N-CSRS

As filed with the Securities and Exchange Commission on November 9, 2004

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

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: February 28, 2005

Date of reporting period: August 31, 2004

Item 1. Report to Stockholders.

SEMI-ANNUAL REPORT

FOR THE SIX MONTHS ENDED

AUGUST 31, 2004

American Trust Allegiance Fund

October 2004

Dear Fellow Shareholder,

We are pleased to send you the American Trust Allegiance Fund’s semi-annual report for the six-month period ending August 31, 2004. This six-month period has indeed been a challenging one for all investors as the financial markets have been quite week overall. The S&P 500 Index declined on a total return basis by 3.67% over the past six months, while the Fund fell by 3.41% over the same period.

We believed that the year of 2004 would be a difficult one for investors largely due to the anticipated change in Federal Reserve monetary policy toward tightening and the upcoming Presidential election. The last time the Fed shifted monetary policy toward tightening was in 1994 and that year proved to be a volatile one for investors, despite the well-publicized comments at the time from the Chairman of the Fed, Alan Greenspan, suggesting an imminent hike in interest rates. We also thought the uncertainty surrounding the Presidential election would create weakness in the financial markets in general. Both of these factors appear to have played out as expected over the past six months.

However, we did not anticipate the sharp rise in the price of oil that has occurred in 2004. With the price of oil consistently over $40 per barrel, global economic growth should slow and adversely impact earnings. Consequently, we are overweight in the defensive sectors of energy and consumer staples to take advantage of the high energy prices and the peaking of the profits cycle. With the exception of the healthcare sector, the Fund has strong representation and balance across every economic sector. We are maintaining a well-diversified portfolio of predominantly large cap, high quality growth stocks.

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American Trust Allegiance Fund

We thank you for your support and look forward to helping you achieve your financial goals.

Sincerely,

   

Jeffrey M. Harris, CFAPaul H. Collins

Mutual Fund investing involves risk. Principal loss is possible. (04/04)

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American Trust Allegiance Fund

SCHEDULE OF INVESTMENTS at August 31, 2004 (Unaudited)

Shares	COMMON STOCKS: 95.83%		Market Value
	Aerospace/Defense: 1.29%
3,000	United Technologies Corp.	$	281,730
	Auto Systems/Building Controls: 1.42%
5,500	Johnson Controls, Inc.		309,650
	Banks: 12.46%
9,800	Bank of America Corp.		440,804
1,800	Cathay General Bancorp		125,406
10,200	Citigroup, Inc.		475,116
3,500	East West Bancorp, Inc.		126,805
8,700	J.P. Morgan Chase & Co.		344,346
6,100	Marshall & Ilsley Corp.		244,488
7,800	The Bank of New York Co., Inc.		232,440
5,300	Wachovia Corp.		248,623
4,000	Wells Fargo & Co.		235,000
4,000	Zions Bancorporation		249,120
			2,722,148
	Broadcasting & Cable: 0.84%
6,600	Comcast Corp. - Special Class A*		183,150
	Chemicals - Specialty: 1.05%
7,700	Ecolab, Inc.		230,384
	Communications: 1.87%
10,500	Nextel Communications, Inc. - Class A*		243,495
4,200	Verizon Communications, Inc.		164,850
			408,345
	Communications Equipment: 1.04%
6,000	Qualcomm, Inc.		228,300
	Computer Hardware: 3.58%
5,000	Apple Computer, Inc.*		172,450
9,000	Dell, Inc.*		313,560
3,500	International Business Machines Corp.		296,415
			782,425
	Computer Software: 3.89%
5,900	Adobe Systems, Inc.		270,633
16,300	Microsoft Corp.		444,990
2,800	Symantec Corp.*		134,288
			849,911

