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: January 31, 2005

Date of reporting period: October 31, 2004

1 

Item 1. Schedule of Investments.

Jacobs & Company Mutual Fund
Schedule of Investments at October 31, 2004 (Unaudited)
Shares	COMMON STOCKS: 60.10%	Market Value
	Aerospace/Defense: 8.47%
3,000	Honeywell International, Inc.	$ 101,040
2,000	L-3 Communications Holdings, Inc.	131,860
5,000	United Technologies Corp. #	464,100
		697,000
	Biotechnology: 0.34%
2,000	Nabi Biopharmaceuticals*	27,700
	Capital Markets: 1.31%
2,000	Merrill Lynch & Co., Inc.	107,880
	Commercial Banks: 4.75%
5,000	AmSouth Bancorp	131,950
6,000	First Horizon National Corp.	259,680
		391,630
	Computers & Peripherals: 1.73%
3,800	Dell, Inc.*#	133,228
100	International Business Machines Corp.	8,975
		142,203
	Electronic Equipment & Instruments: 0.77%
5,000	RAE Systems, Inc.*	34,850
4,000	Viisage Technology, Inc.*	28,920
		63,770
	Energy Equipment & Services: 6.31%
6,000	Rowan Companies, Inc.*	153,180
5,100	Tidewater, Inc. #	157,743
4,000	Weatherford International Ltd.* + #	209,040
		519,963
	Food Products: 4.29%
7,500	Dean Foods Co.*	223,875
12,100	Del Monte Foods Co.*	129,228
		353,103
	Healthcare Equipment & Supplies: 1.88%
3,500	Diagnostic Products Corp.#	154,525
	Industrial Conglomerates: 3.11%
7,500	General Electric Co.	255,900
	Insurance: 1.64%
5,000	Assurant, Inc.	134,900
	IT Services: 2.32%
3,500	Affiliated Computer Services, Inc. - Class A *	190,925
	Leisure Equipment & Products: 1.10%
3,000	Eastman Kodak Co.	90,840
	Machinery: 7.87%
5,500	Caterpillar, Inc. #	442,970
5,500	Pentair, Inc.#	205,590
		648,560
	Mining: 0.80%
1,500	Natural Resource Partners LP	66,240
	Multi-Utilities & Unregulated Power: 0.60%
10,000	Dynegy, Inc. - Class A*	49,300
	Oil & Gas: 3.82%
4,000	Apache Corp. #	202,800
2,500	BP Prudhoe Bay Royalty Trust	111,925
		314,725
	Pharmaceuticals: 1.65%
5,000	King Pharmaceuticals, Inc.*	54,550
4,500	Schering-Plough Corp.	81,495
		136,045

	Semiconductor & Semiconductor Equipment: 3.92%
3,000	Advanced Micro Devices, Inc. *#	50,460
2,000	Broadcom Corp. - Class A*	54,100
3,000	Cypress Semiconductor Corp.*	31,590
8,400	Intel Corp.	186,984
		323,134
	Semiconductor & Related Devices: 0.10%
7,500	Agere Systems, Inc. - Class B*	8,625
	Thirfts & Mortgage Finance: 3.32%
3,000	New York Community Bancorp, Inc.	55,080
5,000	Sovereign Bancorp, Inc.	108,250
4,000	Waypoint Financial Corp.	109,840
		273,170
	TOTAL COMMON STOCKS (Cost $4,810,856)	4,950,138
Shares	CONVERTIBLE PREFERRED STOCKS: 1.66%	Market Value
	Energy: 1.66%
10,500	The Williams Companies, Inc., 9.00%, 02/16/2005 Series	$ 136,920
	TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $141,263)	136,920
	PREFERRED STOCKS: 1.82%	Market Value
	Automobiles & Components: 1.82%
3,000	Ford Motor Co., 6.50%, 01/15/2032 Series	$ 149,970
	TOTAL PREFERRED STOCKS (Cost $149,386)	149,970
Principal
Amount	U.S. GOVERNMENT AGENCY: 19.51%
	Federal Home Loan Bank: 2.44%
$ 200,000	4.00%, 07/30/2013	200,649
	Federal Home Loan Mortgage Company: 1.88%
160,418	7.675%, 03/15/2034	154,734
	Government National Mortgage Association: 15.19%
238,576	6.00%, 09/15/2028	249,291
130,019	6.00%, 04/15/2029	135,764
150,195	6.00%, 11/15/2031	156,711
224,451	6.50%, 04/15/2029	238,071
210,590	6.50%, 06/15/2031	223,199
234,416	6.50%, 01/15/2032	248,455
		1,251,491
	TOTAL U.S. GOVERNMENT AGENCY (Cost $1,608,599)	1,606,874
	CORPORATE BONDS: 4.50%
	Chemicals: 3.24%
250,000	Lyondell Chemical Co., 10.875%, 05/01/2009	266,563
	Food: 1.26%
100,000	Nash Finch Co., 8.50%, 05/01/2008 (Series B)	103,375
	TOTAL CORPORATE BONDS (Cost $345,636)	369,938
	MUNICIPAL BONDS: 6.10%
	West Virginia: 6.10%
500,000	South Charleston, WV Pollution Control Revenue Bond
	7.625%, 08/01/2005	502,525
	TOTAL MUNICIPAL BONDS (Cost $500,000)	502,525

