N-Q 1 pia_nq.htm AST - PACIFIC INCOME ADVISORS QUARTERLY NOTICE OF PORTFOLIO HOLDINGS AST - Pacific Income Advisors Quarterly Notice of Portfolio Holdings


As filed with the Securities and Exchange Commission on October 27, 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 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: August 31, 2005 


 
Item 1. Schedule of Investments.


PIA BBB BOND FUND
Schedule of Investments - August 31, 2005 (Unaudited)
             
             
Principal
           
Amount
         
Value
 
           
   
CORPORATE BONDS & NOTES
95.3%
   
             
   
Aerospace/Defense
3.1%
   
$                 502,000
 
Lockheed Martin Corp.
     
     
7.75%, due 5/1/26
 
$
 663,747
495,000
 
Northrup Grumman Corp.
     
     
7.75%, due 2/15/31
   
668,453
512,000
 
Raytheon Co.
     
     
8.30%, due 3/1/10
   
588,783
           
1,920,983
             
   
Auto Manufacturers
3.1%
   
1,770,000
 
DaimlerChrysler NA Holding Corp.
     
     
7.30%, due 1/15/12
   
1,972,821
             
   
Building Materials
0.8%
   
500,000
 
Masco Corp.
     
     
5.875%, due 7/15/12
   
535,090
             
   
Casino Hotels
1.0%
   
600,000
 
Harrah's Operating Co., Inc.
     
     
5.50%, due 7/1/10
   
616,927
             
   
Chemicals
1.0%
   
500,000
 
Eastman Chemical Co.
     
     
7.25%, due 1/15/24
   
599,959
             
   
Commercial Services
1.0%
   
523,000
 
Cendant Corp.
     
     
7.375%, due 1/15/13
   
599,549
             
   
Construction
1.8%
   
575,000
 
Centex Corp.
     
     
5.25%, due 6/15/15
   
567,811
590,000
 
Pulte Homes, Inc.
     
     
6.375%, due 5/15/33
   
589,307
           
1,157,118
             
   
Diversified Financial Services
6.8%
   
525,000
 
Capital One Bank
     
     
5.75%, due 9/15/10
   
553,090
1,610,000
 
Ford Motor Credit Co.
     
     
6.50%, due 1/25/07
   
1,624,802
815,000
 
Ford Motor Credit Co.
     
     
7.375%, due 2/1/11
   
804,522
750,000
 
Ford Motor Credit Co.
     
     
7.00%, due 10/1/13
   
720,048
495,000
 
MBNA Corp.
     
     
7.50%, due 3/15/12
   
574,828
           
4,277,290
             
   
Diversified Manufacturing
1.1%
   
645,000
 
Tyco International Group SA
     
     
6.00%, due 11/15/13
   
698,452
             
   
Electric Utilities
14.7%
   
500,000
 
AEP Texas Central Co.
     
     
6.65%, due 2/15/33
   
584,578
455,000
 
Cincinnati Gas & Electric Co.
     
     
5.70%, due 9/15/12
   
482,173
450,000
 
Constellation Energy Group
     
     
7.60%, due 4/1/32
   
574,830
785,000
 
Dominion Resources, Inc.
     
     
8.125%, due 6/15/10
   
900,920
500,000
 
DTE Energy Co.
     
     
7.05%, due 6/1/11
   
556,069
900,000
 
Duke Energy Corp.
     
     
6.45%, due 10/15/32
   
1,016,360
550,000
 
Exelon Corp.
     
     
6.75%, due 5/1/11
   
607,022
500,000
 
MidAmerican Energy Holdings Co.
     
     
3.50%, due 5/15/08
   
488,808
500,000
 
NiSource Finance Corp.
     
     
7.875%, due 11/15/10
   
571,140
485,000
 
Pacific Gas & Electric
     
     
6.05%, due 3/1/34
   
532,534
630,000
 
Pepco Holdings, Inc.
     
     
5.50%, due 8/15/07
   
642,638
523,000
 
Progress Energy, Inc.
     
     
7.10%, due 3/1/11
   
577,974
378,000
 
PSEG Power, LLC
     
     
8.625%, due 4/15/31
   
523,736
560,000
 
Southern California Edison Co.
     
     
6.00%, due 1/15/34
   
628,357
500,000
 
XCEL Energy, Inc.
     
     
7.00%, due 12/1/10
   
555,009
           
9,242,148
           
 
   
Environmental Control
1.0%
   
514,000
 
Waste Management, Inc.
     
