N-Q 1 pic_nq.htm PROVIDENT INVESTMENT COUNSEL QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Provident Investment Counsel Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on September 29, 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: July 31, 2005 



 
Item 1. Schedule of Investments.

 
PIC Small Cap Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
COMMON STOCKS: 98.0%
    
           
 
Aerospace & Defense: 3.0%
    
 
50,894
 
Argon St, Inc.*
 $
 1,769,075
 
79,412
 
Flir Systems, Inc.*
  
2,611,861
 
65,150
 
Hexcel Corp.*
  
1,125,792
         
5,506,728
           
 
Air Freight & Couriers: 1.1%
    
 
28,550
 
UTI Worldwide, Inc.#
  
2,037,328
           
 
Banks: 3.1%
    
 
37,700
 
Texas Capital Bancshares, Inc.*
  
890,474
 
73,564
 
UCBH Holdings, Inc.
  
1,344,014
 
30,900
 
Westcorp, Inc.
  
1,790,655
 
31,522
 
Wintrust Financial Corp.
  
1,690,525
         
5,715,668
           
 
Biotechnology: 1.2%
    
 
94,050
 
Protein Design Labs, Inc.*
  
2,143,400
           
 
Chemicals: 1.1%
    
 
8,900
 
Minerals Technologies, Inc.
  
553,936
 
49,800
 
Symyx Technologies, Inc.*
  
1,496,490
         
2,050,426
           
 
Commercial Services & Supplies: 6.9%
    
 
36,267
 
Anteon International Corp.*
  
1,702,736
 
35,400
 
CACI International, Inc. - Class A*
  
2,328,966
 
25,350
 
CRA International, Inc.*
  
1,348,620
 
42,252
 
CoStar Group, Inc.*
  
2,006,970
 
97,800
 
Navigant Consulting, Inc.*
  
1,956,000
 
61,608
 
Resources Connection, Inc.*
  
1,848,240
 
43,800
 
SRA International, Inc. - Class A*
  
1,629,360
         
12,820,892
           
 
Communications Equipment: 3.4%
    
 
48,300
 
Avocent Corp.*
  
1,683,738
 
34,300
 
F5 Networks, Inc.*
  
1,446,774
 
57,300
 
Packeteer, Inc.*
  
693,903
 
61,600
 
SiRF Technology Holdings, Inc.*
  
1,345,960
 
51,500
 
ViaSat, Inc.*
  
1,150,510
         
6,320,885
           
 
Computer Storage & Peripherals: 0.7%
    
 
32,600
 
Avid Technology, Inc.*
  
1,341,490
           
 
Construction & Engineering: 1.6%
    
 
105,300
 
Chicago Bridge & Iron Co. - ADR
  
2,943,135
           
 
 
 
PIC Small Cap Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Construction Materials: 2.5%
    
 
71,900
 
Headwaters, Inc.*
 $
 3,073,725
 
21,600
 
Texas Industries, Inc.
  
1,590,408
         
4,664,133
           
 
Diversified Consumer Services: 1.9%
    
 
42,034
 
Education Management Corp.*
  
1,460,681
 
12,700
 
Strayer Education, Inc.
  
1,250,061
 
24,500
 
Universal Technical Institute, Inc.*
  
793,800
         
3,504,542
           
 
Diversified Financial Services: 2.8%
    
 
51,300
 
Alliance Data Systems Corp.*
  
2,183,841
 
57,200
 
Euronet Worldwide, Inc.*
  
1,682,538
 
35,300
 
iPayment Holdings, Inc.*
  
1,366,463
         
5,232,842
           
 
Diversified Financials: 1.1%
    
 
22,200
 
National Financial Partners Corp.
  
