N-Q 1 alfranknq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings
As filed with the Securities and Exchange Commission on May 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: December 31, 2005



Date of reporting period: March 31, 2005 



 
Item 1. Schedule of Investments.
 


The Al Frank Fund
   
Schedule of Investments at March 31, 2005 (Unaudited)
     
Shares
COMMON STOCKS: 97.01%
Market Value
     
 
Advanced Industrial Equipment: 0.64%
  
76,200
O.I. Corp.*
$ 819,150
80,000
The Lamson & Sessions Co.*
796,000
   
1,615,150
     
 
Advanced Medical Devices: 0.69%
  
37,650
Bio-logic Systems Corp.*
255,267
273,300
Cathay Merchant Group, Inc.*
153,048
15,074
Utah Medical Products, Inc.
331,628
75,000
Vascular Solutions, Inc.*
678,750
13,000
VISX, Inc.*
304,720
   
1,723,413
     
 
Aerospace & Defense: 3.52%
  
24,100
AAR Corp.*
327,760
40,000
BE Aerospace, Inc.*
480,000
40,000
Ducommun, Inc.*
800,000
50,000
Kaman Corp. - Class A
622,500
129,900
LMI Aerospace, Inc.*
704,058
22,000
Lockheed Martin Corp.
1,343,320
115,000
Orbit International Corp.*
1,053,400
12,300
Pemco Aviation Group, Inc.*
325,827
15,000
Raytheon Co.
580,500
110,700
SIFCO Industries, Inc.*
492,615
50,000
The Allied Defense Group, Inc.*
1,224,500
15,500
The Boeing Co.
906,130
   
8,860,610
     
 
Airlines: 0.82%
  
22,000
Air France ADR
395,560
80,000
Airtran Holdings, Inc.*
724,000
75,000
Mesa Air Group, Inc.*
525,000
175,000
Midwest Express Holdings, Inc.*
420,000
   
2,064,560
     
 
Aluminum: 0.40%
  
33,000
Alcoa, Inc.
1,002,870
     
 
Automobile Manufacturers: 0.93%
  
20,000
DaimlerChrysler AG#
894,400
70,000
Ford Motor Co.
793,100
22,000
General Motors Corp.
646,580
   
2,334,080
     
 
Automobile Parts & Equipment: 0.99%
  
35,000
ArvinMeritor, Inc.
541,450
23,000
Cooper Tire & Rubber Co.
422,280
80,000
Dura Automotive Systems, Inc.*
385,600
60,000
The Goodyear Tire & Rubber Co.*
801,000
60,000
Visteon Corp.*
342,600
   
2,492,930
     
 
Banks: 1.76%
  
20,000
Bank of America Corp.
882,000
20,000
BankAtlantic Bancorp, Inc. - Class A
348,000
102,480
BFC Financial Corp. - Class A*
968,436
38,000
Capstead Mortgage Corp.
324,900
18,000
Citigroup, Inc.
808,920
13,200
JPMorgan Chase & Co.
456,720
12,500
National City Corp.
418,750
10,000
Sovereign Bancorp, Inc.
221,600
   
4,429,326
     
 
Brokerages: 0.67%
  
10,000
Lehman Brothers Holdings, Inc.
941,600
7,500
The Bear Stearns Companies, Inc.
749,250
   
1,690,850
     
 
Building Materials: 1.45%
  
20,000
Ameron International Corp.
720,000
100,000
Huttig Building Products, Inc.*
1,093,000
17,000
International Aluminum Corp.
564,570
40,000
JLG Industries, Inc.
862,000
440,000
Smith-Midland Corp.*^
409,200
   
3,648,770
     
 
Business Services: 3.21%
  
40,000
Ambassadors International, Inc.
561,240
260,000
Analysts International Corp.*
941,200
150,000
Computer Horizons Corp.*
547,500
110,000
Edgewater Technology, Inc.*
459,800
151,100
HealthStream, Inc.*
421,569
90,000
Insweb Corp.*
256,500
4,207
Manpower, Inc.
183,089
30,000
MasTec, Inc.*
246,300
125,000
Onvia.com, Inc.*
638,750
49,630
Quotesmith.com, Inc.*
232,368
500,000
Technology Solutions Co.*
505,000
210,000
Traffix, Inc.
1,060,500
98,823
ValueClick, Inc.*
1,048,512
116,800
Vicon Industries, Inc.*
379,600
200,000
Zomax, Inc.*
596,000
   
8,077,928
     
 
Casinos & Casino Equipment: 0.11%
  
30,000
Alliance Gaming Corp.*
287,700
     
 
Chemicals, Commodity: 0.84%
  
15,000
E.I. Du Pont de Nemours and Co.
768,600
60,000
Olin Corp.
1,338,000
   
2,106,600
     
 
Chemicals, Specialty: 1.32%
  
15,000
Octel Corp.
277,950
20,000
OM Group, Inc.*
608,400
10,500
Spartech Corp.
208,425
25,000
The Mosaic Co.*
426,500
125,000
Wellman, Inc.
1,807,500
   