     
7.75%, due 5/15/32
   
661,374
             
   
Food
6.9%
   
527,000
 
Albertson's, Inc.
     
     
7.45%, due 8/1/29
   
595,286
500,000
 
Conagra Foods, Inc.
     
     
7.875%, due 9/15/10
   
567,294
600,000
 
General Mills, Inc.
     
     
3.875%, due 11/30/07
   
593,778
850,000
 
Kraft Foods, Inc.
     
     
5.25%, due 6/1/07
   
863,739
617,000
 
Kroger Co.
     
     
6.20%, due 6/15/12
   
661,352
350,000
 
Safeway, Inc.
   
 
     
6.50%, due 3/1/11
   
375,696
550,000
 
Tyson Foods, Inc.
     
     
8.25%, due 10/1/11
   
648,488
           
4,305,633
             
   
Forest Products & Paper
3.2%
   
530,000
 
International Paper Co.
     
     
6.75%, due 9/1/11
   
584,520
450,000
 
Westvaco Corp.
     
     
8.20%, due 1/15/30
   
583,867
800,000
 
Weyerhaeuser Co.
     
     
5.95%, due 11/1/08
   
836,260
           
2,004,647
             
   
Media
9.8%
   
625,000
 
Clear Channel Communications, Inc.
     
     
4.25%, due 5/15/09
   
610,179
1,057,000
 
Comcast Cable Communications, Inc.
     
     
6.20%, due 11/15/08
   
1,111,100
600,000
 
Comcast Corp.
     
     
7.05%, due 3/15/33
   
702,124
600,000
 
Cox Communications, Inc.
     
     
7.125%, due 10/1/12
   
671,476
515,000
 
News America, Inc.
     
     
6.625%, due 1/9/08
   
540,202
800,000
 
Time Warner, Inc.
     
     
6.75%, due 4/15/11
   
878,783
960,000
 
Time Warner, Inc.
     
     
6.875%, due 6/15/18
   
1,090,123
450,000
 
Walt Disney Co.
     
     
7.00%, due 3/1/32
   
557,847
           
6,161,834
             
   
Medical - HMO
1.0%
   
550,000
 
WellPoint, Inc.
     
     
6.80%, due 8/1/12
   
617,400
             
   
Mining
1.0%
   
600,000
 
Alcan, Inc.
     
     
4.875%, due 9/15/12
   
606,555
             
   
Oil & Gas
10.5%
   
525,000
 
Anadarko Finance Co.
     
     
6.75%, due 5/1/11
   
579,350
500,000
 
Burlington Resources
     
     
7.20%, due 8/15/31
   
627,684
500,000
 
Canadian Natural Resources
     
     
4.90%, due 12/1/14
   
503,956
524,000
 
Devon Financing Corp., U.L.C.
     
     
6.875%, due 9/30/11
   
586,927
542,000
 
Marathon Oil Corp.
     
     
6.80%, due 3/15/32
   
645,286
725,000
 
Pemex Master Trust
     
     
7.875%, due 2/1/09
   
794,238
350,000
 
Pemex Master Trust
     
     
7.375%, due 12/15/14
   
395,675
504,000
 
Transocean, Inc.
     
     
7.50%, due 4/15/31
   
662,233
525,000
 
Union Oil Co. of California
     
     
7.35%, due 6/15/09
   
577,255
504,000
 
Valero Energy Corp.
     
     
7.50%, due 4/15/32
   
632,740
550,000
 
XTO Energy, Inc.
     
     
5.00%, due 1/31/15
   
552,225
           
6,557,569
             
   
Pipelines
2.1%
   
600,000
 
CenterPoint Energy, Inc.
     
     
7.75%, due 2/15/11
   
688,838
585,000
 
Kinder Morgan, Inc.
     
     
6.80%, due 3/1/08
   
616,464
           
1,305,302
             
   
Real Estate Investment Trusts
4.4%
   
711,000
 
EOP Operating LP
     
     
7.75%, due 11/15/07
   
759,147
582,000
 
ERP Operating LP
     
     
6.95%, due 3/2/11
   
643,817
423,000
 
Healthcare Realty Trust
     
     
8.125%, due 5/1/11
   
480,786
300,000
 
Hospitality Properties
     
     
6.75%, due 2/15/13
   
328,614
545,000
 
Simon Property Group LP
     
     
6.375%, due 11/15/07
   
565,773
           
2,778,137
             
   
Restaurants
1.0%
   
500,000
 
YUM! Brands, Inc.
     