1,004,550
 
71,200
 
Primus Guaranty Ltd.*#
  
967,608
         
1,972,158
           
 
Diversified Telecommunications: 0.1%
    
 
8,100
 
NeuStar, Inc.- Class A*
  
226,800
           
 
Electrical Equipment: 1.2%
    
 
29,600
 
Energy Conversion Devices, Inc.*
  
739,704
 
18,900
 
Roper Industries, Inc.
 
1,450,575
         
2,190,279
           
 
Electronic Equipment & Instruments: 2.9%
    
 
21,200
 
Benchmark Electronics, Inc.*
  
678,400
 
18,578
 
DTS, Inc.*
  
350,752
 
44,400
 
Faro Technologies, Inc.*
  
1,051,392
 
27,100
 
Itron, Inc.*
  
1,312,995
 
50,550
 
Trimble Navigation, Ltd.*
  
1,969,428
         
5,362,967
           
 
Energy Equipment & Services: 3.5%
    
 
147,100
 
KFX, Inc.*
  
2,540,417
 
39,700
 
Unit Corp.*
  
1,885,750
 
62,900
 
W-H Energy Services, Inc.*
  
1,975,060
         
6,401,227
           
 
Food & Drug Retailing: 1.3%
    
 
73,150
 
United Natural Foods, Inc.*
  
2,466,618
           
 
 
 
 
PIC Small Cap Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Health Care Equipment & Supplies: 6.1%
    
 
31,400
 
ArthroCare Corp.*
 $
 1,148,298
 
58,000
 
Ev3, Inc.*
  
1,125,200
 
59,013
 
Immucor, Inc.*
  
1,621,087
 
25,000
 
IntraLase Corp.*
  
521,250
 
28,000
 
Intuitive Surgical, Inc.*
  
1,943,200
 
49,800
 
Iris International, Inc.*
  
797,298
 
23,000
 
Neurometrix, Inc.*
  
544,870
 
26,100
 
Syneron Medical Ltd.*#
  
1,006,155
 
62,200
 
Ventana Medical Systems, Inc.*
  
2,672,112
         
11,379,470
           
 
Health Care Providers & Services: 9.0%
    
 
35,507
 
America Service Group, Inc.*
  
766,241
 
25,000
 
American Healthways, Inc.*
  
1,114,250
 
61,400
 
Amerigroup Corp.*
  
2,127,510
 
29,600
 
Centene Corp.*
  
867,280
 
70,600
 
HealthExtras, Inc.*
  
1,404,234
 
25,000
 
Matria Healthcare, Inc.*
  
883,500
 
19,300
 
Pediatrix Medical Group, Inc.*
  
1,513,506
 
20,300
 
Psychiatric Solutions, Inc.*
  
978,054
 
35,100
 
Radiation Therapy Services, Inc.*
  
916,461
 
25,800
 
Sierra Health Services, Inc.*
  
1,739,952
 
48,748
 
United Surgical Partners International, Inc.*
  
1,755,416
 
71,246
 
VCA Antech, Inc.*
  
1,691,380
 
23,300
 
WellCare Health Plans, Inc.*
  
892,856
         
16,650,640
           
 
Hotels, Restaurants & Leisure: 6.8%
    
 
64,500
 
Gaylord Entertainment Co.*
  
3,092,130
 
43,800
 
Life Time Fitness, Inc.*
  
1,471,680
 
24,200
 
Penn National Gaming, Inc.*
  
865,150
 
56,110
 
Rare Hospitality International, Inc.*
  
1,748,388
 
27,500
 
Red Robin Gourmet Burgers, Inc.*
  
1,651,100
 
29,100
 
Shuffle Master, Inc.*
  
780,753
 
25,800
 
Texas Roadhouse, Inc. - Class A*
  
970,596
 
59,000
 
WMS Industries, Inc.*
  
1,922,810
         
12,502,607
           
 
Household Durables: 0.5%
    
 
10,600
 
Meritage Homes Corp.*
  
985,270
           
 
Insurance: 0.4%
    
 
37,611
 
National Interstate Corp.*
  
747,331
           
 
Internet Catalog Retail: 0.3%
    
 
29,700
 
GSI Commerce, Inc.*
  
555,687
           
 
 