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

SCHEDULE OF INVESTMENTS at August 31, 2004 (Unaudited), Continued

Shares			Market Value
	Construction & Engineering: 1.36%
7,600	Jacobs Engineering Group, Inc.*	$	297,236
	Diverse Financial Services: 7.39%
5,300	American Express Co.		265,106
3,800	Fifth Third Bancorp		189,278
2,700	Goldman Sachs Group, Inc.		242,055
1,950	Legg Mason, Inc.		157,326
11,500	MBNA Corp.		277,610
4,600	Merrill Lynch & Co., Inc.		234,922
5,500	State Street Corp.		248,270
			1,614,567
	Electric Utilities: 2.13%
3,000	Entergy Corp.		180,900
7,700	Exelon Corp.		283,745
			464,645
	Farm Machinery: 1.33%
4,600	Deere & Co.		291,042
	Food Distributors: 1.71%
11,600	Sysco Corp.		372,824
	Food Miscellaneous: 1.73%
11,300	McCormick & Co. - Non Voting Shares		379,115
	Forestry: 0.97%
3,400	Weyerhaeuser Co.		212,534
	Household Products & Personal Care: 9.78%
9,000	Alberto-Culver Co. - Class B		434,610
10,100	Avon Products, Inc.		446,218
7,900	Colgate-Palmolive Co.		426,600
10,100	The Estee Lauder Companies, Inc.		443,895
9,100	The Gillette Co.		386,750
			2,138,073
	Industrial Gases: 1.75%
9,400	Praxair, Inc.		381,452
	Industrial Machinery: 7.10%
7,650	American Standard Cos., Inc.*		287,716
3,600	Caterpillar, Inc.		261,720
12,000	Donaldson Co., Inc.		340,800

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

SCHEDULE OF INVESTMENTS at August 31, 2004 (Unaudited), Continued

Shares			Market Value
	Industrial Machinery: 7.10%, Continued
4,425	Illinois Tool Works, Inc.	$	403,958
3,950	Ingersoll-Rand Co. - Class A#		256,790
			1,550,984
	Insurance - Brokers: 0.94%
4,600	Marsh & McLennan Companies, Inc.		205,574
	Insurance - Multi-Line: 3.38%
6,067	American International Group, Inc.		432,213
6,500	The Allstate Corp.		306,865
			739,078
	IT Consulting & Services: 0.45%
4,300	SunGard Data Systems, Inc.*		98,900
	Metal Containers: 0.46%
2,700	Ball Corp.		100,818
	Motor Freight Transportation: 1.78%
2,400	United Parcel Service, Inc. - Class B		175,320
5,200	Yellow Roadway Corp.*		213,408
			388,728
	Movies & Entertainment: 0.55%
5,400	The Walt Disney Co.*		121,230
	Multimedia: 0.75%
10,000	Time Warner, Inc.*		163,500
	Networking Equipment: 1.47%
17,120	Cisco Systems, Inc.*		321,171
	Oil and Gas - Equipment/Service: 1.69%
4,500	Baker Hughes Inc.		176,985
3,100	Schlumberger Ltd.#		191,580
			368,565
	Oil and Gas - Integrated: 7.50%
3,500	BP PLC ADR		187,950
4,700	ChevronTexaco Corp.		458,250
5,900	ConocoPhillips		439,137
12,000	Exxon Mobil Corp.		553,200
			1,638,537
	Printing & Publishing: 0.65%
3,400	Tribune Co.		141,950

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

SCHEDULE OF INVESTMENTS at August 31, 2004 (Unaudited), Continued

Shares			Market Value
	Retail - Home Improvement: 2.31%
4,350	Fastenal Co.	$	273,093
2,150	Lowe’s Cos., Inc.		106,855
3,425	The Home Depot, Inc.		125,218
			505,166
	Retail - Miscellaneous: 0.91%
2,300	eBay, Inc.*		199,042
	Retail - Specialty: 4.05%
2,650	Bed Bath & Beyond, Inc.*		99,163
4,750	Chico’s Fas, Inc.*		194,275
5,000	Coach, Inc.*		210,750
1,900	NIKE, Inc. - Class B		143,089
4,350	Staples, Inc.		124,758
3,250	Williams-Sonoma, Inc.*		113,718
			885,753
	Semiconductors: 1.79%
10,100	Applied Materials, Inc.*		160,489
10,800	Intel Corp.		229,932
			390,421
	Services - Data Processing: 1.51%
5,100	First Data Corp.		215,475
3,850	Paychex, Inc.		114,230
			329,705
	Services - Diverse/Commercial: 0.90%
4,800	Cintas Corp.		196,848
	Software & Services: 0.93%
7,100	Yahoo! Inc.*		202,421
	Transportation - Services: 1.12%
3,000	FedEx Corp.		245,970
	TOTAL COMMON STOCKS
	(Cost $18,641,363)		20,941,892

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

SCHEDULE OF INVESTMENTS at August 31, 2004 (Unaudited), Continued

Shares	SHORT-TERM INVESTMENTS: 4.21%		Market Value
919,405	Federated Cash Trust Money Market
	(Cost $919,405)	$	919,405
	Total Investments in Securities
	(Cost $19,560,768): 100.04%		21,861,297
	Liabilities in Excess of Other Assets: (0.04)%		(9,603)
	Net Assets: 100.00%	$	21,851,694

* Non-income producing security.