3,328,775
     
 
Clothing/Fabrics: 2.42%
  
25,000
Delta Apparel, Inc.
740,000
22,500
Haggar Corp.
454,275
120,000
Hartmarx Corp.*
1,144,800
10,000
Kellwood Co.
287,900
10,000
Oxford Industries, Inc.
365,900
84,850
Quaker Fabric Corp.
275,762
40,000
Quiksilver, Inc.*
1,161,200
35,000
Russell Corp.
632,800
305,000
Unifi, Inc.*
1,021,750
   
6,084,387
     
 
Communications Technology: 4.46%
  
150,000
3Com Corp.*
534,000
45,000
Andrew Corp.*
526,950
150,000
APA Enterprises, Inc.*
211,500
150,000
Avanex Corp.*
195,000
115,000
Avici Systems, Inc.*
494,385
241,000
Blonder Tongue Laboratories, Inc.*
872,420
65,000
Communications Systems, Inc.
741,000
30,000
Comverse Technology, Inc.*
756,600
230,000
deltathree, Inc. - Class A*
885,500
66,600
Digi International, Inc.*
913,752
475,000
Forgent Networks, Inc.*
1,007,000
150,000
Net2Phone, Inc.*
241,500
65,000
Network Equipment Technologies, Inc.*
365,950
75,000
Novell, Inc.*
447,000
28,000
Polycom, Inc.*
474,600
100,000
Stratos International, Inc.*
435,000
27,609
Symmetricom, Inc.*
306,184
125,000
Tellabs, Inc.*
912,500
355,000
TII Network Technologies, Inc.*
684,795
60,000
TriQuint Semiconductor, Inc.*
202,800
   
11,208,436
     
 
Computers/Hardware: 2.82%
  
45,000
AU Optronics Corp. ADR
659,700
20,000
Apple Computer, Inc.*
833,400
40,000
Computer Network Technology Corp.*
184,800
175,000
Gateway, Inc.*
705,250
30,000
Hewlett Packard Co.
658,200
100,000
InFocus Corp.*
574,000
120,000
Optimal Group, Inc. - Class A*#
2,181,600
25,000
SanDisk Corp.*
695,000
150,000
Sun Microsystems, Inc.*
606,000
   
7,097,950
     
 
Consumer Services: 0.05%
  
4,000
SINA Corp.* #
124,240
     
 
Containers & Packaging: 0.82%
  
80,000
American Biltrite, Inc.*
900,000
51,250
Rock of Ages Corp.
338,250
150,000
Rotonics Manufacturing, Inc.
810,000
   
2,048,250
     
 
Cosmetics/Personal Care: 0.11%
  
10,000
Helen of Troy Ltd.* #
273,800
     
 
Credit Cards: 0.69%
  
22,000
MBNA Corp.
540,100
70,000
Providian Financial Corp. *
1,201,200
   
1,741,300
     
 
Data Storage/Disk Drives: 1.28%
  
120,000
Adaptec, Inc.*
574,800
170,000
Innovex, Inc.*
600,100
75,000
Iomega Corp.*
321,750
25,000
Storage Technology Corp.*
770,000
75,000
Western Digital Corp.*
956,250
   
3,222,900
     
 
Electrical Components & Equipment: 1.72%
  
31,000
American Power Conversion Corp.
809,410
50,000
AVX Corp.
612,500
25,000
C&D Technologies, Inc.
251,250
125,000
Fedders Corp.
347,500
55,000
Frequency Electronics, Inc.
586,300
50,000
Kemet Corp.*
387,500
40,000
OSI Systems, Inc.*
700,400
50,000
Vishay Intertechnology, Inc.*
621,500
   
4,316,360
     
 
Electronic Manufacturing Services: 0.79%
  
40,000
Flextronics International LTD*#
481,600
25,000
Nam Tai Electronics, Inc. #
665,000
60,000
Sanmina - SCI Corp.*
313,200
150,000
Solectron Corp.*
520,500
   
1,980,300
     
 
Fiber Optic Components: 0.42%
  
319,900
Alliance Fiber Optic Products, Inc.*
309,983
75,000
Bookham, Inc.*
239,250
45,000
Corning, Inc.*
500,850
   
1,050,083
     
 
Financial Services, Diversified: 0.62%
  
10,000
Fannie Mae
544,500
20,000
H & R Block, Inc.
1,011,600
   
1,556,100
     
 
Fixed Line Communications: 0.99%
  
175,000
ADC Telecommunications, Inc.*
348,250
60,000
Endwave Corp.*
1,425,600
30,000
SBC Communications, Inc.
710,700
   