     
8.875%, due 4/15/11
   
602,824
             
   
Retail
1.8%
   
545,000
 
Federated Department Stores, Inc.
     
     
6.90%, due 4/1/29
   
627,252
500,000
 
Limited Brands, Inc.
     
     
5.25%, due 11/1/14
   
482,533
           
1,109,785
             
   
Savings & Loans
0.9%
   
585,000
 
Washington Mutual, Inc.
     
     
4.625%, due 4/1/14
   
569,642
             
   
Sovereign
6.2%
   
950,000
 
United Mexican States
     
     
10.375%, due 2/17/09
   
1,127,650
1,050,000
 
United Mexican States
     
     
5.875%, due 1/15/14
   
1,099,875
1,425,000
 
United Mexican States
     
     
7.50%, due 4/8/33
   
1,670,813
           
3,898,338
             
   
Telecommunications
6.5%
   
175,000
 
AT&T Wireless Services, Inc.
     
     
8.375%, due 3/15/13
   
211,758
430,000
 
CenturyTel, Inc.
   
 
     
8.375%, due 10/15/10
   
493,865
495,000
 
Koninklijke KPN NV
     
     
8.00%, due 10/1/10
   
572,510
420,000
 
Motorola, Inc.
     
     
7.625%, due 11/15/10
   
485,612
1,360,000
 
Sprint Capital Corp.
     
     
7.625%, due 1/30/11
   
1,556,120
725,000
 
Telecom Italia Capital
     
     
5.25%, due 11/15/13
   
737,883
           
4,057,748
             
   
Transportation
4.6%
   
550,000
 
Burlington Northern Santa Fe
     
     
6.75%, due 7/15/11
   
609,752
398,000
 
CSX Corp.
     
     
7.95%, due 5/1/27
   
530,650
560,000
 
FedEx Corp.
     
     
3.50%, due 4/1/09
   
544,646
500,000
 
Norfolk Southern Corp.
     
     
7.05%, due 5/1/37
   
628,593
600,000
 
Union Pacific Corp.
     
     
3.625%, due 6/1/10
   
575,511
           
2,889,152
             
   
Total Corporate Bonds & Notes (cost $58,383,801)
   
59,746,277
             
   
U.S. GOVERNMENT INSTRUMENTALITIES
2.7%
   
             
   
U.S. Treasury Bonds
1.3%
   
720,000
 
U.S. Treasury Bond
     
     
5.375%, due 2/15/31
   
844,369
             
   
U.S. Treasury Notes
1.4%
   
305,000
 
U.S. Treasury Note
     
     
3.75%, due 5/15/08
   
304,345
540,000
 
U.S. Treasury Note
     
     
4.75%, due 5/15/14
   
569,004
           
873,349
             
   
Total U.S. Government Instrumentalities (cost $1,706,368)
   
1,717,718
             
Shares/
           
Principal Amount
         
Value
             
   
SHORT-TERM INVESTMENTS
3.4%
   
             
10,668
 
AIM STIT - Treasury Portfolio
   
10,668
$              2,140,000
 
FHLB Discount Note
     
     
Zero coupon bond to yield
     
     
2.65%, due 9/1/05
   
2,140,000
             
   
Total Short-Term Investments (cost $2,150,668)
   
2,150,668
             
   
Total Investments (cost $62,240,837)
101.4%
 
63,614,663
   
Liabilities less Other Assets
(1.4)%
 
(901,779)
   
TOTAL NET ASSETS
100.0%
$
 62,712,884
             
             
 
 

 

PIA SHORT-TERM GOVERNMENT SECURITIES FUND
Schedule of Investments - August 31, 2005 (Unaudited)
             
             
Principal
           
Amount
         
Value
             
   
MORTGAGE-BACKED SECURITIES
26.7%
   
             
   
