Quarterly Notice of Portfolio Holdings

0000894189-06-002616.txt : 20061023 0000894189-06-002616.hdr.sgml : 20061023 20061023151352 ACCESSION NUMBER: 0000894189-06-002616 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060831 FILED AS OF DATE: 20061023 DATE AS OF CHANGE: 20061023 EFFECTIVENESS DATE: 20061023 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: 061157706 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5340 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202

0001027596 S000005064 PIA BBB Bond Fund

C000013849 Investor Class PBBBX

0001027596 S000005065 PIA Short Term Government Fund

C000013850 Investor Class PIASX

0001027596 S000005066 PIA Total Return Bond Fund

C000013851 Investor Class PIATX

0001027596 S000005067 PIA MBS Bond Fund

C000013852 Investor Class PMTGX

N-Q 1 piaast_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Quarterly Notice of Portfolio Holdings

As filed with the Securities and Exchange Commission on October 23, 2006

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

615 E. Michigan St.

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-5340

(Registrant's telephone number, including area code)

Date of fiscal year end: November 30, 2006

Date of reporting period: August 31, 2006

Item 1. Schedules of Investments.

	PIA BBB BOND FUND
	Schedule of Investments - August 31, 2006 (Unaudited)


	Principal
	Amount				Value

		CORPORATE BONDS & NOTES	95.0%
		Aerospace/Defense	2.8%
		Lockheed Martin Corp.
$	352,000	7.75%, due 5/1/26		$	424,573
		Northrup Grumman Corp.
	670,000	7.75%, due 2/15/31			826,261
		Raytheon Co.
	462,000	8.30%, due 3/1/10			504,590
	250,000	7.20%, due 8/15/27			287,660
					2,043,084

		Auto Manufacturers	3.1%
		DaimlerChrysler NA Holding Corp.
	1,225,000	4.75%, due 1/15/08			1,212,333
	520,000	7.30%, due 1/15/12			553,834
	425,000	8.50%, due 1/18/31			511,812
					2,277,979

		Building Materials	0.4%
		Masco Corp.
	275,000	5.875%, due 7/15/12			274,157

		Casino Hotels	0.7%
		Harrah's Operating Co., Inc.
	525,000	5.50%, due 7/1/10			518,772

		Chemicals	0.3%
		Lubrizol Corp.
	250,000	5.50%, due 10/1/14			243,250

		Construction	0.7%
		Centex Corp.
	275,000	5.25%, due 6/15/15			255,471
		Pulte Homes, Inc.
	250,000	7.875%, due 8/1/11			268,867
					524,338

		Consumer Products	1.1%
		Fortune Brands, Inc.
	800,000	5.125%, due 1/15/11			784,972

		Diversified Financial Services	1.0%
		Capital One Bank
	700,000	5.75%, due 9/15/10			708,716

		Diversified Manufacturing	1.1%
		Tyco International Group SA
	770,000	6.00%, due 11/15/13			795,444

		Electric Utilities	16.0%
		AEP Texas Central Co.
	700,000	6.65%, due 2/15/33			736,617
		CenterPoint Energy
	775,000	7.75%, due 2/15/11			837,539
		Cincinnati Gas & Electric Co.
	530,000	5.70%, due 9/15/12			531,917
		Constellation Energy Group
	750,000	4.55%, due 6/15/15			684,916
		Dominion Resources, Inc.
	635,000	8.125%, due 6/15/10			690,188
		DTE Energy Co.
	750,000	7.05%, due 6/1/11			790,848
		Exelon Corp.
	275,000	6.75%, due 5/1/11			287,679
		FirstEnergy Corp.
	625,000	7.375%, due 11/15/31			708,951
		MidAmerican Energy Holdings Co.
	750,000	3.50%, due 5/15/08			727,518
		NiSource Finance Corp.
	850,000	5.40%, due 7/15/14			815,719
		Oncor Electric Delivery
	700,000	6.375%, due 5/1/12			720,182
		Pacific Gas & Electric
	785,000	6.05%, due 3/1/34			778,446
		Progress Energy, Inc.
	673,000	7.10%, due 3/1/11			718,645
		PSEG Power, LLC
	750,000	7.75%, due 4/15/11			812,172
		Southern California Edison Co.
	760,000	6.00%, due 1/15/34			766,781
		Virginia Electric & Power Co.
	400,000	6.00%, due 1/15/36			389,577
		XCEL Energy, Inc.
	700,000	7.00%, due 12/1/10			739,713
					11,737,408

		Finance - Mortgage Loans	1.3%
		Residential Capital Corp.
	900,000	6.875%, due 6/30/15			933,567