2,484,550
     
 
Food Manufacturers: 0.82%
  
45,000
Archer-Daniels-Midland Co.
1,106,100
43,000
Sara Lee Corp.
952,880
   
2,058,980
     
 
Food Retailers: 0.16%
  
20,000
Albertson's, Inc.
413,000
     
 
Footwear: 0.80%
  
7,500
Deckers Outdoor Corp.*
268,050
30,000
Saucony, Inc. - Class B
687,600
21,000
Steven Madden, Ltd.*
350,490
10,000
The Timberland Co. - Class A*
709,300
   
2,015,440
     
 
Forest Products: 0.45%
  
14,500
Georgia-Pacific Corp.
514,605
35,000
Pope & Talbot, Inc.
615,300
   
1,129,905
     
 
Healthcare Providers: 3.34%
  
25,000
Aetna, Inc.
1,873,750
95,000
American Shared Hospital Services
517,750
45,000
Curative Health Services, Inc.*
153,000
20,000
HCA, Inc.
1,071,400
50,000
Humana, Inc.*
1,597,000
20,000
PacifiCare Health Systems, Inc.*
1,138,400
60,000
Res-Care, Inc.*
750,600
61,000
United American Healthcare Corp.*
351,970
10,000
UnitedHealth Group, Inc.
953,800
   
8,407,670
     
 
Heavy Construction: 0.24%
  
172,300
Williams Industries, Inc.*
606,496
     
 
Heavy Machinery: 0.01%
  
8,600
Katy Industries, Inc.*
32,680
     
 
Home Construction: 6.91%
  
36,000
Beazer Homes USA, Inc.
1,794,960
20,000
Cavco Industries, Inc.*
483,620
22,500
Centex Corp.
1,288,575
46,666
D.R. Horton, Inc.
1,364,514
27,500
Hovanian Enterprises, Inc. - Class A*
1,402,500
14,000
KB Home
1,644,440
20,000
Lennar Corp. - Class A
1,133,600
5,200
M.D.C. Holdings, Inc.
362,180
35,000
Orleans Homebuilders, Inc.
643,650
20,000
Pulte Homes, Inc.
1,472,600
25,000
Ryland Group, Inc.
1,550,500
20,000
Standard Pacific Corp.
1,443,800
23,000
Toll Brothers, Inc.*
1,813,550
32,500
WCI Communities, Inc.*
977,600
   
17,376,089
     
 
Home Furnishings: 0.77%
  
80,000
Applica, Inc.*
404,800
32,700
Chromcraft Revington, Inc.*
448,644
6,000
Craftmade International, Inc.
132,414
33,896
The Dixie Group, Inc.*
536,235
6,000
Whirlpool Corp.
406,380
   
1,928,473
     
 
House, Durable: 0.51%
  
45,000
Department 56, Inc.*
785,700
71,200
Global-Tech Appliances, Inc.*#
496,976
   
1,282,676
     
 
House, Non-Durable: 0.12%
  
7,000
Central Garden & Pet Co.*
307,020
     
 
Industrial Diversified: 0.43%
  
35,000
McRae Industries, Inc. - Class A
398,300
44,900
P & F Industries, Inc. - Class A*
676,194
   
1,074,494
     
 
Industrial Services & Distributors: 0.70%
  
30,000
Avnet, Inc.*
552,600
75,000
Nu Horizons Electronics Corp.*
536,250
50,908
Spectrum Control, Inc.*
380,283
75,000
Trio-Tech International*
283,125
   
1,752,258
     
 
Insurance, Full Line: 0.27%
  
10,000
Hartford Financial Services Group, Inc.
685,600
     
 
Insurance, Life: 0.48%
  
2,500
National Western Life Insurance Co. - Class A*
427,350
45,000
UnumProvident Corp.
765,900
   
1,193,250
     
 
Insurance, Property & Casualty: 1.80%
  
20,000
Merchants Group, Inc.
487,000
10,500
MGIC Investment Corp.
647,535
30,000
PXRE Group LTD.#
769,500
11,500
Radian Group, Inc.
549,010
25,000
RTW, Inc.*
262,500
20,000
The Allstate Corp.
1,081,200
20,000
The St. Paul Travelers Companies, Inc.
734,600
   
4,531,345
     
 
Marine Transportation/Shipping (Non-energy): 0.42%
  
57,500
Sea Containers Ltd. - Class A#
1,049,950
     
 
Medical Supplies: 0.88%
  
25,000
Baxter International, Inc.
849,500
36,000
McKesson Corp.
1,359,000
   
2,208,500
     
 
Merchant Energy Providers: 0.14%
  
125,000
Calpine Corp.*
350,000
     
 
Natural Gas: 0.18%
  
30,000
KCS Energy, Inc.*
460,800
     
 
Oil, Equipment & Services: 2.01%
  
70,000
Key Energy Services, Inc.*
802,900
40,000
Maverick Tube Corp.*
1,300,400
30,000
Oceaneering International, Inc.*
1,125,000
20,000
Offshore Logistics, Inc.*
666,400
30,000
Tidewater Inc.
1,165,800
   
