Inc.
      
     
6.90%, due 4/1/29
    
499,629
             
   
Savings & Loans
0.9%
    
485,000
 
Washington Mutual, Inc.
      
     
4.625%, due 4/1/14
    
465,513
             
   
Telecommunications
11.7%
    
810,000
 
AT&T Wireless Services, Inc.
      
     
7.875%, due 3/1/11
    
940,979
401,000
 
British Telecom PLC
      
     
8.375%, due 12/15/10*
    
473,491
430,000
 
CenturyTel, Inc.
      
     
8.375%, due 10/15/10
    
499,812
794,000
 
Deutsche Telekom International Finance BV
      
     
5.25%, due 7/22/13
    
812,660
615,000
 
France Telecom SA
      
     
8.50%, due 3/1/11*
    
718,531
395,000
 
Koninklijke KPN NV
      
     
8.00%, due 10/1/10
    
459,336
420,000
 
Motorola, Inc.
      
     
7.625%, due 11/15/10
    
478,693
935,000
 
Sprint Capital Corp.
      
     
7.625%, due 1/30/11
    
1,069,947
500,000
 
Telecom Italia Capital
      
     
5.25%, due 11/15/13
    
505,037
           
5,958,486
             
   
Transportation
4.0%
    
398,000
 
CSX Corp.
      
     
7.95%, due 5/1/27
    
512,536
560,000
 
FedEx Corp.
      
     
3.50%, due 4/1/09
    
541,257
450,000
 
Norfolk Southern Corp.
      
     
7.35%, due 5/15/07
    
480,330
500,000
 
Union Pacific Corp.
      
     
3.625%, due 6/1/10
    
476,409
           
2,010,532
             
   
Total Corporate Bonds & Notes (cost $47,273,022)
    
48,300,666
             
   
U.S. GOVERNMENT INSTRUMENTALITIES
1.6%
    
             
   
U.S. Treasury Bonds
1.1%
    
525,000
 
U.S. Treasury Bond
      
     
5.375%, due 2/15/31
    
577,418
             
   
U.S. Treasury Notes
0.5%
    
215,000
 
U.S. Treasury Note
      
     
4.75%, due 5/15/14
    
221,408
             
   
Total U.S. Government Instrumentalities (cost $804,124)
    
798,826
             
Shares/
            
Principal Amount
          
Value
             
   
SHORT-TERM INVESTMENTS
2.7%
    
             
1,634
 
First American Treasury Obligations Fund - Class A
    
1,634
$ 1,400,000
 
U.S. Bank, N.A. repurchase agreement, 1.75%, dated 2/28/05,
      
   
due 3/1/05, repurchase price $1,400,062 (collateralized
      
   
by various U.S. Government Agency Securities: Total
      
   
Market Value $1,428,376)
    
1,400,000
             
   
Total Short-Term Investments (cost $1,401,634)
    
1,401,634
             
   
Total Investments (cost $49,478,780)
99.2%
  
50,501,126
   
Other Assets less Liabilities
0.8%
  
413,184
   
TOTAL NET ASSETS
100.0%
  
$                     50,914,310
             
             
* Variable rate note. Rate shown reflects the rate in effect at February 28, 2005.
      
             
             
             
 

 
 
     
 
 

PIA SHORT-TERM GOVERNMENT SECURITIES FUND
Schedule of Investments - February 28, 2005 (Unaudited)
             
             
Principal
            
Amount
          
Value
             
   
MORTGAGE-BACKED SECURITIES
32.6%
    
           
   