		Food	4.9%
		ConAgra Foods, Inc.
	483,000	7.875%, due 9/15/10			524,721
		General Mills, Inc.
	600,000	6.00%, due 2/15/12			614,911
		H.J. Heinz Finance Co.
	325,000	6.00%, due 3/15/12			329,483
		Kellogg Co.
	750,000	2.875%, due 6/1/08			719,939
		Kroger Co.
	650,000	6.20%, due 6/15/12			664,292
		Safeway, Inc.
	350,000	6.50%, due 3/1/11			360,109
		Sara Lee Corp.
	400,000	2.75%, due 6/15/08			381,472
					3,594,927

		Forest Products & Paper	2.1%
		International Paper Co.
	580,000	6.75%, due 9/1/11			614,472
		Westvaco Corp.
	225,000	8.20%, due 1/15/30			249,169
		Weyerhaeuser Co.
	400,000	5.95%, due 11/1/08			403,098
	275,000	7.375%, due 3/15/32			288,647
					1,555,386

		Insurance	2.0%
		Marsh & McLennan Cos., Inc.
	800,000	5.75%, due 9/15/15			780,499
		WellPoint, Inc.
	500,000	6.80%, due 8/1/12			531,592
	150,000	5.85%, due 1/15/36			143,611
					1,455,702

		Media	10.5%
		CBS Corp.
	325,000	7.70%, due 7/30/10			349,554
	325,000	7.875%, due 7/30/30			354,340
		Clear Channel Communications, Inc.
	600,000	4.25%, due 5/15/09			578,775
		Comcast Cable Communications, Inc.
	782,000	6.20%, due 11/15/08			796,099
	750,000	8.375%, due 3/15/13			851,223
		Comcast Corp.
	1,000,000	7.05%, due 3/15/33			1,052,995
		Cox Communications, Inc.
	675,000	7.125%, due 10/1/12			714,987
		News America, Inc.
	775,000	6.20%, due 12/15/34			726,504
		Time Warner, Inc.
	655,000	9.125%, due 1/15/13			754,107
	1,485,000	6.875%, due 6/15/18			1,539,290
					7,717,874

		Medical Instruments	0.5%
		Boston Scientific Corp.
	350,000	6.00%, due 6/15/11			353,494

		Mining	0.9%
		Alcan, Inc.
	400,000	4.875%, due 9/15/12			387,402
	250,000	6.125%, due 12/15/33			246,709
					634,111

		Oil & Gas	10.1%
		Anadarko Finance Co.
	275,000	6.75%, due 5/1/11			288,286
		Atmos Energy Corp.
	300,000	4.95%, due 10/15/14			282,265
		Canadian Natural Resources
	825,000	4.90%, due 12/1/14			783,272
		Devon Energy Corp.
	225,000	7.95%, due 4/15/32			273,355
		Devon Financing Corp., U.L.C.
	449,000	6.875%, due 9/30/11			476,668
		Encana Corp.
	400,000	6.50%, due 8/15/34			416,201
		Encana Holdings Financial Corp.
	350,000	5.80%, due 5/1/14			353,066
		Hess Corp.
	450,000	6.65%, due 8/15/11			471,415
	200,000	7.875%, due 10/1/29			233,821
		Kinder Morgan Energy Partners
	450,000	5.125%, due 11/15/14			425,744
	100,000	5.80%, due 3/15/35			90,073
		Marathon Oil Corp.
	542,000	6.80%, due 3/15/32			594,126
		Pemex Master Trust
	375,000	7.875%, due 2/1/09			392,813
	450,000	7.375%, due 12/15/14			488,700
	500,000	8.625%, due 2/1/22			603,750
		Petro-Canada
	250,000	5.95%, due 5/15/35			238,331
		Valero Energy Corp.
	250,000	7.50%, due 4/15/32			290,526
		XTO Energy, Inc.
	700,000	5.00%, due 1/31/15			664,252
					7,366,664

		Pipelines	1.6%
		Kinder Morgan, Inc.
	535,000	6.80%, due 3/1/08			543,845
		ONEOK, Inc.
	350,000	5.20%, due 6/15/15			329,803
		Texas Eastern Transmission Corp.
	300,000	7.00%, due 7/15/32			330,488
					1,204,136

		Printing	0.2%
		R.R. Donnelley & Sons Co.
	175,000	4.95%, due 4/1/14			152,775

		Real Estate Investment Trusts	6.2%
		EOP Operating LP
	875,000	4.75%, due 3/15/14			819,573
		Healthcare Realty Trust
	723,000	8.125%, due 5/1/11			785,838
		Hospitality Properties
	800,000	6.75%, due 2/15/13			837,190
		iStar Financial, Inc.
	500,000	5.875%, due 3/15/16			494,967
		ProLogis
	800,000	5.75%, due 4/1/16			797,386
		Simon Property Group LP
	850,000	5.10%, due 6/15/15			813,948
					4,548,902