5,060,500
     
 
Oil, Exploration & Production/Drilling: 1.73%
  
35,000
GlobalSantaFe Corp.#
1,296,400
18,000
Nabors Industries, Ltd.* #
1,064,520
10,000
Rowan Companies, Inc.*
299,300
33,000
Transocean, Inc.*#
1,698,180
   
4,358,400
     
 
Oil, Integrated Majors: 1.09%
  
17,500
Anadarko Petroleum Corp.
1,331,750
30,000
Marathon Oil Corp.
1,407,600
   
2,739,350
     
 
Oil, Refiners: 2.75%
  
55,000
Giant Industries, Inc.*
1,413,500
40,000
Holly Corp.
1,490,800
45,000
Tesoro Petroleum Corp.*
1,665,900
32,000
Valero Energy Corp.
2,344,640
   
6,914,840
     
 
Oil, Secondary: 0.74%
  
10,000
Apache Corp.
612,300
40,000
Vintage Petroleum, Inc.
1,258,400
 
 
1,870,700
     
 
Oil, Transportation/Shipping: 2.24%
  
12,500
Frontline LTD.#
612,500
10,000
Nordic American Tanker Shipping LTD.#
474,500
90,000
OMI Corp.#
1,723,500
15,000
Overseas Shipholding Group, Inc.
943,650
4,375
Ship Finance International Ltd.#
88,813
20,000
Teekay Shipping Corp. #
899,000
20,000
Tsakos Energy Navigation LTD.#
880,600
   
5,622,563
     
 
Other Non-Ferrous: 0.64%
  
20,000
Inco, Ltd.*#
796,000
8,000
Phelps Dodge Corp.
813,840
   
1,609,840
     
 
Paper Products: 0.25%
  
17,000
International Paper Co.
625,430
     
 
Pharmaceuticals: 2.31%
  
15,000
Abbott Laboratories
699,300
22,000
Bristol-Myers Squibb Co.
560,120
6,000
Eli Lilly & Co.
312,600
8,000
Forest Laboratories, Inc.*
295,600
18,500
Johnson & Johnson
1,242,460
50,000
King Pharmaceuticals, Inc.*
415,500
20,000
Merck & Co. Inc.
647,400
30,000
Pfizer, Inc.
788,100
20,000
Wyeth
843,600
   
5,804,680
     
 
Pollution Control/Waste Management: 0.89%
  
90,000
Aleris International, Inc.*
2,245,500
     
 
Precious Metals: 0.26%
  
65,000
Stillwater Mining Co.*
640,250
     
 
Railroads: 1.51%
  
32,000
CSX Corp.
1,332,800
40,000
Norfolk Southern Corp.
1,482,000
14,000
Union Pacific Corp.
975,800
   
3,790,600
     
 
Real Estate Investment: 0.36%
  
60,000
HRPT Properties Trust
714,600
130,000
Jameson Inns, Inc.*
191,100
   
905,700
     
 
Recreational Products: 1.70%
  
50,000
Action Performance Companies, Inc.*
661,500
15,000
Brunswick Corp.
702,750
30,000
Callaway Golf Co.
384,000
150,000
Concord Camera Corp.*
271,500
20,000
Eastman Kodak Co.
651,000
30,000
K2, Inc.*
412,500
50,000
The Nautilus Group, Inc.
1,188,000
   
4,271,250
     
 
Restaurants: 0.29%
  
25,000
Landry's Restaurants, Inc.
723,000
     
 
Retailers, Apparel: 2.07%
  
28,000
Abercrombie & Fitch Co. - Class A
1,602,720
50,000
American Eagle Outfitters, Inc.
1,477,500
25,000
AnnTaylor Stores Corp.*
639,750
20,000
Burlington Coat Factory Warehouse Corp.
574,000
100,000
Goody's Family Clothing, Inc.
903,000
   
5,196,970
     
 
Retailers, Broadline: 0.61%
  
24,000
J. C. Penney Company, Inc.
1,246,080
5,000
Nordstrom, Inc.
276,900
   
1,522,980
     
 
Retailers, Specialty: 2.68%
  
35,000
AutoNation, Inc.*
662,900
25,000
Claire's Stores, Inc.
576,000
25,000
Jo-Ann Stores, Inc. - Class B*
702,250
30,000
Michaels Stores, Inc.
1,089,000
16,000
OfficeMax, Inc.
536,000
8,000
TBC Corp.*
222,880
29,000
The Home Depot, Inc.
1,108,960
60,000
Toys "R" Us, Inc.*
1,545,600
20,000
Trans World Entertainment Corp.*
294,600
   
6,738,190
     
 
Savings & Loans: 1.15%
  
15,000
Countrywide Financial Corp.
486,900
16,000
FirstFed Financial Corp.*
816,160
4,000
Golden West Financial Corp.
242,000
26,840
PVF Capital Corp.
352,946
25,000
Washington Mutual, Inc.
987,500
   