# U.S. Security of a foreign issuer.

ADR - American Depository Receipt

See accompanying Notes to Financial Statements.

 8

American Trust Allegiance Fund

ALLOCATION OF PORTFOLIO ASSETS August 31, 2004 (Unaudited)

EXPENSE EXAMPLE August 31, 2004 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (3/1/04 - 8/31/04).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses, with actual net expenses being limited to 1.45% per the advisory agreement. The example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by the Fund and other

9 

American Trust Allegiance Fund

EXPENSE EXAMPLE August 31, 2004 (Unaudited), Continued

extraordinary expenses as determined under generally accepted accounting principles. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales c harges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning Account Value 3/1/04		Ending Account Value 8/31/04		Expenses Paid During Period* 3/1/04 - 8/31/04
Actual	$	1,000.00	$	961.80	$	7.07
Hypothetical (5% return
before expenses)		1,000.00		1,035.50		7.34

* Expenses are equal to the Fund’s annualized expense ratio of 1.45%, multiplied by the average account value over the period, multiplied by 182 (days in most recent fiscal half-year)/366 days to reflect the one-half year period.

10 

American Trust Allegiance Fund

STATEMENT OF ASSETS AND LIABILITIES at August 31, 2004 (Unaudited)

ASSETS
Investments in securities, at value (cost $19,560,768)	$	21,861,297
Receivables:
Dividends and interest		32,302
Fund shares sold		828
Prepaid expenses		9,058
Total assets		21,903,485
LIABILITIES
Payables:
Due to adviser		9,749
Administration fees		3,685
Fund accounting fees		4,938
Transfer agent fees		8,385
Custodian fees		3,519
Fund shares redeemed		8,841
Accrued other expenses		12,674
Total liabilities		51,791
NET ASSETS	$	21,851,694
Net asset value, offering and redemption price
per share [$21,851,694/1,513,138 shares
outstanding; unlimited number of shares
(par value $0.01) authorized]	$	14.44
COMPONENTS OF NET ASSETS
Paid-in capital	$	28,251,195
Undistributed net investment loss		(25,948)
Accumulated net realized loss on investments		(8,674,082)
Net unrealized appreciation on investments		2,300,529
Net assets	$	21,851,694

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

STATEMENT OF OPERATIONS

For the Period Ended August 31, 2004 (Unaudited)

INVESTMENT INCOME
Income
Dividends (net of foreign tax $109)	$	138,557
Interest		1,292
Other income		20
		139,869
Expenses
Advisory fees (Note 3)		108,639
Transfer agent fees		22,902
Administration fees (Note 3)		22,871
Fund accounting fees		14,623
Registration fees		9,223
Audit fees		7,115
Custody fees		5,862
Legal fees		5,233
Trustee fees		5,056
Reports to shareholders		4,537
Miscellaneous		2,004
Insurance expense		1,247
Total expenses		209,312
Less: advisory fee waiver (Note 3)		(43,495)
Net expenses		165,817
Net investment loss		(25,948)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments		414,129
Net change in unrealized
depreciation on investments		(929,727)
Net realized and unrealized loss on investments ...		(515,598)
Net decrease in net assets
resulting from operations	$	(541,546)

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended August 31, 2004 (Unaudited)		Year Ended February 29, 2004
INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS
Net investment loss	$	(25,948)	$	(59,378)
Net realized gain on investments		414,129		1,364,960
Net change in unrealized
(depreciation)/appreciation
on investments		(929,727)		4,858,079
Net (decrease)/increase
in net assets resulting
from operations		(541,546)		6,163,661

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net decrease in net assets
derived from net change
in outstanding shares (a)		(653,665)		(1,463,375)
Total (decrease)/increase
in net assets		(1,195,211)		4,700,286
NET ASSETS
Beginning of period		23,046,905		18,346,619
End of period	$	21,851,694	$	23,046,905

(a) A summary of share transactions is as follows:

	Six Months Ended August 31, 2004 (Unaudited)			Year Ended February 29, 2004
	Shares		Value	Shares		Value
Shares sold	59,352	$	869,121	108,982	$	1,433,730
Shares redeemed	(104,302)		(1,522,786)	(227,249)		(2,897,105)
Net decrease	(44,950)	$	(653,665)	(118,267)	$	(1,463,375)

See accompanying Notes to Financial Statements.