		Retail	4.9%
		CVS Corp.
	850,000	4.875%, due 9/15/14			804,015
		Federated Department Stores, Inc.
	545,000	6.90%, due 4/1/29			559,160
		J.C. Penney Co., Inc.
	700,000	8.00%, due 3/1/10			752,417
		Limited Brands, Inc.
	350,000	5.25%, due 11/1/14			327,770
		Newell Rubbermaid, Inc.
	750,000	4.625%, due 12/15/09			732,784
		YUM! Brands, Inc.
	400,000	8.875%, due 4/15/11			451,228
					3,627,374

		Savings & Loans	1.0%
		Washington Mutual, Inc.
	785,000	4.625%, due 4/1/14			728,609

		Sovereign	6.1%
		United Mexican States
	980,000	10.375%, due 2/17/09			1,092,210
	1,150,000	5.875%, due 1/15/14			1,173,000
	1,900,000	7.50%, due 4/8/33			2,204,000
					4,469,210

		Telecommunications	8.7%
		CenturyTel, Inc.
	430,000	8.375%, due 10/15/10			467,829
		Embarq Corp.
	350,000	7.082%, due 6/1/16			357,743
	350,000	7.995%, due 6/1/36			366,872
		Koninklijke KPN NV
	695,000	8.00%, due 10/1/10			748,687
		Nextel Communications
	700,000	7.375%, due 8/1/15			720,992
		Sprint Capital Corp.
	450,000	6.125%, due 11/15/08			456,208
	850,000	6.875%, due 11/15/28			860,744
		Telecom Italia Capital
	875,000	5.25%, due 11/15/13			834,781
	425,000	6.375%, due 11/15/33			402,544
		Telefonica Europe BV
	500,000	7.75%, 9/15/10			539,034
	500,000	8.25%, 9/15/30			591,032
					6,346,466

		Tobacco	0.5%
		Altria Group, Inc.
	350,000	7.00%, due 11/4/13			381,297

		Transportation	4.7%
		Burlington Northern Santa Fe
	700,000	6.75%, due 7/15/11			740,615
		CSX Corp.
	240,000	7.95%, due 5/1/27			295,128
		FedEx Corp.
	760,000	3.50%, due 4/1/09			727,491
		Norfolk Southern Corp.
	775,000	7.05%, due 5/1/37			891,651
		Union Pacific Corp.
	825,000	3.625%, due 6/1/10			776,799
					3,431,684

		Waste Disposal	1.6%
		Republic Services, Inc.
	750,000	6.75%, due 8/15/11			789,227
		Waste Management, Inc.
	339,000	7.75%, due 5/15/32			404,313
					1,193,540

		Total Corporate Bonds & Notes (cost $70,477,025)			69,603,838

		U.S. GOVERNMENT INSTRUMENTALITIES	2.2%
		U.S. Treasury Bonds	2.2%
		U.S. Treasury Bond
	1,525,000	5.375%, due 2/15/31			1,622,934

		Total U.S. Government Instrumentalities (cost $1,562,324)			1,622,934

	Shares/
	Principal Amount

		SHORT-TERM INVESTMENTS	1.4%
	448,385	AIM STIT - Treasury Portfolio			448,385
		FHLB Discount Note
$	547,000	5.083%, due 9/1/06			547,000

		Total Short-Term Investments (cost $995,385)			995,385

		Total Investments (cost $73,034,734)	98.6%		72,222,157
		Other Assets less Liabilities	1.4%		1,007,875
		TOTAL NET ASSETS	100.0%	$	73,230,032


	FHLB - Federal Home Loan Bank

The cost basis of investments for federal income tax purposes at August 31, 2006 was as follows*:

Cost of investments	$	73,075,645

Gross unrealized appreciation	$	444,074
Gross unrealized depreciation		(1,297,562)
Net unrealized depreciation	$	(853,488)

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous

fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

	PIA MBS BOND FUND
	Schedule of Investments - August 31, 2006 (Unaudited)