2,885,506
     
 
Semiconductor, Capital Equipment: 2.85%
  
130,000
Aetrium, Inc.*
364,000
35,000
Brooks Automation, Inc.*
531,300
40,000
Cohu, Inc.
638,000
50,000
Credence Systems Corp.*
395,500
75,000
Electroglas, Inc.*
296,250
90,000
Kulicke and Soffa Industries, Inc.*
566,100
37,500
Lam Research Corp.*
1,082,250
60,000
Mattson Technology, Inc.*
476,400
25,000
Novellus Systems, Inc.*
668,250
25,000
Teradyne, Inc.*
365,000
35,976
Ultratech, Inc.*
525,249
23,000
Varian Semiconductor Equipment Associates, Inc.*
874,230
25,000
Veeco Instruments, Inc.*
376,250
   
7,158,779
     
 
Semiconductor, Graphics Chips: 0.81%
  
60,000
ESS Technology, Inc.*
316,200
30,000
NVIDIA Corp.*
712,800
40,001
Trident Microsystems, Inc.*
707,218
163,900
Tvia, Inc.*
229,460
205,288
Vialta, Inc. - Class A*
69,387
   
2,035,065
     
 
Semiconductor, Microprocessors: 3.24%
 
70,000
Advanced Micro Devices, Inc.*
1,128,400
150,000
Atmel Corp.*
442,500
30,000
Cypress Semiconductor Corp.*
378,000
80,000
Dataram Corp.*
375,680
45,600
Diodes, Inc.*
1,237,128
115,000
Integrated Silicon Solution, Inc.*
770,500
20,000
International Rectifier Corp.*
910,000
60,000
Micron Technology, Inc.*
620,400
40,000
National Semiconductor Corp.
824,400
60,000
Silicon Storage Technology, Inc.*
223,200
20,000
Siliconix, Inc.*
705,600
21,000
Texas Instruments, Inc.
535,290
   
8,151,098
     
 
Semiconductor, Programmable Logic Devices: 0.60%
  
42,500
Genesis Microchip, Inc.*
614,125
75,000
Integrated Device Tech, Inc.*
902,250
   
1,516,375
     
 
Software: 4.74%
  
100,000
ActivCard Corp.*
635,000
170,500
American Software, Inc. - Class A
1,106,545
165,000
Apropos Technology, Inc.*
495,000
35,000
Ascential Software Corp.*
648,550
29,500
Aspect Communications Corp.*
307,095
170,000
Blue Martini Software, Inc.*
664,700
53,100
CAM Commerce Solutions, Inc.*
836,325
100,000
Captaris, Inc.*
405,000
16,000
Click Commerce, Inc.*
228,320
145,000
Compuware Corp.*
1,044,000
40,000
Electronics for Imaging, Inc.*
713,600
85,000
iPass, Inc.*
520,200
100,000
Keynote Systems, Inc.*
1,187,000
75,000
Napster, Inc.*
488,250
65,000
NetManage, Inc.*
429,650
290,000
Peerless Systems Corp.*
658,300
155,000
Quovadx, Inc.*
478,950
20,000
SafeNet, Inc.*
586,200
100,000
Selectica, Inc.*
322,000
25,000
SonicWALL, Inc.*
127,250
200,000
VIA NET.WORKS, Inc.*
40,000
   
11,921,935
     
 
Steel: 0.76%
  
70,000
Ryerson Tull, Inc.
886,900
20,000
United States Steel Corp.
1,017,000
   
1,903,900
     
 
Tobacco: 1.18%
  
10,000
Altria Group, Inc.
653,900
90,000
Dimon, Inc.
562,500
13,500
Reynolds American, Inc.
1,087,965
13,000
UST, Inc.
672,100
   
2,976,465
     
 
Toys: 1.54%
  
25,000
Hasbro, Inc.
511,250
60,000
Mattel, Inc.
1,281,000
41,291
The Topps Co.
380,290
60,000
THQ, Inc.*
1,688,400
   
3,860,940
     
 
Transportation Equipment: 0.20%
  
18,000
Trinity Industries, Inc.
507,060
     
 
Trucking: 0.45%
  
15,000
Arkansas Best Corp.
566,700
9,500
Yellow Roadway Corp.*
556,130
   
1,122,830
     
 
Wireless Communications: 1.39%
  
75,000
Brightpoint, Inc.*
1,404,750
27,500
Nextel Communications, Inc.*
781,550
40,000
Nokia Corp. ADR
617,200
93,333
Vyyo, Inc.*
693,464
   
3,496,964
     
 
Total Common Stocks (Cost $193,945,510)
$ 243,894,504
     
 
WARRANTS: 0.01%
  
     
20,000
Air France ADR*
  
 
Expiration July 2005, Exercise Price $20.00
  
 
(Acquired 5/5/2004, Cost $18,752)
17,600
     
     
Shares
SHORT-TERM INVESTMENTS: 2.96%
  
     
 
Money Market Funds: 2.96%
  
2,776,333
Dreyfus Treasury Prime Cash Management - Investor Class
2,776,333
4,671,475
SEI Daily Income Treasury Government - Class B
4,671,475
   
7,447,808
     
 
Total Short-Term Investments (Cost $7,447,808)
$ 7,447,808
     
 
Total Investments in Securities (Cost $201,412,070): 99.98%
251,359,912
 
Assets in Excess of Liabilities: 0.02%
61,066
 
Net Assets: 100.00%
$ 251,420,978
     
* Non-income producing security.
 
