N-Q

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: April 30, 2004

Date of reporting period: July 31, 2004

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Item 1. Schedule of Investments.

National Asset Management Core Equity Fund
SCHEDULE OF INVESTMENTS at July 31, 2004
Shares	COMMON STOCKS: 99.08%	Market Value
	Aluminum: 1.37%
3,780	Alcoa, Inc.	$ 121,073
	Basic Industry: 6.50%
2,570	Air Products and Chemicals, Inc.	132,997
2,154	Emerson Electric Co.	130,748
5,080	Praxair, Inc.	200,406
1,760	Weyerhaeuser Co.	109,120
		573,271
	Banks: 5.21%
5,286	Citigroup, Inc.	233,060
2,900	JPMorgan Chase & Co.	108,257
4,120	The Bank of New York Co., Inc.	118,368
		459,685
	Biotechnology: 1.10%
1,710	Amgen*	97,265
	Capital Goods: 10.10%
1,610	Deere & Co.	101,124
7,567	General Electric Co.	251,603
4,380	Honeywell International, Inc.	164,732
2,620	Ingersoll-Rand Co. - Class A#	179,968
2,070	United Technologies Corp.	193,545
		890,972
	Chemicals - Diversified: 2.32%
2,670	E.I. Du Pont de Nemours and Co.	114,463
1,530	PPG Industries, Inc.	90,193
		204,656
	Consumer Cyclical: 7.32%
2,510	Bed Bath & Beyond, Inc. *	88,829
3,710	Lowes Companies	180,751
4,200	Target Corp.	183,120
3,366	The Home Depot, Inc.	113,501
1,502	Wal-Mart Stores, Inc.	79,621
		645,822
	Consumer Staples: 4.60%
1,870	PepsiCo, Inc.	93,500
1,920	The Procter & Gamble Co.	100,128
5,830	Walgreen Co.	212,212
		405,840
	Diversified Manufacturing: 4.21%
3,680	Eaton Corp.	237,875
1,480	Illinois Tool Works	133,970
		371,845
See Accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS at July 31, 2004, Continued
Shares		Market Value
	E-Commerce: 1.36%
1,530	eBay, Inc.*	$ 119,845
	Finance: 14.96%
4,021	Fannie Mae	285,330
5,730	MBNA Corp.	141,474
2,930	Merrill Lynch & Co., Inc.	145,680
4,147	Morgan Stanley	204,571
3,758	Radian Group, Inc.	172,943
2,410	The Goldman Sachs Group, Inc.	212,538
3,810	The PMI Group, Inc.	157,086
		1,319,622
	Healthcare: 9.58%
6,685	Johnson & Johnson	369,480
2,750	Medtronic, Inc.	136,592
10,620	Pfizer, Inc.	339,415
		845,487
	Jewelry: 0.79%
1,940	Tiffany & Co.	69,355
	Medical Instruments: 0.95%
2,200	Boston Scientific Corp.*	84,172
	Multimedia: 1.08%
2,850	Viacom, Inc.	95,732
	Paper & Related Products: 1.32%
2,690	International Paper Co.	116,289
	Pharmaceutical: 1.01%
2,510	Wyeth	88,854
	Semiconductor & Related: 1.22%
6,320	Applied Materials, Inc.*	107,250
	Software: 1.33%
2,510	Symantec Corp.*	117,368
	Technology: 21.27%
5,030	Altera Corp.*	104,725
13,162	Cisco Systems, Inc.*	274,559
5,310	Dell Computer Corp.*	188,346
3,680	EMC Corp.*	40,370
8,398	Intel Corp.	204,743
1,320	International Business Machines	114,932
5,520	Jabil Circuit, Inc.*	120,060
3,370	Linear Technology Corp.	131,767
1,610	Maxim Integrated Products, Inc.	77,441
10,620	Microsoft Corp.	302,245
8,550	Oracle Corp.*	89,860
1,450	QUALCOMM, Inc.	100,166
5,990	Texas Instruments Inc.	127,767
		1,876,981
	Technology - Data Processing: 1.48%
2,930	First Data	130,707
	Total Common Stocks (Cost $8,469,810)	8,742,091
See Accompanying Notes to Financial Statements.

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SCHEDULE OF INVESTMENTS at July 31, 2004, Continued
Shares	SHORT-TERM INVESTMENTS: 1.16%	Market Value
102,472	Federated Cash Trust Series II (Cost $102,472)	102,472
	Total Investment in Securities (Cost $8,572,282): 100.24%	8,844,563
	Liabilities in Excess of Other Assets: (0.24%)	(21,348)
	Net Assets: 100.00%	$ 8,823,215
* Non-income producing security.
# U.S. security of foreign issuer.
See Accompanying Notes to Financial Statements.

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Item 2. Controls and Procedures.

(a)   The Registrantäs President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

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

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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 09/21/04                                                                                         

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 09/21/04                                                                                        

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

Douglas G. Hess, Treasurer

Date 09/20/04                                                                                       

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

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EX-99.CERT

EX.99.CERT

CERTIFICATION

I, Eric M. Banhazl, certify that:

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

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

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

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) 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)   [Omit]

(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)   [Omit]

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: 09/21/04	/s/ Eric M. Banhazl
	Eric M. Banhazl, President

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EX.99.CERT

CERTIFICATION

I, Douglas G. Hess, certify that:

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

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

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

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) 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)   [Omit]

(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)   [Omit]

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: 09/20/04	/s/ Douglas G. Hess
	Douglas G. Hess, Treasurer

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