	Principal
	Amount				Value

		MORTGAGE-BACKED SECURITIES	94.0%
		U.S. Government Agencies	94.0%
		FHLMC Pool
$	108,432	4.50%, due 9/1/20, #J02502		$	104,168
	431,022	4.50%, due 3/1/21, #G18119			413,991
	457,176	5.00%, due 3/1/21, #G18105			447,541
	199,052	4.50%, due 4/1/21, #G18125			191,224
	295,284	5.50%, due 4/1/21, #J01570			294,137
	489,158	4.50%, due 5/1/21, #J01723			469,830
	747,223	5.00%, due 7/1/21, #J03048			731,476
	169,436	6.00%, due 7/1/21, #J03089			171,243
	55,077	6.50%, due 5/1/32, #C01351			56,138
	133,745	5.50%, due 6/1/33, #G01563			131,822
	492,749	5.00%, due 11/1/35, #A39655			472,843
	199,999	5.00%, due 12/1/35, #A40879			191,920
	66,453	6.50%, due 12/1/35, #A40791			67,533
	294,450	5.00%, due 1/1/36, #G08104			282,554
	180,328	7.00%, due 1/1/36, #G02048			185,351
	193,832	6.00%, due 2/1/36, #A42669			194,214
	25,183	5.00%, due 3/1/36, #A43419			24,155
	874,816	5.00%, due 3/1/36, #A43658			839,085
	258,265	5.00%, due 3/1/36, #A43750			248,365
	235,767	5.00%, due 3/1/36, #A44035			226,138
	235,468	5.50%, due 3/1/36, #A43698			231,338
	699,999	5.50%, due 3/1/36, #A43942			687,720
	226,317	5.50%, due 3/1/36, #G08116			222,347
	44,665	5.00%, due 4/1/36, #A44893			42,840
	98,479	5.50%, due 4/1/36, #G08122			96,751
	39,819	6.00%, due 4/1/36, #A44949			39,908
	349,578	6.50%, due 4/1/36, #G08124			355,244
	715,257	5.50%, due 5/1/36, #G08128			702,710
	139,007	6.00%, due 5/1/36, #A49171			139,281
	299,161	6.00%, due 6/1/36, #A49880			299,750
	349,548	5.00%, due 7/1/36, #A50310			335,271
	499,505	5.50%, due 7/1/36, #A50785			490,742
	169,844	6.00%, due 7/1/36, #A50416			170,178
	400,000	5.00%, due 8/1/36, #A51601			383,841
	1,000,001	5.50%, due 8/1/36, #A51093			982,459
	390,000	6.00%, due 8/1/36, #A51786			390,768
	510,000	6.00%, due 8/1/36, #A52006			511,004
	300,000	6.50%, due 8/1/36, #A51337			304,863
		FHLMC TBA (a)
	400,000	4.50%, due 9/15/21			384,125
	300,000	5.00%, due 9/15/21			293,625
	700,000	5.00%, due 9/15/36			670,907
	800,000	5.50%, due 9/15/36			785,500
	400,000	6.00%, due 9/15/36			400,500
		FNMA Pool
	312,213	5.00%, due 4/1/19, #770788			306,304
	154,833	4.50%, due 8/1/20, #835221			148,891
	270,380	4.50%, due 1/1/21, #845159			260,003
	169,112	5.00%, due 1/1/21, #811537			165,692
	199,160	5.50%, due 1/1/21, #849074			198,510
	596,837	5.00%, due 2/1/21, #865191			584,768
	154,105	5.00%, due 4/1/21, #256199			150,953
	291,964	5.50%, due 4/1/21, #869868			291,012
	747,047	4.50%, due 7/1/21, #845515			718,230
	148,909	6.00%, due 7/1/21, #896586			150,663
	51,275	5.50%, due 9/1/33, #729928			50,498
	60,582	5.50%, due 9/1/33, #741862			59,664
	209,706	5.50%, due 5/1/35, #824531			205,967
	73,353	6.00%, due 5/1/35, #735501			73,474
	191,979	6.00%, due 6/1/35, #825644			192,297
	299,970	7.00%, due 7/1/35, #826251			308,106
	99,861	4.50%, due 11/1/35, #256032			93,052
	26,881	5.00%, due 12/1/35, #850739			25,769
	296,231	5.00%, due 12/1/35, #852482			283,980
	45,591	5.50%, due 12/1/35, #849500			44,778
	245,717	6.50%, due 12/1/35, #843585			249,544
	244,334	5.00%, due 1/1/36, #850566			234,230
	673,119	5.00%, due 1/1/36, #866592			645,282
	238,864	5.50%, due 1/1/36, #851717			234,492
	397,847	5.50%, due 2/1/36, #831357			390,565
	72,635	6.50%, due 2/1/36, #852958			73,767
	167,274	6.50%, due 2/1/36, #878673			169,880
	146,253	7.00%, due 2/1/36, #865190			150,220
	228,675	5.00%, due 3/1/36, #852270			219,130
	228,748	5.50%, due 3/1/36, #863684			224,562
	198,213	5.00%, due 4/1/36, #831421			189,940
	198,538	5.00%, due 4/1/36, #852919			190,252
	99,663	6.00%, due 4/1/36, #871954			99,828
	399,565	5.00%, due 5/1/36, #872638			382,887
	398,563	5.00%, due 5/1/36, #884217			381,927
	596,993	5.50%, due 5/1/36, #256269			586,067
	590,602	6.00%, due 5/1/36, #871348			591,420
	399,529	5.50%, due 6/1/36, #884803			392,406
	999,999	6.00%, due 6/1/36, #831541			1,001,384
	299,667	5.00%, due 7/1/36, #886322			287,159
	299,700	5.50%, due 7/1/36, #892443			294,215
	199,815	6.00%, due 7/1/36, #885506			200,092
	149,669	6.00%, due 7/1/36, #891794			149,876
	400,000	5.00%, due 8/1/36, #895093			383,458
	100,000	5.50%, due 8/1/36, #658743			98,170
	1,000,000	5.50%, due 8/1/36, #817794			981,698
	850,000	5.50%, due 8/1/36, #893295			834,443
	300,000	6.00%, due 8/1/36, #895105			300,416
	500,000	6.50%, due 8/1/36, #897208			507,792
	400,000	5.00%, due 9/1/36, #886899			383,304
	500,000	5.00%, due 9/1/36, #886921			479,130
	888,045	5.50%, due 9/1/36, #256403			871,792
	100,000	6.50%, due 9/1/36, #887432			101,558
		FNMA TBA (a)
	400,000	4.50%, due 9/15/21			384,500
	400,000	5.00%, due 9/15/21			391,750
	400,000	5.50%, due 9/15/33			392,625
	800,000	5.00%, due 9/15/36			766,250
	900,000	5.50%, due 9/15/36			883,125
	700,000	6.00%, due 9/15/36			700,657
		GNMA Pool
	149,879	7.00%, due 9/15/35, #647831			154,620
	299,643	5.00%, due 10/15/35, #642220			290,456
	278,730	5.50%, due 11/15/35, #650091			276,208
	199,772	5.50%, due 12/15/35, #646307			197,964
	158,099	5.50%, due 2/15/36, #652942			156,650
	378,515	6.00%, due 2/15/36, #649384			382,143
	199,764	5.50%, due 4/15/36, #648115			197,933
	399,555	5.50%, due 4/15/36, #652534			395,892
	149,850	6.50%, due 4/15/36, #655329			153,284
	199,981	5.00%, due 5/15/36, #651939			193,836
	300,000	5.50%, due 5/15/36, #655520			297,250
	199,752	5.00%, due 6/15/36, #608952			193,614
	199,815	6.00%, due 7/15/36, #654930			201,730
	300,001	6.00%, due 7/15/36, #656064			302,876
		GNMA TBA (a)
	300,000	5.00%, due 9/15/36			290,719
	200,000	5.50%, due 9/15/36			198,062
	300,000	6.50%, due 9/15/36			306,750
					38,967,791