# U.S. security of a foreign issuer.
 
^Affiliated Company; the fund owns 5% or more of the outstanding voting securities of the issuer.
 
ADR - American Depositary Receipt
 
     
See Accompanying Notes to Financial Statements.
 
 

The Al Frank Dividend Value Fund
 
Schedule of Investments at March 31, 2005 (Unaudited)
 
     
Shares
COMMON STOCKS: 93.20%
Market Value
     
 
Aerospace & Defense: 1.75%
  
11,000
Kaman Corp. - Class A
$ 136,950
2,000
Lockheed Martin Corp.
122,120
2,300
The Boeing Co.
134,458
   
393,528
     
 
Airlines: 0.53%
  
6,500
SkyWest, Inc.
120,835
     
 
Aluminum: 1.13%
  
4,500
Alcoa, Inc.
136,755
26,000
Empire Resources, Inc.
117,390
   
254,145
     
 
Automobile Manufacturers: 1.19%
  
12,000
Ford Motor Co.
135,960
4,500
General Motors Corp.
132,255
   
268,215
     
 
Automobile Parts & Equipment: 1.63%
  
7,000
ArvinMeritor, Inc.
108,290
5,500
Cooper Tire & Rubber Co.
100,980
8,500
Delphi Corp.
38,080
4,500
Superior Industries International, Inc.
118,845
   
366,195
     
 
Banks: 3.35%
  
3,000
Bank of America Corp.
132,300
13,000
Capstead Mortgage Corp.
111,150
2,700
Citigroup, Inc.
121,338
3,000
Fifth Third Bancorp
128,940
3,700
JPMorgan Chase & Co.
128,020
4,000
National City Corp.
134,000
   
755,748
     
 
Beverages: 0.50%
  
2,400
Anheuser-Busch Companies, Inc.
113,736
     
 
Brokerages: 2.16%
  
1,400
Lehman Brothers Holdings, Inc.
131,824
2,000
Merrill Lynch & Co., Inc.
113,200
2,000
Morgan Stanley
114,500
1,150
The Goldman Sachs Group, Inc.
126,489
   
486,013
     
 
Building Materials: 0.72%
  
1,300
Ameron International Corp.
46,800
3,500
International Aluminum Corp.
116,235
   
163,035
     
 
Business Services: 1.62%
  
9,300
Ambassadors International, Inc.
130,488
11,000
IKON Office Solutions, Inc.
108,790
25,000
Traffix, Inc.
126,250
   
365,528
     
 
Chemicals, Commodity: 1.81%
  
2,700
E.I. Du Pont de Nemours and Co.
138,348
6,000
Olin Corp.
133,800
2,700
The Dow Chemical Co.
134,595
   
406,743
     
 
Chemicals, Specialty: 0.71%
  
11,000
Wellman, Inc.
159,060
     
 
Clothing/Fabrics: 2.96%
  
5,300
Delta Apparel, Inc.
156,880
7,500
Haggar Corp.
151,425
4,000
Kellwood Co.
115,160
4,000
Kenneth Cole Productions, Inc.
116,560
7,000
Russell Corp.
126,560
   
666,585
     
 
Communications Technology: 1.08%
  
7,000
ADTRAN, Inc.
123,480
8,000
Motorola, Inc.
119,760
   
243,240
     
 
Computers/Hardware: 1.22%
  
9,800
AU Optronics Corp. ADR
143,668
6,000
Hewlett Packard Co.
131,640
   
275,308
     
 
Credit Cards: 0.55%
  
5,000
MBNA Corp.
122,750
     
 
Data Storage/Disk Drives: 0.54%
  
6,200
Seagate Technology*#
121,210
     
 
Electrical Components & Equipment: 2.65%
  
4,900
American Power Conversion Corp.
127,939
9,700
AVX Corp.
118,825
12,000
C&D Technologies, Inc.
120,600
40,000
Fedders Corp.
111,200
11,000
Frequency Electronics, Inc.
117,260
   
595,824
 
Electronic Manufacturing Services: 1.19%
  
5,700
Nam Tai Electronics, Inc. #
151,620
45,000
Wireless Telecom Group, Inc.
117,000
   