Private
0.2%
    
$ 130,268
 
Prudential Home Mortgage Securities
      
     
7.50%, due 3/25/08
    
$                                    130,530
             
   
U.S. Government Agencies
32.4%
    
91,926
  
FHLMC ARM Pool 755204
      
     
3.336%, due 8/1/15 *
    
94,898
75,200
  
FHLMC ARM Pool 845113
      
     
3.951%, due 2/1/22 *
    
77,107
116,894
  
FHLMC ARM Pool 635206
      
     
3.832%, due 10/1/22 *
    
118,981
50,811
  
FHLMC ARM Pool 845755
      
     
3.920%, due 6/1/23 *
    
52,385
32,363
  
FHLMC ARM Pool 609231
      
     
3.863%, due 2/1/24 *
    
33,255
1,850,945
  
FHLMC ARM Pool 785726
      
     
4.317%, due 1/1/25 *
    
1,892,900
1,020,790
  
FHLMC ARM Pool 1C0009
      
     
3.113%, due 2/1/32 *
    
1,027,939
1,015,981
  
FHLMC ARM Pool 1B0668
      
     
3.992%, due 1/1/33 *
    
1,037,444
1,400
  
FHLMC Series 2504 L
      
     
5.50%, due 3/15/15
    
1,400
287,416
  
FNMA Pool 252500
      
     
5.50%, due 6/1/06
    
290,711
93,119
  
FNMA Pool 415842
      
     
11.00%, due 1/1/13
    
101,693
137,500
  
FNMA ARM Pool 555206
      
     
4.314%, due 7/1/25 *
    
142,294
981,587
  
FNMA ARM Pool 424953
      
     
3.915%, due 7/1/27 *
    
1,003,004
706,084
  
FNMA ARM Pool 556438
      
     
3.994%, due 3/1/28 *
    
729,463
579,754
  
FNMA ARM Pool 508399
      
     
4.327%, due 6/1/29 *
    
592,909
788,782
  
FNMA ARM Pool 562912
      
     
3.901%, due 4/1/30 *
    
806,682
469,416
  
FNMA ARM Pool 556824
      
     
4.563%, due 8/1/30 *
    
491,521
113,341
  
FNMA ARM Pool 551038
      
     
4.460%, due 9/1/30 *
    
116,932
711,826
  
FNMA ARM Pool 670317
      
     
4.064%, due 10/1/30 *
    
734,167
179,933
  
FNMA ARM Pool 592745
      
     
5.539%, due 7/1/31 *
    
184,441
129,344
  
FNMA ARM Pool 597196
      
     
4.191%, due 9/1/31 *
    
132,289
297,694
  
FNMA ARM Pool 610547
      
     
5.427%, due 11/1/31 *
    
307,305
331,867
  
FNMA ARM Pool 629098
      
     
4.850%, due 4/1/32 *
    
343,533
130,420
  
FNMA ARM Pool 656345
      
     
4.127%, due 7/1/32 *
    
133,255
758,400
  
FNMA ARM Pool 670257
      
     
4.285%, due 2/1/33 *
    
779,875
43,885
  
GNMA II ARM Pool 8871
      
     
4.125%, due 11/20/21 *
    
44,396
288,512
  
GNMA II ARM Pool 8062
      
     
4.125%, due 10/20/22 *
    
292,906
681,726
  
GNMA II ARM Pool 80011
      
     
4.125%, due 11/20/26 *
    
693,162
147,271
  
GNMA II ARM Pool 80013
      
     
4.125%, due 11/20/26 *
    
149,224
86,689
  
GNMA II ARM Pool 80021
      
     
4.125%, due 12/20/26 *
    
88,381
47,636
  
GNMA II ARM Pool 80029
      
     
3.375%, due 1/20/27 *
    
48,716
679,833
  
GNMA II ARM Pool 80094
      
     
3.75%, due 7/20/27 *
    
688,917
936,791
  
GNMA II ARM Pool 80104
      
     
3.75%, due 8/20/27 *
    
951,883
44,153
  
GNMA II ARM Pool 80122
      
     
4.125%, due 10/20/27 *
    
44,904
384,668
  
GNMA II ARM Pool 80154
      
     
3.375%, due 1/20/28 *
    
392,432
1,125,583
  
GNMA II ARM Pool 80331
      
     
4.125%, due 10/20/29 *
    
1,159,923
247,649
  
GNMA II ARM Pool 80344
      
     
4.125%, due 11/20/29 *
    
253,660
           
16,034,887
             
   
Total Mortgage-Backed Securities (cost $16,184,850)
   
16,165,417
             
   
U.S. GOVERNMENT AGENCIES AND
      
   
INSTRUMENTALITIES
37.6%
    
             
   
U.S. Government Agencies
12.3%
    
1,500,000
  
FHLB
      
     
2.875%, due 9/15/06
    
1,486,079
1,900,000
  
FNMA
      
     
5.25%, due 6/15/06
    
1,940,856
2,700,000
  
FNMA
      
     
2.625%, due 11/15/06
    
2,654,953
           
6,081,888
             
   
U.S. Treasury Notes
25.3%
    
2,000,000
  
U.S. Treasury Note
      
     
2.00%, due 8/31/05
    
1,991,172
4,000,000
  
U.S. Treasury Note
      
     
2.50%, due 9/30/06
    
3,940,160
3,570,000
  
U.S. Treasury Note
      
     
2.75%, due 6/30/06
    
3,540,715
3,000,000
  
U.S. Treasury Note
      
     
5.75%, due 11/15/05
    
3,055,548
           
12,527,595
             
   
Total U.S. Government Agencies and
     
   
Instrumentalities (cost $18,724,555)
   
18,609,483
             
Shares/
            
Principal Amount
          
Value
             
   
SHORT-TERM INVESTMENTS
33.3%
    
             
73,344
  
First American Treasury Obligations Fund - Class A
    
73,344
$ 7,200,000
 
FNMA Discount Note
      
     
Zero coupon bond to yield
      
     
2.43%, due 3/2/05
    
7,199,514
6,900,000
  
FNMA Discount Note
      
     
Zero coupon bond to yield
      
     
2.455%, due 3/9/05
    
6,896,236
2,306,000
  
U.S. Bank, N.A. repurchase agreement, 1.75%, dated 2/28/05,
      
   
due 3/1/05, repurchase price $2,306,102 (collateralized
      
   
by various U.S. Government Agency Securities: Total
      
   
Market Value $2,352,169)
    