		Total Mortgage-Backed Securities (cost $38,522,320)			38,967,791

		U.S. GOVERNMENT INSTRUMENTALITIES	1.1%
		U.S. Treasury Notes	1.1%
		U.S. Treasury Note
	450,000	5.125%, due 6/30/11			458,121

		Total U.S. Government Instrumentalities
		(cost $452,624)			458,121

	Shares/
	Principal Amount

		SHORT-TERM INVESTMENTS	5.9%
	125,845	AIM STIT - Treasury Portfolio			125,845
		FHLB Discount Note
$	2,299,000	5.083%, due 9/1/06			2,299,000

		Total Short-Term Investments (cost $2,424,845)			2,424,845

		Total Investments (cost $41,399,789)	101.0%		41,850,757
		Liabilities less Other Assets	(1.0)%		(400,657)
		TOTAL NET ASSETS	100.0%	$	41,450,100


	(a) Security purchased on a when-issued basis. On August 31, 2006, the total cost of
	investments purchased on a when-issued basis was $6,849,320 or 16.5% of total net assets.

	FHLB - Federal Home Loan Bank
	FHLMC - Federal Home Loan Mortgage Corporation
	FNMA - Federal National Mortgage Association
	GNMA - Government National Mortgage Association
	TBA - To Be Announced

The cost basis of investments for federal income tax purposes at August 31, 2006 was as follows*:

Cost of investments	$	41,399,789

Gross unrealized appreciation	$	482,270
Gross unrealized depreciation		(31,302)
Net unrealized appreciation	$	450,968

*Because tax adjustments are calculated annually, the above table does not reflect the tax adjustments outstanding.