268,620
     
 
Financial Services, Diversified: 1.12%
  
2,300
Fannie Mae
125,235
2,500
H & R Block, Inc.
126,450
   
251,685
     
 
Fixed Line Communications: 1.36%
  
4,500
AT&T Corp.
84,375
4,300
BellSouth Corp.
113,047
4,600
SBC Communications, Inc.
108,974
   
306,396
     
 
Food Manufacturers: 1.00%
  
4,600
Archer-Daniels-Midland Co.
113,068
5,100
Sara Lee Corp.
113,016
   
226,084
     
 
Food Retailers: 0.47%
  
5,100
Albertson's, Inc.
105,315
     
 
Footwear: 0.51%
  
2,600
Reebok International LTD.
115,180
     
 
Healthcare Providers: 0.71%
  
3,000
HCA, Inc.
160,710
     
 
Heavy Machinery: 1.62%
  
1,300
Caterpillar, Inc.
118,872
2,000
Deere & Co.
134,260
4,000
Trinity Industries, Inc.
112,680
   
365,812
     
 
Home Construction: 4.59%
  
2,500
Beazer Homes USA, Inc.
124,650
4,400
D.R. Horton, Inc.
128,656
950
KB Home
111,587
2,700
Lennar Corp. - Class A
153,036
1,950
M.D.C. Holdings, Inc,
135,818
6,000
Orleans Homebuilders, Inc.
110,340
1,900
Ryland Group, Inc.
117,838
2,100
Standard Pacific Corp.
151,599
   
1,033,524
     
 
Home Furnishings: 1.13%
  
9,000
Maytag Corp.
125,730
3,200
National Presto Industries, Inc.
128,960
   
254,690
     
 
House, Durable: 0.52%
  
5,300
Newell Rubbermaid, Inc.
116,282
     
 
House, Non-Durable: 0.51%
  
2,200
Colgate-Palmolive Co.
114,774
     
 
Industrial Diversified: 0.48%
  
2,500
SPX Corp.
108,200
     
 
Industrial Services & Distributors: 0.55%
  
5,000
Cognex Corp.
124,400
     
 
Insurance, Full Line: 1.55%
  
1,800
Hartford Financial Services Group, Inc.
123,408
2,040
MBIA, Inc.
106,651
1,500
The Chubb Corp.
118,905
   
348,964
     
 
Insurance, Life: 0.49%
  
6,500
UnumProvident Corp.
110,630
     
 
Insurance, Property & Casualty: 3.32%
  
3,900
American Financial Group, Inc.
120,120
3,300
Endurance Specialty Holdings Ltd.#
124,872
5,000
PXRE Group LTD.#
128,250
2,400
The Allstate Corp.
129,744
3,300
The St. Paul Travelers Companies, Inc.
121,209
2,500
W.R. Berkley Corp.
124,000
   
748,195
     
 
IT Services: 0.58%
  
6,000
Sabre Holdings Corp.
131,280
     
 
Marine Transportation/Shipping (Non-energy): 1.56%
  
2,000
Overseas Shipbuilding Group, Inc.
125,820
6,500
Sea Containers Ltd. - Class A#
118,690
5,250
Ship Finance International LTD#
106,575
   
351,085
     
 
Medical Supplies: 1.78%
  
2,800
Abbott Laboratories
130,536
3,500
Baxter International, Inc.
118,930
4,000
McKesson Corp.
151,000
   
400,466
     
 
Mortgage Finance: 1.60%
 
5,500
Doral Financial Corp.#
120,395
3,400
IndyMac Bancorp, Inc.
115,600
2,000
MGIC Investment Corp.
123,340
   
359,335
     
 
Oil, Equipment & Services: 0.52%
  
3,000
Tidewater Inc.
116,580
     
 
Oil, Exploration & Production/Drilling: 0.54%
  
3,300
GlobalSantaFe Corp.#
122,232
     
 
Oil, Integrated Majors: 3.07%
  
1,700
Anadarko Petroleum Corp.
129,370
2,200
ChevronTexaco Corp.
128,282
1,400
ConocoPhillips
150,976
2,400
Exxon Mobil Corp.
143,040
3,000
Marathon Oil Corp.
140,760
   
692,428
     
 
Oil, Refiners: 0.88%
  
2,700
Valero Energy Corp.
197,829
     
 
Oil, Secondary: 3.17%
  
2,400
Apache Corp.
146,952
2,000
Ashland, Inc.
134,940
3,100
Devon Energy Corp.
148,025
2,000
Kerr-McGee Corp.
156,660
2,600
Pogo Producing Co.
128,024
   
714,601
     
 
Oil, Transportation/Shipping: 2.95%
  
2,500
Frontline LTD.#
122,500
3,200
Nordic American Tanker Shipping LTD.#
151,840
6,500
OMI Corp.#
124,475
2,500
Teekay Shipping Corp.#
112,375
3,500
Tsakos Energy Navigation LTD.#
154,105
   