Private
0.2%
   
$                  97,935 
 
Prudential Home Mortgage Securities
     
     
7.50%, due 3/25/08
 
$
 98,014
             
   
U.S. Government Agencies
26.5%
   
73,921
 
FHLMC ARM Pool 755204
     
     
4.703%, due 8/1/15 *
   
74,812
65,641
 
FHLMC ARM Pool 845113
     
     
4.563%, due 2/1/22 *
   
67,281
112,384
 
FHLMC ARM Pool 635206
     
     
4.055%, due 10/1/22 *
   
113,748
42,483
 
FHLMC ARM Pool 845755
     
     
4.517%, due 6/1/23 *
   
43,720
31,847
 
FHLMC ARM Pool 609231
     
     
4.587%, due 2/1/24 *
   
32,708
1,624,797
 
FHLMC ARM Pool 785726
     
     
4.315%, due 1/1/25 *
   
1,675,172
1,011,416
 
FHLMC ARM Pool 1C0009
     
     
4.738%, due 2/1/32 *
   
1,018,067
775,651
 
FHLMC ARM Pool 1B0668
     
     
3.951%, due 1/1/33 *
   
781,736
141,947
 
FNMA Pool 252500
     
     
5.50%, due 6/1/06
   
143,297
78,390
 
FNMA Pool 415842
     
     
11.00%, due 1/1/13
   
85,207
135,506
 
FNMA ARM Pool 555206
     
     
5.126%, due 7/1/25 *
   
140,217
783,857
 
FNMA ARM Pool 424953
     
     
4.572%, due 7/1/27 *
   
793,056
664,566
 
FNMA ARM Pool 556438
     
     
4.898%, due 3/1/28 *
   
679,501
481,227
 
FNMA ARM Pool 508399
     
     
4.523%, due 6/1/29 *
   
488,906
653,273
 
FNMA ARM Pool 562912
     
     
4.64%, due 4/1/30 *
   
666,600
465,016
 
FNMA ARM Pool 556824
     
     
5.173%, due 8/1/30 *
   
485,435
87,863
 
FNMA ARM Pool 551038
     
     
4.46%, due 9/1/30 *
   
90,915
615,383
 
FNMA ARM Pool 670317
     
     
4.681%, due 10/1/30 *
   
631,820
160,789
 
FNMA ARM Pool 592745
     
     
5.54%, due 7/1/31 *
   
165,184
127,664
 
FNMA ARM Pool 597196
     
     
4.191%, due 9/1/31 *
   
129,109
241,816
 
FNMA ARM Pool 610547
     
     
5.377%, due 11/1/31 *
   
248,428
262,483
 
FNMA ARM Pool 629098
     
     
4.846%, due 4/1/32 *
   
269,070
489,874
 
FNMA ARM Pool 670257
     
     
4.121%, due 2/1/33 *
   
504,944
35,788
 
GNMA II ARM Pool 8871
     
     
4.125%, due 11/20/21 *
   
36,344
249,426
 
GNMA II ARM Pool 8062
     
     
4.125%, due 10/20/22 *
   
253,411
583,583
 
GNMA II ARM Pool 80011
     
     
4.125%, due 11/20/26 *
   
593,930
123,627
 
GNMA II ARM Pool 80013
     
     
4.125%, due 11/20/26 *
   
125,817
70,856
 
GNMA II ARM Pool 80021
     
     
4.125%, due 12/20/26 *
   
72,004
42,249
 
GNMA II ARM Pool 80029
     
     
4.375%, due 1/20/27 *
   
42,783
573,897
 
GNMA II ARM Pool 80094
     
     
3.75%, due 7/20/27 *
   
583,455
812,453
 
GNMA II ARM Pool 80104
     
     
3.75%, due 8/20/27 *
   
824,743
36,165
 
GNMA II ARM Pool 80122
     
     
4.125%, due 10/20/27 *
   
36,816
341,115
 
GNMA II ARM Pool 80154
     
     
4.375%, due 1/20/28 *
   
347,103
932,904
 
GNMA II ARM Pool 80331
     
     
4.125%, due 10/20/29 *
   
947,809
196,310
 
GNMA II ARM Pool 80344
     
     
4.125%, due 11/20/29 *
   
199,363
           
13,392,511
           
 
   
Total Mortgage-Backed Securities (cost $13,546,893)
   
13,490,525
             
   
U.S. GOVERNMENT AGENCIES AND
     
   
INSTRUMENTALITIES
56.9%
   
             
   