 
 
PIC Small Cap Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Internet Software & Services: 3.9%
    
 
33,250
 
Ctrip.com International Ltd. - ADR
 $
 1,842,216
 
35,700
 
Digital Insight Corp.*
  
874,650
 
66,600
 
Equinix, Inc. *
  
2,955,042
 
95,550
 
Marchex, Inc. - Class B*
  
1,569,887
         
7,241,795
           
 
Leisure Equipment & Products: 1.3%
    
 
41,800
 
MarineMax, Inc.*
  
1,390,268
 
28,100
 
SCP Pool Corp.
  
1,023,964
         
2,414,232
           
 
Machinery: 1.4%
    
 
14,800
 
A.S.V., Inc.*
  
709,660
 
23,450
 
Bucyrus International, Inc.
  
999,439
 
19,450
 
Joy Global, Inc.
  
798,811
         
2,507,910
           
 
Media: 0.7%
    
 
133,400
 
Lions Gate Entertainment Corp.*#
  
1,367,350
           
 
Oil & Gas: 4.1%
    
 
17,100
 
Alon USA Energy Corp.*
  
303,525
 
40,900
 
Carrizo Oil & Gas, Inc.*
  
822,090
 
27,600
 
Denbury Resources, Inc.*
  
1,291,680
 
42,100
 
Foundation Coal Holdings, Inc.
  
1,399,825
 
19,400
 
Plains Exploration & Production Co.*
  
747,870
 
35,700
 
Southwestern Energy Co.*
  
1,967,427
 
39,700
 
Toreador Resources Corp.*
  
1,152,491
 
33,900
 
Western Wireless Corp. - Class A*
  
1,514,313
         
9,199,221
           
 
Personal Products: 0.9%
    
 
35,900
 
Chattem, Inc.*
  
1,635,604
           
 
Pharmaceuticals: 1.0%
    
 
56,700
 
Aspreva Pharmaceuticals Corp.*#
  
881,968
 
41,502
 
Medicines Co.*
  
905,989
         
1,787,957
           
 
Semiconductor Equipment: 2.5%
    
 
25,521
 
Cymer, Inc.*
  
885,579
 
39,100
 
Genesis Microchip, Inc.*
  
971,244
 
47,900
 
O2Micro International Ltd.*#
  
821,964
 
56,100
 
Tessera Technologies, Inc.*
  
1,970,232
         
4,649,019
           
 
 
 
 
PIC Small Cap Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Semiconductors: 2.5%
    
 
89,800
 
Cypress Semiconductor Corp.*
 $
 1,289,528
 
78,000
 
Integrated Circuit Systems, Inc.*
  
1,706,640
 
75,000
 
Microsemi Corp.*
  
1,601,250
         
4,597,418
           
 
Software: 5.9%
    
 
36,174
 
FileNet Corp.*
  
1,022,639
 
52,400
 
Macromedia, Inc.*
  
2,103,860
 
24,600
 
Micros Systems, Inc.*
  
1,056,570
 
61,200
 
Motive, Inc.*
  
439,416
 
58,900
 
Sonic Solutions*
  
1,130,880
 
46,100
 
SS&C Technologies, Inc.
  
1,678,962
 
56,500
 
THQ, Inc.*
  
1,976,370
 
84,700
 
Wind River Systems, Inc.*
  
1,447,523
         
10,856,220
           
 
Specialty Retail: 5.5%
    
 
86,730
 
Aaron Rents, Inc.
  