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American Trust Allegiance Fund

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

	Six Months Ended 8/31/04			Year Ended
	(Unaudited)			2/29/04			2/28/03			2/28/02			2/28/01			2/29/00
Net asset value,
beginning of period	$14.79			$10.94			$14.05			$16.76			$25.56			$16.93
Income from
investment operations:
Net investment
income/(loss)	(0.02)			(0.04)			(0.04)			(0.08)			(0.16)			(0.11)
Net realized and
unrealized (loss)/gain
on investments		(0.33	)		3.89			(3.07	)		(2.24	)		(8.10	)		8.74
Total from investment
operations		(0.35	)		3.85			(3.11	)		(2.32	)		(8.26	)		8.63
Less distributions:
From net realized gain		—			—			—			(0.39	)		(0.54	)		—
Net asset value,
end of period	$	14.44		$	14.79		$	10.94		$	14.05		$	16.76		$	25.56
Total return		(2.37)%‡			35.19	%		(22.14	)%		(13.86	)%		(32.68	)%		50.97	%
Ratios/supplemental data:
Net assets, end of
period (thousands)	$	21,852		$	23,047		$	18,347		$	26,076		$	31,957		$	36,932
Ratio of expenses to
average net assets:
Before expense
reimbursement		1.83%†			1.79	%		1.95	%		1.80	%		1.56	%		1.75	%
After expense
reimbursement		1.45%†			1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Ratio of net investment
loss to average net assets:
After fees waived and
expenses absorbed		(0.23)%†			(0.28	)%		(0.33	)%		(0.52	)%		(0.77	)%		(0.73	)%
Portfolio turnover rate		12.42%‡			108.15	%		108.19	%		73.96	%		86.13	%		39.81	%

† Annualized.

‡ Not Annualized.

See accompanying Notes to Financial Statements.

 14

American Trust Allegiance Fund

NOTES TO FINANCIAL STATEMENTS August 31, 2004 (Unaudited)

NOTE 1 - ORGANIZATION

The American Trust Allegiance Fund (the “Fund”) is a diversified series of shares of beneficial interest of Advisors Series Trust (the “Trust”), which is registered under the Investment Company Act of 1940 as an open-end management investment company. The investment objective of the Fund is to seek capital appreciation. The Fund began operations on March 11, 1997.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America.

A. Security Valuation: The Fund’s investments are carried at fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities which ar e not traded in the NASDAQ National Market System shall be valued at the most recent trade price. Securities for which market quotations are not readily available, if any, are valued following procedures approved by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market value.

B. Federal Income Taxes: It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

C. Security Transactions, Dividends and Distributions: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions to

 15

American Trust Allegiance Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued

shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differs from accounting principles generally accepted in the United States of America.

D. Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER

 TRANSACTIONS WITH AFFILIATES

For the six months ended August 31, 2004, American Trust Investment Advisors, LLC (the “Advisor”) provided the Fund with investment management services under an Investment Advisory Agreement. The Advisor furnished all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.95% based upon the average daily net assets of the Fund. For the six months ended August 31, 2004, the Fund incurred $108,639 in Advisory Fees.

The Fund is responsible for its own operating expenses. The Advisor has agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses to 1.45% of average net assets (the “expense cap”). Any such reduction made by the Advisor in its fees or payment of expenses which are the Fund’s obligation are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses. The Advisor is permitted to be reimbursed only for fee reductions and expense payments made in the previous three fiscal years, but is permitted to look back five years and four years, respectively, during the initial six years and seventh year of the Fund’s operations. Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund’s payment of current ordinary operating expenses. For the six

 16

American Trust Allegiance Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued

months ended August 31, 2004, the Advisor reduced its fees in the amount of $43,495; no amounts were reimbursed to the Advisor. Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $325,131 at August 31, 2004. Cumulative expenses subject to recapture expire as follows:

