N-Q

As filed with the Securities and Exchange Commission on June 24, 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: January 31, 2006

Date of reporting period: April 30, 2005

Item 1. Schedule of Investments.

Jacobs & Company Mutual Fund
Schedule of Investments at April 30, 2005 (Unaudited)
Shares	COMMON STOCKS - 54.88%			Market Value
	Aerospace & Defense - 7.71%
3,000		Honeywell International, Inc.	$	107,280
3,400		United Technologies Corp.#		345,848
				453,128
	Biological Products, Except Diagnostic Substances - 0.28%
2,000		Stratagene Corp.*		16,700
	Bituminous Coal And Lignite Surface Mining - 0.11%
1,000		National Coal Corp.*		6,500
	Bituminous Coal Underground Mining - 1.08%
1,200		Natural Resource Partners LP		63,732
	Building Products - 0.52%
1,000		International Aluminum Corp.		30,750
	Capital Markets - 1.79%
2,000		Morgan Stanley		105,240
	Commercial Banks - 1.80%
4,000		The South Financial Group, Inc.		105,560
	Computers & Peripherals - 1.12%
5,000		EMC Corp.*		65,600
	Diversified Financial Services - 1.21%
2,000		J.P. Morgan Chase & Co.		70,980
	Energy Equipment & Services - 6.92%
2,000		BJ Services Co.		97,500
5,000		Rowan Companies, Inc.*		132,650
2,100		Tidewater, Inc.		72,387
2,000		Weatherford International Ltd.*+		104,300
				406,837
	Food Products - 1.35%
2,575		Tootsie Roll Industries, Inc.		79,516
	Industrial Conglomerates - 4.62%
7,500		General Electric Co.#		271,500
	Machinery - 4.49%
3,000		Caterpillar, Inc.#		264,150
	Media - 0.86%
3,000		Time Warner, Inc.*		50,430
	Metals & Mining - 6.55%
5,000		Arch Coal, Inc.#		221,700
2,000		Cameco Corp.+		77,760
1,000		Phelps Dodge Corp.		85,850
				385,310
	Oil & Gas - 7.78%
2,000		Burlington Resources, Inc.		97,220
99		Kerr-McGee Corp.		7,683
2,000		Marathon Oil Corp.		93,140
1,500		San Juan Basin Royalty Trust		55,080
12,000		The Williams Companies, Inc.#		204,240
				457,363
	Pharmaceuticals - 3.33%
3,000		Merck & Co., Inc.#		101,700
4,500		Schering-Plough Corp.		93,915
				195,615
	Semiconductor & Semiconductor Equipment - 3.36%
8,400		Intel Corp.		197,568
	TOTAL COMMON STOCKS (Cost $3,040,084)			3,226,479
	PREFERRED STOCKS - 1.32%
2,000		Ford Motor Co., 6.50%, 1/15/2032 Series		77,900
	TOTAL PREFERRED STOCKS (Cost $99,920)			77,900
Principal
Amount	U.S. GOVERNMENT AGENCY - 21.74%
	Federal Home Loan Mortgage Company - 2.06%
$125,891		6.355%, 03/15/2034		121,121
	Government National Mortgage Association - 19.68%
296,712		6.75%, 01/15/2028		313,129
171,496		6.50%, 01/15/2032		179,701
245,913		6.50%, 06/15/2032		257,678
388,276		6.50%, 09/15/2032		406,876
				1,157,384
	TOTAL U.S. GOVERNMENT AGENCY (Cost $1,292,821)			1,278,505
	CORPORATE BONDS - 4.42%
	Chemicals - 4.42%
250,000		Lyondell Chemical Co., 10.875%, 05/01/2009		260,000
	TOTAL CORPORATE BONDS (Cost $246,780)			260,000
	MUNICIPAL BONDS - 8.53%
	West Virginia - 8.53%
500,000	South Charleston, WV Pollution Control Revenue Bond
		7.625%, 08/01/2005		501,720
	TOTAL MUNICIPAL BONDS (Cost $500,000)			501,720
	EXCHANGE TRADED FUNDS - 1.28%
1,000		Ishares Dow Jones U.S. Basic Materials Sector Index Fund		47,050
1,000		Materials Select Sector SPDR Trust		28,010
	TOTAL EXCHANGE TRADED FUNDS (Cost $79,050)			75,060
Contracts	CALL OPTIONS PURCHASED - 0.29%
	3M Co.
20		Expiration May 2005, Exercise Price $85.00		50
	CONSOL Energy, Inc.
15		Expiration July 2005, Exercise Price $45.00		3,900
	Headwaters, Inc.
10		Expiration August 2005, Exercise Price $30.00		3,650
	Massey Energy Co.
15		Expiration July 2005, Exercise Price $35.00		5,625
	Peabody Energy Corp.
20		Expiration June 2005, Exercise Price $45.00		3,600
	TOTAL CALL OPTIONS PURCHASED (Cost $31,240)			16,825
Contracts	PUT OPTIONS PURCHASED - 0.81%
	Dow Jones Industrial Index
150		Expiration June 2005, Exercise Price $101.00		25,500
100		Expiration June 2005, Exercise Price $102.00		22,000
	TOTAL PUT OPTIONS PURCHASED (Cost $56,000)			47,500
	SHORT-TERM INVESTMENTS - 5.00%
293,827		SEI Daily Income Treasury Government Fund - Class B		293,827
	TOTAL SHORT-TERM INVESTMENTS (Cost $293,827)			293,827
	Total Investments in Securities (Cost $5,639,722) - 98.27%			5,777,816
	Call Options Written - (0.81%)			(47,624)
	Other Assets in Excess of Liabilities - 2.54%			149,524
	NET ASSETS - 100.00%		$	5,879,716
* Non-income producing security.
+ U.S. traded security of a foreign issuer.
# Security is subject to a written call option.
SPDR - Standard & Poor's Depository Receipts
	SCHEDULE OF CALL OPTIONS WRITTEN
	at April 30, 2005 (Unaudited)
Contracts	Underlying Security/Expiration Date/Exercise Price			Market Value
	Arch Coal, Inc.
50		Expiration July 2005, Exercise Price $50.00	$	(6,500)
	Caterpillar, Inc.
30		Expiration August 2005, Exercise Price $90.00		(12,600)
	General Electric Co.
75		Expiration September 2005, Exercise Price $37.50		(7,500)
	Merck & Co., Inc.
30		Expiration July 2005, Exercise Price $35.00		(2,550)
	United Technologies Corp.
34		Expiration August 2005, Exercise Price $105.00		(8,874)
	The Williams Companies, Inc.
120		Expiration November 2005, Exercise Price $20.00		(9,600)
	Total Call Options Written (Proceeds $57,030)		$	(47,624)

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  6/24/2005                                                                               

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  6/24/2005                                                                                 

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

Douglas G. Hess, Treasurer

Date  6/23/2005                                                                                

* 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:   6/24/2005	/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;

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:  6/23/2005	/s/ Douglas G. Hess
	Douglas G. Hess Treasurer