2,306,000
             
   
Total Short-Term Investments (cost $16,475,094)
    
16,475,094
             
   
Total Investments (cost $51,384,499)
103.5%
  
51,249,994
   
Liabilities less Other Assets
(3.5)%
  
(1,728,447)
   
NET ASSETS
100.0%
  
$ 49,521,547
             
             
* Variable rate note. Rate shown reflects the rate in effect at February 28, 2005.
      
             


 
     
 
 

PIA TOTAL RETURN BOND FUND
Schedule of Investments - February 28, 2005 (Unaudited)
             
             
Principal
            
Amount
          
Value
 
            
   
ASSET-BACKED SECURITIES
1.8%
    
           
$ 81,668
 
Aames Mortgage Trust
     
     
5.97%, due 8/25/31*
    
$                               83,172
198,221
 
California Infrastructure PG&E-1
      
     
6.42%, due 9/25/08
    
202,841
             
   
Total Asset-Backed Securities (cost $281,472)
   
286,013
             
   
CORPORATE BONDS & NOTES
23.1%
    
           
   
Aerospace / Defense
2.9%
    
150,000
 
Boeing Capital Corp.
      
     
5.75%, due 2/15/07
    
154,948
175,000
 
Lockheed Martin Corp.
      
     
8.20%, due 12/1/09
    
202,659
94,000
 
Raytheon Co.
      
     
6.75%, due 8/15/07
    
99,643
           
457,250
             
   
Auto Manufacturers
0.9%
    
65,000
 
DaimlerChrysler NA Holding Corp.
      
     
8.50%, due 1/18/31
    
83,081
70,000
 
Ford Motor Co.
      
     
7.45%, due 7/16/31
    
67,684
           
150,765
             
   
Banks
1.0%
    
150,000
 
Bank of America Corp.
      
     
4.75%, due 10/15/06
    
152,164
             
   
Diversified Financial Services
2.1%
    
150,000
 
Citigroup, Inc.
      
     
5.00%, due 3/6/07
    
153,010
170,000
 
Morgan Stanley
      
     
6.60%, due 4/1/12
    
188,231
           
341,241
             
   
Diversified Manufacturing
1.4%
    
200,000
 
Tyco International Group SA
      
     
6.75%, due 2/15/11
    
221,264
             
   
Electric
0.6%
    
90,000
 
Southern California Edison Co.
      
     
6.65%, due 4/1/29
    
102,120
             
   
Food
0.6%
    
75,000
 
Albertson's, Inc.
      
     
7.45%, due 8/1/29
    
88,460
             
   
Media
2.9%
    
190,000
 
Belo Corp.
      
     
8.00%, due 11/1/08
    
211,425
85,000
 
Time Warner, Inc.
      
     
7.625%, due 4/15/31
    
103,980
150,000
 
Viacom, Inc.
      
     
5.625%, due 5/1/07
    
154,813
           
470,218
             
   
Mining
1.1%
    
160,000
 
Alcoa, Inc.
      
     
6.50%, due 6/1/11
    
176,094
             
   
Real Estate Investment Trust
4.1%
    
200,000
 
EOP Operating LP
      
     
7.00%, due 7/15/11
    
222,319
175,000
 
Health Care Property Investors, Inc.
      
     
6.45%, due 6/25/12
    
189,905
205,000
 
Prologis Trust
      
     
7.625%, due 7/1/17
    
239,614
           
651,838
             
   
Retail
1.5%
    
200,000
 
Staples, Inc.
      
     
7.375%, due 10/1/12
    
231,955
             
   
Savings & Loans
1.1%
    
180,000
 
Washington Mutual, Inc.
      
     
4.375%, due 1/15/08
    
180,578
             
   
Telecommunications
2.9%
    
150,000
 
Bellsouth Capital Funding
      
     
7.875%, due 2/15/30
    
189,783
97,000
 
Comcast Cable Communications Holdings, Inc.
      
     
8.375%, due 3/15/13
    
118,195
130,000
 
Verizon Global Funding Corp.
      
     
7.75%, due 12/1/30
    
162,391
           
470,369
             
   
Total Corporate Bonds & Notes (cost $3,533,809)
    
3,694,316
             
   
MORTGAGE-BACKED SECURITIES
29.4%
    
           
   
Collateralized Mortgage Obligations
3.5%
    
84,352
 
Blackrock Capital Financial L.P.
      