Year		Amount
2005	$	99,649
2006		110,842
2007		71,145
2008		43,495
	$	325,131

U.S. Bancorp Fund Services, LLC (the “Administrator”) acts as the Fund’s Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund’s expenses and reviews the Fund’s expense accruals. For its services, the Administrator receives a monthly fee at the following annual rate:

Fund asset level	Fee rate
Less than $15 million	$30,000
$15 million to less than $50 million	0.20% of average daily net assets
$50 million to less than $100 million	0.15% of average daily net assets
$100 million to less than $150 million	0.10% of average daily net assets
More than $150 million	0.05% of average daily net assets

U.S. Bancorp Fund Services, LLC (“USBFS”) also serves as the Fund Accountant and Transfer Agent to the Fund. U.S. Bank, N.A., an affiliate of USBFS, serves as the Fund’s Custodian.

Quasar Distributors, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. The Distributor is an affiliate of the Administrator.

Certain officers of the Fund are also officers of the Administrator and Distributor.

17 

American Trust Allegiance Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued

NOTE 4 - PURCHASES AND SALES OF SECURITIES

For the six months ended August 31, 2004, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $2,727,945 and $3,308,330, respectively.

NOTE 5 - INCOME TAXES AND DISTRIBUTIONS TO

SHAREHOLDERS

Net investment income/(loss) and net realized gains/(losses) differ for financial statement and tax purposes due to differing treatments of wash sale losses deferred.

Income and capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America.

The tax character of distributions paid during the six months ended August 31, 2004 and the year ended February 28, 2004 were as follows:

	2004	2003
Long-term capital gains	$0	$0

As of August 31, 2004 there were no distributable earnings on a tax basis.

As of February 29, 2004, the Fund’s most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

Cost of investments	$20,005,975
Gross tax unrealized appreciation	3,382,827
Gross tax unrealized depreciation	(341,820)
Net tax unrealized appreciation	$3,041,007
Undistributed ordinary income	$—
Undistributed long-term capital gain	—
Total distributable earnings	$—
Other accumulated gains/losses	$(8,898,962)
Total accumulated earnings/(losses)	$(5,857,955)

The Fund had a capital loss carryforward of $8,898,962 which expires as follows:

Year	Amount
2010	$5,437,349
2011	$3,461,631

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Advisor

American Trust Investment Advisors, LLC

One Court Street

Lebanon, NH 03766

(800) 788-8806

Distributor

Quasar Distributors, LL

615 East Michigan Stree

Milwaukee, WI 53202

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(800) 385-7003

Custodian

U.S. Bank, N.A.

425 Walnut Stree

Cincinnati, OH 45202

Independent Accountants

Tait, Weller & Baker

1818 Market Street, Suite 2400

Philadelphia, PA 19103

Legal Counsel

Paul, Hastings, Janofsky & Walker LLP

55 Second Street, 24th Floor

San Francisco, CA 94105

This report is intended for shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. For a current prospectus please call 1-800-385-7003.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6. Schedule of Investments.

[Insert the schedule of investments here.]

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 9. Submission of Matters to a Vote of Security Holders.

The registrant’s independent directors/trustees serve as its nominating committee, however they do not make use of a nominating committee charter. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 10. 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.

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(b)   There were no significant changes in the Registrant's internal controls over financial reporting 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 11. Exhibits.

(a)   (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished 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 November 8, 2004                                                                          

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: November 8, 2004                                                                      

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

Douglas G. Hess, Treasurer

Date:_ November 8, 2004                                                                     

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

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EX-99.CERT

EX.99.CERT

CERTIFICATIONS

I, Eric M. Banhazl, certify that:

1.   I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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)   Omitted;

(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)   Omitted;

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: November 8, 2004                                                /s/ Eric M. Banhazl                                             Eric M. Banhazl President

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EX.99.CERT

CERTIFICATIONS

I, Douglas G. Hess, certify that:

1.   I have reviewed this report on Form N-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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)   Omitted;

(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)   Omitted;

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: November 8, 2004                                          /s/ Douglas G. Hess                                   Douglas G. Hess Treasurer

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EX-99.906 CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisors Series Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Advisors Series Trust for the six months ended August 31, 2004, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisors Series Trust for the stated period.

/s/ Eric M. Banhazl Eric M. Banhazl President, Advisors Series Trust	/s/ Douglas G. Hess Douglas G. Hess Treasurer, Advisors Series Trust
Dated: November 8, 2004

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of the Securities Exchange Act of 1934.

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