	PIA SHORT-TERM GOVERNMENT SECURITIES FUND
	Schedule of Investments - August 31, 2006 (Unaudited)


	Principal
	Amount				Value

		MORTGAGE-BACKED SECURITIES	17.8%
		Private	0.1%
		Prudential Home Mortgage Securities
$	45,795	7.50%, due 3/25/08		$	45,687

		U.S. Government Agencies	17.7%
		FHLMC ARM Pool (a)
	55,196	6.651%, due 8/1/15, #755204			54,976
	53,083	6.388%, due 2/1/22, #845113			54,071
	102,973	5.22%, due 10/1/22, #635206			103,598
	33,383	6.302%, due 6/1/23, #845755			34,109
	30,640	6.302%, due 2/1/24, #609231			31,220
	1,357,916	6.046%, due 1/1/25, #785726			1,378,067
	622,328	6.488%, due 2/1/32, #1C0009			630,474
	319,801	5.712%, due 1/1/33, #1B0668			323,597
		FNMA ARM Pool (a)
	98,363	7.07%, due 7/1/25, #555206			100,071
	615,347	5.613%, due 7/1/27, #424953			621,473
	422,000	6.722%, due 3/1/28, #556438			432,003
	296,389	5.568%, due 6/1/29, #508399			299,447
	503,176	5.653%, due 4/1/30, #562912			507,659
	298,224	7.024%, due 8/1/30, #556824			306,047
	86,357	7.335%, due 9/1/30, #551038			87,071
	347,093	6.642%, due 10/1/30, #670317			352,845
	50,832	6.895%, due 7/1/31, #592745			51,827
	125,198	7.442%, due 9/1/31, #597196			125,258
	143,730	5.291%, due 11/1/31, #610547			148,306
	158,053	6.50%, due 4/1/32, #629098			162,831
	169,229	6.247%, due 2/1/33, #670257			175,641
		FNMA Pool
	52,549	11.00%, due 1/1/13, #415842			56,251
		GNMA II ARM Pool (a)
	28,794	5.125%, due 11/20/21, #8871			28,968
	190,261	5.125%, due 10/20/22, #8062			191,346
	464,606	5.125%, due 11/20/26, #80011			467,857
	96,936	5.125%, due 11/20/26, #80013			97,683
	50,468	5.125%, due 12/20/26, #80021			50,821
	30,593	5.375%, due 1/20/27, #80029			30,733
	425,315	4.75%, due 7/20/27, #80094			427,908
	605,847	4.75%, due 8/20/27, #80104			609,550
	25,357	5.125%, due 10/20/27, #80122			25,540
	250,524	5.375%, due 1/20/28, #80154			251,708
	590,762	5.125%, due 10/20/29, #80331			594,950
	130,829	5.125%, due 11/20/29, #80344			131,804
					8,945,710

		Total Mortgage-Backed Securities (cost $9,095,582)			8,991,397

		U.S. GOVERNMENT AGENCIES AND
		INSTRUMENTALITIES	71.7%
		U.S. Government Agencies	59.4%
		FHLB
	1,500,000	2.875%, due 9/15/06			1,498,521
	4,000,000	3.375%, due 2/23/07			3,963,212
	2,300,000	4.25%, due 4/16/07			2,284,873
	1,700,000	4.625%, due 5/18/07			1,691,826
		FHLMC
	1,500,000	3.75%, due 11/15/06			1,494,956
		FNMA
	3,700,000	2.625%, due 11/15/06			3,679,228
	3,200,000	3.625%, due 3/15/07			3,171,158
	4,900,000	4.75%, due 8/3/07			4,877,436
	4,900,000	6.625%, due 10/15/07			4,974,215
	2,500,000	3.25%, due 11/15/07			2,443,985
					30,079,410

		U.S. Treasury Notes	12.3%
		U.S. Treasury Note
	1,250,000	2.50%, due 9/30/06			1,247,461
	1,100,000	6.50%, due 10/15/06			1,101,805
	500,000	3.125%, due 1/31/07			496,133
	1,000,000	3.625%, due 4/30/07			990,782
	2,400,000	3.125%, due 5/15/07			2,368,596
					6,204,777

		Total U.S. Government Agencies and
		Instrumentalities (cost $36,311,069)			36,284,187

	Shares/
	Principal Amount

		SHORT-TERM INVESTMENTS	9.6%
	439,313	AIM STIT - Treasury Portfolio			439,313
		FHLB Discount Note
	$ 4,417,000	5.083%, due 9/1/06			4,417,000

		Total Short-Term Investments (cost $4,856,313)			4,856,313

		Total Investments (cost $50,262,964)	99.1%		50,131,897
		Other Assets less Liabilities	0.9%		470,158
		TOTAL NET ASSETS	100.0%		$ 50,602,055


	(a) Variable rate note. Rate shown reflects the rate in effect at August 31, 2006.