     
1.89%, due 3/25/37* ††
    
                               83,189
200,126
 
FDIC Remic Trust
      
     
7.25%, due 5/25/26
    
200,251
23,155
 
FHLMC Series 1387 S
      
     
7.625%, due 10/15/07* †
    
289
100,000
 
FHLMC Series 1704 E
      
     
6.50%, due 3/15/09
    
103,212
38,161
 
FHLMC Series 1424 S
      
     
7.634%, due 11/15/22* †
    
4,740
450
 
FNMA Series 1992-12 SA
      
     
11.64%, due 1/25/22*
    
497
152,126
 
Merrill Lynch Mortgage Investors, Inc.
      
     
7.04%, due 6/15/21*
    
154,302
           
546,480
             
   
U.S. Government Mortgage-Backed Securities
25.9%
    
805,820
 
FHLMC Pool B10834
      
     
4.50%, due 11/1/18
    
798,112
350,131
 
FHLMC Pool B11934
      
     
4.50%, due 1/1/19
    
346,782
536,775
 
FHLMC Pool G08004
      
     
5.00%, due 8/1/34
   
530,434
347,445
 
FHLMC Pool A27698
      
     
5.00%, due 10/1/34
    
343,341
418,568
 
FNMA Pool 555285
      
     
6.00%, due 3/1/33
    
429,703
1,123,330
 
FNMA Pool 748710
      
     
5.50%, due 10/1/33
    
1,134,573
38,856
 
GNMA Pool 503603
      
     
7.00%, due 4/15/29
    
41,205
511,980
 
GNMA Pool 623405
      
     
5.50%, due 3/15/34
    
521,134
           
4,145,284
             
   
Total Mortgage-Backed Securities (cost $4,698,927)
    
4,691,764
             
   
U.S. GOVERNMENT AGENCIES AND
     
   
INSTRUMENTALITIES
12.4%
    
             
   
U.S. Treasury Bonds
7.1%
    
625,000
 
U.S. Treasury Bond
      
     
5.375%, due 2/15/31
    
687,402
330,000
 
U.S. Treasury Bond
      
     
8.125%, due 8/15/19
    
449,586
           
1,136,988
             

 

  
U.S. Treasury Notes
5.3%
    
860,000
 
U.S. Treasury Note
      
     
2.00%, due 5/15/06
    
846,630
             
   
Total U.S. Government Agencies and
      
   
Instrumentalities (cost $2,003,403)
    
1,983,618
             
   
RIGHTS
0.0%
    
             
1
 
Global Crossing North America, Inc.
      
     
Liquidating Trust # Ω (cost $0)
    
-
             
Shares/
            
Principal Amount
          
Value
             
   
SHORT-TERM INVESTMENTS
29.1%
    
             
6,491
 
First American Treasury Obligations Fund - Class A
    
6,491
$ 645,000
 
U.S. Bank, N.A. repurchase agreement, 1.75%, dated 2/28/05,
      
     
due 3/1/05, repurchase price $645,029 (collateralized
      
     
by various U.S. Government Agency Securities: Total
      
     
Market Value $657,665)
    
645,000
4,000,000
 
U.S. Treasury Bill
      
     
2.427%, due 3/24/05
    
3,993,798
             
   
Total Short-Term Investments (cost $4,645,289)
    
4,645,289
             
   
Total Investments (cost $15,162,900)
95.8%
  
15,301,000
   
Other Assets less Liabilities
4.2%
  
675,889
   
TOTAL NET ASSETS
100.0%
  
$                     15,976,889
             
             
*    Variable rate note. Rate shown reflects the rate in effect at February 28, 2005.
      
#    Restricted security. The interest in the liquidating trust was acquired through a distribution on
      
      December 9, 2003. As of February 28, 2005, the security had a cost and value of $0 (0.0% of net assets).
      
Ω   Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
      
†     Interest only security.
      
††   Security was purchased August 17, 1999 under Rule 144A of the Securities Act of 1933. As of
      
       February 28, 2005, the security had a cost of $80,873 and a value of $83,189 (0.5% of net assets).
      
             

 
For certain federal income tax information, as well as information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Fund's 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  4/25/05                                                                                             



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  4/25/05____________________________________

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

Date  4/25/05____________________________________

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

 EX-99.CERT 2 certs.htm CERTIFICATIONS Certifications

 
CERTIFICATION
 
I, Eric M. Banhazl, certify that:

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

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

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

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30-a3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
 
(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 4/25/05______
/s/Eric M. Banhazl_________________
 
Eric M. Banhazl, President
 

 
     
 

CERTIFICATION
 
I, Douglas G. Hess, certify that:

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

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

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

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30-a3(d) under the Investment Company Act of 1940) for the registrant and have:

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

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

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

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

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

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

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

Date: 4/25/05_______
/s/Douglas G. Hess______________________
 
Douglas G. Hess, Treasurer
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