665,295
     
 
Paper Products: 0.57%
  
3,500
International Paper Co.
128,765
     
 
Pharmaceuticals: 4.49%
  
5,050
Bristol-Myers Squibb Co.
128,573
2,500
Eli Lilly & Co.
130,250
1,900
Johnson & Johnson
127,604
3,900
Merck & Co. Inc.
126,243
7,500
Mylan Laboratories, Inc.
132,900
2,500
Novartis AG ADR
116,950
5,000
Pfizer, Inc.
131,350
2,800
Wyeth
118,104
   
1,011,974
     
 
Railroads: 2.32%
  
2,500
Burlington Northern Santa Fe Corp.
134,825
3,200
CSX Corp.
133,280
3,500
Norfolk Southern Corp.
129,675
1,800
Union Pacific Corp.
125,460
   
523,240
     
 
Recreational Products: 1.61%
  
9,000
Callaway Golf Co.
115,200
5,000
International Game Technology
133,300
4,000
The Walt Disney Co.
114,920
   
363,420
     
 
Restaurants: 0.51%
  
3,700
McDonald's Corp.
115,218
     
 
Retailers, Apparel: 1.85%
  
13,500
Goody's Family Clothing, Inc.
121,905
6,800
The Finish Line, Inc.
157,420
4,300
The Talbots, Inc.
137,514
   
416,839
     
 
Retailers, Broadline: 2.33%
  
4,100
Family Dollar Stores, Inc.
124,476
2,600
J. C. Penney Company, Inc.
134,992
4,200
May Department Stores Co.
155,484
2,000
Nordstrom, Inc.
110,760
   
525,712
     
 
Retailers, Specialty: 3.98%
  
2,500
Best Buy Co., Inc.
135,025
8,500
Circuit City Stores, Inc.
136,425
5,500
Claire's Stores, Inc.
126,720
3,900
OfficeMax, Inc.
130,650
5,500
The Gap, Inc.
120,120
3,500
The Home Depot, Inc.
133,840
6,500
The Pep Boys - Manny, Moe & Jack
114,270
   
897,050
     
 
Savings & Loans: 1.07%
  
3,800
Countrywide Financial Corp.
123,348
3,000
Washington Mutual, Inc.
118,500
   
241,848
     
 
Semiconductor, Capital Equipment: 2.07%
  
3,200
Analog Devices, Inc.
115,648
7,200
Applied Materials, Inc.
117,000
7,500
Cohu, Inc.
119,625
2,500
KLA-Tencor Corp.
115,025
   
467,298
     
 
Semiconductor, Microprocessors: 1.82%
  
5,600
Intel Corp.
130,088
7,100
National Semiconductor Corp.
146,331
5,200
Texas Instruments, Inc.
132,548
   
408,967
     
 
Semiconductor, Programmable Logic Devices: 1.06%
  
3,000
Maxim Integrated Products, Inc.
122,610
4,000
Xilinx, Inc.
116,920
   
239,530
     
 
Soft Drinks: 0.56%
  
3,000
The Coca-Cola Co.
125,010
     
     
 
Software: 1.20%
  
23,000
American Software, Inc. - Class A
149,270
5,000
Microsoft Corp.
120,850
   
270,120
     
 
Steel: 1.64%
  
2,000
Nucor Corp.
115,120
10,000
Ryerson Tull, Inc.
126,700
2,500
United States Steel Corp.
127,125
   
368,945
     
 
Tobacco: 1.07%
  
1,675
Altria Group, Inc.
109,528
21,000
Dimon, Inc.
131,250
   
240,778
     
 
Toys: 0.60%
  
6,300
Mattel, Inc.
134,505
     
 
Wireless Communications: 0.58%
  
8,400
Nokia Corp. ADR
129,612
     
 
Total Common Stocks (Cost $19,663,412)
$ 20,997,121
     
Shares
SHORT-TERM INVESTMENTS: 8.20%
  
     
 
Money Market Funds: 8.20%
  
1,846,748
SEI Daily Income Treasury Government - Class B
1,846,748
     
 
Total Short-Term Investments (Cost $1,846,748)
$ 1,846,748
     
 
Total Investments in Securities (Cost $21,510,160): 101.40%
22,843,869
 
Liabilities in Excess of Cash and Other Assets: (1.40%)
(315,342)
 
Net Assets: 100.00%
$ 22,528,527
     
* Non-income producing security.
 
# U.S. security of a foreign issuer.
 
ADR - American Depositary Receipt
 
     
See Accompanying Notes to Financial Statements.
 
 
 
 

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 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 quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.
 

 
 


 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Advisors Series Trust    

By (Signature and Title)  /s/ Eric M. Banhazl
                                                  Eric M. Banhazl, President
Date  5/26/05       



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 5/26/05
By (Signature and Title)*  /s/ Douglas G. Hess
                                                    Douglas G. Hess, Treasurer
                Date  5/31/2005

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