N-Q

AS filed with the Securities and Exchnage Commission on May 31,  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 E. 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: December 31, 2005

Date of reporting period: March 31, 2005

Item 1. Schedule of Investments.

Capital Advisors Growth Fund
Schedule of Investments
at March 31, 2005 (Unaudited)
SHARES		COMMON STOCKS - 99.2%		MARKET VALUE
		Aerospace & Defense - 7.7%
11,500		Empresa Brasileira de Aeronautica SA ADR*	$	359,950
11,300		L-3 Communications Holdings, Inc.		802,526
				1,162,476
		Beverages - 6.3%
12,200		Constellation Brands, Inc. - Class A*		645,014
6,000		PepsiCo, Inc.		318,180
				963,194
		Biotechnology - 6.1%
9,900		Amgen, Inc.*		576,279
10,000		Biogen Idec, Inc.*		345,100
				921,379
		Communications Equipment - 13.6%
38,990		Avaya, Inc.*		455,403
19,000		Cisco Systems, Inc.*		339,910
17,790		QUALCOMM, Inc.		652,003
8,025		Research In Motion Ltd.*#		613,271
				2,060,587
		Computers & Peripherals - 2.3%
9,000		Dell, Inc.*		345,780
		Diversified Financial Services - 1.9%
1,500		Chicago Mercantile Exchange Holdings, Inc.		291,045
		Electronic Equipment & Instruments - 2.8%
7,500		CDW Corp.		425,100
		Food Products - 1.9%
4,500		Wm. Wrigley Jr. Co.		295,065
		Health Care Equipment & Supplies - 2.7%
8,000		Medtronic, Inc.		407,600
		Internet & Catalog Retail - 4.5%
7,175		Amazon.Com, Inc.*		245,888
11,800		eBay, Inc.*		439,668
				685,556
		IT Services - 2.5%
9,300		CheckFree Corp.*		379,068
		Media - 5.9%
11,600		Comcast Corp. - Class A*		391,848
16,000		XM Satellite Radio Holdings, Inc. - Class A*		504,000
				895,848
		Multiline Retail - 3.6%
10,000		Nordstrom, Inc.		553,800
		Oil & Gas - 17.4%
10,500		Anadarko Petroleum Corp.		799,050
13,500		Apache Corp.		826,605
2,800		ConocoPhillips		301,952
18,000		Suncor Energy, Inc.#		723,780
				2,651,387
		Pharmaceuticals - 7.2%
6,000		American Pharmaceutical Partners, Inc.*		310,440
9,340		Novartis AG ADR		436,925
8,300		Sanofi-Aventis ADR		351,422
				1,098,787
		Semiconductor & Semiconductor Equipment - 6.5%
19,000		Intel Corp.		441,370
36,500		Omnivision Technologies, Inc.*		552,975
				994,345
		Software - 2.3%
14,160		Microsoft Corp.	$	342,247
		Specialty Retail - 4.0%
11,200		Best Buy Co., Inc.		604,912
		TOTAL COMMON STOCKS (Cost $13,726,086)		15,078,176
		SHORT TERM INVESTMENTS - 0.7%
		Investment Companies - 0.7%
111,477		SEI Daily Income Trust Government Fund - Class B		111,477
		TOTAL SHORT TERM INVESTMENTS (Cost $111,477)		111,477
		Total Investments (Cost $13,837,563) - 99.9%		15,189,653
		Assets in Excess of Other Liabilities - 0.1%		16,614
		TOTAL NET ASSETS - 100.0%	$	15,206,267
ADR -	American Depository Receipt
*	Non-income producing security.
#	U.S. security of foreign issuer.

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  5/26/05

               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 5/26/05

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

                                                   Douglas G. Hess, Treasurer

                Date 5/31/05

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

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) 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: 5/26/05	/s/ Eric M. Banhazl
	[Signature] 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;

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) 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: 5/31/05	/s/ Douglas G. Hess
	[Signature] Treasurer