	FHLB - Federal Home Loan Bank
	FHLMC - Federal Home Loan Mortgage Corporation
	FNMA - Federal National Mortgage Association
	GNMA - Government National Mortgage Association

The cost basis of investments for federal income tax purposes at August 31, 2006 was as follows*:

Cost of investments	$	50,262,964

Gross unrealized appreciation	$	33,099
Gross unrealized depreciation		(164,166)
Net unrealized depreciation	$	(131,067)

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous

fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

	PIA TOTAL RETURN BOND FUND
	Schedule of Investments - August 31, 2006 (Unaudited)


	Principal
	Amount				Value

		CORPORATE BONDS & NOTES	20.6%
		Aerospace / Defense	0.6%
		United Technologies Corp.
$	100,000	4.375%, due 5/1/10		$	97,352

		Agriculture	0.6%
		Archer-Daniels-Midland
	100,000	5.935%, due 10/1/32			100,924

		Auto Manufacturers	0.6%
		DaimlerChrysler NA Holding Corp.
	100,000	4.05%, due 6/4/08			97,534

		Banks	1.9%
		Bank of America Corp.
	100,000	5.875%, due 2/15/09			101,644
		Wachovia Corp.
	100,000	4.375%, due 6/1/10			97,290
		Wells Fargo & Co.
	100,000	4.625%, due 8/9/10			98,179
					297,113

		Consumer Products	1.2%
		Clorox Co.
	100,000	5.00%, due 1/15/15			96,451
		Fortune Brands, Inc.
	100,000	5.125%, due 1/15/11			98,122
					194,573

		Diversified Financial Services	3.8%
		CIT Group, Inc.
	100,000	4.25%, due 2/1/10			96,697
		Countrywide Home Loan
	100,000	4.125%, due 9/15/09			96,610
		General Electric Capital Corp.
	100,000	4.375%, due 11/21/11			95,926
		HSBC Finance Corp.
	100,000	4.125%, due 11/16/09			96,570
		Morgan Stanley
	100,000	6.60%, due 4/1/12			105,601
		SLM Corp.
	100,000	5.00%, due 10/1/13			96,771
					588,175

		Electric Utilities	0.6%
		Dominion Resources, Inc.
	100,000	5.15%, due 7/15/15			95,233

		Finance - Brokers	0.6%
		Goldman Sachs Group, Inc.
	100,000	4.50%, due 6/15/10			97,257

		Food	1.0%
		ConAgra Foods, Inc.
	50,000	6.75%, due 9/15/11			52,610
		Fred Meyer, Inc.
	100,000	7.45%, due 3/1/08			102,724
					155,334

		Forest Products & Paper	0.7%
		International Paper Co.
	100,000	6.75%, due 9/1/11			105,944

		Insurance	1.2%
		American International Group, Inc.
	100,000	4.25%, due 5/15/13			92,960
		MetLife, Inc.
	100,000	5.00%, due 6/15/15			96,005
					188,965

		Machinery	0.6%
		John Deere Capital Corp.
	100,000	5.10%, due 1/15/13			98,389

		Media	1.3%
		News America, Inc.
	100,000	5.30%, due 12/15/14			97,502
		Time Warner, Inc.
	100,000	6.75%, due 4/15/11			103,712
					201,214

		Mining	0.7%
		Alcoa, Inc.
	100,000	6.50%, due 6/1/11			104,681

		Oil & Gas	1.4%
		Devon Financing Corp., U.L.C.
	100,000	6.875%, due 9/30/11			106,162
		Occidental Petroleum Corp.
	100,000	6.75%, due 1/15/12			106,547
					212,709

		Retail	1.3%
		CVS Corp.
	100,000	4.00%, due 9/15/09			96,249
		May Department Stores Co.
	100,000	6.70%, due 7/15/34			100,430
					196,679

		Savings & Loans	0.6%
		Washington Mutual, Inc.
	100,000	4.375%, due 1/15/08			98,739

		Telecommunications	1.3%
		BellSouth Corp.
	100,000	6.00%, due 10/15/11			101,802
		Sprint Capital Corp.
	100,000	6.875%, due 11/15/28			101,264
					203,066