2,128,354
 
49,450
 
Aeropostale, Inc.*
  
1,476,083
 
51,100
 
GameStop Corp.*
  
1,755,285
 
25,000
 
Guitar Center, Inc.*
  
1,614,875
 
15,000
 
Hibbett Sporting Goods, Inc.*
  
600,450
 
55,900
 
Hot Topic, Inc.*
  
952,536
 
28,300
 
Tractor Supply Co.*
  
1,591,026
         
10,118,609
           
 
Textiles, Apparel & Luxury Goods: 0.7%
    
 
81,792
 
Quicksilver, Inc.*
  
1,373,288
           
 
Thrifts & Mortgage Finance: 0.5%
    
 
32,686
 
BankUnited Financial Corp. - Class A
  
862,910
           
 
Trading Companies & Distributors: 0.4%
    
 
20,000
 
MSC Industrial Direct Co., Inc. - Class A
  
773,800
           
 
Trucking: 1.3%
    
 
43,400
 
Genesee & Wyoming, Inc.*
  
1,313,718
 
32,762
 
Old Dominion Freight Line, Inc.*
  
1,085,077
         
2,398,795
           
 
Wireless Telecommunications: 2.1%
    
 
80,000
 
Alamosa Holdings, Inc.*
  
1,284,800
 
35,350
 
NII Holdings, Inc. - Class B*
  
2,631,454
         
3,916,254
           
 
TOTAL COMMON STOCKS
    
 
(cost $115,986,293)
  
181,422,905
           
 
 
 
PIC Small Cap Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
MONEY MARKET INVESTMENTS: 1.5%
    
           
 
1,381,558
 
SEI Daily Income Treasury Fund
 $
 1,381,558
 
1,381,558
 
SEI Daily Income Trust Government Fund
  
1,381,558
         
2,763,116
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $2,763,116)
  
2,763,116
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $118,749,409): 99.5%
  
184,186,021
 
Other Assets in Excess of Liabilities: 0.5%
  
864,698
 
NET ASSETS: 100.0%
 $
 185,050,719
           
           
* Non-income producing security.
    
# U.S. traded security of a foreign issuer.
    
ADR - American Depositary Receipt
    
 
 
PIC Flexible Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
COMMON STOCKS: 99.5%
    
           
 
Aerospace & Defense: 1.4%
    
 
945
 
Rockwell Collins, Inc.
 $
 46,116
           
 
Air Freight & Couriers: 1.1%
    
 
1,830
 
J.B. Hunt Transport Services, Inc.
  
35,923
           
 
Automobiles & Motorcycles: 1.5%
    
 
905
 
Harley-Davidson, Inc.
  
48,137
           
 
Banks: 1.9%
    
 
1,830
 
Commerce Bancorp, Inc.
  
62,092
           
 
Biotechnology: 7.5%
    
 
1,650
 
Genentech, Inc.*
  
147,395
 
2,235
 
Gilead Sciences, Inc.*
  
100,150
         
247,545
           
 
Chemicals: 3.7%
    
 
1,070
 
Monsanto Co.
  
72,086
 
1,025
 
Praxair, Inc.
  
50,625
         
122,711
 
Commercial Services & Supplies: 1.9%
    
 
838
 
Apollo Group, Inc. - Class A*
  
62,976
           
 
Communications Equipment: 2.1%
    
 
1,715
 
QUALCOMM, Inc.
  
67,725
           
 
Consumer Finance: 6.0%
    
 
1,080
 
Capital One Financial Corp.
  
89,100
 
2,070
 
SLM Corp.
  
106,584
         
195,684
           
 
Energy Equipment & Services: 6.0%
    
 
1,210
 
BJ Services Co.
  
73,798
 
855
 
Nabors Industries Ltd.*#
  
55,960
 
975
 
Smith International, Inc.
  
66,241
         
195,999
           
 
Food & Drug Retailing: 2.6%
    
 
2,760
 
CVS Corp.
  