U.S. Government Agencies
14.7%
   
1,500,000
 
FHLB
     
     
2.875%, due 9/15/06
   
1,483,755
1,900,000
 
FNMA
     
     
5.25%, due 6/15/06
   
1,919,262
1,350,000
 
FNMA
     
     
4.375%, due 10/15/06
   
1,356,151
2,700,000
 
FNMA
     
     
2.625%, due 11/15/06
   
2,657,656
           
7,416,824
             
   
U.S. Treasury Notes
42.2%
   
3,000,000
 
U.S. Treasury Note
     
     
5.75%, due 11/15/05
   
3,013,947
3,350,000
 
U.S. Treasury Note
     
     
2.25%, due 4/30/06
   
3,318,071
3,570,000
 
U.S. Treasury Note
     
     
2.75%, due 6/30/06
   
3,541,276
5,000,000
 
U.S. Treasury Note
     
     
2.50%, due 9/30/06
   
4,933,400
5,500,000
 
U.S. Treasury Note
     
     
2.50%, due 10/31/06
   
5,420,723
1,120,000
 
U.S. Treasury Note
     
     
3.125%, due 1/31/07
   
1,109,588
           
21,337,005
             
   
Total U.S. Government Agencies and
     
   
Instrumentalities (cost $28,891,763)
   
28,753,829
             
Shares/
           
Principal Amount
         
Value
             
   
SHORT-TERM INVESTMENTS
15.9%
   
             
6,468
 
AIM STIT - Treasury Portfolio
   
6,468
$              1,812,000
 
FHLB Discount Note
     
     
Zero coupon bond to yield
     
     
2.65%, due 9/1/05
   
1,812,000
2,000,000
 
FHLB Discount Note
     
     
Zero coupon bond to yield
     
     
3.43%, due 9/16/05
   
1,997,142
4,200,000
 
FNMA Discount Note
     
     
Zero coupon bond to yield
     
     
3.40%, due 9/12/05
   
4,195,637
             
   
Total Short-Term Investments (cost $8,011,247)
   
8,011,247
             
   
Total Investments (cost $50,449,903)
99.5%
 
50,255,601
   
Other Assets less Liabilities
0.5%
 
273,897
   
TOTAL NET ASSETS
100.0%
$
 50,529,498
             
             
* Variable rate note. Rate shown reflects the rate in effect at August 31, 2005.
     
             
 
 

 

PIA TOTAL RETURN BOND FUND
Schedule of Investments - August 31, 2005 (Unaudited)
             
             
Principal
           
Amount
         
Value
 
           
   
CORPORATE BONDS & NOTES
22.7%
   
   
Aerospace / Defense
3.6%
   
$                 150,000
 
Boeing Capital Corp.
     
     
5.75%, due 2/15/07
 
$
 153,358
175,000
 
Lockheed Martin Corp.
     
     
8.20%, due 12/1/09
   
201,171
94,000
 
Raytheon Co.
     
 
   
6.75%, due 8/15/07
   
97,993
100,000
 
United Technologies Corp.
     
     
7.50%, due 9/15/29
   
132,769
           
585,291
             
   
Banks
0.9%
   
150,000
 
Bank of America Corp.
     
     
4.75%, due 10/15/06
   
150,888
             
   
Diversified Financial Services
3.0%
   
150,000
 
Citigroup, Inc.
     
     
5.00%, due 3/6/07
   
151,952
150,000
 
General Electric Capital Corp.
     
     
4.375%, due 11/21/11
   
149,070
170,000
 
Morgan Stanley
     
     
6.60%, due 4/1/12
   
188,318
           
489,340
             
   
Diversified Manufacturing
1.4%
   
200,000
 
Tyco International Group SA
     
     
6.75%, due 2/15/11
   
220,498
             
   
Electric Utilities
0.7%
   
90,000
 
Southern California Edison Co.
     
     
6.65%, due 4/1/29
   
106,049
             
   
Food
0.5%
   
75,000
 
Albertson's, Inc.
     
     
7.45%, due 8/1/29
   
84,718
             
   
Media
1.9%
   
190,000
 
Belo Corp.
     
     
8.00%, due 11/1/08
   
205,331
85,000
 
Time Warner, Inc.
     
     
7.625%, due 4/15/31
   
103,925
           
309,256
             
   
Mining
1.1%
   
160,000
 
Alcoa, Inc.
     
     
6.50%, due 6/1/11
   
176,622
             
   
Real Estate Investment Trusts
4.1%
   
200,000
 
EOP Operating LP
     
     
7.00%, due 7/15/11
   
222,375
175,000
 
Health Care Property Investors, Inc.
     
     
6.45%, due 6/25/12
   
189,594
205,000
 
Prologis Trust
     
     
7.625%, due 7/1/17
   
246,579
           
658,548
             
   
Retail
1.4%
   
200,000
 
Staples, Inc.
     