Shares	EXCHANGE TRADED FUNDS: 2.18%	Market Value
2,000	Energy Select Sector SPDR Fund	70,280
4,000	Materials Select Sector SPDR Trust	109,160
	TOTAL EXCHANGE TRADED FUNDS (Cost $179,610)	179,440
	CALL OPTIONS PURCHASED: 0.48%
Contracts	Underlying Security/Expiration Date/Exercise Price	Market Value
	First Horizon National Corp.
20	Expiration February 2005, Exercise Price $45.00	$ 1,900
	Honeywell International, Inc.
40	Expiration March 2005, Exercise Price $32.50	10,600
	KeyCorp.
40	Expiration March 2005, Exercise Price $30.00	15,200
	L-3 Communications Holdings, Inc.
10	Expiration January 2005, Exercise Price $60.00	7,000
	National City Corp.
60	Expiration January 2005, Exercise Price $40.00	5,100
	TOTAL CALL OPTIONS PURCHASED (Cost $41,550)	39,800
	SHORT-TERM INVESTMENTS: 3.24%	Market Value
266,401	SEI Daily Income Treasury Government - Class B	266,401
	TOTAL SHORT-TERM INVESTMENTS (Cost $266,401)	266,401
	Total Investments in Securities (Cost $8,043,301): 99.59%	8,202,006
	Call Options Written: (1.07%)	(87,908)
	Cash and Other Assets in Excess of Liabilities: 1.48%	121,903
	Net Assets: 100.00%	$ 8,236,001
* Non-income producing security.
+ U.S. traded security of a foreign issuer.
# Security is subject to written call option.
SPDR - Standard & Poor's Depository Receipts
SCHEDULE OF CALL OPTIONS WRITTEN
at October 31, 2004 (Unaudited)
Contracts	Underlying Security/Expiration Date/Exercise Price	Market Value
	Advanced Micro Devices, Inc.
30	Expiration January 2005, Exercise Price $17.50	$ (3,150)
	Apache Corp.
40	Expiration January 2005, Exercise Price $50.00	(12,000)
	Caterpillar, Inc.
34	Expiration January 2005, Exercise Price $80.00	(13,600)
21	Expiration January 2005, Exercise Price $85.00	(3,885)
	Dell, Inc.
38	Expiration November 2004, Exercise Price $35.00	(3,420)
	Diagnostic Products Corp.
35	Expiration March 2005, Exercise Price $45.00	(9,800)
	Pentair, Inc.
55	Expiration February 2005, Exercise Price $35.00	(18,425)
	Tidewater, Inc.
27	Expiration January 2005, Exercise Price $30.00	(6,345)
23	Expiration January 2005, Exercise Price $35.00	(1,208)
	United Technologies Corp.
25	Expiration February 2005, Exercise Price $95.00	(6,875)
	Weatherford International Ltd. +
40	Expiration November 2004, Exercise Price $50.00	(9,200)
	Total Call Options Written (Proceeds $70,678)	$ (87,908)

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 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.