85,643
           
 
 
 
 
PIC Flexible Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Health Care Equipment & Supplies: 10.2%
    
 
925
 
Alcon, Inc.*#
 $
 105,959
 
3,185
 
St. Jude Medical, Inc.*
  
151,001
 
945
 
Zimmer Holdings, Inc.*
  
77,830
         
334,790
           
 
Health Care Providers & Services: 8.9%
    
 
4,230
 
UnitedHealth Group, Inc.
  
221,229
 
980
 
WellPoint, Inc.*
  
69,325
         
290,554
           
 
Hotels, Restaurants & Leisure: 1.9%
    
 
1,205
 
Carnival Corp.#
  
63,142
           
 
Household Durables: 2.4%
    
 
850
 
Pulte Homes, Inc.
  
79,577
           
 
Industrial Conglomerates: 1.6%
    
 
1,765
 
Tyco International Ltd.#
  
53,780
           
 
Internet Software & Services: 4.5%
    
 
305
 
Google, Inc. - Class A*
  
87,767
 
1,770
 
Yahoo!, Inc.*
  
59,012
         
146,779
           
 
Investment Banking: 2.0%
    
 
610
 
Goldman Sachs Group, Inc.
  
65,563
           
 
IT Consulting & Services: 4.6%
    
 
3,060
 
Cognizant Technology Solutions Corp. - Class A*
  
150,185
           
 
Machinery: 2.2%
    
 
675
 
ITT Industries, Inc.
  
71,820
           
 
Multiline Retail: 2.2%
    
 
1,290
 
Kohl's Corp.*
  
72,691
           
 
Oil & Gas Consumable Fuels: 1.8%
    
 
1,035
 
Exxon Mobil Corp.
  
60,806
           
 
Pharmaceuticals: 4.2%
    
 
2,175
 
Johnson & Johnson
  
139,113
           
 
Semiconductors: 2.0%
    
 
1,510
 
Broadcom Corp. - Class A*
  
64,583
           
 
 
 
 
PIC Flexible Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Software: 6.1%
    
 
1,660
 
Cognos, Inc.*#
 $
 64,939
 
2,440
 
SAP AG - ADR
  
104,481
 
1,350
 
Symantec Corp.*
  
29,659
         
199,079
           
 
Specialty Retail: 3.2%
    
 
1,575
 
Lowe's Companies, Inc.
  
104,296
           
 
Textiles, Apparel & Luxury Goods: 2.0%
    
 
1,310
 
Polo Ralph Lauren Corp. - Class A
  
64,504
           
 
Thrifts & Mortgage Finance: 4.0%
    
 
3,650
 
Countrywide Financial Corp.
  
131,400
           
 
TOTAL COMMON STOCKS
    
 
(cost $2,688,759)
  
3,263,213
           
 
MONEY MARKET INVESTMENTS: 2.1%
    
           
 
34,583
 
SEI Daily Income Treasury Fund
  
34,583
 
34,583
 
SEI Daily Income Trust Government Fund
  
34,583
         
69,166
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $69,166)
  
69,166
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $2,757,925): 101.6%
  
3,332,379
 
Liabilities in Excess of Other Assets: (1.6%)
  
(53,018)
 
NET ASSETS: 100.0%
$
 3,279,361
           
           
* Non-income producing security.
# U.S. traded security of a foreign issuer.
ADR - American Depositary Receipt
           
 
 
 
PIC Select Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
COMMON STOCKS: 99.5%
    
           
 
Automobiles & Motorcycles: 2.3%
    
 
7,000
 
Harley-Davidson, Inc.
 $
 372,330
           
 
Biotechnology: 10.0%
    
 
11,900
 
Genentech, Inc.*
  
1,063,027
 
13,100
 
Gilead Sciences, Inc.*
  
587,011
         
1,650,038
           
 
Chemicals: 4.7%
    
 
6,300
 
Monsanto Co.
  
424,431
 
6,900
 
Praxair, Inc.
  
340,791
         
765,222
           
 
Commercial Services & Supplies: 2.4%
    
 
5,200
 
Apollo Group, Inc. - Class A*
  
390,780
           
 
Communications Equipment: 2.0%
    
 
8,100
 
QUALCOMM, Inc.
  