     
7.375%, due 10/1/12
   
230,607
             
   
Savings & Loans
1.1%
   
180,000
 
Washington Mutual, Inc.
     
     
4.375%, due 1/15/08
   
180,072
             
   
Telecommunications
3.0%
   
150,000
 
Bellsouth Capital Funding
     
     
7.875%, due 2/15/30
   
193,833
97,000
 
Comcast Cable Communications Holdings, Inc.
     
     
8.375%, due 3/15/13
   
117,374
130,000
 
Verizon Global Funding Corp.
     
     
7.75%, due 12/1/30
   
166,793
           
478,000
             
   
Total Corporate Bonds & Notes (cost $3,485,172)
   
3,669,889
             
   
MORTGAGE-BACKED SECURITIES
26.7%
   
   
Collateralized Mortgage Obligations
0.0%
   
16,178
 
FHLMC Series 1387 S
     
     
7.625%, due 10/15/07* †
   
96
364
 
FNMA Series 1992-12 SA
     
     
11.6428%, due 1/25/22*
   
390
           
486
             
   
U.S. Government Mortgage-Backed Securities
26.7%
   
727,282
 
FHLMC Pool B10834
     
 
   
4.50%, due 11/1/18
   
722,720
324,169
 
FHLMC Pool B11934
     
     
4.50%, due 1/1/19
   
322,136
670,000
 
FHLMC Pool B19744
     
     
4.50%, due 8/1/20
   
665,234
506,837
 
FHLMC Pool G08004
     
     
5.00%, due 8/1/34
   
504,095
325,166
 
FHLMC Pool A27698
     
     
5.00%, due 10/1/34
   
323,408
347,405
 
FNMA Pool 555285
     
 
   
6.00%, due 3/1/33
   
356,042
951,336
 
FNMA Pool 748710
     
     
5.50%, due 10/1/33
   
962,298
448,839
 
GNMA Pool 623405
     
     
5.50%, due 3/15/34
   
457,971
           
4,313,904
             
   
Total Mortgage-Backed Securities (cost $4,312,613)
   
4,314,390
             
   
U.S. GOVERNMENT AGENCIES AND
     
   
INSTRUMENTALITIES
44.3%
   
             
   
U.S. Government Agencies
4.0%
   
630,000
 
FNMA
     
     
4.625%, due 10/15/13
   
645,243
             
   
U.S. Treasury Bonds
7.2%
   
330,000
 
U.S. Treasury Bond
     
     
8.125%, due 8/15/19
   
464,436
590,000
 
U.S. Treasury Bond
     
     
5.375%, due 2/15/31
   
691,914
           
1,156,350
             
   
U.S. Treasury Notes
33.1%
   
3,250,000
 
U.S. Treasury Note
     
     
2.25%, due 2/15/07
   
3,179,416
1,900,000
 
U.S. Treasury Note
     
     
4.125%, due 8/15/10
   
1,922,118
240,000
 
U.S. Treasury Note
     
     
4.125%, due 5/15/15
   
241,622
           
5,343,156
   
Total U.S. Government Agencies and
     
   
Instrumentalities (cost $7,099,393)
   
7,144,749
             
   
RIGHTS
0.0%
   
             
1
 
Global Crossing North America, Inc.
     
     
Liquidating Trust # Ω (cost $0)
   
             
Shares/
           
Principal Amount
         
Value
             
   
SHORT-TERM INVESTMENTS
5.7%
   
             
3,219
 
AIM STIT - Treasury Portfolio
   
3,219
97
 
Fidelity Institutional Government Portfolio
   
97
$                 923,000
 
FHLB Discount Note
     
     
Zero coupon bond to yield
     
     
2.65%, due 9/1/05
   
923,000
             
   
Total Short-Term Investments (cost $926,316)
   
926,316
             
   
Total Investments (cost $15,823,494)
99.4%
 
16,055,344
   
Other Assets less Liabilities
0.6%
 
92,533
   
TOTAL NET ASSETS
100.0%
$
 16,147,877
             
             
* Variable rate note. Rate shown reflects the rate in effect at August 31, 2005.
   
# Restricted security. The interest in the liquidating trust was acquired through a distribution on December 9, 2003. As of August 31, 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.
   

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 10/24/05                                                  



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 10/24/05                                                  

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

Date 10/24/05                                                  

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