		Transportation	0.6%
		Union Pacific Corp.
	100,000	4.875%, due 1/15/15			95,705

		Total Corporate Bonds & Notes (cost $3,311,178)			3,229,586

		MORTGAGE-BACKED SECURITIES	32.5%
		Collateralized Mortgage Obligations	0.0%
		FHLMC Series 1387 S
	5,913	5.615%, due 10/15/07 (a)(d)(e)			33

		U.S. Government Agencies	32.5%
		FHLMC Pool
	282,370	4.50%, due 1/1/19, #B11934			271,827
	422,564	5.00%, due 4/1/20, #J02011			414,314
	489,810	5.00%, due 12/1/20, #J00565			479,644
	454,742	5.00%, due 8/1/34, #G08004			437,310
	293,549	5.00%, due 10/1/34, #A27698			282,296
	500,000	5.00%, due 8/1/36, #A51601			479,801
		FNMA Pool
	271,407	6.00%, due 3/1/33, #555285			272,644
	772,117	5.50%, due 10/1/33, #748710			760,422
	454,048	5.50%, due 10/1/35, #797703			445,953
	585,412	5.50%, due 2/1/36, #852944			574,698
		GNMA Pool
	380,616	5.50%, due 3/15/34, #623405			377,456
	300,000	5.50%, due 8/15/36, #656221			297,250
					5,093,615

		Total Mortgage-Backed Securities (cost $5,168,755)			5,093,648

		U.S. GOVERNMENT AGENCIES AND
		INSTRUMENTALITIES	38.0%
		U.S. Government Agencies	5.6%
		FHLMC
	225,000	6.25%, due 7/15/32			257,411
		FNMA
	630,000	4.625%, due 10/15/13			613,931
					871,342

		U.S. Treasury Bonds	5.8%
		U.S. Treasury Bond
	175,000	8.125%, due 8/15/21			233,447
	325,000	6.375%, due 8/15/27			385,252
	275,000	5.375%, due 2/15/31			292,660
					911,359

		U.S. Treasury Notes	26.6%
		U.S. Treasury Note
	2,500,000	4.875%, due 5/15/09			2,510,255
	600,000	4.50%, due 11/15/10			595,805
	1,075,000	4.50%, due 2/15/16			1,055,306
					4,161,366

		Total U.S. Government Agencies and
		Instrumentalities (cost $5,946,678)			5,944,067

		RIGHTS	0.0%
	1	Global Crossing North America, Inc.
		Liquidating Trust (b)(c) (cost $0)			-

	Shares/
	Principal Amount

		SHORT-TERM INVESTMENTS	8.4%
	592,414	AIM STIT - Treasury Portfolio			592,414
		FHLB Discount Note
$	720,000	5.083%, due 9/1/06			720,000

		Total Short-Term Investments (cost $1,312,414)			1,312,414

		Total Investments (cost $15,739,025)	99.5%		15,579,715
		Other Assets less Liabilities	0.5%		73,377
		TOTAL NET ASSETS	100.0%	$	15,653,092


	(a) Variable rate note. Rate shown reflects the rate in effect at August 31, 2006.
	(b) Restricted security. The interest in the liquidating trust was acquired through a distribution on
	December 9, 2003. As of August 31, 2006, the security had a cost and value of $0 (0.0% of net assets).
	(c) Valued at a fair value in accordance with procedures established by the Fund's Board of Trustees.
	(d) Illiquid security. As of August 31, 2006, the security had a value of $33 (less than 0.1% of net assets).
	(e) Interest only security. Represents securities that entitle holders to receive only interest payments on the
	underlying mortgages. The yield to maturity of an interest only security is extremely sensitive to the rate of
	principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an
	adverse (positive) effect on yield to maturity. The principal amount shown is the notional amount of the underlying
	mortgages. The interest rate disclosed represents the coupon rate in effect as of August 31, 2006.

	FHLB - Federal Home Loan Bank
	FHLMC - Federal Home Loan Mortgage Corporation
	FNMA - Federal National Mortgage Association
	GNMA - Government National Mortgage Association

The cost basis of investments for federal income tax purposes at August 31, 2006 was as follows*:

Cost of investments	$	15,788,791

Gross unrealized appreciation	$	59,961
Gross unrealized depreciation		(269,037)
Net unrealized depreciation	$	(209,076)

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous

fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in 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 10/15/06

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 10/15/06

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

Douglas G. Hess, Treasurer

Date 10/17/06

* 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;

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 30a-3(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: 10/15/06	/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;

(a)

(b)

(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)

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: 10/17/06	/s/ Douglas G. Hess
	Douglas G. Hess, Treasurer