319,869
           
 
Consumer Finance: 6.3%
    
 
6,300
 
Capital One Financial Corp.
  
519,750
 
9,900
 
SLM Corp.
  
509,751
         
1,029,501
           
 
Energy Equipment & Services: 3.9%
    
 
10,500
 
BJ Services Co.
  
640,395
           
 
Food & Drug Retailing: 2.8%
    
 
15,000
 
CVS Corp.
  
465,450
           
 
Health Care Equipment & Supplies: 8.0%
    
 
17,100
 
St. Jude Medical, Inc.*
  
810,711
 
6,200
 
Zimmer Holdings, Inc.*
  
510,632
         
1,321,343
           
 
Health Care Providers & Services: 8.8%
    
 
21,000
 
UnitedHealth Group, Inc.
  
1,098,300
 
5,000
 
WellPoint, Inc.*
  
353,700
         
1,452,000
           
 
Household Durables: 2.3%
    
 
4,100
 
Pulte Homes, Inc.
  
383,842
           
 
Industrial Conglomerates: 1.3%
    
 
6,900
 
Tyco International Ltd.#
  
210,243
           
 
Internet Catalog Retail: 3.7%
    
 
14,500
 
eBay, Inc.*
  
605,810
           
 
Internet Software & Services: 4.4%
    
 
1,500
 
Google, Inc. - Class A*
  
431,640
 
8,700
 
Yahoo!, Inc.*
  
290,058
         
721,698
 
 
PIC Select Growth Fund
           
           
 
SCHEDULE OF INVESTMENTS at July 31, 2005 (Unaudited)
           
 
Shares
      
Value
 
Investment Banking: 2.8%
    
 
4,300
 
Goldman Sachs Group, Inc.
 $
 462,164
           
 
IT Consulting & Services: 4.7%
    
 
15,900
 
Cognizant Technology Solutions Corp.- Class A*
  
780,372
           
 
Multiline Retail: 4.2%
    
 
12,300
 
Kohl's Corp.*
  
693,105
           
 
Oil & Gas Consumable Fuels: 1.8%
    
 
5,100
 
Exxon Mobil Corp.
  
299,625
           
 
Pharmaceuticals: 4.2%
    
 
10,800
 
Johnson & Johnson
  
690,768
           
 
Semiconductors: 4.3%
    
 
9,100
 
Broadcom Corp.- Class A*
  
389,207
 
7,400
 
Maxim Integrated Products, Inc.
  
309,838
         
699,045
           
 
Software: 4.6%
    
 
14,100
 
SAP AG - ADR
  
603,762
 
7,100
 
Symantec Corp.*
  
155,987
         
759,749
           
 
Specialty Retail: 4.4%
    
 
10,800
 
Lowe's Companies, Inc.
  
715,176
           
 
Thrifts & Mortgage Finance: 5.6%
    
 
25,698
 
Countrywide Financial Corp.
  
925,128
           
 
TOTAL COMMON STOCKS
    
 
(cost $13,282,468)
  
16,353,653
           
 
MONEY MARKET INVESTMENTS: 1.0%
    
           
 
79,561
 
SEI Daily Income Treasury Fund
  
79,561
 
79,561
 
SEI Daily Income Trust Government Fund
  
79,561
         
159,122
 
TOTAL MONEY MARKET INVESTMENTS
    
 
(cost $159,122)
  
159,122
           
 
TOTAL INVESTMENTS IN SECURITIES (Cost $13,441,590): 100.5%
  
16,512,775
 
Liabilities in Excess of Other Assets: (0.5%)
  
(73,602)
 
NET ASSETS: 100.0%
$
 16,439,173
           
           
* 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 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  09/26/05                                                                               



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  09/26/05                                                                        

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

Date  09/27/05                                                                        

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